Moomoo app review | the ascent
Trade without commission
Moomoo is commission-free for stocks, options, ETFs (exchange-traded funds) and ADRs (American Depository Receipts) for US traders trading in US markets. ADRs allow US investors to invest in non-US stocks without dealing directly with foreign stock markets.
Advanced and customizable trading platform
Moomoo offers a user-friendly mobile trading application. It is easy to search for stocks and place different types of orders. Investors can easily set alerts and push notifications. The desktop trading platform is also user-friendly and highly customizable.
Advanced search tools
While many trading apps offer free trading, Moomoo stands out with its extensive research tools. Its mapping and technical research tools are way ahead of those of some competitors.
Free real-time level 2 market data
Moomoo is one of the only trading platforms to offer real-time Level 2 market data from the New York Stock Exchange for free (Level 2 shows real-time bids and asks from the NYSE). Traders can take advantage of this tool normally reserved for professional traders to gain valuable insights.
Free Paper Trade
Traders who don’t feel comfortable trading with real money can use Moomoo’s paper trading platform to simulate trading. Traders can take advantage of all of Moomoo’s advanced tools to test trading strategy without worrying about losing money.
What could be improved
Limited products and account types offered
Moomoo does not offer forex, bonds, mutual funds or cryptocurrency. It offers access to stocks from Hong Kong and China, but charges fees per trade. Additionally, Moomoo only offers taxable accounts. Merchants cannot open Individual Retirement Accounts (IRAs).
Limited customer service
Merchants can contact Moomoo only by e-mail and via the online application. There’s no phone support, but in-app support is available 24 hours a day on weekdays. Moomoo also offers an FAQ page and video tutorials.
High margin rates
Margin trading means borrowing funds from the broker to trade more stocks than a trader has in an account. Traders have to pay interest on this money, and Moomoo’s high margin rates can increase trading costs.
Trading tools and platforms can be overwhelming
The sophisticated tools and customizable features of Moomoo’s trading platforms can overwhelm newbie investors. Even experienced investors will need time to learn all the features. Moomoo offers training courses to help traders understand and navigate the platforms.