Moomoo App Review: Free Stock Market App And Trading Platform (Earn Free Stocks)

Today, there are a lot more free trading platforms that make it easier to get your feet wet in investing, allowing you to trade without worrying about paying commissions on every single transaction.

One of the more promising platforms to appear on the scene in recent years is Silicon Valley based Moomoo, a wholly-owned subsidiary of Futu Holdings Ltd.

In this Moomoo review, we’ll delve into this app to help you to decide if it’s the right platform for you.

What is Moomoo?

Moomoo is an advanced brokerage and trading platform that offers commission-free trading for options, ETFs, and stocks.

The platform was designed to provide investors with a powerful and intuitive platform that uses cutting edge technology and offers a highly customizable user experience. 

The Moomoo app is consistently improving with newer and upgraded tools.

The overall aim of Moomoo is to be a one-stop shop for researching potential investments and placing trades. They have free real-time quotes, market news, research tools and graph analysis. With all the tools they give you, you’ll be able to make informed decisions. 

Opening a Moomoo Account:

Moomoo is designed for traders of all experience levels, but the interface should be easy enough to use even for beginners.

Anyone can open an account, provided they are:

• Age 18+
• U.S. resident
• Have a valid Social Security number

To get started, just visit the website through our button below, and download the app for the device of your choice, desktop or mobile. 

The account opening procedure is quite straightforward. After you click on the button above just do the following:

• Click on “Claim your free stock now” button on the page that comes up.
• Provide your email address and create a unique password.
• Input your full name, date of birth, Social Security number, and phone number.
• Select the country of your citizenship from the drop-down list.
• Enter your mailing address and answer the questions about your employment status.
• Answer the personal disclosure questions, including your annual income.

You will then need to e-sign and submit your application. Your application will be processed within one business day. You should receive an email confirming your approval or an alert if Moomoo needs additional information. 

Once your account is opened, you can explore the platform at your leisure, and use paper trading to simulate trades in real-time if you aren’t ready to start trading for real. You should know, however, that if you deposit at least $100, you’ll get a free stock! 

Earn Free Stocks From Moomoo

For a limited time, Moomoo is offering a free stock promotion to all new users who sign up for the platform.

When you open an account with a $100 deposit, or when your balance reaches $100, you’ll get a free stock. You can also qualify for additional free stock when your deposited amount reaches $1,500. 

While you have no control over which stock you receive, Moomoo does offer access to stocks from quite a few household names. There is a one in 250 chance that you may receive a share of Apple, Tesla, Netflix, or another premium brand. 

The introductory free stock will be worth up to $200, while the second free stock for reaching $1,500 in deposits can be worth as much as $1,000. Check the site for their current offer.

Details Of The Moomoo Platform 

Moomoo is available on Windows, Mac, Android, or iOS devices, and your account will sync across all of them.

Use the apps in dark mode, light mode or several other custom modes, whichever one suits you best.

The Moomoo apps have a number of features that make the apps very useful. These include:

• Smart Notifications And Reminders: Set alerts to notify you of things like price movement for stocks you’re watching.
• Extended Trading Hours: Moomoo has extended trading hours. You can jump in pre-market as soon as the day’s news comes out and start trading between 4 am and 9:30 am EST. They also have extended after-hours trading from 4 pm to 8pm EST.
• Multi-Market Quoting: Moomoo provides market information from multiple markets, including the US, China, and Hong Kong. You can also obtain Forex quotes. 

One of the high points of the Moomoo platform is all of the available research tools. Research is crucial to picking your investments, so it is nice to have everything you need in one place.

Moomoo provides:

• Customized Analysis: The Moomoo apps have customizable analysis screens for options, stocks, and ETFs. Build them out exactly how you want them, and then save them for future use. You can also sort equities by different conditions, including technical factors, market factors, and by fundamentals. 
• Market Insights: Insight into market conditions, hotspots in the markets and research into where you might find the best-performing stocks for the current market.
• Advanced Charting: Moomoo offers a fantastic selection of charts and chart types. In addition to standard charts such as bars, lines, and candles, there are advanced multi charting options with more than 50 technical indicators. There are even time frames from one minute up to one year. 
• Free Level 2 Streaming Quotes: Get detailed insight into price action for stocks, in real time, not delayed.
• Updated Insights and News: Moomoo has customizable news feeds from a variety of financial media sources, including Dow Jones Newswires and CNBC. There are also exclusive market insights. You can customize your feed based on calendar and positions. 
• The Moomoo Community: Moomoo has an in-app community with thousands of users. Users can tag, comment, forward and even initiate votes. This makes it a fantastic resource for beginners to learn, active traders to share, and all investors to engage. 

Moomoo Fees And Commissions

Moomoo is a free trading platform for stocks and options. There are no platform fees or option contract fees. You don’t need to worry about monthly maintenance fees or real-time monitoring data fees.

There are a few fees that they mention in their FAQ, however:

• Options: There are SEC transaction fees for sell orders of $0.0000207, FINRA Trading Activity Fes of $0.000119. Contract fees may also apply, ORF- $0.0379 per contract. For OCC contract fees, the charges are $0.05 per contract up to 999 contracts or $55 per trade over 999 contracts. 
• Stocks: SEC transaction fees of $0.0000207 apply to sell orders, FINRA trade activity fees of $0.000119, and ADR custodian fees of up to $0.05 per share.

 Other less common fees to expect:

• Outgoing Wires: $25 per domestic transaction, $45 per international transaction
• Incoming Wires: $8 for domestic wires, $25 for international wires
• Outgoing Stock Transfers: $75
• Assisted Phone Trades: $10
• Mail Paper Statements: $3 each.

For the most part, the platform is going to be free or extremely low-cost. 

Is Moomoo Safe?

Moomoo’s parent company, Futu, Inc, is a SIPC (Securities Investor Protection Corporation) member. Their SIPC coverage provides protection for up to $500,000 in stocks and $250,000 in cash.

The company is also a member of FINRA and is a registered broker with the U.S. Securities and Exchange Commission. 

While Moomoo does not have an active profile with the Better Business Bureau, the platform does have a solid reputation. The app has a 4.3 out of 5 rating on the Google Play Store and 4.7 out of 5 on the Apple Store. 

The company also has a solid, if limited, support team. The help center is available to assist with any account, funding, trading, or fee inquiries. You can also submit an inquiry through the app or email the support team. Just don’t expect a quick reply.

Moomoo Pros and Cons

No platform is perfect, and Moomoo is no exception. There are both pros and cons of this platform, so it is important to be aware of the positives and negatives before you make a decision about whether Moomoo is the right option for you. 

The Pros

• Low Cost: There are no minimums to open account, no commissions on trades, and no contract fees.
• Referral Program, Free Stocks: The referral program offers generous free stock bonuses when you open an account, and for referring other users.  
• Fantastic Research Tools: While some of the tools may be a little sophisticated for beginners, advanced traders will likely find them very useful. From intuitive graphs and charts to smart alerts and notifications, you can do all your investment research and make your trades from one platform. 
• Great User Experience: Despite the sophisticated features, Moomoo has an easy-to-use platform that offers a great user experience, no matter the device.
• Comprehensive Help Center: The help center provides answers to common questions that can guide you through using the platform, making trades, and what fees you can expect. If you can’t find an answer to your specific query, you can contact the support team for further help and guidance. 
• Flexible Trading: The platform allows you to buy and trade bonds, options, stocks, and ETFs, and even international securities. It is also possible to set up Ladder option binary trades. Also has access to pre and post market trading.
• Custom Watchlists: You can set up watchlists to analyze movements, making it easier to find trading opportunities. 
• Instant Funding: This allows you to gain access to as much as $1,000 for trading before your deposit settles. 

The Cons

• Learning Curve: It can take a while to familiarize yourself with the platform and features before you feel comfortable making the best use of Moomoo.  (Try using their help center or watching tutorial videos to familiarize yourself.
• No Support By Phone: While there is a Help Center, and you can email the support team, there is no option for phone support or live chat. This can be a little frustrating if you have a pressing issue because you’ll need to wait to hear back. 
• No Retirement Accounts: If you’re thinking about investing for retirement, Moomoo in a tax advantaged account, you may be out of luck with Moomoo. There are no retirement accounts.

Is Moomoo The Best Option for You?

Moomoo is a smart trading platform with a low-cost fee structure. This platform features advanced tools and is free and easy to use whether you’re a newbie or an experienced trader.

The research tools can help you to make your investment decisions, but you can also simulate investments using real-time data if you’re not sure whether to invest. 

The platform is convenient with platforms for both desktop and mobile, you can initiate trades on the go or at home. They also allow for custom dashboards, alerts and notifications that you can synch across your various devices.

Advanced traders will appreciate that they can monitor their accounts, obtain in-depth quotes, place smart orders, or research their potential investments with the powerful trading tools.

Moomoo is a great option for cost-conscious traders. The platform has commission-free trading and low-cost fees. This makes it viable for those who have a small budget for investing or simply want to save money. 

However, Moomoo also makes a great choice for newbie investors. You can practice trading for free with paper-trading and gain insight into how the stock market works, while using a powerful app. There is also a large community offering market insights and sharing ideas. 

So, regardless of your investment experience, Moomoo is worthy of consideration. 

Moomoo Has A Lot To Offer

Today, there are numerous trading platforms to choose from. Hopefully, in this Moomoo app review, we’ve highlighted that this platform does have a lot to offer.

One of the most common complaints about many free trading apps is the lack of research tools and the gamified interfaces, making them aimed squarely at newbie investors. 

Moomoo on the other hand offers a vast selection of research tools that may be overwhelming for beginners, but beneficial for more experienced investors. The free trading and low-cost fee structure are likely to attract newbies or casual investors, but having access to these tools can only help to build investing expertise if you want to take it to the next level.

Moomoo is tailored towards investors who want to take an active approach. With real-time data, intuitive graphs, and advanced charting, the process of making trades is streamlined and efficient. Additionally, the ability to synchronize your desktop and mobile devices makes it easy to organize your investments on the go or at home. 

Moomoo is completely free, so if you’re still unsure, why not try it out to see if it’s a good fit for you. While you’re at it, deposit $100 and get your free stock!