Moomoo
Moomoo is a trading platform founded in 2018. It is a subsidiary of Futu Holdings Ltd. Securities trading on moomoo is provided by Futu Inc, which is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). In Singapore, it is regulated by the Monetary Authority of Singapore (MAS).
Trading on moomoo is considered safe because its securities product is regulated by top-tier financial authorities; and because investor protection of up to $500,000 is offered, including a $250,000 limit for cash, under the Securities Investor Protection Corporation’s (SIPC) protection scheme.
Pros
- Free stocks, ETFs and options
- Fast and easy account opening
- Quality analytical tools and excellent education
Cons
- Limited product portfolio
- Only bank transfer for deposit/withdrawal
- No live chat or telephone support
moomoo
A big plus for moomoo is that zero-commission trading is available, with no inactivity fees for US residents trading on US markets. The account opening is seamless, fully digital and really fast, and the platform comes with many high-quality analytical tools. The education is excellent. On the negative side, the product portfolio on moomoo is limited, covering only stocks, ETFs and options. You can use only bank transfers for deposits and withdrawals. Customer support is available via email only.
