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Exploring moomoo: A Comprehensive Review [2024]

In today’s technological era, where intuitive and feature-rich trading platforms are the bare minimum, moomoo has established itself as a leading trading platform in Singapore. Developed by Futu Holdings, moomoo has garnered significant attention and acclaim for its user-friendly interface and comprehensive trading tools. Here’s my in-depth review of what moomoo offers investors looking for a robust and reliable trading platform in this region.

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But first, why invest?

In recent conversations with friends and colleagues, I’ve gathered some common fears about investing – skepticism about its benefits, the lack of sufficient knowledge, or have been previously burned by the market. Despite these concerns, investing remains crucial. It provides a means to beat inflation and offers an alternative source of income, reducing reliance on a full-time job.

The numbers don’t lie. Investing wisely can significantly impact one’s financial future by harnessing the transformative power of time and compounding returns. However, having the right tools is essential. With recent scares like TFX going bust due to fraud, choosing the right investment platform is critical. After exploring numerous online trading platforms, I’ve found moomoo to be a standout option.

My journey with moomoo actually began through a friend’s recommendation. I was immediately impressed by its features and offerings. Earlier this year, moomoo announced its launch in Malaysia, accompanied by attractive incentives such as a free Apple share and cash coupons for those who meet the specified criteria. Already a satisfied moomoo user in Singapore, I signed up for a Malaysian account without hesitation.

Who is moomoo? Is moomoo regulated?

moomoo is a trading platform that is a wholly-owned subsidiary of NASDAQ-listed Futu Holdings, a company backed by the likes of Tencent Holdings, Matrix Partners and Sequoia Capital.

In Singapore, it’s offered through Moomoo Financial Singapore Pte. Ltd., regulated by the Monetary Authority of Singapore (MAS) and holds a Capital Markets Services Licence.

In Malaysia, Moomoo just recently launched in March 2024. It operates under Futu Malaysia Sdn Bhd. The entity is a Capital Market Services License Holder (Licence Number: eCMSL/A0397/2024), and is a participating member of Bursa Malaysia. It is also a Capital Market Compensation (CMC) Fund Protected. This basically means an eligible individual investor may claim up to RM100,000 on eligible Malaysian securities/related assets should an unlikely event occur.

User experience and accessibility

My first impressions

Upon my initial exploration of moomoo’s mobile app, I was pleasantly surprised by its user-friendly interface, which caters to both beginners and experienced traders alike. The platform’s mobile app offers seamless navigation, ensuring vital information is readily accessible with just a glance. Though some sections took some figuring out, all the vital information was quite easy to access.

Versatility across devices

moomoo’s accessibility extends beyond mobile devices; users can also access the platform via iPad and desktop applications. Whether you’re on the go or prefer a larger screen, moomoo ensures consistent usability across various devices.

Features and functionality

Robust tools and resources

The mobile app is intuitive and well-organised. There is a plethora of charting tools, pre and post-market trading, research and analysis tools, and free Level 2 quotes. If you use the desktop app, for a novice like me, be mindful that you might be overwhelmed by many tools that will bury you in all the technicalities of investing. But a nice touch is how moomoo has thoughtfully placed learning opportunities as you navigate your way around.

I especially like the investment themes which provided curated insights of the companies of interest. You will be able to get a comprehensive overview with the help of charts, data, information and comments which are pertinent in helping you understand a company better. It is structured and this will definitely be a great help for many new investors.

Investment Themes for easy research and selection

Another feature which I would like to highlight is the heat map which is rather useful in helping you grasp the overall market trends. The different sectors in each market are coloured green or red, providing you a quick overview of the sectors which are performing. A screen tap on a specific sector will lead you to more details about the particular sector.

Moreover, the app’s navigation for in-depth company analysis is seamless and intuitive. Investors can access vital information such as company valuation, revenue breakdown, market distribution, and main shareholders list with ease. Quarterly and annual data further enriches the analysis, providing users with everything they need to make informed investment decisions.

You actually can pick up quite a lot while navigating around the app. Use it often enough, you will actually pick up a lot about the nitty gritty of investing in the share market.

Educational content and community engagement

There are also videos that help you understand the technical jargons related to investing. The platform has many educational contents that will be very helpful for noobs. There are also video lessons for those who don’t like to read lengthy articles.

moomoo fosters a sense of community among its users through interactive features such as comments and information sharing within the moomoo community section. Additionally, the platform’s AI-generated market commentaries provide valuable insights into market trends, contributing to users’ educational journey. I find this to be quite educational.

Gamification in investing

I was quite amused when I observed a scoring system for users to accumulate points on the platform. After a while on it, I must say that it has its appeal. Users accumulate points through various activities, such as reading articles or making financial transactions. For the early birds who joined moomoo, there were coupons which could be used to offset purchases too. Accumulated points can be exchanged for moomoo merchandises.

Gamification makes things more engaging and fun without a doubt. For years, educationists have been talking about the importance of gamification in education. Educational experts have long recognised the benefits of gamification in improving learning outcomes and fostering a sense of accomplishment. It also helps to create a sense of fulfilment and at the same time keep the clients loyal. By incorporating that into a trading platform, I think it does enhance the trading experience for an investor. I can see why it is popular among Singaporean investors.

Complementing the gamification process is moomoo’s paper trading section, allowing users to practice trading in a simulated environment without risking real money. This feature provides a valuable opportunity for investors to gain confidence and experience before entering the live market. You get to measure yourself to the real market and see if you are ready for it. If I didn’t know any better, this would make a good tool in any business course at high school or college. It’s as real as it gets.

Furthermore, moomoo fosters a sense of community among investors through its interactive platform, replicating the camaraderie of traditional trading environments. The virtual moomoo community enables investors to connect, share insights, and support each other, enriching the overall investing experience. Investors can connect to each other and it very much replicates how investors would interact with each other while hanging out at the trading companies in days of old. This one definitely beats the former due to the extensiveness of the virtual realm.

Fee Comparison

moomoo is known for its competitive fees, especially in the U.S. market where it offers commission-free trading. For Singapore stocks, the platform charges a minimum commission and platform fee of S$1.98, which is quite competitive when compared to Tiger Broker’s S$1.99. The platform also offers lifetime commission-free trading for the U.S. market and has no withdrawal, inactivity, account maintenance, or deposit fees. I think this is quite a pull factor. In Malaysia, the platform commission is waived for 6 months for those early birds who sign up in March when it launched.

For the full fee structure, check out moomoo SG or moomoo MY.

Verdict

Overall, moomoo emerges as a top choice for investors seeking a feature-rich platform that combines usability, comprehensive tools, and a supportive community. Whether you’re a beginner looking to learn the ropes or an experienced trader seeking advanced analysis tools, moomoo delivers on all fronts, making it a highly recommended option when selecting a trusted investing platform.

Want to sign up for moomoo? Use my referral link!

If you’re considering signing up for moomoo, do use my referral link. Both of us stand to gain rewards from moomoo. It’s a win-win situation! You get to experience the benefits of moomoo’s robust trading platform, equipped with advanced tools and features, while we both enjoy the rewards. Sign up today and let’s embark on this journey together!

Disclaimer: The above is solely the author’s point of view. Our content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstance. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on our website and wish to rely upon, whether for the purpose of making an investment decision or otherwise.
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