Review Moomoo Trading Platform 2021 — Investing for Beginners
Low-Cost brokerage to invest in the US, Hong Kong and Singapore markets
Trading stocks can be intimidating. I remember about 5–6 years ago when I decided to open up a brokerage account. It was such a tedious process.
Everything had to be done offline. I had to head down to the OCBC office in order to set up a trading account. There were lots of forms to be filled in and the waiting time was more than a week.
With the rise of Robinhood and its mission is to democratize finance for all. There is a rise of brokerage platforms that make investing in stocks much more easily and flexibly.
Since Robinhood is not in Singapore, the other alternatives that we have are platforms such as Interactive Brokers, Moomoo, and Tiger Brokers.
These platforms are Low-Cost Brokerage that charges minimal fees on your transaction.
Recently, I signed up for an account with Moomoo trading and I have to say, I was quite impressed by how brokerage platforms have evolved. I was also lured by their sign-up bonus of rewarding new sign-ups with a free Apple stock!
It was quite easy to sign up for an account using Singpass. It was fuss-free.
Within 12 minutes, I got my Moomoo trading account approved. It’s so fast compared to my TD Ameritrade trading account application that took 2 months…
Once my account was approved, I transferred 2700 into the account. It was on a Friday afternoon. And in less than an hour, the funds were reflected in my account. On Monday, I was awarded the AAPL stock just as they promised.
I’m quite impressed how quickly each of the transactions is reflected. And glad that it was not just another marketing scam.
If you would like to sign up for Moomoo and get a free Apple share (after depositing S$2,700), you can use my referral link! https://j.moomoo.com/005C8Z
What is Moomoo?
Moomoo is a trading platform offered by Moomoo Inc. It is a one-stop investment platform that offers low-cost fees when trading in the United States, Singapore, and Hong Kong markets.
In the U.S., investment products and services on moomoo are offered by Futu Inc. regulated by the U.S. Securities and Exchange Commission (SEC). In Singapore, capital markets products and services on moomoo are offered by Futu Singapore Pte. Ltd. regulated by the Monetary Authority of Singapore (MAS).
My First Impressions of the platform here:
How to Buy US stocks and options trading with Moomoo
During the last two weeks, the U.S. markets have been quite volatile. Growth stocks have dipped and there was some sell-off due to the inflation fears. Since I have not tried using Moomoo App to trade stocks. I figured that it would be great to start buying last week!
I went through step by step on how I did it in the video:
- Deposit Money with Moomoo
- Exchange Singapore Dollars and US dollars
- Place a buy order (stock and options)
Final Thoughts
Experiencing Moomoo trading app was something quite novel for me. In many instances, it felt so much like a social media platform instead of a trading platform that I’m used it. The user interface is packed with various functions that make it easy for users who are used to using Chinese apps such as Taobao.
Social aspects are lacking in those older platforms such as Interactive Brokers and Saxo. However, the older platforms do have trust, reputation and reliability since they are around for a long time.
The only qualm that I have for Moomoo is that it does not have any web application so you are unable to trade using a computer and have to rely on your mobile app.
For beginner investors, Moomoo platform that I would recommend trying out. There are many educational resources available on the platform to help beginners to level up their understanding of the markets.
In terms of costs and transaction fees, Moomoo offers a competitive rate (Fees & commission calculator here). It is great for people who are looking to make less than 4 transactions per month.
If you are making more transactions per month, you can consider Interactive Brokers as it would be a cheaper alternative. Interactive Brokers is not as user friendly or feature-packed like Moomoo hence it might take a new user some time to get used to. In my opinion, it is worth it if you are able to save on transaction fees in the long run.
If you would like to sign up for Moomoo and get a free Apple share (after depositing S$2,700), you can use my referral link! https://j.moomoo.com/005C8Z
