Moomoo Review 2022: Is a Scam? Check Pros and Cons

moomoo review

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As the needs of people are increasing, they are looking for various ways to earn money. One of the significant methods of making money is financial markets. Traders invest their funds in the market and trade them to earn from a price change. 

But, the markets are volatile and require excellent understanding to be the earners. Traders thus, find the best trading platform that can support their investments and help them have smooth trading. 

The article discusses the Moomoo trading platform with the Moomoo review, which is a good platform to trade online and an easy-to-access mobile trading application. 

What is Moomoo? 

In the Moomoo review, you will know what is Moomoo and How does it work. Moomoo is a mobile trading platform that was tailor-made for smart trading. It considered traders as a priority and provided a low fee benefit with the application. The advanced tools and well-organized app make it easier for traders to use it. 

Traders can use the application for free, and it is quite comfortable for beginners and professionals in the market. Moomoo app has research tools, analysis tools, and many other facilities that help traders make smart decisions. 

Moreover, it has many advanced features to trade in real-time and be the beneficiary of the best services. Overall a smart and friendly mobile app that works smoothly for traders’ benefit. 

Is Moomoo safe or a scam? Check Moomoo Review Here

Is Moomoo safe or a scam? Check Moomoo Review Here

Moomoo mobile trading app is offered by Moomoo Inc., and the security services of the app are provided by the brokerage firms such as Futu Inc., Futu Securities International, Futu Singapore Pte Ltd., and Futu Securities Ltd. However, it is not limited by them. 

The trading platform is regulated by several regulatory authorities that ensure a secure and safe trading environment. The following bodies make Moomoo work as per the norms of the industry: 

  • U.S. Securities and Exchange Commission 
  • Securities and Future Commission of Hong Kong 
  • Monetary Authority of Singapore 
  • Australian Securities and Investments Commission 
  • Financial Industry Regulatory Authority

These four bodies make it secure and safe for traders to invest with Moomoo. It has the proper license to operate in the market with clients’ data and funds being safe. The license number of the regulatory bodies are also given below: 

  • Australian Securities and Investments Commission: 224663
  • Monetary Authority of Singapore: TC000074

With such license and proper control of the trading platform, traders can say that it is a secure and safe trading mobile app. Traders can trust the app and have the best experience with mobile-friendly trade access. 

How does Moomoo Operate?

Moomoo review will be incomplete if the system of its working is not discussed. Traders can understand this to make efficient use of the services that it provides and make great earnings. 

The mobile trading app is for Android and Apple users; they can download it easily on their phones with a range of channels to trade. Traders with the app can invest in the market in different stocks and markets. 

It offers U.S. stocks and Hong Kong stocks for trading with many other options given below: 

Exchange-traded funds (ETFs) are collections of instruments where traders do not buy or invest in a single share but trade in shares of many companies at once. Traders get good market exposure with ETFs; they can trade in stocks, bonds, commodities, etc. 

American Depository Receipts (ADRs) are the investment to get access to foreign equities. They do not need to deal with the foreign stock market; the traders get market exposure to international companies with a U.S. bank having the stocks. 

Options are another investment that traders can go for with the Moomoo platform. Traders buy and sell the underlying asset at a set price but do not have any obligation to perform. 

The mobile app allows traders to buy or sell ETFs, Options, and ADRs, but traders cannot trade in cryptocurrencies or forex markets. However, traders can get information regarding both markets from the Moomoo trading platform. 

Market trading with Moomoo is smooth as traders have many facilities for beginners and experienced traders. The trade does not have any commission and includes small fees at the time of sale of certain assets. 

Features of Moomoo

In Moomoo Review we will discuss features that make it a good investment choice for traders. 

Features of Moomoo

They can have advanced and latest market tools that make it easier for traders to analyze the asset and accordingly invest in the market. 

Here we have the features of the Moomoo trading platform: 

  • The market overview is the first feature that traders can use to have in-depth coverage of the stocks in the U.S. and Asia. Traders can go through the stocks available and their market pricing and know the ETFs and options at various stock exchanges such as NASDAQ, Hong Kong stock exchange, etc. 
  • It has a ranking list feature that traders use to know which stocks have gained or lost in the market. Traders can have the data for a certain period of time and have a filter as per their needs. 
  • It has dozens of parameters to choose stocks from, including technical analysis, fundamental tools, trading activities, etc. 
  • Stock pages and charts are the significant features of Moomoo that traders can rely on for analyzing markets. These have sub-pages that traders can study and analyze the market for informed decision-making. 
  • The custom portfolio is a feature that is highly significant for traders. They can create up to 30 custom portfolios with 50 stocks each. Traders have to assign a stock percentage to the portfolio, and then they can check the market updates automatically. 
  • It has a news feed to provide information on the markets and essential impacts on the trades with the economic, political, and other factors. 
  • The Social Network of Moomoo is like a hybrid between Twitter and Reddit. Traders with the feature can follow other users, can post updates, view profiles, join groups, etc. 
  • Hours of trading with Moomoo have extended time periods with pre-market opening sessions and after closure. Traders with this can position themselves and be quick market earners. 
  • Moomoo has a unique feature of price comparison to assist traders and make the best use of the online trading platform. 
  • High volume trade, options analysis, and paper-trading are other small yet relevant trading features of Moomoo that support traders in making the best investments online. 

How to Open an Account With Moomoo?

Moomoo is a simple to use trading platform and therefore has a straightforward process to open an account. Traders download the mobile app on their phones and enter the email address with password creation. 

They can even go for an SMS text link sent on the phone to open an account. Traders can offer the following details to access the account: 

  • Name of the trader
  • Date of birth 
  • Social security number
  • U.S. address
  • Contact number 
  • Citizenship 

Traders have to answer the questionnaire, which has questions regarding income source, employment, tax, etc. Then the account needs to be approved by the trading platform and be the active trader. 

They can learn using the tools, get market information, monitor their investments, buy and sell stocks, and can even claim free stocks if they are eligible for that. 

So, easily traders can open their accounts with Moomoo and invest in the market through mobile phones. 

Moomoo Review: Trading Instruments

Moomoo offers the following trading instruments to their clients: 

  • Stocks, including Hong Kong stocks
  •  Chinese stocks coming soon
  • Over 8,000 different stocks available for short-selling
  • Options 
  • Exchange-traded funds (ETFs) 
  • American depositary receipts (ADRs)
  • IPO stocks subscription

Retail traders can also have international trading opportunities; they can trade stocks in other markets with low fees. 

Moomoo Review: Trading Platforms and Tools

The trading platform of Moomoo is available for P.C., mobiles, and iPad, with the tools used being synced with the three. Active market traders can go with the Moomoo trading platform and have the best trading experience. 

They can grow with the use of the platform, learn, and have the best trading techniques. 

Quotes

Moomoo offers quotes for traders to study the market prices, traders can have level 1 and level 2 quotes to get real-time data. These help in enhancing the trader’s experience. 

Traders can have free promotions, and they may have certain charges for the traders. 

Advanced charts

The impressive chart features make it easy for traders to analyze the market changes and make the best use of them. There are charts like bars, histograms, hollow candles, mountains, advanced multi charting, etc. 

There are more than 50 technical indicators with different time frames that could make the trade more convenient. 

Smart Orders

There are order types that traders can apply pre and post-market trading. It has stop-loss, stop-limit, take-profit, etc., and order types. These are highly helpful for the traders to trade in the market and minimize the loss. 

Analysis Tools

Research tools are for enhancing the knowledge of the traders. Traders can apply them to understand market movements, and even they can customize them as per their requirements. 

It can have technical and fundamental analysis tools for ease of traders’ investments. 

Moomoo Review: Commission and Fees

Moomoo is a commission-free trading platform that does not apply any hidden or extra charge to its clients. Traders can invest in stocks and options easily with no fees. 

However, there can be a minimal trading fee for the sell orders; traders can check these with the website of the service provider, www.moomoo.com. There is no monthly maintenance fee or data fee for real time trading and market monitoring. 

Education Facilities

Moomoo has educational texts for the traders to learn about the market and increase their knowledge base. The demo account helps traders practice trade, and the educational articles guide traders. 

It gives traders with stock market information, technical analysis, fundamental analysis, financial market basics, and stock market terms. 

Customer Support

Moomoo has good email customer support to assist their clients in need. Traders can email the team with their queries and get an instant response. The team is professional and guides traders with the best possible solutions. 

The email address is for U.S. and Singapore clients: 

U.S.: [email protected] 

Singapore: [email protected]  

It does not have phone calls or live services for the customers, which is a drawback. 

Final Verdict for Moomoo Review

Moomoo review is a detailed description of a mobile trading platform that has several services. The review has described whether the platform is safe or not, the features it possesses, how accounts can be opened, and what trading instruments could be accessed.

They can also know the trading platforms and tools, commission and fees for trading, educational facilities, and customer support for the customers. An overall view of the trading platform for traders says it is a safe trading place. 

If you want to trade at a safe and well-trusted trading powerhouse, Investby can be your first choice. The platform is in line with all the government credentials and regulations – this just means you’ll have less worries when it comes to investments.

FAQ’s

1. Moomoo has low trading fees?

Yes, traders with Moomoo can have low trading fees and can easily invest in the market. 

2. Is account opening with Moomoo easy?

A trading account with Moomoo could be opened easily with a simple process. 

3. Does Moomoo have customer services?

Moomoo has email customer services for the clients. 

4. Moomoo is safe or a scam?

Moomoo is a secure trading platform with proper regulations of authorised bodies. 

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