Moomoo Review 2024: Zero-Commission Stock Trading App

There are many online investment brokers, and Moomoo is one of them. Currently, Moomoo has some great promotions for US, CA, and Australian residents!

In the US, you get a great 5.10% APY on cash balances plus 15 free stocks and an extra SoFi stock (limited time until November 20, 2023), exclusive for Millenial Money readers!

CA residents can earn up to $1,520 in cash rewards. The more money you deposit, the more you earn, and AU residents can earn up to 15 free shares with each deposit.

In this Moomoo review, I cover everything you should know to determine if it’s right for you.

moomoo offers
Moomoo US Offers

Moomoo Quick Facts

  • Minimum deposit: $0
  • Stock commission: $0
  • Open account: Online
  • Customer service: Regular trading hours by phone or 24/7 online
  • Welcome bonus: 5 to 15 free stocks, depending on how much you deposit
  • Securities traded: Stocks, options, ETFs, ADRs, and OTCs

What Is Moomoo?

Moomoo has entered the industry of online discount brokers offering zero-commission trades and an online platform that allows you to trade from your computer or phone.

Moomoo is powered by Futu Holdings Limited to provide financial technology that helps empower investors.

Members can access professional trading functions paired with real-time and understandable data, education, and an accessible community of like-minded individuals to make investing less overwhelming.

Is Moomoo a Legitimate Brokerage Firm?

Yes, Moomoo is a legitimate brokerage firm. Moomoo is an SEC and FINRA-registered company. They are also a  member of SIPC.

How Long Has Moomoo Existed?

Moomoo began in 2018 when it was founded in Silicon Valley. However, its parent company, FUTU Holdings, was founded in October 2012, so they are no stranger to the investment industry.

How Does Moomoo Work?

Moomoo is a trading app that offers powerful tools for active traders.

It offers a customizable platform and advanced tools for all investors to make the most of their investing experience, including the following:

  • Access to real-time Level 2 quotes: Members who deposit at least $100 get free access to Level 2 quotes, which includes 60 price levels
  • Extended trading hours: Members can trade from 4 AM to 8 PM ET, which is outside of normal trading hours
  • Technical analysis tools: Investors have access to various investing tools, including custom indicators (190 preset and 60 technical), 37 drawing tools, and opportunities for multi-monitor setups for active traders
  • Market Monitor: Provides real-time access to all market happenings, including unusual trades
  • Institutional tracking: Get information from the market’s large funds with easy-to-use data and graphs
  • Short sale analysis data: Get up-to-the-minute data on short sales signals from the NYSE and NASDAQ
  • Go beyond earnings calendars: Get more information than a company’s earnings calendar, with access to earnings summaries, financial analysis data charts, and more

Who Is Moomoo Best For?

Moomoo is best for active traders, but you don’t need extensive experience to use it or get something out of it. Moomoo grows with the investor, providing a community environment so investors can learn from one another and grow together.

The platform provides all the information and tools beginning and experienced investors need to pursue their investment journey. This includes educational content to meet you where you are and help you grow.

Pros & Cons

All trading platforms have pros and cons. We’re sharing the pros and cons in this Moomoo review to help you decide if it’s right for you.


  • No commissions: Trade stocks, ETFs, and options commission-free
  • Access to advanced tools: Investors have access to charting and analysis tools equivalent to what professional investors use
  • Robust customer support: Have access to live chat 24/7 or phone support 8:30 – 4:30 ET on normal trading days
  • Access to many investments: Investors can trade stocks, ETFs, and options
  • Access to real-time data: With at least $100 deposited, investors have access to Level 2 data
  • Access to 24/7 news: Provides access to real-time updates from reputable news sources
  • Community investing: Moomoo provides access to other investors to trade ideas and learn from
  • Low margin rate: Investors have access to a low 6.8% margin rate currently to leverage their investments (rates are subject to change)


  • $75 stock transfer out fee: Investors pay $75 per stock transferred out
  • $10 phone-assisted trades: If you need help with your trades over the phone, there’s a $10 fee
  • Limited investment options: Moomoo doesn’t offer mutual funds or bonds


For the most part, Moomoo is free. Stocks, ETFs, and options trade for free, and the platform is currently free, although they state this can change with a 30-day notice.

Moomoo charges regulatory fees, but that’s not different from any other brokerage. Where you should pay attention, however, is the miscellaneous fees such as outgoing wires, stock transfers, and assisted phone trades.


Account Opening

You can open a Moomoo account completely online. Here are the simple steps:

  • Download the Moomoo app
  • Sign up for a new account
  • Complete your application
  • Provide the necessary documentation to prove your identity and address

Minimum Account Balance

Moomoo doesn’t have a minimum balance requirement unless you want free access to Level 2 data. Then, you must have at least a $100 balance.

Deposit and Withdrawal

You can deposit and withdraw funds free of charge using ACH bank transfers (electronic bank transfers). If you choose wire transfer, an incoming wire is free, but an outgoing wire costs $20 per wire.

Web, Mobile & Desktop Trading Platform

Moomoo is only available on mobile or desktop; they don’t have a web trading platform. The mobile platform allows you to trade anywhere you have an internet connection. The desktop platform allows more functions for reporting and customizable charts.

Investment Products

Moomoo offers stocks, options, ETFs, ADRs, and OTCs. They don’t offer bonds, crypto, or mutual funds.

Research and Education Offerings

Moomoo offers robust research and education offers, all for free. The only limitation is you must have $100 deposited to access the Level 2 pricing data. All research is from powerhouse companies like Dow Jones, Benzinga, and Bloomberg, and they offer educational courses on all beginner and experienced investor topics.

Moomoo also offers a paper trading option to practice your trading strategies with $1 million using real-time data to see how you’d do.

Safety & Security

Moomoo keeps personal information in secure databases only accessible by authorized staff. All information is encrypted whenever possible, and any hard copies with personal information are on access-restricted premises.

Customer Support

Moomoo offers phone support during normal trading hours, 8:30 AM to 4:30 PM ET, and 24/7 online chat.

Company Ratings

Moomoo’s holding company has an S&P 500 rating of BBB- and has a stable outlook for its long-term plans.

Moomoo Success Story

Moomoo quickly went from a startup company to having over 20 million users by May 2023.

It is now one of the most well-established platforms to connect investors and provide commission-free trades. It is popular not only in the United States but also worldwide, including in the Singapore market, where it ranks as one of the country’s top three apps.


Moomoo is a trading platform that doesn’t charge commissions and has no minimum deposit requirements. It has a community feeling, connecting investors to help develop new ideas or learn from one another.

The platform offers various free tools and educational opportunities to help investors reach their financial goals.

Moomoo is a financial information and trading app offered by Moomoo Technologies Inc. Securities are offered through Moomoo Financial Inc., Member FINRA/SIPC. The creator is a paid influencer and is not affiliated with Moomoo Financial Inc. (MFI), Moomoo Technologies Inc. (MTI) or any other affiliate. The experiences of the influencer may not be representative of the experiences of other moomoo users. Any comments or opinions provided are their own and not necessarily the views of MFI, MTI or moomoo. Moomoo and its affiliates do not endorse any strategies that may be discussed or promoted herein and are not responsible for any services provided by the influencer. This advertisement is for informational and educational purposes only and is not investment advice or a recommendation of a security or to engage in any investment strategy. Investing involves risk and the potential to lose principal. Investment and financial decisions should be made based on your specific financial needs, objectives, goals, time horizon and risk tolerance. Any images shown are strictly for illustrative purposes. Past performance does not guarantee future results.

U.S. residents trading in U.S. securities may trade commission-free using the moomoo app through Moomoo Financial Inc. (MFI). Please see our pricing page for other fees. Level 2 data is free to moomoo users that have an approved MFI brokerage account. Trading during Extended Hours Trading Sessions carries unique risks, such as greater price volatility, lower liquidity, wider bid/ask spreads, and less market visibility, and may not be appropriate for all investors. For any Institutional Tracking portfolio, the composition provided is updated on a significant delay and may be incomplete. It is not possible to replicate the timing or exact holdings of institutional portfolios.

Margin trading entails greater risk, including, but not limited to, risk of loss and incurrence of margin interest debt, and is not suitable for all investors. Please assess your financial circumstances and risk tolerance before trading on margin. We reserve the right to amend our margin interest rate from time to time in response to changes in prevailing interest rates and other factors. The Margin Rate is subject to change without notice. See for the most current margin rates.

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