Imagine a stock trading app with Robinhood’s sleek interface that’s just much more advanced – but still completely free.
This is moomoo, a colorful and increasingly popular investment app. Not only does it offer commission-free deals for US customers trading in US markets, but it also comes with a powerful toolbox of intelligent trading tools.
With this app you can easily trade stocks, bonds, options and ETFs without paying commission fees. However, this is just the beginning.
If you are a seasoned trader, moomoo puts some firepower in your hands. We’re talking about detailed market data, lightning-fast updates, customizable advanced charts, pre- and post-market trading hours, and a whole range of research and analysis tools.
As a relative newcomer to the scene, moomoo competes fiercely with advanced stock trading platforms like Webull and Thinkorswim, which cater to already seasoned traders.
But here’s the nuts and bolts of Moomoo: unlike its competitors, it offers free Level 2 market data for the US market to anyone who opens an account. The leading data feed for serious traders shows that you are bidding and asking prices from market makers in real time.
Knowing how to read the data will give you a better understanding of what is really going on with a particular stock, which will improve your chances of trading profitably. Other stock trading apps charge a surcharge for level 2 quotes, which sets moomoo apart from others.
Is this app safe?
Is Moomoo Real? Online investors believe it.
The app is too new to get a rating with the Better Business Bureau, but online retailers continue to give moomoo’s mobile app excellent ratings for its responsiveness and usefulness. As of May 2021, the app was rated with almost 3,000 ratings in the Apple App Store with a whopping 4.7 out of 5 and with 3,200 ratings on Google Play with 4.5 out of 5.
Headquartered in Silicon Valley, Moomoo is backed by a Hong Kong-based parent company called Futu Holdings, a brokerage and asset management company.
Is that out of the reach of the American authorities? No! In the United States, investment products and services are offered on moomoo by Futu Inc., which is regulated by the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This goes for all legitimate stock brokers in the US.
Futu Inc. is also a member of the Securities Investor Protection Corporation (SIPC), which insures up to $ 500,000 in your investment portfolio.
Your financial information is encrypted and your deposits are insured.
How To Get Free Shares From Moomoo
It’s always nice to get a little bonus. When you join moomoo with this linkyou can earn up to three free shares.
- Open an account and deposit $ 100. Receive a free share of shares worth up to $ 200.
- Deposit at least $ 5,000 and get two more free shares worth up to $ 1,000 each.
Did we mention that these are free? Because they are free.
Practice with fake money first
Moomoo’s trading platform has so many features that it can seem a little overwhelming for newbies. If you’re not ready to dive head first, try it for the equivalent of Monopoly digital money. You can see how it works for yourself without the risk of losing any real money.
It’s called the “paper trade”. With virtual money in your demo account, you can practice using a stock trading simulator and test different strategies. This is a great way for you to learn what this stock trading platform has to offer. You can even sign in with a Facebook or Google account ID.
If you are making a lot of wrong money from your amazing investing genius, that’s cool. On the other hand, if you are going big, taking risks and losing a ton of wrong money, it’s not a problem.
Important functions of the Moomoo Stock Trading App
As mentioned earlier, the moomoo app has a powerful set of analysis and trading tools. It enables seasoned traders to put their knowledge into practice, and its educational offering enables beginners to learn new skills.
Here are the key features of the stock trading platform:
Commission-free trading for US customers trading in US markets
There are also no commissions or contract fees for options trading.
You may come across some older online articles on moomoo that say you can’t buy bonds with the app. But that is no longer true. You can use the app to buy or sell municipal, corporate, or US government bonds.
You are also allowed to short sell stocks on margin accounts, although we should emphasize that this high risk, high return strategy plays a role Really is not for beginners.
Data analysis tools
If you are looking for data to base your investment decisions on, moomoo has everything you need. It provides market data that can be sorted and analyzed using 50 different technical indicators.
Whether you’re using a phone, tablet, or PC, there’s plenty of time to research and analyze the app.
You can view the company’s financial statements. You have access to income statements for every publicly traded company. You can see how capital flows in and out of each business.
You also have access to third-party reviews from professional researchers studying various stocks.
Charts that you can customize
For each stock, the chart tells the story: How has that stock performed over the past 24 hours? Last month? During the last year? How has it developed in the last five minutes?
What kind of charts do you prefer – line charts, bar charts, candlestick charts? You can customize the chart function to suit your personal preferences.
Here, too, moomoo sorts its data using 50 different technical indicators. You can graph market data with the indicators that you need to see.
For any stock, technical analysts can review indicators such as the Relative Strength Index or the Money Flow Index to predict future price fluctuations for that stock.
Extended trading hours
With moomoo you are not limited to the standard times when the exchange is open. You have constant access to quotes and trading at pre-market times from 4 to 9:30 a.m. EST. and post-market hours from 4:00 p.m. to 8:00 p.m.
Moomoo has longer trading hours than its competitors, and the extended hours are free with no additional fees.
Speaking of these extended trading hours, here’s how you can take advantage of them:
Smart trade orders
Using “Smart Orders” gives you access to these pre- and post-market times to buy and sell stocks. You can enter stop limit orders or subsequent stop loss orders.
Are you a high-volume retailer? You can even place up to 40 orders at a time.
Advanced warning system
You don’t have to get stuck to your phone to keep an eye on the market. With moomoo you can set up your own custom notifications for stocks and ETFs that you are interested in. This includes price notifications, bid / ask notifications, event notifications, and anything else you want.
Are you waiting for a stock’s price to drop below a certain number before buying it? Want to know when a stock you own is going up in price? Are you waiting for a certain event that happens to a certain company? Get notifications sent to your phone so you never miss anything that is important to you.
Customizable news feeds
Of course, you need to stay up to date on financial news. Hence, newsfeeds from sources like CNBC and Dow Jones are useful to investors, but the volume of information can be overwhelming. Before you know it, you can drown in newsfeeds.
Moomoo allows you Customize your feeds So you only get the messages that are really important to you. The app also offers exclusive market insights that you won’t find on CNBC.
No minimum deposit
Most stock trading apps require you to make a minimum deposit in order to even open an account with them.
Not moomoo. There is no minimum deposit required. In fact, you can start the “paper trade” with zero real dollars.
Foreign stock markets
In addition to investing in the US stock markets, Moomoo lets you invest in the Hong Kong and China stock markets as well. You should know that there are additional fees for foreign stock trades, but those stocks are readily available at moomoo.
For the purchase or sale of Hong Kong shares or Chinese shares, investors in Futu Inc pay a fee of 0.03% of the total amount plus approximately USD 2 to 3 per order via moomoo. It should be noted that moomoo’s competitors usually charge more for this service.
You can also invest in foreign currencies in the forex currency market.
Active online community
You can use the moomoo app to communicate with other investors like you. This community already has more than 100,000 users and is growing.
Within the community, stock traders can post questions, links and opinions. Share news updates; You can even create your own online surveys, among other things.
This is another way to keep your finger on the pulse of the investing world. It’s also a good place to ask questions about specific investment opportunities that you may be wondering about.
You should know that moomoo customer support is available 24/7 via online chat and email on weekdays. You can contact customer service by email at [email protected]
However, investors who check moomoo in the Google and Apple app stores notice that moomoo customer support is usually quick to respond to them.
How to open an account
You can Open a brokerage account through moomoo in five minutes. The only requirements are that you are an American citizen of 18 years or older with a valid Social Security number. These are all the qualifications you need.
Go to the moomoo homepage or download the app to your phone, tablet or PC. It doesn’t matter if you’re using an Apple, Google, or Windows device.
Just follow these instructions:
- In the dashboard, select the “Open an Account” option.
- Enter your email address and choose a strong password.
- Enter your basic personal information – your name, date of birth, phone number, and social security number.
- Select the country you live in and enter your postal address.
- Answer some basic questions about your employment status: Are you unemployed, retired, or a student? If you are employed, you will be asked for your industry, occupation and the name of your employer.
- Choose your annual income and wealth. You have a number of options.
- Complete the personal disclosure section.
- Sign your name and hit the “Submit” button.
According to Moomoo, applications are processed within one working day. You should therefore receive an email soon.
The bottom line is that moomoo is building a state-of-the-art, next-generation one-stop shop for online stock trading. If you’re a seasoned, advanced investor, they have all the tools you will ever need. Click here to get started.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder.
This article originally appeared on www.thepennyhoarder.com