Moomoo review 2024: $0 options trading and advanced trading tools

Moomoo at a glance

To learn how our star ratings are calculated, read our methodology.

Moomoo is best for active traders and options traders

With its low-cost trading — including no options commissions and no contract fees for equity options — paper trading, in-app learning resources and advanced trading and research tools, Moomoo’s best for active traders and options traders.

Choose from 13 options strategies and customize your own options chains. Access helpful visuals of company metrics and insights, a customizable heat map, analyst ratings and more. If you have a minimum 30-day average account value of $100 or more, Moomoo will throw in Level 2 market data for stocks and options. Also access instant deposits of up to $1,000 and a cash sweep program for your idle cash.

Moomoo’s a more-than-capable trading platform for active traders and options traders, of all skill levels, and it’s available as a desktop and mobile application. Regular investors seeking a user-friendly platform with access to a variety of trading tools will find Moomoo to be a suitable option as well.

What we like about Moomoo

Moomoo stands out for its low-cost trading, advanced trading and analysis tools, high-yield cash sweep program and user-friendly, but powerful, mobile trading app.

Trade without commissions

Moomoo’s among just a handful of brokers that offers $0 commissions on stock, ETF and options trades and no equity option contract fees. Most brokers charge 65 cents to open and close each options contract. Moreover, Moomoo boasts one of the lowest margin rates among brokers we review, at 6.8%. It also charges no commissions to trade over-the-counter stocks, which is typically $6.95 per trade with many brokers.

Advanced trading and analysis tools

Moomoo’s trading and analysis tools are on par with some of the biggest brokers in the space. It’s one of the only mobile-first brokers we review that offers a dedicated desktop trading platform. Trading tools you’ll find include:

• Advanced charts with more than 63 technical indicators, 38 drawing tools and over 190 pre-set functions
• Set up to 6 multi-monitors for desktop trading
• Analyst ratings and price targets
• Valuation metrics
• Level 2 market data
• Financials, with a breakdown of revenue by business and market
• Institutional holdings
• Short sale volume
• Interpretation of indicators
• Shareholder information
• Free real-time level 2 market data with $100 average account value over 30 days
• Paper trading

Options-specific tools

• 13 options strategies. Short condor, collar, short butterfly, single option, covered call, long straddle, long strangle, vertical spread, short iron butterly, condor and put horizontal.
• Customizable options chains. CBOE-powered real-time options chains for transaction details.
• Advanced options tools. Unusual options activity, options price calculator, options volatility analysis, a most active 0DTE (zero days until expiration) indicator and profit and loss analysis to understand your options strategy’s possible performance at expiration before entering a new position.

High-yield cash sweep program

Earn 5.1% APY on your idle cash with Moomoo’s cash sweep program and up to 8.1% APY if you’re a new customer.

Powerful mobile app

Moomoo’s mobile app is impressive because it maintains the modern trading app feel and functionality while being packed full of insightful analytical and trading tools. We appreciate its versatility and intuitive design, making it more-than-capable platform for mobile traders.

Where Moomoo falls short

Moomoo is one of the most feature-rich trading apps we review but it has a couple drawbacks to point out:

• Limited tradable assets. Moomoo’s investment options are limited to stocks, ETFs and options. Unlike many other stock trading apps, you won’t find cryptocurrency.
• Limited account types. It’s account types are limited to individual brokerage accounts. Retirement-minded investors looking to trade and invest within a tax-advantaged account will need to look elsewhere.
• No robo-advisor. While Moomoo is geared more toward active traders, we think a robo-advisor could be a helpful option for beginners who want day-to-day portfolio monitoring and rebalancing as they learn and grow as traders and investors.
• No information about its order execution quality. Moomoo doesn’t publish information about its order execution quality. Order execution is important to many traders because it directly impacts the price at which your trades are executed and can influence the overall profitability of your trades. Legally, brokers must execute orders at the best available market price. But some brokers may provide order execution at a better price than the public quotes.
  

  Moomoo’s fees

  Type of fee	Fee details
  Minimum deposit to open	$0
  Minimum investment	$5
  Annual fee	$0
  Stock trading fee	$0
  Options trading fee	$0
  Options contract fees	$0
  Margin annual interest rate	6.8%
  Outgoing account transfer fee	$75
  Wire transfer out	$20
  Inactivity fee	$0

  *The fees stated above are for US residents. Fees may be different in other countries where Moomoo is available.

  Is Moomoo legit?

  Moomoo is a legit company and trading platform. Moomoo is headquartered in Palo Alto, California, and is a registered broker-dealer with the US Securities and Exchange Commission. It’s also a member of the Financial Industry Regulatory Authority and Securities Investor Protection Corporation. In the event that the brokerage goes under, funds are insured by the SIPC for up to $500,000, including up to $250,000 in cash balances.

  Moomoo’s platform is also considered safe and secure. The platform has a device lock feature, a transaction security feature called moomoo token and a portfolio privacy feature to improve your account’s security. Moomoo also uses biometric authentication.

  Customer experience

  Customer sentiment and feedback for Moomoo across the Better Business Bureau (BBB), Trustpilot and Reddit is generally mixed, with both positive and negative aspects highlighted by users.

  BBB

  Moomoo holds an F rating, is not accredited by the BBB and has no reviews as of June 2024.

  Trustpilot

  Moomoo receives mixed reviews on Trustpilot. Positive feedback emphasizes the platform’s ease of use, free real-time level 2 market data and competitive trading costs. Customers appreciate the active community and educational resources available on the platform. On the downside, some users report dissatisfaction with the limited tradable assets, high fees for wire withdrawals and occasional customer service challenges. Moomoo earns a 2.6 out of five stars on Trustpilot based on over 60 reviews, as of June 2024.

  Reddit

  On Reddit, user reviews are varied but generally provide a deeper insight into personal experiences. Many users commend Moomoo’s advanced monitoring tools, real-time news feed and the overall trading experience. The platform is also appreciated for its educational features and paper trading options. Nevertheless, some Redditors express concerns over the limited account types, such as the absence of retirement accounts, and the high withdrawal fees for non-ACH transfers. Discussions also highlight occasional issues with order execution quality and customer support responsiveness.

  Overall, Moomoo is well-regarded for its free trading options, advanced tools and supportive community, but it faces criticism for limited account options, specific fees and customer service issues.

  Compare Moomoo to other platforms

  

  Moomoo

  ★★★★★

  Finder rating 4.6 / 5

  ---

  Available asset types

  Stocks, Options, ETFs

  ---

  Stock trade fee

  $0

  ---

  Minimum deposit

  $0

  ---

  Signup bonus

  Get up to 15 free stocks

  

  Tastytrade

  ★★★★★

  Finder rating 4.4 / 5

  Go to site

  ---

  Available asset types

  Stocks, Options, ETFs, Cryptocurrency, Futures, Treasury Bills

  ---

  Stock trade fee

  $0

  ---

  Minimum deposit

  $0

  ---

  Signup bonus

  Get $50-$5,000

  

  Robinhood

  ★★★★★

  Finder rating 4.6 / 5

  Go to site

  ---

  Available asset types

  Stocks, Options, ETFs, Cryptocurrency

  ---

  Stock trade fee

  $0

  ---

  Minimum deposit

  $0

  ---

  Signup bonus

  Get a free stock

  Frequently asked questions

  Can I open a Moomoo account if I live outside the US?

  Yes, if you’re 18 years or older are a non-U.S. resident in supported countries and regions, including Hong Kong, Singapore, Australia, Japan, Malaysia and Canada.

  Is Moomoo a Chinese-owned company?

  Moomoo is a global company owned by Chinese parent company, Futu Holdings Ltd.
  

  How we rate trading platforms

  ★★★★★ 5/5 — Excellent

  ★★★★★ 4/5 — Good

  ★★★★★ 3/5 — Average

  ★★★★★ 2/5 — Subpar

  ★★★★★ 1/5 — Poor

  We analyze top online trading platforms and rate them one to five stars based on factors that are most important to you. These factors include fees, securities available for trade, customer support, customer feedback, platform resources and overall reliability.

  For a complete breakdown of how we score each category, read the full methodology of how we rate trading platforms.

  Moomoo is not currently available on Finder

  Have you considered Tastytrade?

  Competitive, capped options commissions, with a reliable trading platform designed for serious traders.

  • Trade options, futures, options on futures, stocks, ETFs
  • $0 commission to close options
  • Pro-grade platform and risk analysis tools

  

  Learn more

  No thanks, compare other stock trading options.

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