Moomoo Review

MooMoo is a relatively new broker that has received a lot of attention in the press. Often when we see brokers that have been around for only a couple of years, we recommend caution and as always, doing thorough research before signing up. This is definitely the case with MooMoo, and that is why our experts have done extensive research and have created this review to guide traders to make the right decisions. 

 

MooMoo was founded in 2018 and is licensed by top-tier regulators. It charges through commissions rather than spreads, and these commissions are low for the industry. It also charges very few fees and offers its clients many perks, including free stocks, for opening accounts and trading certain amounts of money. Does MooMoo live up to the hype? Read this review and discover whether MooMoo is worth your time and money. 

Year Created2018
Regulation

.U.S Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Monetary Authority of Singapore (MAS).

Minimum Deposit$0
Product TypesStocks, ETFs. Options
Demo Accountyes

Fund Recall experts examined MooMoo and have created a review of its services. Our team of professionals has extensive experience in the area of examining scams as well as legitimate brokers and services. We consult with clients who have lost their funds to frauds or as the result of broker disputes and use our expertise and skill to provide fund recovery services. 

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Is MooMoo Regulated?

The first criterion for any broker is whether or not it is regulated. It is safe to say that if you see a broker without a license, do not look further. It is not worth the risk of even considering working with a broker that has no license, no matter what credentials they claim to have or how much money they guarantee you will make. 

Once you see that a broker is regulated, examine the license. Is it from a first-tier regulated or is it from a third or fourth-rate regulator that provides almost no oversight? Is the license current or expired? Is it authentic? 

Getting to know regulators is one way to evaluate licenses effectively. For instance, MooMoo holds licenses from the Securities and Exchange Commission (SEC) and FINRA or the Financial Industry Regulatory Authority. It also has a license from the Monetary Authority of Singapore (MAS). These are the highest-rated regulators in the U.S. and Singapore and should inspire confidence in MooMoo.

What About MooMoo’s Accounts, Commission Fees and Benefits?

One aspect of MooMoo’s service that many clients are impressed with is the ease of opening an account. There is no minimum required, so you can start with a small amount and gradually build up as you feel more confident. Additionally, the process is simple, and most clients have a fully working brokerage account in just one to three days. 

Before opening an account, you can try the demo account to sample MooMoo’s services. This is always a good idea because it lets you make an informed decision about a broker, kind of like test driving a car. It is worth noting that MooMoo allows only bank transfers for funding an account or withdrawing money. This means you can’t use a payment platform or credit card. Often, accepting only wire transfers is a red flag, because of the difficulty of fund recovery through wire recall from a bank, but since MooMoo is well-regulated and seems legitimate, this is not a strong red flag. 

MooMoo charges through commissions rather than spreads and these commissions are low, at $0.49- $0.99 per share. New clients can trade commission-free for 180 days.
 

This broker has made a name for itself for its many perks, including free stock. For example, those who sign up with $2,000 for a US account can get a free Apple (AAPL) share, worth approximately $125. Referrals are rewarded with a free Twitter share. Other perks include shares of Microsoft, Ford, Tesla, and Bank of America. 

What Trading Products Does MooMo Offer?

Although MooMoo’s low commissions and free stock are likely to please many clients, some traders are unhappy about its rather limited selection of trading products. MooMoo allows trading only of stocks, ETFs, and options. Part of this can’t be helped, because as a U.S-regulated broker, MooMoo can’t offer CFDs, which provide a huge selection of trading products and assets to investors in Europe and elsewhere. 

However, those who are primarily interested in stocks, ETFs, and options may not mind this. They may prefer to avoid cryptocurrency, forex, and CFD trading because of the risks involved. Then again, it can’t be denied these are popular trading products, and traders who prefer them will look elsewhere. 

Book a free consultation to find out whether a broker is legitimate or to get your money back from a scam broker.

What Is It Like to Trade with MooMoo?

MooMoo has advanced tools and features that accommodate every trading level and style. The app will allow users to select stocks based on sector, market share, P/E, and other criteria. 

Traders received targeted news and updates on their stocks and chosen sectors and tools allow them to do research and analyze stocks based on fundamentals and technical factors. MooMoo is praised for its order execution speed, intuitive trading, Level 2 streaming data, real-time bids, and global trading community. 

MooMoo Pros
  • Low commissions
  • Perks such as free stock
  • Advanced trading tools
MooMoo Cons
  • A limited number of trading products
  • Allows only bank transfer
  • Customer service by email only

Should You Trade with MooMoo?

After looking carefully at MooMoo’s licensing, services, and client feedback, our experts have concluded that MooMoo is a licensed broker that seems legitimate. It has top-tier ratings from the SEC, FINRA, and MAS, has competitive commissions, low fees, and offers an advanced trading platform and customizable tools. 

However, MooMoo is not for everyone. Those who want to trade cryptocurrency, forex, and CFDs will have to look for another broker. Additionally, some traders may find the fact that only bank transfers are allowed as too limiting and may want to pay with a credit card or payment platforms elsewhere. 

Although MooMoo is a regulated broker, that does not mean there will never be an issue or a dispute. If you have a problem with this or any other broker and need fund recovery services, contact Fund Recall professionals right away. 

 

If You Have Lost Money to a Scam or a Broker Dispute, Contact Fund Recall 

If you have a dispute with a broker and are seeking a chargeback, don’t give up hope of getting your money back. Fund Recall experts are well-versed in the negotiation process and have the contacts and the arguments that will succeed in retrieving your funds. 

 

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