Low commission fees!
moomoo by Futu SG is known for their low fees such as $0.99 commission per trade, and no custody fees for Singapore stocks. moomoo is a good online brokerage if you're looking to trade on the US, HK or Singapore (SGX) markets regularly.
US$0.99
Min. Commission Fee US Stocks
S$0.99
Min. Commission Fee SG Stocks
$0
Min. Funding
Online Promo
Get 1 free Apple share and, and enjoy unlimited commission-free trades for 180 days with free access to market data on multiple stock exchanges. T&Cs Apply.
Valid until 02 Oct 2021 - See more details below

Are you eligible?

    • Promotion valid only for new moomoo clients
    • Get 1 Apple (AAPL) share when you make a min. deposit of S$2,700 within 30 days of account opening

What you need to know

  1. 1 Apple (AAPL) share will be disbursed within 5 business days
  2. 180 days commission-free trades can be activated at any time within 180 days of account opening
  3.  Free access to Lvl 2 Market Data in the US stock market from the day of account opening
  4. Free access to Lvl 1 Market Data in the SG stock market from the day of account opening
T&Cs

Quick Facts

Trading Products

US,HK, SG Stocks, ETFs, bonds, commodities, futures, funds, FX and CFDs

Minimum Commission Fee

0.03% of trade value for SG stocks, minimum US$0.99 for US stocks

Minimum Funding Amount

0

Stock Holding Type

Broker

Trading Platforms

moomoo mobile application

Payment Methods

FAST, PayNow, MEPS, internet bank transfer or credit/debit card

All Details

Disclaimer: At MoneySmart.sg, we strive to keep our information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products and services are presented without warranty. Additionally, this site may be compensated through third party advertisers. However, the results of our comparison tools which are not marked as sponsored are always based on objective analysis first.

Review of Moomoo Singapore

Launched during the Covid-19 pandemic, Moomoo Singapore is a new player in Singapore’s stock trading arena, offering a cost-effective, fully digitised investment platform. The Moomoo stock brokerage app is by Futu Singapore Pte. Ltd. (FUTU SG), a wholly-owned subsidiary of NASDAQ-listed Futu Holdings.

Whether you’re a new or experienced investor, the Moomoo platform lets you access up-to-date news, real-time market data, make timely investment transactions, and be part of the trading community in Singapore, Hong Kong, and the US markets.

What sets Moomoo apart from the competition is its competitive commission fees, as well as free value-added features like Level 2 US market data and more. But that’s just merely scratching the surface of what trading is like on Moomoo’s platform.

In this review, we’ll weigh the pros and cons, look at Moomoo’s range of products and services and compare it against some of its closest competitors.

Pros

  • Competitive commission fees
  • Easy and quick sign-up process
  • Welcome bundle of free stocks and commission-free trading for up to 6 months
  • Free Level 1 and Level 2 market data
  • Advanced trading analytics and research tools
  • Access to interactive trading community
  • No currency exchange fees
  • No deposit and withdrawal fees, inactivity fees or account maintenance fees
  • No custody fees or dividend handling fees

Cons

  • Limited track record as a new brokerage
  • Features may be too advanced for beginner traders
  • Limited stock exchanges available
  • 2-tiered fee structure: Platform fee and commission fee
  • Limited investment choices (no mutual funds, forex, cryptocurrency and bonds)
  • Limited funding choices (no PayNow)
  • Not able to link your CDP account

Moomoo Singapore’s List of Exchanges

You’ll be able to trade on various exchanges in Singapore, US, Hong Kong, and China markets via Moomoo Singapore’s platform.

Singapore Exchange (SGX)

US Stock Exchanges

  • New York Stock Exchange (NYSE)
  • NASDAQ Stock Market (NASDAQ)

Hong Kong Exchanges (HKEX)

China Stock Exchanges

  • Shenzhen/Shanghai-Hong Kong Stock Connect (SH-HK and SZ-HK)

background image

Moomoo Singapore Trading Products

Currently, Moomoo Singapore’s offerings are suited to the average stock investor. Their range of products include:

  • Stocks
  • ETFs
  • Options
  • Futures
  • ADRs
  • REITs
Note that some assets like mutual funds, cryptocurrency, forex and bonds are not available. If you’re looking to invest in other products, you can check out the best online brokerages listed on MoneySmart.

Moomoo Singapore Platform and Commission Fees

Moomoo’s app offers low commission and platform fees, which is advantageous especially if you’re making small trades.

For example, when trading Singapore stocks, Moomoo charges a minimum 0.03% of trade value (min. SGD 0.99 per trade) for commission fee and minimum 0.03% of trade value (min. SGD 1.50 per trade) for platform fees. In total, you get charged a minimum of $2.49 per trade with Moomoo. This is very low compared to other brokerages, which can charge minimum commissions of up to $25 per trade for Singapore stocks.

To learn more about Moomoo’s fees for the Singapore, US, Hong Kong and China markets, you can refer to MoneySmart’s Moomoo Singapore online brokerage page.

Moomoo Singapore Foreign Currency Exchange

Moomoo Singapore supports four types of currencies: SGD, USD, HKD and CNH. You can perform currency exchanges in-app, but there is a daily exchange limit for each currency, as follows. If you would like to exchange more than Moomoo’s stipulated limit, you can request for the conversion by writing to [email protected] with your Moomoo account registered email, using this template.

Currency

SGD

USD

HKD

CNH

Daily Limit

100,000 SGD per day

100,000 USD per day

120,000 HKD per day

100,000 CNH per day

Types of Accounts on Moomoo Singapore

There is only one type of account on Moomoo Singapore. Regardless of whether you’re a novice or seasoned trader, this account should provide everything you need.

Beginners: Paper trading

If you’re looking to familiarise yourself with Moomoo’s platform, the paper trading function allows you to trade without using any real money. This feature gives you time to understand various investment products and markets before you dive into the real thing.

Intermediate: Cash funding

When you’re ready to start investing real money, you can fund your account in cash. With the cash funding feature, your trades will be limited to how much cash you have in your account. There is a minimum age requirement of 18 years old to open this account.

Advanced: Margin financing

A margin financing account allows you to finance your trades using leverage (i.e. borrowing money from Moomoo Singapore), and it is subject to interest payments. Meant for high-risk forms of investing — such as margin trading, futures trading and short selling— margin financing is not suitable for most regular investors as it amplifies your losses as well as profits. Moomoo takes into consideration your age (you need to be within the age range of 21 to 64 years old to qualify), occupation and other aspects before granting you access to margin financing.

Moomoo Singapore Trading Platforms

Available for both mobile and desktop with iOS, Android, and OpenAPI versions, Moomoo’s trading app is great for self-directed trading as it’s not only informative but also interactive and engaging.

If you’re new to investing, you can earn points by performing low-risk daily tasks such as paper trading or reading the latest stock news. You can exchange these points for gifts and rewards.

Advanced and intuitive trading features

You can easily navigate quickly around Moomoo’s user-friendly interface as it is designed with organised pages and handy investing tools. These include Watchlists, Markets, News, Paper Trading, charting tools with more than 50 technical indicators, and even a customisable screen that can be divided into 3 parts – assets or tickers (left), chart (middle), capital flows and financial data about the company (right). Equipped with this multi-view setting and the analytical tools to complement it, it’s much easier to make decisions quickly as you don’t have to toggle between different tabs to refer to the information you need.

Free Level 1 and 2 real-time stock data

Moomoo offers complimentary NASDAQ Level 2 US market data which is a value-added feature that most brokerages charge a fee for. If you’re an experienced trader, this data feed may appeal to you as it presents timely bid/ask prices by market makers.

How safe is it to invest via Moomoo Singapore?

Having only been around since 2020, Moomoo has a limited track record compared to the other established online brokerages on the market.

Subsidiary of NASDAQ-listed Futu Holdings

The Moomoo app is offered by Futu Singapore Pte. Ltd. (FUTU SG), a subsidiary of Futu Holdings Limited. The latter is a NASDAQ-listed online brokerage and wealth management platform, which is backed by internet giant Tencent.

Licensed by Monetary Authority of Singapore (MAS)

FUTU SG is a registered broker-dealer and custodian licensed by the Monetary Authority of Singapore (License No. CMS101000). In terms of regulation, Moomoo is like all other registered investment brokerages in Singapore which comply with regulatory requirements set out by the Monetary Authority of Singapore to protect consumers.

Funds security

As a SIPC (Securities Investor Protection Corporation) member, Futu Holdings Limited and FUTU SG provide SIPC coverage that offers protection of up to $500,000 for the US securities in your account when you trade via Moomoo Singapore.

Deposit and withdrawal notification

You’ll receive notifications via your email and the Moomoo Singapore app for every transfer and withdrawal to your account which helps you to identify any suspicious transactions which were not initiated by you or Moomoo Singapore.

Compare Moomoo vs Interactive Brokers vs Tiger Brokers

Besides Moomoo, Interactive Brokers and Tiger Brokers are also among the other low-cost online brokerages popular among Singaporean investors.

Let’s do a comparison between these 3 platforms to help you decide which one is most suitable for you. The key factors which we’ll look at are commission fees (on the Singapore stock exchange), platform fees, market access and trading products available.

In summary, Moomoo Singapore appears to charge the lowest commission fee of 0.03% of trade value. However, do note that currently Tiger Brokers charges no minimum commission, which makes it cost-effective for smaller and more frequent trades.

MoomooInteractive BrokersTiger Brokers
Commission Fee: 0.03% of trade value (min. SGD 0.99 per trade)Commission Fee: 0.08% of trade value (min. SGD 2.50 per trade)Commission Fee: 0.04% of trade value (no minimum)
Platform Fee: 0.03% of trade value (min. SGD 1.50 per trade)Platform Fee: USD 10 per monthPlatform Fee: 0.04% of trade value (no minimum)
Markets Available: Singapore, US, Hong Kong, ChinaMarkets Available: Over 135 markets in 33 countries, in 23 currenciesMarkets Available: 10 markets in Singapore, US, Hong Kong, China, Australia in 9 currencies
Trading Products: Stocks, ETFs, options, futures, ADRs, REITsTrading Products: Stocks, funds, options, futures, bonds, currenciesTrading Products: Stocks, ETFs, mutual funds, futures, options warrants, CBBCs, REITs

Compare Moomoo vs Saxo vs TD Ameritrade

For US stocks, the online brokerages which are Moomoo’s direct competitors include Saxo and TD Ameritrade as they provide low cost trades on US stock exchanges.

We’ve done a comparison table for them as well, so you’ll be able to see the similarities and differences in their commission fees (for US stocks), market access and trading products.

Comparing their current rates, TD Ameritrade which doesn’t charge any commission or platform fees seems like the most cost-effective platform if you’re looking to trade in the US market, as Moomoo charges a minimum of USD 0.99 while Saxo charges a minimum of USD 4.

MoomooSaxoTD Ameritrade
Commission Fee: USD 0.0049 per share (min. USD 0.99 per order)Commission Fee: 0.06% of trade value (min. USD 4 per order)Commission Fee: None
Platform Fee: USD 0.005 per share (min. USD 1 per order)Platform Fee: 0.12% annual custody fee Platform Fee: None
Markets Available: Singapore, US, Hong Kong, ChinaMarkets Available: Over 37 markets in US, Europe, Asia and Australia, in 21 currenciesMarkets Available: US only
Trading Products: Stocks, ETFs, options, futures, ADRs, REITs Trading Products: Stocks, ETFs, mutual funds, options, futures, bonds, currencies, CFDs, commodities, cryptocurrencyTrading Products: Stocks, ETFs, options, futures