0.03% of trade value for SG stocks, minimum US$0.99 for US stocks
FAST, PayNow, MEPS, internet bank transfer or credit/debit card
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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.
You’ll be able to trade on various exchanges in Singapore, US, Hong Kong, and China markets via Moomoo Singapore’s platform.
Currently, Moomoo Singapore’s offerings are suited to the average stock investor. Their range of products include:
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 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.
100,000 SGD per day
100,000 USD per day
120,000 HKD per day
100,000 CNH per day
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.
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.
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.
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.
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.
Having only been around since 2020, Moomoo has a limited track record compared to the other established online brokerages on the market.
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.
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.
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.
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.
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.
|Moomoo||Interactive Brokers||Tiger 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 month||Platform Fee: 0.04% of trade value (no minimum)|
|Markets Available: Singapore, US, Hong Kong, China||Markets Available: Over 135 markets in 33 countries, in 23 currencies||Markets Available: 10 markets in Singapore, US, Hong Kong, China, Australia in 9 currencies|
|Trading Products: Stocks, ETFs, options, futures, ADRs, REITs||Trading Products: Stocks, funds, options, futures, bonds, currencies||Trading Products: Stocks, ETFs, mutual funds, futures, options warrants, CBBCs, REITs|
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.
|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, China||Markets Available: Over 37 markets in US, Europe, Asia and Australia, in 21 currencies||Markets Available: US only|
|Trading Products: Stocks, ETFs, options, futures, ADRs, REITs||Trading Products: Stocks, ETFs, mutual funds, options, futures, bonds, currencies, CFDs, commodities, cryptocurrency||Trading Products: Stocks, ETFs, options, futures|