Moomoo Singapore Review: Top choice for trading US and Singapore stocks?
18 May 2023
- Moomoo SG is a low-cost digital stock-trading platform that gives users access to US, Hong Kong, and Singapore stock markets
- Advantages of moomoo SG:
- Low commissions
- Suitable for both beginners and experienced investors
- Robust mobile app with tools and resources
- In-built stock screener
- Community and education resources
- Disadvantages of moomoo SG:
- No trading on London Stock Exchange
- No web trading platform
What is moomoo SG?
Moomoo SG is an online stock trading platform that has garnered attention for its comprehensive suite of features and user-friendly interface.
Since its launch in Singapore back in March 2021, moomoo SG has quickly gained popularity among investors and traders for promising a seamless and intuitive investing experience.
It joins the ranks of low-cost brokerage platforms such as Tiger and Webull that are available to retail investors in Singapore.
Is moomoo SG safe and trustworthy?
The name might sound goofy but make no mistake, this is a licensed broker.
Run by Futu Singapore Pte Ltd, a subsidiary of fintech company Futu Holdings Limited, they have 43 operating licenses in many major financial markets such as the United States, Hong Kong, and Singapore.
So if you were wondering, yes, moomoo SG is licensed with and regulated by the Monetary Authority of Singapore.Source: MAS FI Directory
What are the advantages of moomoo Singapore?
#1 - Low commissions
Fees for trading US Stocks on moomoo SG
Moomoo SG offers all its users commission-free buying and selling of US stocks, ETFs, and options.
However, there is a platform fee of US$0.99 per order that will kick in after the first year.
The good thing is that there is also no maintenance or inactivity fee charged if your account remains idle.
This is helpful for first-time investors who may not be so active as they are still learning the ropes in their personal finance journey.
Fees for trading Singapore Stocks on moomoo SG
For Singapore stock transactions, there is a minimum S$0.99 commission fee (or 0.03% of the transaction amount).
Additionally, there is a minimum S$0.99 platform fee (or 0.03% of the transaction amount).
This means that users will be charged a minimum of $1.98 per trade when it comes to Singapore stocks.
This is comparatively very low compared to other CDP-linked brokerage accounts in Singapore that charge a $25 or $27 minimum commission fee.
In summary, here are the total fees incurred:
|Market||Total fees (commission + platform fees)||Minimum fee per transaction|
|US||$0 for the first year, US$0.99 thereafter||US$0.99 after first year|
|Singapore||0.06% of the transaction amount||S$1.98|
|Hong Kong||0.03% of the transaction amount or HK$3 (whichever is higher) + HK$15||HK$18|
|Source: moomoo Singapore|
#2 - Easy account opening, no minimum deposit, no deposit fee
Another thing we like is that moomoo SG is a great online brokerage for both beginner investors and professional traders looking for a robust platform.
Users will find it incredibly easy to get started with opening an account digitally within 1-3 days.
Moreover, there is no minimum funding amount required for registering an account.
You will also not be charged a deposit fee for any money that you deposit into your brokerage account.
#3 - User-friendly mobile trading app
The mobile app is incredibly intuitive and user-friendly even for people who have not used any brokerage platforms before.
Users will be able to access various charting tools and market-related data for their own research purposes.
The interface has been designed to provide market information in an accessible and digestible way, whether organised by ETFs, sectors, or themes.
There are also helpful features such as a heat map which gives users a better visualisation of the latest price movements in the market.
Overall, the moomoo SG app has a great interface and is incredibly easy to use.
#4 - In-built stock screener
Another great feature of the moomoo SG mobile trading app is that it comes with useful tools such as their in-built stock screener.
This includes a handy research section with interactive charts, key data, and featured indicators.
Experienced investors or traders will appreciate being able to utilise this powerful tool for their own portfolio management.
Wondering why Tesla has such a high P/E ratio? Or perhaps you want to do research on what Warren Buffet’s Berkshire Hathaway portfolio currently looks like.
This stock screener will essentially allow you to filter stocks based on various metrics.
With this, users will be able to screen stocks with basically almost any parameter on the Moomoo app.
#5 - Community and educational resources
Lastly, another thing we like about moomoo SG is the community and learning resources available.
There are plenty of educational resources, from news articles, webinars, video guides, tutorials, and demo accounts that users will be able to access.
On the ‘discover’ tab, there are four widgets: Moo, Learn, News, and Papertrade.
Moo is the platform’s online community that is home to over 19 million users in more than 200 countries globally.
Learn is also the platform’s commitment to providing investors with an insightful educational service to improve their financial wellness.
With the moomoo SG app, you will also have free access to financial news taken from credible news outlets such as CNBC, Dow Jones Newswires, and the moomoo SG news team.
There is also a papertrade function which, as the name suggests, allows you to trade with a simulated account.
What are the disadvantages of moomoo SG?
#1 - No trading on London Stock Exchange
Moomoo SG does not offer trading on the London Stock Exchange currently. This would mean that you would not be able to buy the Irish-domiciled ETFs on the moomoo platform.
This might be important for investors who might be looking at a low-cost platform to dollar-cost average into the Vanguard All-World or VWRA ETF
If you are using the moomoo SG platform, you may have to look for a global ETF that is listed in the US instead.
#2 - No web trading platform
Unfortunately, moomoo SG does not have a web trading platform that you can log in and out of seamlessly.
If you want to access Moomoo on your laptop, you will need to download the moomoo SG desktop platform.
That said, the moomoo SG desktop platform has a good suites of tools and functions that may help in your investing journey.
How does moomoo Singapore compare to Tiger and Webull?
If you were wondering how moomoo SG differs from other popular brokers like Tiger and Webull, feel free to refer to the table below for comparison.
Moomoo SG and Tiger Brokers offer you access to Singapore stocks while Webull does not.
Moomoo SG is also slightly cheaper compared to Tiger Brokers when trading US stocks, after taking into consideration both commission fees and platform fees.
Moomoo SG and Tiger Brokers charge almost similar fees for trading in Singapore stocks.
|Markets accessible||Singapore, US, Hong Kong||Singapore, US, Hong Kong, China, Australia||US, HK|
|Products offered||Stocks, ETFs, options, futures, FX, mutual funds||Stocks, ETFs, mutual funds, futures, options, warrants||Stocks, ETFs, options, mutual funds|
What would Beansprout do?
If you’re looking for a low cost broker which gives you access to the US, Singapore, and Hong Kong stock market, moomoo SG definitely come up one of our top choices.
For those who already have a brokerage account on another platform, there is no restriction in having multiple brokerage accounts if you wish to do so.
Sign up for a Moomoo SG account via Beansprout and earn welcome rewards of up to S$218.
Sign up for a moomoo account via Beansprout and earn welcome rewards of up to S$218.