moomoo Australia review
- Standard brokerage fee
- US$0.99
- Available markets
- ASX, NASDAQ, NYSE, Hong Kong Stock Exchange, CBOE
- Support
- Phone, Email, After hours, Live chat, Video guides
Our verdict
Competitive fees make this an interesting contender.
moomoo has a lot going for it and occupies a unique space among brokers in Australia. It's competitively priced, offers paper trading and boasts a well-reviewed mobile app.
What moomoo does, it does well, including cheap fees and trading resources that will appeal to both active traders and new investors. You can also trade stocks and ETFs from Australia, the US and Hong Kong.
On the downside, it has a limited product offering beyond stock trading. It doesn't offer access to options, cryptocurrency or dollar-cost averaging features, such as auto-investing or investment portfolios.
Pros
-
Trading Australian, US and Hong Kong stocks. Get access to shares across the Australian, US, and Hong Kong stock markets. ASX trades are also CHESS-sponsored.
-
Low commission. moomoo offers competitive commission rates, with US securities trading available for a flat rate of US$0.99 per trade and Australian stocks at AU$3 or 0.03% (whichever is greater).
-
Paper trading. moomoo stands out by offering paper trading on its platform, providing a risk-free environment for traders to practice and hone their skills.
-
Social trading. Users can engage in social trading by posting trading ideas and updates on moomoo's social forums, facilitating learning and collaboration with other traders.
-
Free live quotes and market research tools and data. moomoo provides free access to live quotes and market depth data for both US and AU markets, enabling traders to make informed investment decisions
-
24/5 US trading. Traders can take advantage of 24/5 trading in the US, including overnight sessions, ensuring access to opportunities in different time zones.
Cons
-
Limited markets available. If you want to trade European stocks or Asian markets beyond Hong Kong, you’ll need to look elsewhere.
-
Desktop platform not for beginners. New investors may find moomoo's feature-rich desktop platform tricky to navigate.
Details
Platform details
| Type of broker | Online |
| ASX products | Shares, Exchange traded funds |
| Available markets | ASX, NASDAQ, NYSE, Hong Kong Stock Exchange, CBOE |
| Standard brokerage fee | US$0.99 |
| Support | Phone, Email, After hours, Live chat, Video guides |
| Go to site More Info |
Pricing and fees
moomoo's trading fees are relatively competitive compared to other trading platforms that offer Australian and US stocks. Notably, it has no ongoing fees, its platform and research are available for free and you don't need to worry about account minimums when you sign up.
- Australian equities: 0.03% (min AUD $3)
- US equities: flat rate of US$0.99 per trade
- Hong Kong equities: HK$3 or 0.03% (whichever is greater)
Who is moomoo best for?
moomoo's fee structure and research tools may work well for both active traders and passive investors.
That being said, moomoo's offerings make it an interesting option for a very specific type of investor: traders seeking stocks or ETFs through an individual account. It doesn't offer leveraged products such as options, CFDs or forex or cryptocurrencies.
Its account options are also limited - it doesn't offer cash, retirement or minor accounts. Nor does it feature robo-advice tools or ready made portfolios.
What it does do – namely, low brokerage fee Australian and US stock and ETF trading – it does well. The company has strong educational resources, helping newer investors learn about shares and options through its tutorials.
Its fees are competitively priced, research tools are robust and trades are executed quickly.
The platform is available as a desktop or mobile application and investors in Australia will soon gain access to the Hong Kong exchange.
How easy is it to use?
You can sign up for moomoo online in about 5 minutes. Reviews of its beginner-friendly mobile platform are favourable, but traders warn that the desktop platform is so feature-rich that it can be overwhelming for those just starting out.
Packed interface aside, reviews suggest the app becomes easier to navigate over time and that orders are executed quickly and reliably.
What research does it provide?
moomoo offers a rich array of research tools and market data to empower traders and investors. Here's a comprehensive overview:
- AI-powered analysis tools. AI trend projections for stock chart analysis, indicator sentiment for quick bullish/bearish signals and real-time market monitor for unusual activities.
- Premium news access. Enjoy free access to global headlines and market updates from Bloomberg, Benzinga, Reuters, and Dow Jones.
- Educational resources. Gain access to resources on shares, options, ETFs, perspectives, thought leadership pieces and moomoo tutorials.
- Technical analysis toolbox. Access a patented charting toolbox with 100+ technical indicators and 40 drawing tools.
- Institutional insights. Explore holdings and moves of major institutions like Berkshire Hathaway and Ark Invest.
- Industry chain analysis. Visualize value chains to assess opportunities and risks.
- Advanced stock screening. Customize stock screens with 100+ filters, including technical indicators and analyst ratings.
- Visualized financials. Simplified financial data presentation for quick analysis.
- Analyst ratings & rankings. Access ratings and price targets from 4,000+ analysts and identify the most accurate ones.
How does moomoo make money?
Futu (moomoo's parent company) makes the majority of its income from brokerage commission. The remaining income streams include handling charge income, interest, foreign exchange fees and other forms of income.
How do I sign up?
Sign up for an account online in about 5 minutes:
- Download the moomoo app and select Sign Up.
- Enter your email address and choose a password.
- Once logged into the app, select Trade and Get Started to open a trading account.
- Follow the prompts, entering you phone number, name, D.O.B, Citizenship, address, tax information. Select Next.
- Answer moomoo's questions about annual income, net worth, investment goals and more. Select Next.
- Enter your ID information. Review moomoo's risk disclosure statement and enter your online signature. Select Submit.
How do I contact moomoo support?
Support is available 24/5 on trading days, and 12 hours from 9:30 am (AET) on non-trading days. You have 3 main ways to contact moomoo:
- Phone
- Live chat
Frequently asked questions
Your reviews
Shannon Finder
Writer
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.
