Moomoo Singapore Review: Free AMZN Stocks Worth Up To US$150

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Moomoo Singapore Review: Free AMZN Stocks Worth Up To US$150

Articles written are independent opinions, and are not affiliated/sponsored unless specifically mentioned.

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Table of Contents

Moomoo is an online trading platform and is arguably the most popular one in Singapore.

Through technology and human effort, moomoo makes your trading experience seamless.

Launched in March 2021, moomoo is a new addition to the Singapore trading market and has made a name for itself here.

Whether you’re an experienced investor or a newbie, moomoo has an answer for everyone.

In this post, we’ve partnered with moomoo to share why.

Markets Offered by moomoo

With moomoo, you primarily get exposure to 5 global markets — the US, Singapore, China A-Shares, and Hong Kong.

Moomoo supports up to 16 order types for each market, based on your trading needs.

You can place

  1. Market Orders
  2. Limit Orders
  3. Attached Orders
  4. Stop Limit Orders
  5. Trailing Stop Orders
  6. Trailing Stop Limit Orders
  7. Stop Orders
  8. Limit-if-touched (LIT) Orders
  9. Stop Loss Limit Orders
  10. Stop Loss Market Orders
  11. Trailing Stop Loss Limit Orders
  12. Trailing Stop Loss Market Orders
  13. Time Weighted Algorithm Orders (PI users only)
  14. Volume Weighted Algorithm Orders (PI users only)
  15. Bracket Orders (underlying stocks only)
  16. Market-if-touched (MIT) Orders

 

Note that some orders might be restricted on the platform due to insufficient liquidity as they are executed at uncertain real-time prices.

Investment Products Offered by moomoo

As of now, moomoo lets you invest in an array of asset classes and investment products.

Although you have abundant investment choices with moomoo, offered investment products may differ from market to market.

Here’s a list of varied asset classes provided by moomoo.

Market  Investment Product
US
  • Stocks
  • Exchange-traded funds (ETFs)
  • Options
  • Futures
  • Warrants
  • American Depositary Certificates (ADRs)
Singapore
  • Stocks
  • ETFs
  • REITs
  • Unit trusts
  • Futures
  • Warrants
  • Daily Leverage Certificates (DLC)
Hong Kong
  • Stocks
  • ETFs
  • Warrants
  • Callable Bull/Bear Contracts (CBBCs)
China A-Shares
  • Stocks

Moomoo also supports short selling, for those who are interested.

Fees, Charges, and Minimum Investment

Depending on the market you’re investing in, moomoo charges a different commission, platform, regulatory, corporate, trading, and service fees.

Moomoo introduces a relatively affordable and reasonable fee structure, which is impressive compared to its competitors across the market.

US Market Fees

If you sign up with our referral link, moomoo offers commission-free trades forever for new investors who choose to invest in the US market.

The platform fee is also made free for a year. After a year, you’ll be charged US$0.99/trade.

When your account cash balance is negative, you’re charged an annual interest rate of 4.8% while investing in the US market.

Here’s the detailed fee structure for US stocks and ETFs —

Fee Type  Fees
Commission Fee US$0
Platform Fee $0 for the first year, US$0.99/Order thereafter
SEC Fee (sells only) US$0.0000229 Transaction amount, min $0.01/Trade
Settlement Fee US$0.003/Share, max 1% Transaction amount/Order
Trading Activity Fee (sells only) US$0.00013/Share, min $0.01/Trade, max $6.49/Trade

If you’re trading US stock options, here are the trading fees charged by moomoo –

Fee Type Fees
Commission Fee US$0.65/Contract, min US$1.99/Order
Platform Fee US$0.30/Contract, min US$0.99/Order
Options Regulatory Fee US$0.02915/Contract
SEC Fee (sells only) US$0.0000229 Transaction amount, min US$0.01/Trade
Trading Activity Fee (sells only) US$0.00218/Contract, min US$0.01/Trade
OCC Clearing Fee US$0.02/Contract (0-2750 contracts),

US$55.00/Trade (>2750 contracts)

Exchange Fees Different exchanges and transaction types charge differently.

Singapore Market Fees

In the Singapore market, commissions are not free like in the US market, but the commission fee charged here is quite affordable.

You’re also charged an annual interest of 4.8% when your account cash balance is negative.

Here’s the in-depth fee structure charged by moomoo for investing in Singapore stocks, ETFs, and REITs —

Fee Type Fees
Commission Fee 0.03% Transaction amount, min S$0.99/Order
Platform Fee 0.03% Transaction amount, min S$0.99/Order
Trading Fee 0.0075%
Clearing Fee 0.0325%

Fees for Singapore structured warrants —

Fee Type Total Fees
Commission Fee 0.03% Transaction amount, min S$0.99/Order
Platform Fee 0.03% Transaction amount, min S$1.50/Order
Trading Fee 0.001%
Clearing Fee 0.004%

Fees for Singapore Daily Leverage Certificates (DLCs) —

Fee Type Total Fees
Commission Fee 0.03%
Platform Fee 0.03%
Trading Fee 0.001%
Clearing Fee 0.004%

*Note that the Commission fees for DLCs are charged and round up to the nearest 2 decimal places.

Hong Kong Market Fees

Compared to the 2 previously discussed markets, Hong Kong charges a higher annual interest rate of 6.8% if an account balance is negative.

Here’s the detailed fee structure for the Hong Kong markets —

Fee Type  Total Fees
Commission Fee 0.03% of the investment amount or HK$3 whichever is higher
Platform Fee HK$15/Order
Trading Fee 0.005% transaction amount, minimum HK$0.01
Settlement Fee 0.002% transaction amount, minimum HK$2, maximum HK$100
SFC Transaction Levy 0.0027% transaction amount, minimum HK$0.01
FRC Transaction Levy 0.00015% transaction amount
Stamp Duty 0.13% transaction amount, rounded up to the nearest dollar. For instance, HK$2.01 will be rounded up to HK$3.00.

There is no charge for trading ETFs.

Trading Tariff HK$0.50 per transaction

Hong Kong Warrants & CBBCs Fees—

Fee Type Total Fees
Commission Fee 0.03% of the investment amount or HK$3, (the higher one is applicable)
Platform Fee HK$15/Order
Trading Fee 0.005% Transaction amount, minimum HK$0.01
Settlement Fee 0.002% Transaction amount, minimum HK$2, maximum HK$100
SFC Transaction Levy 0.0027% Transaction amount, minimum HK$0.01
FRC Transaction Levy 0.00015%
Trading Tariff HK$0.50 per transaction

China A-Shares Fees

Here’s the commission fee for the China A-Shares market charged by moomoo:

Fee Type Total Fees
Commission Fee 0.03% of the transaction amount or 3 CNH (the higher amount between these 2 is applicable)
Platform Fees 15 CNH per order
Handling Fee 0.00487% of the transaction amount
Securities management fee 0.002% of the transaction amount
CSDC Transfer fee 0.001% of the transaction amount
HKSCC Transfer fee 0.002% of the transaction amount
Stamp Duty 0.1% of the transaction amount (only charged on selling)
Portfolio fee Held stock value of 0.008% per 365 days (calculated by day, charged by month)
Dividend tax 10% of dividend and bonuses

Minimum Investment

There are no minimum investment amounts if you decide to open an account with moomoo.

However, you’ll need to make a particular investment amount or certain promotional offers and rewards awarded by the platform.

More on this later.

Sign-Up, Funding, and Withdrawal Options

Sign-Up

Signing up with moomoo Singapore is easy; simply click here to register and sign up with moomoo.

They will then prompt you to download and install the app available on iOS, Android, Windows, and Mac.

Whether you’re a Singaporean or a non-Singaporean citizen, you can conveniently sign-up with moomoo.

The only difference will come with specific information or documents you must provide during the process.

After your sign-up, the account opening process will take around 1-3 business days.

Once it’s done, you can start making trades with them.

Moomoo Funding Options

1. Bank Transfer

  • You can only transfer your funds from your personal bank accounts. Fund transfers via third-party accounts, E-wallets, and cash transfers are not accepted.
  • If your funds are transferred from a Singapore bank account, the transferring process will take around 1-3 business days. Otherwise, it will take approximately 3-5 business days.
  • There are no deposit fees.

 

2. Direct Debit Authorisation (DDA)

  • Moomoo supports DDA with the following banks: DBS/POSB Bank, OCBC, UOB, Standard Chartered, Maybank, HSBC, Bank of China, ICBC, and Citibank.

 

To use this, you need to connect your bank account to your moomoo account. This enables you to initiate a deposit on the moomoo app directly.

 

  • With this method, your funds are transferred to your account within 15 minutes of the request if you initiate it during business hours.
  • This method is also free of cost.

 

3. Wise (Formerly TransferWise)

  • Wise is a preferable funding method if you don’t have any local bank account in Singapore. It is convenient for currency exchange and international money transfer.
  • If you transfer your money via Wise, the transaction process will take approximately 1-3 business days.

 

Sign up with Wise here: Wise.com

Moomoo Withdrawal Options

  • For withdrawals, moomoo supports currencies such as SGD, USD, and HKD.
  • You are allowed to withdraw withdrawable cash or settled funds, which can be transferred from moomoo to your bank account.
  • Transferring funds to third-party accounts or corporate accounts is not supported.
  • Your funds will be sent as soon as possible, but you might not get them instantly. My experience withdrawing from moomoo was pretty smooth – less than an hour.
  • Withdrawal at moomoo is free. However, you may get charged by your bank.

 

Currency Exchange at moomoo

  • There are no fees for currency exchange on moomoo.
  • The exchangeable amount is automatically calculated by moomoo immediately after you initiate the exchange.
  • Exchange requests submitted during business hours are likely to be completed in real-time. If you make currency exchanges during holidays and weekends, it will complete at the nearest exchange opening time.

 

Here are the maximum exchangeable amounts for different currencies —

Currency Exchangeable Amount/Day
SGD 100,000 SGD/day
USD 100,000 USD/day
HKD 120,000 HKD/day

Moomoo Promotional Offers & Rewards

From time to time since its launch in Singapore, moomoo has been announcing certain promotional offers and rewards.

For example, for Singapore stocks, ETFs, and REITs, along with HK stocks and ETFs, you can get 90-day commission-free trading on moomoo if you refer your friends to the platform.

Generally, you can expect the following with your first deposit of a minimum of SG$2,700 or more:

  • 1-year free platform fee for the US stock market.
  • Free access to real-time Level 2 Market Data for the US stock market and Level 1 Market Data for the SG stock market and China A-shares market.
  • Cash Coupons.
  • Free stocks valued between S$50-150

 

Moomoo frequently updates its promotions and welcome bonuses, so what you see online might not be updated.

We update all the latest moomoo promos on our page here.

Is Moomoo Safe?

Firstly, moomoo Inc. is a wholly owned subsidiary of Futu Holdings Ltd. This reputed financial entity is Nasdaq listed and an index stock for the MSCI Hong Kong market.

Moomoo Financial Singapore Pte. Ltd. is a broker-dealer and custodian licensed by the Monetary Authority of Singapore under licence no. CMS101000.

Moomoo is registered with and regulated by SEC and FINRA. At the same time, it’s a member of the Securities Investor Protection Corporation.

Another crucial point, your assets at moomoo are kept in a licensed and/or regulated custodian account which is kept entirely separate from moomoo Singapore’s finances.

Moomoo is licensed with 51 bodies across the globe, including geographies like the US, the Pan-European region, Hong Kong, China, Australia, and Singapore.

Thus, considering all this, moomoo is unquestionably safe and secure to use for your investment needs.

Usability of moomoo’s Platforms

Moomoo nurtures an urge to help and support all new and experienced users on their platform.

Their self-developed intelligent stock-screener with 100+ data filter indicators and heat maps is helpful for you in finding investment opportunities.

Another crucial feature increasing the platform’s usability is its 24/7 real-time financial news highlights.

Other advanced tools and features offered by moomoo include similar charts for stock selection, free access to Level 2 data for the US stock market, extended trading hours covering an additional 9.5 hours, the advanced drawing tool, fund tracking, etc., are really helpful.

Its usability is why it has made a significant name amongst the crowd, obtaining 18 million global users in a short time.

I’ll be frank; it can get overwhelming when you first use the app. However, you’ll get used to it after a while.

Also, if you ever need to look for something specific, moomoo has all the resources you need on their website!

Customer Support with moomoo

Moomoo’s one-stop platform provides excellent customer support.

Their experienced representatives are ever-ready to provide you with phone support, live chat, and email during trading days for 24 hours.

On public holidays and weekends, support is available between 09.30 am to 09.30 pm SGT.

Summing It Up

From its low fee structure to its promotional rewards, you can’t let moomoo go without grabbing its attractive promo rewards.

With moomoo, you’ve got an excellent support team ready to help you with any issues you face.

They even tend to help you structure your investment portfolio and portfolio strategy. Their tutorials are designed to help all levels of investors, from beginners to experts.

This is a fantastic investment platform with a vast selection of asset classes such as futures, ADRs, funds, and REITs.

And those facts directed us to like moomoo, and we think you’ll enjoy using them too!

If you enjoyed this review, we’ve partnered with moomoo to provide attractive promotions and rewards.

Use our referral link here: https://www.moomoo.com/sg/.

Disclaimer: Each article written obtained its information from reliable sources and should be purely used for informational purposes only. The information provided by Singapore Financial Planners and its affiliated parties is not meant to be construed as financial advice. Singapore Financial Planners shall not be held liable for any inaccuracies, mistakes, omissions, and losses incurred should you act upon any information listed on this website. We recommend readers to seek financial planning advice from qualified financial advisors. 

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