The free AAPL share has almost become the defining feature of moomoo — a trading platform by Futu SG. Here’s what else moomoo has to offer investors in Singapore. 

moomoo is a trading platform that is a subsidiary of NASDAQ-listed Futu Holdings, a company backed by Tencent. 

Having entered the Singapore market only in March 2021, moomoo by Futu SG announced its arrival by offering a free AAPL share pre-launch and during their launch. Signup perks aside, moomoo boasts competitive commission fees, particularly if you’re an investor looking to trade stocks on the US, Hong Kong or Singapore markets. 

Before you jump on the bandwagon and open a moomoo trading account, here’s what you’ll need to know.  

• Pros and cons of using moomoo
• Reasons to use moomoo
• Who should use moomoo
• Pricing, charges and fees involved 
• moomoo sign-up promotion
• moomoo vs Tiger Brokers vs IBKR vs TD Ameritrade
• How do you open and fund your moomoo account?

Overview of moomoo

Product summary:

• What you can invest in: US, HK and SG stocks, ADRs, ETFs, RETIs 
• Minimum balance required: No minimum required. However, you’ll have to deposit S$2,700, US$2,000 or HK$16,000 in order to enjoy the free AAPL share.
• Commission fees: 
  • US stocks: US$0.0049 per share, min. US$0.99 per order
  • Hong Kong stocks: 0.03% of the investment amount or HK$3, whichever is higher
  • Singapore stocks: 0.03% of the transaction amount, min. S$0.99

Here are the pros and cons of using moomoo for your investment and trading needs.

Why use moomoo as your trading platform?

#1 Attractive sign-up promotion of one free AAPL share

How does a free share of Apple (Nasdaq: AAPL) sound?

The biggest draw of moomoo by far, is the free AAPL share that you receive when you deposit US$2,000, SG$2,700 or HK$16,000 into your moomoo account. That’s US$130 in your pocket if you were to sell the APPL share when you receive it in your account. 

The free AAPL share isn’t all you get when you sign up with moomoo. You also receive a S$30 cash coupon and enjoy 90 days of commission-free trading, on top of free Level 2 market data for the US market. 

Here’s what your moomoo account will look like when you’ve deposited S$2,700 and receive your free AAPL share. 

(Note: You can still withdraw your cash after that, easily.) 

#2 Low commission fees

The commission fees charged by moomoo for your trades made on the US, Hong Kong and Singapore market are amongst the most competitive rates available. For example, moomoo charges just 0.03% of the transaction amount for stocks on SGX and US$0.0049 per share for US stocks.

At US$0.99 for US stocks, HK$3 for HK stocks and S$0.99 for SG stocks, the minimum commission fee required is also low – even more so than the likes of Tiger Brokers and Interactive Brokers (IBKR). Tiger Brokers charges a minimum fee of US$1.99 per trade for US equities, while IBKR charges a minimum of US$1 per order for US stocks and S$2.50 for Singapore stocks.

#3 Join a global investment community 

Analyse the latest trending stocks with like-minded traders and investors. You can share your trade ideas, check out what others are discussing and get exposed to other stocks that have gone under your radar. 

Here’s a look of what this investment community looks like — almost reminiscent of a social media platform like Facebook or Instagram where you can leave likes and comments, and follow the discussion thread. 

#4 A host of tools at your disposal

With one moomoo app at hand, you can easily find popular stocks and the hottest industries to sink your money in. It can screen by market cap, percentage change, turnover, trade volume, P/E and more.

You also have the option to find stocks based on financial metrics such as net profit growth and debt asset ratio, or technical metrics such as MACD, RSI, BOLL and more. 

The app also keeps you updated with the latest news that could affect your trades. This news is sorted by topics, time stamps, whether the stock in focus is on your watchlist, and by categories like earnings and IPOs. 

For whom is moomoo best for?

If you have at least S$2,700 sitting around, why not use that to earn yourself a free AAPL share? This is equivalent to US$130 at its current trading price.

It’s also made for investors looking to trade stocks in the US, Hong Kong or Singapore markets.

Lastly, moomoo offers similar value propositions to trading platforms such as Tiger Brokers and IBKR. If you’re looking for an alternative, or simply an app that offers low cost trades, now’s the best time to take advantage of this generous signup promotion.

What charges or fees should you look out for? 

Commission fees:

• US stocks: US$0.0049 per share, min. US$0.99 per order
• Hong Kong stocks: 0.03% of the investment amount or HK$3, whichever is higher
• Singapore stocks: 0.03% of the transaction amount, min. S$0.99

Platform fee: 

• US stocks: US$0.005 per share, min. US1 per order
• Hong Kong stocks: HK$15 per order
• Singapore stocks: 0.03% of the transaction amount, min. S$1.50

What are the promotions available for moomoo?

Amongst all the trading platforms, moomoo is currently offering the most attractive promotion. 

Upon successful opening of a Futu SG securities account, you’ll enjoy: 

• 90 days commission-free trading 
• Free level 2 market data for US market 
• Free OCRA options 

Once you fund your account with S$2,700, US$2,000, HK$16,000 or more within 45 days of account opening, you’ll be rewarded with:

• One free AAPL share 
• S$30 cash coupon 

If you already have a Futu SG account, you can still get rewarded with up to S$600 cash coupons when you refer your friend to sign up. 

For each successful referral, you’ll receive a S$30 cash coupon and 30 days commission-free trading, capped at 20 new referrals made. Do keep in mind that the person referred will have to make a deposit of S$2,700, US$2,000 or HK$16,000 in order for your referral to be successful. 

moomoo vs Tiger Brokers vs IBKR vs TD Ameritrade 

How do you open and fund your moomoo account?

Opening your Futu SG account is simple and quite frankly, really quick. Your application can be approved within fifteen minutes. Just check out the screenshot below! 

Like many other investment platforms, you can speed up the application process by using MyInfo to help you pre-fill the relevant personal details required.

Finally, a FAST transfer is all that’s needed for you to deposit money into your moomoo trading account. You have the option to deposit either SGD, USD or HKD. 

If you’re still unsure if moomoo is for you, check out this article for the best brokerage accounts in Singapore. 

Read these next:
Best Brokerage Accounts To Start Your Investment Journey In Singapore
Tiger Brokers Review: Low Commissions And Attractive Sign-Up Promotions
Interactive Brokers (IBKR) Review: Pros, Cons and Why They’re So Popular
Investing In Exchange Traded Funds (ETFs): A Newbie’s Guide To Getting Started
Best Robo Advisors To Auto-Pilot Your Investments In Singapore

By Ching Sue Mae
A flat white, an adventure-filled travel and a good workout is her fuel. This Manchester United fan enjoys sharing knowledge on personal finance while chasing the dream of financial independence. 

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