Moomoo’s mission is to provide any level of investors with an intuitive and powerful investing platform by using technology. They keep improving customer’s experience and driving industrial innovation backed by independent technological Research & Development capabilities on the whole trading process and their creative internet operating model.
Wouldn’t it be great to have a reliable market overview tool so you know what’s happening in the world of stocks?
This would be incredibly beneficial to you as an investor as you’d always get to keep your finger on the market pulse.
If you have been looking for the perfect platform to offer you a comprehensive market overview, you might want to consider Moomoo. It’s weird name notwithstanding, this app has really set itself apart from the competition.
Plus, it has a host of features that local and overseas traders would greatly appreciate, including Level II Data and custom alerts.
But is it worth the hype? To answer this question, have a look at our Moomoo review to fully understand what this platform is all about.
What is Moomoo?
This is a trading app founded in 2018 and is a subsidiary of Futu Holdings Ltd, a brokerage firm based in California. It is specially designed for active options, stock, and ETF traders and offers a reliable platform within which you can conduct all your trades.
An outstanding aspect of this app is that you can see real-time data such as bids and trades as they are being executed. Further, the platform labels itself as a commission-free trading app, and this helps in driving up your overall profits.
Let’s now check out what this app has to offer so that you can decide whether it is as useful as claimed.
What do you get when you sign up for this service? We have broken down its key features below in detail.
1. Market Analysis
The first aspect of this app is the detailed analysis of the stock markets in the US, Singapore, Hong Kong, and China. Some of the information that the app will show you include the gain/loss of the major indices and the distribution of advancers and decliners.
Additionally, the platform also does a detailed analysis of the average gain/loss across the different market sectors.
We liked that this platform allows you to view the pre-market activity whereby you can easily spot the stocks that moved before the current day’s market opens.
2. Level II Data
Next up is a feature that sets Moomoo apart from other competing platforms. First, level 2 data refers to things such as real-time market bids and trades, and you are likely to get this data at least $100 per month in other apps.
So, it’s unbelievable that this platform gives this data away at no cost at all. A smart trader would download this app to get the data only and not use it for anything else.
3. Stock Screener
This feature allows you to filter through the stocks so that you can easily find the one that works for you. Here, you can find new stocks and opportunities, plus you can also keep tabs on the relevant event in the market.
Many previous users concluded that this screener is one of the best in the market due to its speed and user-friendliness.
Another area where this platform outdoes the competitors is the advanced charting that it offers. Instead of line plots which tend to be less detailed, the charts use candlesticks, plus you have the option of viewing either tick-by-tick or one-minute price data.
We liked how flexible this app is, and you can compare two stocks on the same chart, plot trendlines, and Fibonacci retracements, and add numerous technical indicators.
5. Custom Alerts
With this feature, you will always be on top of the market as it will ensure you are always aware of what’s happening with different stocks at different times of the day. An interesting aspect about these alerts is that you can customize them by either percentage changes or price levels.
6. News Feed
This is another handy feature that aims to keep you informed of all the relevant events to the stock market world. The feed is broken down into different feeds that include:
- Headlines- most significant news pieces driving the market, and most of them are sourced from CNBC
- Express stories- mostly deal with latest updates that could lead to price action
- Special Reports
- Watchlists Related
We were impressed that the news feed comes with an audio squawk that allows you to listen to the news headlines in real-time while focusing on the charts.
7. Social Network
This app’s other selling point is its social network, which works like a hybrid between Twitter and Reddit. This is because you can follow other users of this app, post a status update, join different discussion groups, and even view and comment on other traders’ custom portfolios.
Moomoo helps you get started on this network by suggesting the top trending stocks in different discussions and top posts capturing the attention of the stock market world. There is also a top pink section where the moderation team suggests various discussions that could be of interest to you.
8. Custom Portfolios
We were impressed that this app allows you to create up to 30 custom portfolios and 50 stocks each. All you have to do is assign percentage weight to each stock in the portfolio, and the app tracks the performance as time goes by.
A significant aspect of this app is that it is entirely free to use. To get started with the app, follow the simple instructions below:
- Download the app
- Complete the registration process as the program will require
- The app will then give you a few steps through which to create an account with the Futu Inc. brokerage firm.
- Lastly, fund your account, and you are now ready to start trading with the app
Is it Legit/Safe?
We have no reason to believe that this app is a scam. It is a safe platform that is fully regulated by the SEC under Futu Inc. Further, it is a member of SIPC and FINRA, and this should give you the confidence that its activities are well-monitored by competent bodies.
Lastly, up to $500,000 of your funds are covered on the app, and this is not easy to find in fraudulent apps.
Who is Moomoo best Suited for?
There are different categories of traders who would find this app useful:
- New Investors
In most cases, beginners do not have a lot of cash to splash out in their investment. Therefore, they will appreciate a platform that allows them to get started without incurring any fees and can use a paper account to practice their trades absolutely free.
Further, as a newbie, you can sharpen your skills and gain new ideas and insights from the social network.
- Advanced Traders
As an advanced trader, this app will allow you to keep tabs on your account, get free quotes, and use the trading tools to monitor the market trends.
- Budget-Conscious Traders
Since you are not required to pay any commission before making any trades, this app allows you to invest while at the same time saving a lot of money.
Pros and Cons
Before we wrap up our discussion, it is vital that we look at the benefits and drawbacks that we found with this platform.
From what we have gathered, this is a fantastic app that makes up for some of the competing platforms’ shortcomings. It is an easy-to-use brokerage app that gives you the opportunity to trade in a more advanced market.
We were particularly pleased with features such as level II data which are freely available on this app but would cost you some money in the competing platforms.
All in all, we suggest that you try out Moomoo as we believe there is a lot that you can gain from it.
Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new methods in the trading as well as improving his jiu-jitsu skills. He currently resides in New York City.