Deciding to invest in the stock market is one of the best decisions you can ever make in life because then, you let your money work for you. However, it can be difficult to decide where to invest especially as a first-timer.
If you have been searching for a brokerage platform, you have probably heard of Moomoo and Webull, and rightfully so because they are two of the most recognized platforms in the industry. Which one is best you ask? Why don't we compare the two first? That way, you will be able to make an informed decision.
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Overall Rating: 4.3/5
Moomoo is an investment app by a brokerage company known as Futu Inc. and was founded in 2019. The platform offers trading opportunities on US stocks commission-free and provides investors with trading tools at the same time. The platform boasts over 13 million users across the US, Singapore, and Hong Kong.
Webull is the brainchild of one Wang Anquan who is an ex Alibaba employee and was launched in 2017. The platform started as a mobile app but now has a web-trading platform. It boasts more than 11 million users in the US.
Head-to-Head Comparison of Key Features
Both platforms offer a broad range of cutting-edge research and charting tools. Plus, their developers have done a lot to make sure that most of these features are available even on their mobile apps. Moomoo stands out with the following seven:
- Capital Flows: This feature allows you to view the trends regarding capital flowing in and out of companies that you are interested in investing in.
- Asian Markets Access: Perhaps you don't know this, but Asia is one of the best places to invest. Here, you get to trade in China A-shares and the Hong Kong Stock Exchange.
- In-built Graphs: These are simply financial reports designed to give you an in-depth view of the firm's financial standing.
- Extended Operation Hours: The platform allows you to invest from 4 am to 8 pm.
- Third-Party Ratings: Here you get research ratings from third-party professional researchers. This works to point you in the right direction as far as where to invest.
- Smart Reminders: This feature generates automatic notifications on stock changes and price movements in the stocks you are monitoring.
- Moomoo Community: Besides the aforementioned features, you also get access to the Moomoo community where other investors share insights about different investments.
Webull offers near-similar features to Moomoo’s but it has several extras including:
- Cryptocurrencies and IRA Access: Investors can plan for their retirement within the Webull platform as it offers access to rollover IRAs and Roth.
- Platform Access without Signing Up: You can access the Webull platform to get acquainted with its tools prior to signing up for an account.
- Round-the-Clock Customer Support: Most investment platforms have a long way to go when it comes to offering customers support. With Webull, you get access to customer support 24/7.
Ease of Use
As far as the user-friendliness of the platform, Webull ensures that users have an easy time navigating its site by merging complex assessment tools with easy signups. To open an account with the platform, you will take about five minutes because all you have to do is enter your phone number, your email address, and a few personal details. Once that is done, you will be able to begin funding your account.
You may also want to note that the platform allows you to practice using its tools before committing your funds or even opening an account. Webull offers paper trading competitions as well as a solid community to help you get started as far as investing.
On the other hand, Moomoo offers the same functionality as Webull. You can download the mobile or desktop app both of which come with the same tools. Getting started with the app is easy as well as it can be set up within five minutes.
The platform just like Webull offers paper-trading access and this is crucial because it enables you to mimic your trades without committing your funds. However, before accessing Moomoo's tools, you will have to sign up for an account and avail your personal information.
We have to say that this can be a huge drawback especially for investors who would want to test several options before getting an account. Another thing is that the Moomoo app can be quite hard to navigate for new investors with its wide range of charts and tools.
When it comes to ease of use, therefore, Webull is preferable over Moomoo.
When it comes to trading platforms, you will realize that Moomoo and Webull are quite similar. Both platforms began as mobile-only but Webull has recently launched a web interface leaving Moomoo behind.
Both the platforms offer several key features including free level 2 market data and extended operating hours. The platforms' charting features are similar as well with the brokerage apps allowing you to apply several popular drawing tools and technical studies as well as view full-screen charts.
It is also worthy to note that both apps also come with social elements. For instance, Moomoo offers a feed where you can view popular stocks and engage with other investors. You get to follow individual traders on the platform as well making it easy to have a feed with traders that inspire you.
With Webull, you cannot follow other investors. What you can do, however, is get access to comments left by other users. The platform features a stock screener that allows for the filtering of stocks based on analyst ratings, sector, and technical patterns.
Moomoo has a similar tool and it comes in handy when it comes to strategizing. This is because the platform allows you to assess single and multi-leg options as well as view profit-and-loss charts that display the probable outcome of the trade.
Now, while Webull does offer the same trading options as Moomoo, it lacks tools exclusively designed for options trading assessment.
Accounts Structures Compared
Both Moomoo and Webull offer traders a wide selection of account assessment and trading tools. Here is what Moomoo offers.
- Free Level 2 Real-time Market Data: The platform offers traders free access to market data. This is commendable seeing as most brokers require you to pay for similar options. Anyway, this allows you to ask for stocks and access real-time bids.
- Custom Stock Screener: With the platform's stock screener you can choose opportunities based on features like percentage change and market capitalization.
- Conditional Alerting Features: Moomoo also comes with alert features that are quite impressive, allowing traders to set custom alerts for specific price changes.
- Progressive Charting Options: This is probably one of the best features of Moomoo and it extends to both the platform's mobile and desktop interfaces.
- Upcoming IPO Information: Moomoo provides information on approaching initial public offerings (IPOs), and this allows investors to strategize and mark the dates of any offerings they may be interested in without going out of the platform.
Webull also offers some unique features such as:
- Crypto Market Access: Besides charting the global forex and US markets, Webull provides traders with insights on how the cryptocurrency market is moving in real-time as well.
- Voice trading Commands: As an investor, you will find it easy to place trades because it allows for voice commands. All you have to do is open the app and speak to manage your investments effortlessly.
We feel that the better platform here is Moomoo because it comes with free market data and customizable tools. Even as a seasoned trader, you are likely to find something new with the platform, which is a good thing.
One of the things you need to keep in mind about Moomoo and Webull is that they are commission-free brokers. What that means is that you not be required to pay ADRs, ETFs, and trade stocks. Another thing that is commission-free with each broker is options trading. However, you will be required to pay small fees charges by regulators and exchanges. With Webull, cryptocurrency trading is free.
That said; the platforms have slightly different structures if you trade with margin. Webull charges 3.99- 6.99% based on your account balance while Moomoo's rates go for 6.8% interest for all margin trades.
Ultimately, Webull's margin rates are more affordable than Moomoo’s if your account has more than $25,000.
MooMoo Vs Webull: Finial Verdict
At this point, you would want to know which platform is best and our answer to that would be that it depends on the features you want and your skill level. Both Webull and Moomoo offer free commissions on ADR and ETF investments but only Moomoo allows you to access foreign assets.
That means that it may be the best choice for you if you are in the market for a broad selection of free charting and research tools.
On the other hand, Webull combines user-friendly and intuitive platform tools with affordability. It is an organized platform that allows you to test it out before signing up for an account. With Webull, you also get rapid order placement and the voice command feature that makes investing simpler. We think that such features can come in handy especially for first-time investors.
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.