moomoo Trading App Review (ways to grow your Ang Bao Money)

Welcome Bundle

Stock cash coupon bundle

$0 Commission for 180 days

Lv.2 Real-Time Market Data

Link here

Have you wondered what to do with your savings? This was the amount that fuelled the capital for my investing journey! There's a variety of investment products and with just USD 10, you can kickstart your investment journey with moo moo.

Since market corrections are in place now, there may be investment opportunities at the moment.

With easy to use features and transparent pricing, I had hopped over to Futu Singapore as my latest broker. If you are not a new user yet, this is the opportunity to participate in their campaign and use moomoo.

Welcome Rewards - All New Users

From 28 Feb 2022 10:00 SGT to 31 Mar 2022 09:59 SGT, you can fund your accounts multiple times to get rewards in the campaign period. For example, deposit SGD 1 to get SGD 30 Stock Cash Coupon, then deposit SGD $2700 to get 1 Sea Limited share

Free Sea Limited share will be credited to account when user deposits >SGD 2,700 but will be frozen. User may start trading in stocks and other financial products available on the moomoo App as long as they maintain a minimum daily asset balance of SGD 2,700 / USD 2,000 / HKD 16,000.

Due to market fluctuations, a 20% decrease in total asset value from stipulated amount will be allowed (i.e. SGD 2,160 / USD 1,600 / HKD 12,800). Should you fulfil the above conditions for 30 days, their free shares will be unfrozen and activated within 5 business days after the 30-day holding period.

New Users (Students)

From 28 Feb 2022 10:00 SGT to 31 Mar 2022 09:59 SGT, you can fund your accounts multiple times to get rewards in the campaign period. For example, you can deposit SGD 1 on March 1 to get SGD 30 Stock Cash Coupon, then deposit SGD $1000 to get 1 Sea Limited share.

Free Sea Limited share will be credited to account when user deposits >SGD 1,000 but will be frozen. User may start trading in stocks and other financial products available on the moomoo App as long as they maintain a minimum daily asset balance of SGD 1,000 / USD 750 / HKD 6,000.

Due to market fluctuations, a 20% decrease in total asset value from stipulated amount will be allowed (i.e. SGD 800 / USD 600 / HKD 4,800). Should you fulfil the above conditions for 30 days, your free shares will be unfrozen and activated within 5 business days after the 30-day holding period.

Campaign Period 

The campaign will commence from from 1 March 2022 to 31 March 2022

Click here to redeem your benefits with moomoo powered by FUTU. Please refer to this link for more information.

Out of all the features that I enjoy on moomoo app, having a good customer support is the one that I appreciated the most. I had made 2 calls while signing up and my queries were responded promptly. A 24 hours customer service on trading days is very important to me, as it gives me a peace of mind when I trade. This is exactly what moomoo powered by FUTU offers as well.

In case you are wondering, my first question was to clarify the fees after the promotion period (180 days). Under " Calculate commissions", you will know the commission and platform fees once you type in the Stock Code. My next question - when my account will be ready (within the day for my case).

Multiple brokerage accounts are beneficial in helping you to diversity your risk of putting all your eggs into one basket. Also, account insurance under the Securities Investor Protection Corporation amounts to $500,000 per broker. So dividing assets across different brokerage companies can help you protect a larger overall portfolio more effectively.

Commissions are charged differently in each market. If you are looking to minimize your commissions, having more than one brokerage accounts would be wise. It is best that you have an investment plan and find the brokers that align with your plan. I personally have 5 different brokerage accounts, each for their own purposes.

  • Futu Singapore  (US/SG/HK stock)
  • DBS Vickers (SG stock)
  • Tiger Brokers (SG/HK stock)
  • Standard Chartered (Irish-domiciled ETFs on LSE)
  • TDAmeritrade (US stock)

What I will need next: FSMOne (to sell SG stock from CDP)

Unique selling point of moomoo trading app

  • Free real-time quotes and competitive commissions
  • Centralised information & global community·  
  • Learning courses & 24 hours customer service

Helpful tips

  • From first picture, you can see my transactions which are very transparent. I used the commission-free coupon for SG market. S$1.62 is charged for platform fee. After depositing S$2,700, I received my rewards within 5 days too! Bank transfer takes around 15 minutes (Depositing S$2700 is the first condition to redeem your benefits). DDA is also available if you have a POSB/DBS account. 
  • From the 2nd picture, I made my first trade (you have to make 5 trades as a second condition). I would recommend you to make a trade with US stock to minimise your fees (unlike SG market, you don't have to buy stocks in multiples of 100)
  • From the 3rd picture, click on "currency exchange" to exchange SGD to USD

Why use moomoo trading app?

moomoo is a subsidiary of NASDAQ Listed Futu Holdings (NASDAQ: FUTU) that is backed by Tencent.

Futu Holding Limited  and its subsidiaries has 43 licenses globally in major financial markets such as United States, Hong Kong, Singapore and others. In Singapore, capital markets products and services on moomoo are offered by Futu Singapore Pte. Ltd. licensed and regulated by the Monetary Authority of Singapore (MAS) (Licence No. CMS101000).

Futu SG’s comparative advantage to its peers is known for being reliable, secure and stable, low commissions and seamless investing experience whilst both licensed and regulated (by the MAS). moomoo app’s trading capabilities are also backed by its self-developed and proprietary trading system.

  • Backed by world-class strategic investors including venture capital affiliates of Tencent, Sequoia Capital and Matrix Partners
  • After almost 9 years of development, Futu’s trading platforms has garnered almost 16 million users from more than 200 regions and regions around the world, with over one million average daily active users.
  • Enjoy 24 hours customer service on trading days for a peace of mind – Futu prides itself in putting our users’ experience as a priority. Within the app, customers can use their in-app live chat function via “customer service” where a customer service representative will attend to your questions.
  • Additional customer service support available via their in-app “Help Center”, hotline, email and social media platforms

Customer support

  • “Help Center” via in-app
  • Email: clientservice@futusg.com
  • Social media: @moomoosingaporeo  
  • Customer service line: +65 6321 8888 (Working day: 24 hours, Weekdays: 9am – 9:30pm)

There may be some questions on your mind, which I hope to address.

Is trading via moomoo app safe?

Trading on moomoo is safe because Futu SG is regulated by top-tier financial authorities and U.S. securities in your account are protected up to $500,000 by Securities Investor Protection Corporation (SIPC), explanatory brochure available at www.sipc.org.

How do I withdraw money from moomoo app?

If you're looking to withdraw your funds from your Futu SG securities account, know that Futu SG does not charge withdrawal fees. To start your withdrawal, simply login to your trading app, click on "Brokerage Account", select which currency account you're withdrawing from, scroll down, and click on the "Withdraw" option.

How do I transfer money from FUTU SG securities account to my bank account?

Step 1: Log in to E-Banking/Mobile App and go to "Bank Transfer - Transfer Out to Transfer In - Merchant to Bank";

Step 2: Fill in the transfer debit account and the amount to transfer. Transferee account: Select the HKD account if you withdraw HKD, and select the USD account if you withdraw USD.

How long does FUTU SG take to deposit?

The settlement day for deposit will be around 5-6 business days. For example, you have deposited $150 in your account on 21st August, then the money is settled in your account on 26th August.

Click here to redeem your benefits with moomoo powered by FUTU.

Thank you for reading my post! Please feel free to connect with me and get updated posts on Facebook.

Latest Posts

Global Outlook (Quick Bites)

I will be posting a short summary of Global Outlook to monitor the market movements. […]

Read More
Warren Buffett Book of Investing Wisdom: 350 Quotes from the World's Most Successful Investor

These easy to digest quotes from Warren Buffett capture the essence of his approach to life, […]

Read More
Manage FOMO: Practical Decision-Making book summary

Ever wondered how did the term "FOMO" comes about? Being crippled by Fear of Missing […]

Read More
Spectrum of the Seas Review (with Tips)

It is a wonderful experience on Asia’s largest and first Quantum Ultra Class cruise ship […]

Read More
Mental models by Charlie Munger

Charlie Munger is the business partner of legendary investor Warren Buffett, and he’s one of […]

Read More
Singsaver x Prudential Lucky Draw

In May, SingSaver is collaborating with Prudential to run a lucky draw campaign -- aMAY-zing CampaignQuick […]

Read More

Subscribe

scrappyfinance@gmail.com
Scrappy Finance may have financial relationships with the companies mentioned or seen on this site. We are not responsible for any actions taken by users.
© Copyright 2020 – SCRAPPY FINANCE · WEB DESIGNED BY TERRIS.SG
closearrow-circle-o-downellipsis-vchevron-down