3 Important Things You Didn’t Know About Moomoo’s Trading Platform

As an investor, I am always looking out for the best broker or trading platform that I can use to help maximize my overall trading/investing experience through cheaper fees or just better functionalities as a whole. Moomoo has been around in the market for a while now and has gained a lot of traction with its aggressive promotions to entice new user signups.

I have put off signing up for a new account until recently as I am curious what the hype is all about. In this article, I’ll be covering 3 important things you didn’t know about Moomoo’s trading platform that actually puts them ahead of the competition.

Introduction

moomoo is a trading platform offered by Moomoo Inc., a subsidiary by Futu Holding Limited, 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., Futu Singapore Pte. Ltd. licensed and regulated by the Monetary Authority of Singapore (MAS).

Moreover, the US securities brokerage accounts you own with Futu SG are protected by the Securities Investor Protection Corporation (SIPC). The SIPC provides some protection over an investor’s securities and cash when a brokerage firm is liquidated.

Futu Holdings is 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 over 15 million users from more than 200 regions and regions around the world, with more than one million average daily active users.

1. Fast Trade Execution

The first point applies more for traders and shorter term investors but also impacts long-term investors as well. As we all know, when choosing a broker, everyone wants a smooth and seemless experience. This means that ideally, we want a broker that provides all the information we need to make the right trade, help us with the trade execution and ensure we can monitor the trade before and after it has been filled.

While most brokers can ensure the front and end of this entire process, the middle, which is executing the trade, is always the trickest. With moomoo, users are able to place their trading orders within 0.0037 seconds (with an optimum internet connection, etc). With such a fast execution speed, it will help prevent unnecessary gapping/slippage.

2. Attractive Fee Structure & Monthly Promotions

As at 1st September 2021US (Stock and ETF)SingaporeHong Kong
Commission Fee$0.0049/share
(min. US$0.99)**
0.03% * trade value (min. SG$0.99)**0.03% * trade value (min. HK$3)**
Platform Fee$0.005/share
(min. US$1/order)
0.03%*trade value
(min. SG$1.5/order)
HK$15/order

Futu SG being the newest broker introduced into the Singapore market, has definitely come into the market with an aggressive fee structure to entice new users to sign up. The fee structure is more attractive than the traditional brokers we have here such as DBS Vickers or UOB KayHian and is more on par with the other online brokers that just came into the market such as Tiger Brokers and Interactive Brokers SG.

For opening an account, you will be given 180 days or 6 months of unlimited commission-free trades across the US, HK, and SG markets (do not apply for Stock Options and Futures). You will also be given free real-time Level 2 US Market Data, Level 1 SG Market Data, and now Level 1 for China A shares too!

When you deposit SGD 2,700, USD 2,000, or HKD 16,000 successfully into your account, you will be rewarded an SGD88 cash coupon (only from 17 September at 20:00 hrs SGT to 30 September at 19:59 hrs SGT). After completing 5 trades for any market or products except Stock Options and Futures, you can get 1 free Apple (worth SGD 200*) share. This equates to a 10% ROI on your deposited SGD2,700 without doing any work!

3 Important Things You Didn't Know About Moomoo's Trading Platform | 2. Attractive Fee Structure & Monthly Promotions

3. Futu OpenAPI

Unlike most online brokers on the market now, Moomoo actually has an API for you to use and make trades with. Moomoo’s Futu OpenAPI allows you to trade as though you are using the app but through code integration. This allows developers and quant traders to test and apply trading models as well as automate trades. There are no additional fees as well and you will be paying the same as if you were using the app. The overall documentation is well written with many samples you can follow.

3 Important Things You Didn't Know About Moomoo's Trading Platform | 3. Futu OpenAPI

There is, however, a subscription and historical candlestick data quota based on your user type. The user type is defined by the total AUM held with Futu SG as well as the volume and amount of trades you make on the platform itself.

Features

  1. Full platform and multi-language
  • FutuOpenD supports Windows, MacOS, CentOS, Ubuntu
  • Futu API supports Python, Java, C#, C++, JavaScript, etc.
  1. Stable speed and free
  • Stable technical architecture, directly connected to the exchanges
  • The fastest order is 0.0014s
  • There is no additional charge for trading via Futu OpenAPI
  1. Abundant investment varieties
  • Support real-time quote, live trading, and paper trading in HK, US, and CN markets
  1. Professional institutional services
  • Customized market data and trading solutions

Final Thoughts

In summary, Moomoo’s trading platform is pretty unique with tons of interesting features and functionalities. What really caught my eye was the openAPI portion which not many brokers actually offer. This feature allows developers to create automated scripts and processes to help streamline their trading/investing experience.

Personally, I will start looking into their openAPI and experiment on the API to see what you can do with it. I believe there is a lot of potential for this portion and they can definitely add more functions and features as they continue to grow their user base.

If you have yet to sign up for an account with moomoo powered by FUTU you can use my referral link here. For opening an account, you will be given 180 days or 6 months of unlimited commission-free trades across the US, HK, and SG markets (do not apply for Stock Options and Futures). You will also be given free real-time Level 2 US Market Data, Level 1 SG Market Data, and now Level 1 for China A shares too!

When you deposit SGD 2,700, USD 2,000, or HKD 16,000 successfully into your account, you will be rewarded an SGD88 cash coupon (only from 17 September at 20:00 hrs SGT to 30 September at 19:59 hrs SGT). After completing 5 trades for any market or products except Stock Options and Futures, you can get 1 free Apple (worth SGD 200*) share. This equates to a 10% ROI on your deposited SGD2,700 without doing any work!

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  1. Pingback: moomoo Trading App Review: Everything You Need To Know in 2021 - sgstockmarketinvestor

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