Today, I’ve got something a little different. I lived in Silicon Valley from 2006 to 2013. The last 8 years in Newport, RI have flown by when you look back on it. (Living in the moment while raising two kids, time went a whole lot slower.) One of the things that I missed about living in Silicon Valley is the opportunity. I talked with Mint’s founder when there were fewer than 5 employees. Same with Credit Karma.
You never knew which company was going to be the next big thing. Today’s company, Moomoo, may join them.
Moomoo is a stock trading platform. Before I go too far, I should mention that it’s geared for active stock traders. If you are the type to buy and hold an index ETF, it can do the job, but you probably won’t take advantage of all of Moomoo’s features. On the other hand, if you are trading a little more actively with something like Robinhood and looking for something with more features, Moomoo might be right for you.
If you are still here, I’m going to presume you are interested in a stock trading platform. So you might be asking, “What are these features?” They have advanced stock screening and charting tools. They also have free Level 2 data, which is an extra monthly fee at most other brokerages. Additionally, Moomoo offers the ability to trade before and after the market opens – a full 16 hours (4 AM to 8 PM). Robinhood only supports 9 AM to 6 PM – just 9 hours of trading.
What else do you need to know? There are no commissions, platform fees, maintenance fees, account activation fees, or activity requirements. As far as I can tell, there’s “gotcha”.
Finally, Moomoo offers news and an active community of more than 13 million users.
Get Free Stock from Moomoo
You might know that you can get free stock from Robinhood and Moomoo is another platform offering the same thing during this promotion period. You need to act quickly though, because it expires on July 1st.
You can stock three times with Moomoo:
- Opening an account – You are overwhelmingly likely (~98%) to get a stock worth $3-8.
- Make a $100 deposit – You are overwhelmingly likely (~98%) to get a stock worth $8-$13.
- Make a $5000 deposit – You are overwhelmingly likely (~98%) to get a stock worth $8-$13.
By the time you are done adding up the percentages, you are about 94-95% likely to get about $19 if you complete all the deposits.
“Is Moomoo Safe?”
Whenever I am looking to trust a new company with my money that’s the question I ask.
Moomoo is a subsidiary of Futu (NASDAQ: FUTU), a company with about a $25 billion market capitalization. For me a certain amount of market capitalization and SEC regulation gives me confidence in a company. It feels a lot safer than my other financial company start-ups. It’s a little strange to consider it a start-up though since the company has been around since 2015. Maybe the pandemic has messed with my sense of time.
I currently keep my kids’ accounts at Robinhood because I started their account years ago when they pioneered no commission trading. I’m not sure that I’m Moomoo’s target audience, but the advanced trading tools are interesting. I starting to get excited about after-hours trading, especially when earnings are reported.
What do you think? Moomoo looks better than Robinhood to me. If you agree sign up for Moomoo here