Does Moomoo Reimburse Transfer Fee in 2023?

Moomoo Reimbursing ACAT Transfer Fees

Unfortunately, Moomoo does not cover ACAT (transfer) fee for moving a broker account from another brokerage. As an alternative, TD Ameritrade will reimburse up to $150 of your current broker’s transfer charge.

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Overview of Moomoo Investing App

Moomoo is a new brokerage firm with some advanced trading tools. A subsidiary of Futu, Inc., it uses the same trading tools as its parent company. Starting in 2015, it has built an impressive software platform, but many services are still missing. Here are the details of Moomoo pros and cons:

Moomoo Pricing and Minimum Deposit

Investments	Commissions
Stocks and ETFs	$0
Options	$0
Cryptocurrencies	not offered
Mutual funds	not offered
Treasury Bills, Notes, Municipal and Agency Bonds, Zeros & Strips	not offered

Investments	stocks, options, cryptocurrencies, ETFs
Minimum deposit to open account	$0 for cash account, $2,000 for margin account
Promotion	Moomoo promotions

Opening an Account

Moomoo’s website is available in English and Chinese. The broker has a through its parent company’s website at fututrade.com.

Besides Americans, Futu accepts applications from residents of many other countries. Residents of mainland China have their own dedicated application. A Chinese Identity Card is required. Applicants from other countries require a passport.

Although headquartered in Silicon Valley, some of the instructions on Moomoo’s application sound like they were written by non-native English speakers. Futu is insured by SIPC and regulated by FINRA and SEC.

The real downside of Moomoo right now is that it only provides individual margin accounts.

Moomoo Stock Investing

Tradable Assets

Moomoo currently offers a small range of investment vehicles. They include:

Stocks
Options
ETFs
Closed-end funds

Although this is a rather short list, the broker-dealer does offer American Depository Receipts and access to three foreign stock exchanges: Hong Kong, Shanghai, and Shenzhen.

Updated on 1/4/2023.

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