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Moomoo Referral Bonus in 2024
Moomoo referral bonus program offer code for free stocks for recommended friend or family member to
open a new brokerage account
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Moomoo Referral Program
Moomoo only offers a friend referral bonus program to SOME customers. If you want to be rewarded
with free stocks valued up to $30,600 for referring
clients to a brokerage, use
Webull's Referral Bonus program instead.
Webull Promotion
Open WeBull Account
Moving Brokerage Accounts Between Moomoo and Ally Invest
If you want to move securities from Ally Invest to moomoo, or from moomoo to Ally Invest, you have found the right website. Although it’s not easy, it is possible, and we’re going to show you how to get the job done.
Transfer Moomoo to Ally Invest
The first thing you have to know about moomoo is that it doesn’t accept or send ACAT transfers. It does participate in the DTC transfer network, however. In order for this system to work, the other brokerage firm must also use DTC transfers. That’s where we’re going to hit a snag in this situation. Ally Invest does not accept incoming DTC transfers.
The only workaround we know of here is to sell your assets at moomoo and transfer the cash into Ally Invest. At that point, you can repurchase the securities you had at moomoo. Remember that selling securities at any time can have tax implications, so be sure to consult a qualified tax pro before taking this step.
After you have exited your positions at moomoo, you need to wait until the trades have settled before you can withdraw the cash. This is usually one or two business days, depending on the exact securities.
Once the cash is available for withdrawal, you can send it to a linked bank account, and from there you can pull the funds into your Ally Invest account (which should be open at this point).
To link a checking or savings account to your moomoo brokerage account, open the broker’s mobile app and hit the “Trade” icon in the bottom menu. Next, follow these prompts:
Brokerage Account -> All -> Bank Account
Once you have your deposit account linked, you simply need to tap on the “Withdraw” button on the “All” screen.
To make the transfer of cash as seamless as possible, you should link the same bank account to your Ally Invest account. To do this, hover over the “My Accounts” tab at the top of the Ally Invest site and select “Deposit Funds.” On the next screen, you’ll see a link for “+ Add an account at another institution.” Click on this link to add the savings or checking account and then go back to the “Deposit Funds” section. You’ll be able to bring the cash into your Ally Invest account and repurchase the securities you had at moomoo.
Open Ally Invest Account
Open Ally Invest Account
Transfer Ally Invest to Moomoo
The transfer of securities will be a little easier in the other direction because Ally Invest does perform outgoing DTC transfers, and as we have already seen, moomoo accepts such transfers.
The first step here is to open a moomoo account if you have not done so yet. This can easily be accomplished on the moomoo website. Just click on the “Open Account” button at the top of the site. You’ll need to ensure that the account has the same name on it as your Ally Invest account. Otherwise, moomoo will reject the transfer.
Once you have your login credentials, download the moomoo mobile app. This is where most account management functions are handled. You’ll want to head over to the same “All” section mentioned above. This time, instead of withdrawing funds, you’ll want to tap on “Transfer Stock In.”
Here, you’ll get the form for a U.S. stock transfer (be sure not to select Chinese stocks). You’ll need to enter your Ally Invest account number, the stocks or ETFs you want to move, and the number of shares of each. moomoo will review the form and email it to you. You must then send the form to Ally Invest. You can do this via email (the correct address for this is support@invest.ally.com) or through a document upload tool on Ally Invest’s site. It can be found by clicking through the following prompts:
Client Services -> Forms -> Upload a Form
Once Ally Invest receives the form, it will start the transfer.
Open Moomoo Account
Open Moomoo Account
How Much Does a Transfer Cost?
Moving from moomoo to Ally Invest shouldn’t cost anything because there is no actual transfer of securities. Cash is moved through the ACH network, and most banks charge nothing for this service (moomoo and Ally Invest charge nothing).
Going from Ally Invest to moomoo will cost $25 per position. moomoo does not currently reimburse this fee.
How Long Does a Transfer Take?
A DTC transfer will take roughly two to three weeks. Moving cash through the ACH system will vary on a number of factors. The intermediary bank has to be successfully linked to both investment accounts, funds have to clear at the bank to be available for withdrawal, and funds once again have to clear at the receiving broker before they can be used for trading. Could take a couple of weeks in total.
Moomoo Referral Bonus
Open Moomoo Account
Updated on 11/7/2023.
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