moomoo SG Review: Low-Cost Trades, Zero Commission Fees, And More

With an annualised 6.8% return on their cash management account, moomoo SG — a trading platform by Moomoo Financial Singapore Pte. Ltd. could be a good place to park your cash for better return. Here’s what else moomoo SG has to offer investors in Singapore. 

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moomoo SG is a trading platform that entered the Singapore market only in March 2021. It announced its arrival by offering a free AAPL share during its pre-launch and launch and has been offering different free shares ever since.

Signup perks aside, moomoo SG boasts competitive commission fees, particularly if you’re an investor looking to trade stocks in the U.S, Hong Kong, China, or Singapore markets. 

Before you jump on the bandwagon and open a moomoo SG trading account, here’s what you’ll need to know.  

Table of contents:

• Overview of moomoo SG
• Pros of using moomoo SG
• Pricing, charges and fees involved 
• moomoo SG vs Tiger Brokers vs IBKR vs Webull vs CMC Invest
• How do you open and fund your moomoo SG account?

Overview of moomoo SG

Product summary

What you can invest in: US, HK, China, Japan, and SG stocks, ADRs, ETFs, REITs
 
Minimum balance required: No minimum required

Commission fees: 

• • US stocks: 0% for eligible customers
  • Hong Kong stocks: 0.03% of the investment amount or HK$3, whichever is higher
  • Singapore stocks: 0.03% of the transaction amount, min. S$0.99 (1-year commission-free)
  • A-shares: 0.03% of transaction amount, min. CNH 3 per order
  • Japan stocks: 0.08% of investment amount, min. JPY 80 per order.

Platform fees:

• U.S stocks: US$0.99 per order
• Hong Kong stocks: HK$15 per order
• Singapore stocks: 0.03% transaction amount (min. S$0.99 per order)
• China A-shares: CNH 15 per order.
• Japan stocks: JPY 180 per order

moomoo is also the first digital brokerage in Singapore that has full SGX membership, which includes trading and clearing memberships for securities and derivatives.

This means that investors have the option to open a Central Depository (CDP) account to trade in SGX products such as equities and derivatives. At the time of writing, this service isn't available yet.

Here are the pros and cons of using moomoo SG for your investment and trading needs.

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Pros of using moomoo SG as your trading platform

#1 Attractive sign-up promotion of a free share

From 1 April 2024 to 23 July 2024, new users who open a moomoo SG account will receive various sign-up rewards worth up to S$970:

Reward 1:

Upon successful opening of a moomoo SG securities account, you’ll enjoy:

• Lifetime commission-free trading for the U.S market
• One year free commission-free trades for SG market (stocks, ETFs, and REITs)
• Commission-free trades on US options for up to 100 contracts every month, effective till 31 August 2024
• Free access to real-time Lvl 2 Market Data for the U.S stock market
• Free access to real-time Lvl 2 Market Data for the SG stock market, effective till 31 December 2024
• Free access to real-time Lvl 1 Market Data for Hong Kong market
• Free access to real-time Lvl 1 Market Data for China A Shares market
• moomoo Cash Plus 6.8% p.a. guaranteed returns of up to S$447, valid for 30 days

Reward 2

If you deposit a cumulative amount of at least S$3,000 (or equivalent currencies) before 1 July 2024, perform three cumulative buy trades before 8 July 2024, and maintain your assets for 30 days, you will receive the following: 

• • One stock bundle consisting of Tesla (TSLA), Nvidia (NVDA), Apple (APPL), Sea (SE), and NIO (NIO) fractional shares worth around S$70.  

Reward 3

Deposit a cumulative amount of at least S$10,000 (or equivalent currencies) before 1 July 2024, maintain it for 90 days and perform eight cumulative buy trades before 8 July 2024 to receive three stock bundles of Apple, Nvidia, Tesla, and Sea and NIO fractional shares worth S$210. 

Reward 4

Deposit a cumulative amount of at least S$100,000 (or equivalent currencies) before 1 July 2024 and maintain it for 90 days to receive one Apple share worth S$243.

Note that rewards are stackable.

#2. Low commission fees

The commission fees charged by moomoo SG for your trades made on the US, Hong Kong and Singapore markets are amongst the most competitive rates available.

For example, moomoo SG charges just 0.03% of the transaction amount for stocks on SGX with a minimum of S$0.99 per order. There's also no commission fee for trading in U.S stocks for eligible customers.

Thus, the minimum commission fee required is also low – even more so than the likes of Tiger Brokers and Interactive Brokers (IBKR).

Tiger Brokers charges a minimum commission fee of US$0.99 per order for US equities and S$0.99 per order for Singapore stocks, while IBKR charges a minimum of US$0.35 per order for US stocks and S$2.50 per order for Singapore stocks.

On this note, do not be fooled by zero-commission free trades that might convince users that trading is absolutely free, as advertised by brokerage accounts. Do beware of other fees like a per-share settlement fee that some brokerage accounts charge, especially those without a cap. This could potentially put you in a deficit if the price of each share is low.

An article by The Business Times highlighted a trader who sold his shares for a total of US$5,000, only to realise that he found himself in an US$11,000 deficit because of the high settlement fee that he was charged.

Also read: Brokerage Fees And Other ‘Hidden Fees’ To Know When Investing In Singapore

#3. Join a global investment community 

Analyse the latest trending stocks with like-minded traders and investors. You can share your trade ideas, check out what others are discussing and get exposed to other stocks that have gone under your radar. 

The moomoo investment community is reminiscent of a social media platform like Facebook or Instagram where you can leave likes and comments, and follow the discussion thread. 

#4. A host of tools at your disposal

With one moomoo SG app at hand, you can easily find popular stocks and the hottest industries to sink your money in. It can screen by market cap, percentage change, turnover, trade volume, P/E and more.

You also have the option to find stocks based on financial metrics such as net profit growth and debt-asset ratio, or technical metrics such as MACD, RSI, BOLL and more. 

The app also keeps you updated with the latest news that could affect your trades. This news is sorted by topics, time stamps, whether the stock in focus is on your watchlist, and by categories like earnings and IPOs. 

#5 It's regulated by the Monetary Authority of Singapore (MAS)

moomoo is licensed and regulated by the MAS, so you can rest assured that your money is safe in the event that the broker goes bust or is liquidised.

What's more, the U.S securities in your account are insured for up to US$500,000 by the Securities Investor Protection Corporation (SIPC).

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What charges or fees should you look out for? 

Commission fees:

• US stocks: 0% for eligible customers

• Hong Kong stocks: 0.03% of the investment amount or HK$3, whichever is higher

• Singapore stocks: 0.03% of the transaction amount, min. S$0.99 per order

• A-shares: 0.03% of transaction amount, min. CNH 3 per order
• Japan stocks: 0.08% of investment amount, min JPY 80 per order

Platform fee:

• Hong Kong stocks: HK$15 per order

• Singapore stocks: 0.03% of the transaction amount, min. S$0.99 per order (commission fee is waived for the first year). That said, do be wary of other fees such as settlement fees, SEC fees, and trading activity fees, which will go to the likes of the U.S Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA)

• US stocks: US$0.99 per order

• A-shares: CNH 15 per order
• Japan stocks: 180 JPY per order

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moomoo SG vs Tiger Brokers vs IBKR vs Webull vs CMC Invest 

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How do you open and fund your moomoo SG account?

Opening your moomoo SG account is simple and quite frankly, really quick. How quick? Your application can be approved within fifteen minutes.

Like many other investment platforms, you can speed up the application process by using MyInfo to help you pre-fill the relevant personal details required.

Finally, a FAST transfer is all that’s needed for you to deposit money into your moomoo SG trading account. You have the option to deposit either SGD, USD or HKD. 

If you don't have a bank account in Singapore, you can also transfer funds from your overseas account via Wise (formerly TransferWise). You can fund your account either through Wise balance or bank transfer via Wise. Here's a step-by-step guide on how to do it. 

If you’re still unsure if moomoo SG is for you, check out this article for the best brokerage accounts in Singapore.

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