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.
Best investment platforms on SingSaver
Tiger Brokers | Syfe | City Index | Stashaway | POEMS | SAXO | Interactive Brokers | moomoo | Endowus | IG Trading | CMC Markets | ProsperUs | Webull
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.
Pros of using moomoo SG | Cons of using mooomoo SG |
Attractive sign-up promotions | Limited to the US, HK, China, and Singapore markets |
Low minimum commission fee (none for US stocks, HK$3 for HK stocks and S$0.99 for SG stocks) | Incur a platform fee |
Join a global investment community | |
A host of useful trading tools at your disposal |
Pros of using moomoo SG as your trading platform
#1 Attractive sign-up promotion of a free share
From 23 July 2024 to 31 October 2024, new users who open a moomoo SG account will receive various sign-up rewards worth up to S$1,014:
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 30 September 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
Note that rewards are stackable.
SingSaver Exclusive Promo: Open a Moomoo account and fund a minimum of S$100 to receive a S$50 Shopee Voucher. Or, fund S$2,000 to get a Xiaomi Smart Air Purifier 4 Lite (worth S$199) or a Laifen SE Hair Dryer (worth S$189) or an OSIM uGlow Ioncare Galvanic Facial Device (worth S$169) or an Apple Pencil (USB C) (worth S$119) or a S$100 Shopee Voucher or a S$100 eCapita Voucher. Valid till 31 October 2024. T&Cs apply.
Moomoo Welcome Offer: Receive up to S$1,014 worth of welcome rewards and up to 6.8% p.a. returns when you complete additional actions with your moomoo account. Valid till 31 October 2024. T&Cs apply.
#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
SingSaver Exclusive Offer: Open a Tiger Brokers account and fund a minimum amount of USD 1,000 to receive a Xiaomi Robot Vacuum E5 (worth S$199) or a Stryv Pro Styler (worth S$169) or a SONY WF-C510 Wireless Earbuds (worth S$149) or an Apple Bundle: Apple Magic Mouse + Air Tag (worth S$145.80) or a S$100 Shopee Voucher or a S$100 e-Capita Voucher. Valid till 31 October 2024. T&Cs apply.
#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).
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
SingSaver's Exclusive Offer: Open a CMC Invest account and receive S$20 cash via PayNow. Valid till 31 October 2024. T&Cs apply.
Welcome Offer: Receive 1 Tesla Inc. share (NASDAQ: TSLA) and 6 Grab shares (NASDAQ:GRAB) from CMC Invest when you fund and trade with your CMC Invest account. Valid till 31 October 2024. T&Cs apply.
CMC Invest 1st Year Anniversary Limited Promotion: Get 1 NVDA share from CMC Invest when you fund S$1,500 and make 5 buy trades with your CMC Invest account. Promo is stackable with CMC's welcome promo. Valid till 31 October 2024. T&Cs apply.
moomoo SG vs Tiger Brokers vs IBKR vs Webull vs CMC Invest
Tiger Brokers | Interactive Brokers (IBKR) | Webull | moomoo | CMC Invest | |
Commission fee | SGX stocks: 0.03% trade value (min. S$0.99 per order) US stocks: US$0.005 per share (min. US$0.99 per order) |
SGX stocks: 0.08% of total trade value. (min. S$2.50 per order) US stocks: US$0.005 per share, or min. US$1 per order |
SGX stocks: 0.025% of total trade amount (min. S$0.80) US stocks: 0.025% of total trade amount (min. US$0.50) |
SGX stocks: 0.03% of the transaction amount (min. S$0.99 per order) (free for a year) US stocks: 0% for eligible customers |
SGX stocks: 0.05% or min. S$3 (after two free trades) |
Platform fee | SGX stocks: 0.03% trade value (min. S$1 per order) US stocks: US$0.005 per share (min. US$1 per order) |
None | SGX stocks: 0.025% of total trade amount (min. S$0.80) | SGX stocks: 0.03% of transaction amount (min. S$0.99 per order) US stocks: US$0.99 per order |
None |
Minimum deposit | None | None | None | None | None |
Maintenance fee | None | None | None | None | None |
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.
SingSaver Exclusive Promo: Open a Moomoo account and fund a minimum of S$100 to receive a S$50 Shopee Voucher. Or, fund S$2,000 to get a Xiaomi Smart Air Purifier 4 Lite (worth S$199) or a Laifen SE Hair Dryer (worth S$189) or an OSIM uGlow Ioncare Galvanic Facial Device (worth S$169) or an Apple Pencil (USB C) (worth S$119) or a S$100 Shopee Voucher or a S$100 eCapita Voucher. Valid till 31 October 2024. T&Cs apply.
Moomoo Welcome Offer: Receive up to S$1,014 worth of welcome rewards and up to 6.8% p.a. returns when you complete additional actions with your moomoo account. Valid till 31 October 2024. T&Cs apply.
Read these next:
Tiger Brokers Review: Low Commissions And Attractive Sign-Up Promotions
Interactive Brokers (IBKR) Review: Pros, Cons and Why They’re So Popular
Best Brokerage Accounts To Start Your Investment Journey In Singapore
Investing In Exchange Traded Funds (ETFs): A Newbie’s Guide To Getting Started
Best Robo Advisors To Auto-Pilot Your Investments In Singapore
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