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

Ching Sue Mae

Ching Sue Mae

Last updated 08 February, 2024

With an annualised 5% 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 is a wholly-owned subsidiary of NASDAQ-listed Futu Holdings, a company backed by Tencent. 

Having entered the Singapore market only in March 2021, moomoo SG announced its arrival by offering a free AAPL share pre-launch and during their 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 or Singapore markets. 

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

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SingSaver's Exclusive Flash Deal: The first 5 applicants of any participating Citi, Standard Chartered, CIMB and HSBC credit cards at 12pm and 3pm daily will receive a PlayStation5 Console (SLIM) Disc Edition (worth S$799) or S$500 eCapitaVoucher on top of their existing promotional offers.

Valid till 29 February 2024. T&Cs apply. Click here to check out our past Lucky Draw winners!


Overview of moomoo SG

moomoo-SG-logo

Product summary

What you can invest in: US, HK, China, 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)

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)

moomoo (Futu) 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   

 

SingSaver Exclusive Promotion: Receive S$50 Grab vouchers when you open a moomoo universal account and fund a minimum of S$100. Valid till 29 February 2024. T&Cs apply.

 


Pros of using moomoo SG as your trading platform

#1 Attractive sign-up promotion of a free share

From 23 January 2024 to 1 April 2024, new users who open a moomoo SG account will receive various sign-up rewards worth up to S$880:

Reward 1:

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

  • Lifetime commission-free trading for the U.S market
  • Free access to real-time Lvl 2 Market Data for the U.S stock market
  • Free access to real-time Lvl 1 Market Data for the SG stock market (worth S$20), effective till 31 March 2024
  • Free access to real-time Lvl 1 Market Data for China A Shares market
  • One year free commission-free trades for SG market (stocks, ETFs, and REITs)
  • Six months commission-free for US stock options
  • moomoo Cash Plus 6.8% p.a. guaranteed returns of up to S$350, valid for 31 days

Reward 2

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

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

Reward 3

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

Note that rewards 1, 2, and 3 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

 

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SingSaver's Exclusive Offer: Receive S$70 Cash via PayNow or S$90 Grab Vouchers when you sign up for a Wellbull account and fund a minimum of S$700 within the promotion period. Get an additional S$100 Cash (S$170 total) or S$140 Grab Vouchers when you fund at least S$2,000. Valid till 3 March 2024. T&C's apply.

Plus, get free shares worth up to S$2,500 when you fund at least S$2,000 by 29 February 2024 and fulfil the requirements. Valid till 29 February 2024. T&Cs apply.

Also, get up to S$3,000 worth of free shares when you transfer in over USD 5,000 worth of free shares and fulfil the requirements. Valid till 29 February 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).

SingSaver Exclusive: Receive S$40 Grab Vouchers when you open a Tiger Brokers account and fund any amount. Get an additional S$90 Grab Vouchers (S$130 total) when you fund USD 1,000. Valid till 31 March 2024. T&Cs apply.

Also, get up to USD 888 worth of rewards and 8% p.a. bonus interest when you deposit and trade with your Tiger Brokers account. Valid till 31 March 2024. T&Cs apply.

 


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

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

CMCInvest_S$20 Cash_BLOGARTICLE_800x250

SingSaver's Exclusive Offer: Open a CMC Invest account and get S$20 bonus cash. Plus, fund a minimum initial amount of S$500 and make 2 trades to receive S$60 cash rebate from CMC Invest. Valid till 3 March 2024. T&Cs apply.

Additionally, receive 1 iShares Global Clean Energy ETF or 1 iShares Robotics and AI ETF or 1 Tesla Inc. share when you deposit and trade with your CMC Invest account. 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: min. S$2.50 per order 

US stocks: min. US$0.35 per order 
SGX stocks: N.A

US stocks: 0.025% 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: none
SGX stocks: 0.05% or min. S$3 (after two free trades)

US stocks: 0.04% or min. US$4 (after five 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 None SGX stocks: 0.03% of transaction amount (min. S$0.99 per order)

US stocks: US$0.99 per order
SGX stocks: none

US stocks: none
Minimum deposit None, but min. S$1,000 is required in order for sign-up promotion 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 Promotion: Receive S$50 Grab vouchers when you open a moomoo universal account and fund a minimum of S$100. Valid till 29 February 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

A flat white, an adventure-filled travel and a good workout is her fuel. Sue Mae enjoys sharing knowledge on personal finance while chasing the dream of financial independence.

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