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

Ching Sue Mae

Ching Sue Mae

Last updated 04 June, 2024

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

moomoo-SG-logo

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   

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MOOMOO_$200_BLOGARTICLE_800x250

SingSaver Exclusive Promotion: Receive S$50 vouchers when you open a moomoo account and fund a minimum of S$100. Plus, get an additional S$100 vouchers when you fund S$2000. Be one of the first 150 applicants to open a Moomoo account and fund S$2000 to get an additional S$50 vouchers. Valid till 24 June 2024. T&Cs apply.

Plus, receive up to S$970 worth of welcome rewards and up to 6.8% p.a. returns when you complete additional actions with your moomoo account. Valid till 1 Jul 2024. T&Cs apply.


Pros of using moomoo SG as your trading platform

#1 Attractive sign-up promotion of a free share

From 1 April 2024 to 1 July 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
  • 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
  • Commission-free trades for US treasuries and SGS bonds, effective till 30 June 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

 

Tiger Brokers_BLOGARTICLE_800x250

SingSaver Exclusive Offer: Receive a Xiaomi Robot Vacuum S10 EU (worth $349) or an Apple Airpods (3rd Gen) With Magsafe Charging Case (worth S$274.00) or S$200 vouchers or S$160 cash via PayNow when you open a Tiger Brokers account and fund a minimum amount of USD 1,000. Valid till 2 July 2024. T&Cs apply.

Plus, enjoy prizes worth USD 3,600 when you deposit and trade with your Tiger Brokers account. Valid till 15 July 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).

Investment_Webull_BLOGARTICLE_800x250

SingSaver Exclusive Offer: Receive a S$150 voucher or S$120 cash via PayNow when you open a Webull account and fund a min. initial of USD2,000. Fund USD10,000 to get a S$270 voucher or S$250 cash. Plus, be one of the 40 participants to receive additional S$150 cash when you fund USD100,000. Stackable with Webull Welcome Offer. Valid till 30 June 2024.  T&Cs apply.

Alternatively, upgrade your rewards when you top up SS$60 for an Apple Airpods Pro (Gen 2) (worth S$365.70). Or, top up S$120 for either an Apple Watch SE (GEN 2) GPS 40mm (worth $382.50) or S$150 to upgrade to an Apple iPad 9th Gen 10.2 Wifi 64GB (Space Grey/Silver) (worth $508.30). Valid till 30 June 2024. T&Cs apply

Webull Welcome Offer: Enjoy up to 7% USD Moneybull p.a. yield (capped at USD100k for 180 days), up to USD400 cash vouchers, and up to USD1,500 Trading vouchers when you complete additional requirements. Valid 1 July 2024.  T&Cs apply.

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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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CMCInvest_BLOGARTICLE_800x250 (1)

SingSaver's Exclusive Offer: Open a CMC Invest account and receive S$20 cash via PayNow. Plus, fund a minimum of S$500 and make 2 trades within the offer period to receive 1 GraniteShares 2x Long NVDA Daily ETF (NVDL) worth S$83.80 (NVDL share fulfilled by CMC Invest). Valid till 30 June 2024. T&Cs apply.

Plus, receive 1 Nike share when you meet the required deposit and trade with your CMC Invest account. Valid till 30 June 2024. T&Cs apply.

Alternatively, get 1 Tesla Inc. share when you meet the required deposit and trade with your CMC Invest account. 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)

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 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

 

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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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MOOMOO_$200_BLOGARTICLE_800x250

SingSaver Exclusive Promotion: Receive S$50 vouchers when you open a moomoo account and fund a minimum of S$100. Plus, get an additional S$100 vouchers when you fund S$2000. Be one of the first 150 applicants to open a Moomoo account and fund S$2000 to get an additional S$50 vouchers. Valid till 24 June 2024. T&Cs apply.

Plus, receive up to S$970 worth of welcome rewards and up to 6.8% p.a. returns when you complete additional actions with your moomoo account. Valid till 1 Jul 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

Tags
Investment

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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