What is Moomoo? • Benzinga Answers

What is Moomoo?

At Moomoo, you are plunged into a smart trading environment that includes free market insights, data and analytical tools that help you make wise choices. 

While you might’ve thought you were about to play the Moomoo game, this is a game that can provide you with financial security, help you build wealth or even change careers.

About Moomoo

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Active Traders

Headquartered in Palo Alto, California, Moomoo Inc. is a subsidiary of Futu Holdings Ltd, a fintech company that aims to revolutionize the trading experience for retail investors. Moomoo’s mission is to offer intuitive platforms that help investors make smart decisions. 

When you trade with Moomoo, your funds and trades are managed by Futu Inc, which is registered as a broker-dealer with the SEC, FINRA and SIPC. 

Moomoo’s investors include industry titans like:

  • Tencent
  • Matrix
  • Sequoia

Where Did Moomoo Come From?

Leaf, CEO of Futu, noted that it was a passing reference to a nursery rhyme that brought about the name:

“One night three years ago, when we were at loggerheads over the name for this international stock trading app, the wife of Keith who was in charge of the US branch of FUTU, happened to pass by and heard our quarrel. ‘How about calling it moomoo?’ She threw out an off-the-cuff remark, ‘it’s in a nursery rhyme.’”

Moomoo was born, Futu bought the moomoo.com domain from an engineer in San Diego and hundreds of thousands of customers trade on the platform every day.

Background on Moomoo

With generally high-earning clients, Moomoo sports a median client age of 34, with nearly 35% of its clients working in finance or technology. Additionally, the firm retained 98% of its paying customers every quarter in 2020. 

With a growing customer base, the company is looking for new ways to keep clients happy. It started with just over 80,000 clients at the end of 2017, increasing to nearly 133,000 by the end of 2018, 198,000 by the end of 2019 and an astounding 516,721 customers by the end of 2020. 

Moomoo has grown so much that it reached 1 million customers just prior to June 30, 2021.

Advantages of Trading at Moomoo

At Moomoo, you can take advantage of several different advantages, including:

  • A choice of over 8000 stocks
  • Extended trading hours
  • No minimum deposit
  • Free level 2 quotes

Active traders can use Moomoo because it helps them with smart orders, market trend data and allows them to travel with the mobile app. 

Are you a cost-conscious trader? At Moomoo, you get, among other things:

  • $0 commission for U.S. residents
  • $0 minimum balance
  • $0 platform fees during promotional period
  • Low regulatory fees
  • $0.65 per options contract

What Should Moomoo Work On?

It would be lovely if Moomoo had a phone or live chat support, however, you can email cs@fututrade.com for additional assistance. Plus, the many positive features of the platform partly make up for this shortcoming. 

How Does Moomoo Compare With Other Brokers?

The Moomoo trading platform is unique among its industry peers because it provides several unique options for retail investors, like:

  • Cross-comparing execution prices
  • A high-volume trading environment
  • Moomoo trading hours are extended, starting at 4 am EST and ending at 8 pm EST

Start Trading With Moomoo Today

What is Moomoo? It’s a unique trading platform that helps you access the markets, improve your portfolio and build wealth. 

You can start trading with Moomoo today, taking advantage of low to no fees, a quality trading interface, extended hours and much more. If you want to try Moomoo, you can register today. Plus, you can return to Benzinga for more financial information at any time. 

Frequently Asked Questions

Q

Is Moomoo legal?

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Is Moomoo legal?
asked
A
1

Moomoo is a subsidiary of Futu Holdings Ltd. Securities. The firm is regulated by the Securities and Exchange Commission and FINRA. In Singapore, the firm is regulated by the Monetary Authority of Singapore.

answered
Q

Does Moomoo have Level 2?

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Does Moomoo have Level 2?
asked
A
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Moomoo offers level 2 data, offering better price information, including pricing from makers and ECNs.

answered

Turn to Webull

0 Commissions and no deposit minimums. Everyone gets smart tools for smart investing. Webull supports full extended hours trading, which includes full pre-market (4:00 AM - 9:30 AM ET) and after hours (4:00 PM - 8:00 PM ET) sessions. Webull Financial LLC is registered with and regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is also a member of the SIPC, which protects (up to $500,000, which includes a $250,000 limit for cash) against the loss of cash and securities held by a customer at a financially-troubled SIPC-member brokerage firm.