Moomoo Day Trading – The Best Day Trading App In 2023?

What Is Moomoo?

Founded in 2012, Moomoo Financial Inc. is an online broker-dealer and stock trading platform based in Silicon Valley, California. Moomoo Financial Inc. operates in the US and, through its affiliate Moomoo Technologies, globally in Singapore, Australia, Malaysia, and Japan.

Moomoo is an excellent platform for day traders and is consistently ranked as the best day trading app. What puts Moomoo over some of its competitors is its commission-free trading and complete access to data feeds. Moomoo was designed as a compact, one-stop solution for day traders looking to access all the real-time data they’ll ever need in one place.

From the Moomoo dashboard, you can access all the largest markets and begin trading stocks, options, ETFs, and more. For beginners, there are detailed guides and resources so you can make your first day trade. For active traders, there’s a paper trading environment, customizable alerts, and a community of professional traders ready to answer any of your questions.

Moomoo is registered with the SEC and insured by the SIPC, and the Moomoo App is available on desktop, Android, and iOS mobile devices. Moomoo was ranked 2nd on Fortune’s 100 Fastest Growing Companies in 2022, and won the Best Investment Research Tech 2022 at the Benzinga Global FinTech Awards.

Pros & Cons Of Moomoo

Pros

• Supports stocks, ETFs, options, and more

• Commission free trading

• No minimum deposit

• Customizable notifications and alerts

• Complimentary access to data feeds (Benzinga, Bloomberg, and more)

• Access detailed financial reports from all companies

• Comprehensive educational resources

• Insured by the SIPC (Up to $500k)

• Extended hours trading

• Mobile app available on Android and iOS devices

Cons

• Doesn’t support forex, mutual funds, or crypto

• High withdrawal fees when transferring to another broker

• Only offers taxable accounts (no IRAs or joint accounts)

Access Real-Time Data From The Largest Markets

Moomoo offers access to 24/7 financial news from the largest and most established newsfeed, including Bloomberg, Down Jones, and Benzinga, consolidated in one place: the Moomoo dashboard. Moomoo supports stocks, options, ETFs, ADRs, and OTCs from the largest markets in the US, China, and the Hong Kong stock exchange.

Moomoo offers all users free access to real-time & Level 2 data. From the Moomoo dashboard, you can analyze aggregated data from all companies listed in the NYSE and the NASDAQ, with complete access to the three most illuminating valuation models:

• P/E (Price-to-Earnings)

• P/S (Price-to-Sales)

• P/B (Price-to-Book)

You can then compare historical data and how the performance compares to the industry average using 38+ insightful charting tools.

If you’re looking for short-volume data, Mooomoo’s got you covered. You can choose from more than 63 technical indicators or customize your own using 190+ pre-set functions. Some of the short sale signals available are:

• Daily Short Sale Ranking

• Daily Short Volume

• Short Interest

Set Up Alerts And Notifications

After finding the right investment for you, it’s time to set up an alert so you don’t miss any opportunity. Moomoo makes this very easy with an easy-to-use interface for both mobile and PC and full synchronization across all your devices. Some of the alerts available include:

• Price Rise/Fall

• Market Data

• Indicators

• Events

• Turnover Ratio Exceeds

• Bid Is Above/Ask Is Below

• Extended Trading Hours

After you set up an alert, you can customize the frequency between Once only, Once a day, or Continuously and get notified every time the trigger is met.

The Moomoo app is available on desktop, Android, and iOS devices. To set up an alert, navigate to the Quotes section of any stock and click More -> Alerts.

Gain An Edge With Detailed Financial Reports

Something we really like about Moomoo is the detailed financial reports available for all companies, stocks, and ETFs listed. You can access the reports from the Moomoo dashboard. Just open any stock detail page and navigate to the Financial Analysis section.

From the Financial Analysis section, you can filter by business, product, region, or period (annual and interim). Additionally, you can compare side-by-side key indicators like revenue, expected business growth, revenue, and much more. insights from professional analysts.

Test Out Your Strategies In A Safe Environment

With Moomoo, you can develop new strategies and test them out in a safe environment. The Moomoo paper trading environment uses real-time quotes & data and offers access to advanced tools, charts, and indicators. Within this environment, you can trade a wide range of stocks, futures, and options, with up to $1 million in virtual currency for stocks and options, plus $10 million for futures trades.

Best of all, you don’t have to make a deposit to start using it – just sign up, and you’ll have complete access.

Within this environment, you can track the top-performing traders and join the paper trading community. This is an excellent tool to learn directly from experts and implement their strategies into your day-to-day trading.

Access Comprehensive Educational Resources

For beginners, Moomooo offers access to free educational resources in the form of courses. Moomoo offers extensive coverage for topics like Options, Stocks, Strategies & Insights, and Funds. Some of their most popular courses are:

• Trade Options: Quickstart Guide

• How To Trade Options

• Invest In Stocks: Quickstart Guide

• Top Tips For New Users

• Practice Trading Without Money

To access the dozens of courses available, visit Moomoo’s website and navigate to the Learn section on the top menu.

How Long Does Day Trader Status Last?

Day trader status lasts as long as you execute a minimum of four-day trades within the last 5 business days – as established by the Financial Industry Regulatory Authority (FINRA). Additionally, the total value of these day trades has to represent more than 6% of the total value of that margin account – or options trading account.

Moomoo Fees

• Commission Fee: Free

• Platform Fees: $0.99 per order

• SEC Fees (sells only): $0.01 per trade

• Settlement Fees: $0.003 per share (or 1% of the transaction amount)

• Inactivity Fee: None

Moomoo Sign-Up Process

Moomoo is open to all traders in the US, Macao, Malaysia, Singapore, and Taiwan that are over 18 years old. Other than that, there are no special requirements to sign up. Here’s how you can get started:

• Visit Moommoo’s website

• On the top right, click Open Account

• Fill in some of your basic financial information

If you use our link to sign up, you’ll get a welcome bonus of 15 free stocks and an extra share of $GOOG or $TSLA after you make your first deposit. Additionally, you’ll get access to advanced tools and Level 2 data, for free. Many companies only offer this in the US, but Moomoo offers their sign-up bonus to the US, Canada, Australia, and Singapore!

Is Moomoo Legit?

Yes – Moomo is completely legit. Moomoo is registered and regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Additionally, Moomoo is insured by the Securities Investor Protection Corporation (SIPC) for up to $500,000 (including $250,000 for cash claims).

Moomoo Reviews

The Moomoo day trading app has excellent reviews on the Google Play and App Store, with an average rating of 4.1/5 and 4.7/5, respectively. Here’s what some of those users have to say about Moomoo:

• “I like this app. They have many features and videos to guide beginners on using the app. I also find the accounting pretty transparent. So far, the in-app customer service has been doing a good job; they are responsive and able to help me most of the time.” – Edd V.

• “I honestly do not know how the people who have bad experiences are having them. It is a great app for me; I love the layout, all of the technical and fundamental info provided, and the ability to watch time and sales with multiple charts at once. ” – Gage K.

• “I love this app. It is fantastic for level 2 trading, includes a good community to get trading ideas or find chat groups outside the app to join. Also you get good pricing on your trades as well as quick finalization.” – Josh S.

• “Being new to trading and investing, this app has been a great help for the most part. Being able to learn the basics of trading and investing through the provided lessons is a good touch.” – Justin P.

Conclusion

One of the most important choices a day trader can make is picking the right trading platform. It can be the difference between finding the right investments at the right time and falling behind the curve. Moomoo offers all its users full access to real-time & Level 2 data, aggregated from the largest and most trusted newsfeeds – including Benzinga, Bloomberg, and Down Jones.

Moomoo offers true commission-free trading, customizable alerts, and access to a paper trading environment – with no hidden fees. For beginners, we recommend checking out the learning resources and the very helpful online community.

For those reasons, we recommend Moomoo as the best day trading app for beginners and experienced investors alike.

FAQs

How Do I Check How Many Trades I Have Left On Moomoo?

You can check how many trades you have left from your account page under your Net Assets. Keep in mind this will only show the number of trades available for your account in the next 5 business days – you’ll need to check back every couple of days.

Does Moomoo Have An Inactivity Fee?

No – there’s no inactivity fee associated with your Moomoo account. There are also no trading commissions, and after signing up, you’ll gain immediate access to the Nasdaq Real-time Quotes and the NYSE ArcaBook Level 2 data, at no cost.

How Much Is The Transfer Fee For Moomoo?

Momoo charges a flat fee of $75 to transfer stocks from Moomoo to an external online brokerage account. Additionally, you’ll need to submit a transfer request and wait for approval. This process can take anywhere between 2-3 weeks. For those reasons, we don’t recommend transferring out of Moomoo unless necessary.

Does Moomoo Allow Margin Trading And Shorting?

Yes – for experienced traders, Moomoo offers shorting and margin accounts access. The amount you can use on these accounts will depend on the risk profile of the stocks listed. The more risky the stock is ranked, the lower the leverage. You can access all the detailed information from the trading interface, by clicking on any stock.

How Much Money Do I Need To Start Day Trading?

To qualify as a day trader in the US, the Financial Industry Regulatory Authority (FINRA) requires traders to have at least $25,000 in their trading account. Keep in mind that cash and certain securities are allowed as part of the $25,000 minimum.

Moomoo is very strict when it comes to complying with the FINRA, and your account will get flagged if you fall below the threshold; you won’t be able to trade. Another requirement to maintain your day trader status is to execute at least four-day trades within the last 5 business days.