Good bye Interactive Broker, Hello Moomoo. For those of you who have been following me for a while, you would know that I’m using interactive broker. However, the user-unfriendly interface (at least to me) has been annoying me for the past 3 to 4 years. I continued my use of interactive broker because of their exposure to the Hongkong market and also cheap commission rates. The deal breaker was the need to pay for platform fees whether I used the platform or not.
Then came Moomoo in Feb 2021 getting us to be part of the first 1500. I signed up immediately to see if I can do the switch from Interactive Broker. Here’s my experience with Moomoo so far.
By the way, if like this sharing, I would appreciate if you can use my referral link over here.
Introduction To Moomoo Brokerage Account
Moomoo is a subsidiary of Futu Holdings Limited, backed by big names such as Tencent, Sequoia Capital and Matrix Partners. Futu SG is a broker-dealer and custodian licensed by the Monetary Authority of Singapore, (License No. CMS101000).
The beautiful thing about Moomoo is the speed of my account opening and also the time taken for my money to be deposited into Moomoo. It took me 3 minutes to set up the account from the start to the end. In contrast, I remember it used to take me around 3 working days before my ThinkorSwim or Interactive Brokerage to be set up. Because of the free Apple share promotion at that time, I transferred USD$2000 into the account. In less than 5 minutes, my account has been funded and ready to be invested.
Disclaimer: My experience could be an one-off experience. However, listening to some of my other friend’s experience. the timing is roughly the same.
How it looks like
As you can see, this looks very similar to most brokerage interfaces out there. It is easy to find basic information about the company, your current balance, how to deposit money etc.
My Customer Service Experience
Customer support/service is very important in a brokerage account. I used to wait for ages when I needed to ask a question on Interactive Brokers. To test out Moomoo, I asked a very basic question and a representative came and helped me with the request in less than 2 minutes.
On a personal level, I felt this experience could be more personalised if the customer service representative used their names instead of a number like 7259. Nevertheless, this is just merely picking on bones.
Buying and Selling
Navigating the platform can never be easier. This is what you see when you want to buy a stock from the platform.
This main page gives sufficient information and I especially like the charts configuration for Moomoo. I personally think that it is slightly easier to use than ThinkorSwim and it gives me a quick and dirty look on how the charts looks in general.
The financial section is like gift sent from heaven. It is simple enough to see that iPhone is making 50% of the total revenue. Wearables are up and coming at 11% revenue.
The financial news allows me to be updated of the latest changes in the company. Currently, I’m using Seeking Alpha to get my information but this is another way for me to read about the latest updates.
Lastly, the buy and sell. Just 2 steps, select the price and the quantity and press buy (after you unlock trade with your password). It will be reflected in your securities account shortly.
Undeveloped Feature of Moomoo
Something that is new in Moomoo that I don’t see in other brokerage account is the Streams. I call this the investing influencer network. Basically, it is like twitter. You can follow people, people can follow you, you can like, comment or share the particular post. This essentially will increase the stickiness of the Moomoo. Take one minute to imagine if someone like Elon Musk post his investment thoughts (if he has any) on a platform like Moomoo. Tons of people will continue to be on this platform to see what he is doing.
As Moomoo is still new, up and coming financial influencers needs time to to post their views etc here and grow their following. I believe that this network effect will slowly but surely become more powerful in future.
You can choose to follow my investment thoughts here in Moomoo.
Final thoughts by Wealthdojo
Whether there is a market correction, Gamestop insane strike or a bullish run in the market, it is a basic to have a brokerage account to invest. Once again, if like this sharing, I would appreciate if you can use my referral link over here. There is currently a promotion when you enrolled with Moomoo.
Investment is not for everyone. Most of the time, the biggest enemy we are facing is often ourselves (just look at how many people who were spooked 2 days ago during the “tech” correction”. It would be best to work together with a trusted advisor who is able to create a certain asset allocation for your risk profile and purpose.
Wishing you the best.
Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.
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The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.