As my mum always drilled into me as a child, our differences are what make us special. She was probably referring to my gap-teeth or face full of freckles at the time, but that wise advice still rings true – even when discerning between investing apps. Yeah, you heard me. Dabbling in investing is easier than ever, now. There are so many user-friendly trading apps around that, the hardest part is now working out how they differ.
So, let’s get up close and personal with one today to see what sets it apart. Specifically, moomoo – not to be confused with the loose-fitting dress Homer dons in The Simpsons (that’s a muumuu). moomoo the trading app has just landed in Australia and gives users the opportunity to trade shares and exchange-traded funds (ETFs) in the US and Aussie markets. It’s got low brokerage and no ongoing fees, plus it’s powered by AI, so it tracks thousands of data points to find stocks that are moving based on your trading history and current portfolio. Nifty.
Let’s dig into what else makes it different (AKA special), shall we?
Free level two quotes
If you’re not too far into your investing journey yet, stock quotes are a key piece of info to help you trade. A quote will tell you the last agreed-upon stock price for a trade between a seller and buyer. Handy! But there are varying tiers of these stock quotes – a level two one will give you a lot more insight than a level one. And if you join moomoo before June 30, you get free level two US market data for life.
That’s probably the biggest difference between moomoo and other trading apps. Rather than scoping out just the best bid and ask prices, you can get a level two quote that provides you with way more price information and extra context into what type of traders are buying or selling and how.
A built-in community
There are heaps of people signed up to moomoo across the globe. (We’re talking over 18 million.) And one of the biggest draw-cards for the app is that it’s got a social investing feature. So, if none of your friends are on your investing level (and may or may not be sick of you talking about trading) you have somewhere to talk shop with like-minded people. Jump in the forum to share tips and insights – or just have a chat!
A slice of the action
To celebrate launching down under, moomoo is offering one free Aussie share to users who start trading with them. To snag the offer, all you have to do is deposit any amount into your trading account, which also unlocks extra features like brokerage-free trading for 180 days. And to up the ante even more, if you deposit over $2,000, you can spin a virtual wheel to win two free US shares, too. Sounds pretty sweet to me.
A one-stop shop
There’s a lot to learn when it comes to investing. If you’re just getting started or have been trading for a while, you’ve got to stay informed. moomoo gives you access to real-time market data, broker research and financial news (from places like Bloomberg and Reuters) without having to swipe out of the app. There’s also tutorials and how-to guides if you need to brush up on your knowledge. So, you can trade your heart out and stay up-to-date all from the one place.
Whether you’re a seasoned trader or still have your training wheels on, that’s what you need to know about moomoo and what makes it different. If you’re keen to find out more, have a look over here.
In Australia, securities products and services in moomoo are offered by Futu Securities (Australia) Ltd, an Australian Financial Services Licensee (License no. 224663) regulated by the Australian Securities and Investments Commission.