I have been using FUTU- moomoo for the past 2 weeks.. and here is my review.
1) cheaper than tiger broker (currently having free one year commission for US and HK market trading), excluding platform fee ($1/trade) and gst
2) Free level 2 market data for US market
3) Deposit 2K usd to get 1 Apple stock- just deposit 2k usd, waiting for the free share
4) Fast and excellent customer service- tried a few enquiries and get connected to an agent within a minute
5) Good TA tool for pro trader
Updated May 2022
I would suggest trying out BOTH Moomoo or Tiger for the following reasons:
Both Moomoo and Tiger Brokers do not charge monthly custodian fees
Hence, there’s no worry about being charged additional fees on your capital.
Both Moomoo and Tiger Brokers are offering commission fee waivers during the promotion period
Moomoo is offering 180 days of unlimited commission-free trades, while Tiger Brokers is offering 60 comission-free trades within 180 days. Hence, feel free to continue using the brokerage for the next 6 months without worries.
Both brokerages can be easily funded from DBS/POSB accounts and the withdrawal process is as simple too
Additionally, this is a fruitful month for both brokerages' sign-up offers. In less than a week, you have the chance to obtain more than $2500 purely on the sign up offers, with a deposit of $4700. This represents a higher annual growth rate than the top 500 US companies!
(Update: With the Student promotion for Moomoo, you only need to deposit $1000 instead of $2700 to get your $240 reward!)
I personally see this as a must-get offer as a new investor to have an investing headstart by getting attractive rewards and paying $0 minimum commission for investing in SG, US, and HK equities!
Try them out, get the rewards, then decide after which interface you prefer.
After trying both apps:
-instant deposit using DBS/POSB direct debit authorisation.
-lots of promotions to keep users engaged.
-FX rate relatively better
-customer service slow, but there is a great online community to help and there was no need to reach out to customer service after my first setup.
-great customer service.
-some features are still under development.
I will still use Tiger as my main trading account and keep moomoo as a secondary backup account.
Costs, fees and freebies aside, I don't recommend Tiger.
For me, Tiger broker is not for serious options traders. I have been using Tiger broker since Feb 2021 and was comfortable using it as you mentioned. However, as I learnt more about trading, I realized Tiger does not provide me with enough “weapons” to fight the battle.
1) Not able to make concurrent trade orders such as “Stop Loss Order” and “Sell Order” for the same trade. I make at least 100 trades a month and sometimes have as many as 10 open positions. How can I possibly monitor the price of every single one of them and manually do a buy or sell?
2) Being in Asia and trading US options, there is a huge time difference and I will not be able to monitor the market overnight. Each time, I have to choose to either defend (Stop loss) or attack (Limit order). I have no choice but to defend right? But so many times, the market went up, hit my target profit level and came down, taking out my stop loss order.
3) No “Trailing stop loss order” to choose from. This is a very useful “weapon” and allows you to ride the up or down trend until it reverses. I am not sure how everyone else is trading with Tiger, but if you are a serious day trader, you certainly need this “weapon”.
4) I have changed to Moomoo and now I have 8 “weapons” to choose. “Limit, Market, Stop Limit, Stop, Limit if Touched, Market if Touched, Trailing Stop Limit and Trailing Stop”. Best of all, I can also make concurrent orders for the same trade!
5) This is really really important because by setting all your stop loss and target margin, you completely remove your emotions and just let the bot execute your plan. You only have to focus on finding the right setup for entry. How many times have the market come down and you find yourself hesitating to cut the loss, hoping it will rebound and then market just goes down further and further until you bleed till you have no blood left?
6) Lastly, the only freebie I got from Tiger was when I made 100 trades a month to qualify as a “Gold trader” and I got 1 x free UBS share worth around US$17 from Tiger. For Moomoo, I deposited SGD$2.7K and I got 1 x free Pfizer share worth around US$47. After I made 3 trades, I got another 1 x free Pfizer. (All vaccines come in 2 shots right?)
My conclusion: IF you find yourself losing more than winning with Tiger, you have to wonder is it your problem or you don’t have enough “weapons” at your disposal? I have already feedback before to Tiger but so far nothing changed. If you don’t believe me, try it yourself and good luck!
Both are actually quite similar in terms of fees and user interface. Most important is to get started on your investment journey!
Feel free to use the PROMO/REFERRAL CODES below to get sign-on gifts!
1. One FREE APPLE share when you make a first deposit of SGD2000 or more.
2. Stock VOUCHER of up to SGD100
3. 60 COMMISSION-FREE trades for 180 days
4. 500 Tiger coins
1. One FREE APPLE share when you deposit SGD2700 or more within 30 days from account opening.
2. One FREE NIO share when you deposit SGD2700 or more within 30 days from account opening+ unlock Level 1 Trading Badge or complete 5 successful trades.
3. UNLIMITED commission-free trades for 180 days
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