This post was written in collaboration with FUTU Singapore (FUTU SG). While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
What does the Year of the Ox have to do with one of the newest trading apps in Singapore?
Well, just on 8 March, FUTU Singapore Pte. Ltd. (“FUTU SG”) officially launched its one-stop investment platform, aptly named moomoo (yes, if you’re wondering, the mascot is a cute bovine, also inferring a bull market).
Never heard of FUTU SG? It’s a capital markets services licence holder regulated by the Monetary Authority of Singapore. The parent company is FUTU Holdings Limited, which is listed on NASDAQ. FUTU Holdings Limited is also backed by world-class investors, which include venture capital affiliates of Tencent, Sequoia Capital and Matrix Partners.
The launch of moomoo also coincides with FUTU Holdings Limited’s 2nd anniversary of being listed on NASDAQ, and the foray of FUTU Holdings Limited, via FUTU into Singapore markets, outside of China, Hong Kong SAR and the United States (currently over 13 million users worldwide).
By the way, the moomoo app is also backed by Tencent and has a 24/7 security system supported by Tencent Cloud.
We’ve also heard that FUTU SG prides itself as a “next-generation broker-dealer” that combines technology and an on-the-go trading platform to enhance users’ overall trading experience. By doing so, it also helps to cut costs that traditional brokers typically incur and can lower the transaction costs borne by customers.
Some of the key features that the moomoo app has include a wide array of investment options available, real-time quotes feature fast trading speed, information and resources, a good user interface, and lower fees and charges.
Let’s take a closer look at these features and how to get started using the moomoo app:
Wide investment options available
On the moomoo app, users can access a wide array of global investments, including stocks (Hong Kong, US, Singapore), Exchange Traded Funds (ETFs), American Depositary Receipts (ADRs), Real Estate Investment Trusts (REITs), with more financial products such as Exchange Traded Futures, US Over-the-Counters (OTCs), options (US), Daily Leverage Certificates (SG), warrants (HK), and derivatives such as callable bull/bear contracts (CBBC) launching in the future.
The moomoo platform also provides flexibility for users to manage their assets, portfolio and investments across multi-markets.
Real-time quotes and fast trading speed
There are varying quote levels for users of different trading platforms and apps. Sometimes the quotes or bid/ask prices are lagging by 10 minutes, or it can be real-time (almost). It’s definitely better to have the latter, let’s say if you’re into doing day trading, trying to catch the right timing during a volatile market situation — in short, accuracy, so that you can stay on top of the market.
The moomoo app comes with free Level 2 Market Data for US stock markets (valid till 30 April 2021) so you can access real-time bids and asks to execute trades more accurately. Go figure!
Executing trades is also quick. Users are able to place their trading orders within 0.0037 seconds (with an optimum internet connection, etc). That certainly can possibly help to reduce gapping/slippage.
Fees/charges
FUTU SG provides one of the lowest fees and trading minimums in the market. There’s also no custodian fee.You can use FUTU SG’s commission calculator to calculate before trading.
Here’s a quick look at the fees/charges (accurate as of 8 March 2021):
| Hong Kong | US (Stock and ETF) | Singapore | |
| Commission Fee | 0.03%*trade value (min. HK$3) (waived during promo period) |
$0.0049/share (min. US$0.99) (waived during promo period) |
0.03%*trade value (min. SG$0.99) (waived during promo period) |
| Platform Fee | HK$15/order | $0.005/share (min. US$1/order) | 0.03%*trade value (min. SG$1.5/order) |
| Regulatory Fee(s) | Exchange Trading Tariff HK$0.50/order
Exchange Settlement Fee 0.002%*trade value (min. HK$2, max. HK$100) Government Stamp Duty 0.1%*trade value (min. HK$1) Exchange Trading Fee 0.005%*trade value (min. HK$0.01) SFC Transaction Levy 0.0027%*trade value (min. HK$0.01) |
SEC Fee (sells only) $0.0000051*trade value (min. US$0.01/order)
Trading Activity Fee (TAF, sells only) US$0.000119/share (min. US$0.01, max. US$5.95) ADR Custodian Fee US$0.01-0.05/share Settlement Fee $0.003*trade value (waived during promo period) |
Trading Fee 0.0075%*trade value
Clearing Fee 0.0325%*trade value |
| Remarks | The Singapore government may levy a Goods and Services Tax (GST) at a rate of 7% on the “Platform Fee” and “Commission Fee” where applicable. | The Singapore government may levy a Goods and Services Tax (GST) at a rate of 7% on the commission where applicable. | The Singapore government may levy a Goods and Services Tax (GST) at a rate of 7% on the above “Commission”, “Trading Fee”, “Clearing Fee” and “Platform Fees” where applicable. |
Suite of analytical tools, rich resources and community
Both beginner and advanced investors alike can utilise the suite of rich and in-depth customisable analytical tools available on the moomoo trading app.
These include charts (candlestick, line, mountain line, bar) and other kinds of technical indicators such as Moving Average, Bollinger Bands, Moving Average Convergence Divergence, KDJ (random index) and so on. Users of the moomoo platform are also able to view the trends in capital flowing in and out of companies.
Users of the moomoo trading app can gain access to ratings and insights from several professional third-party researchers to help them make comparisons between stocks; and view intuitive graphs that show a more direct view of the company’s financial situation.
Other tools:
- Option P&L diagram — shows single and option combinations. Combined with stock, it helps users analyse the profit and loss strategies.
- Powerful drawing tools — help users discover trends and potential opportunities for their own investment strategy.
- P/L analysis — provides Profit/Loss ranking and Profit/Loss for each stock.
- Smart reminders/conditional alerts — set up automatic notifications when conditions such as price movements, change in indicators etc are met
- Customised stock screener — helps users discover stocks and screen stocks from thousands of others based on their criteria.
The moomoo trading platform also provides access to 24/7 financial news to keep users abreast of the latest global updates and stock price fluctuation analyses. Users can also partake in discussions and share their trading insights with the global investment community of FUTU’s 13 million like-minded investors.
The moomoo trading app — special welcome bundle worth $200*
From now till 30 April 2021, open a trading account with FUTU SG by first downloading the moomoo trading app to enjoy these official launch perks and rewards:
*$200 is an estimated value, based on the current Apple share price and the cash coupon Bonus: Refer a friend to receive up to SGD 600 Cash Coupon and up to 600 days of commission-free trading. Find out more about how you can open an account, the promotion details and read the terms and conditions. |
How to set up your moomoo trading app?
- To open an account, first download the moomoo app via the Google Play Store or the Apple App Store.
- Open the moomoo app and register by clicking on “Getting Started”. Choose to use either your Facebook account, Google account or e-mail address and phone number to register.
- Click “Open Account” to kick start the account opening process.
- Sign up via MyInfo or manually. Follow the instructions onscreen.
- Account setup can be completed on the same day or take 1-3 business days (you can direct queries to [email protected]).
- To deposit money, open and login to the moomoo app.
- Click on “Me” → “Deposit” → choose the correct currency under “Deposit Currency”.
- When making a transfer, use your personal Singapore bank account(s), and enter your moomoo ID accurately in the “Comments” field. Fund will be deposited in 1-3 business days.
Disclaimer: This article is meant for information only and should not be relied upon as financial advice. This advertisement has not been reviewed by the Monetary Authority of Singapore.