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 Moomoo trading platform review

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mephyll
post Apr 22 2021, 07:02 PM

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QUOTE(TOS @ Apr 22 2021, 06:27 PM)
Interactive Broker also not regulated by SC. TD Ameritrade, Robinhood etc. all the same. But they are regulated by MAS, SFC (Hong Kong Securities and Futures Commission) and/or SEC (US).

So we usually refer to foreign regulators rather than local regulators for these products. Some, in fact many of them, are listed in various exchanges. So they have ARs, financial reports and even shareholders to answer to. That also means prospective retail investors can read them to safeguard their own interest.

It is important to realize that foreign brokers are NOT Ponzi schemes or other kinds of money games. You are recommended to read the documents from their websites.

Can also look up on MAS, SEC/SFC to verify their identity:

https://eservices.mas.gov.sg/fid/institutio...NGAPORE-PTE-LTD

https://brokercheck.finra.org/firm/summary/36418 (For US case, you will come across FINRA quite often. https://www.investopedia.com/ask/answers/ho...ra-differ-sec/)
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QUOTE(Ramjade @ Apr 22 2021, 06:38 PM)
Who cares about SC Malaysia. They blocked TD even when it's legit.

Interactive broker not approved by SC Malaysia and yet I still can get my money back into SG bank account. So why bother about SC Malaysia? Their blockage is political.
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Thanks a lot for clarification.
My finance knowledge is limited. Will study the link shared.
Coz my concern is once i deposited to the trading account, my monies sunk into the sea. I dont know how to get the money back if there are issue on withdrawing.
I dont have oversea account. Only Malaysia saving account.
SUSTOS
post Apr 22 2021, 07:10 PM

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QUOTE(Ramjade @ Apr 22 2021, 06:38 PM)
Sell during promo period I think 90 days where it's free. After all the apple shares are free if charge.
Who cares about SC Malaysia. They blocked TD even when it's legit.

Interactive broker not approved by SC Malaysia and yet I still can get my money back into SG bank account. So why bother about SC Malaysia? Their blockage is political.
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Haha. Nowhere is stated that the platform fee won't be charged within this 90 day period tongue.gif Caveat emptor guys.

https://support.futusg.com/en-us/topic128?lang=en-us

What makes you think that incident was political? You got "insider news"?

QUOTE(mephyll @ Apr 22 2021, 07:02 PM)
Thanks a lot for clarification.
My finance knowledge is limited. Will study the link shared.
Coz my concern is once i deposited to the trading account, my monies sunk into the sea. I dont know how to get the money back if there are issue on withdrawing.
I dont have oversea account. Only Malaysia saving account.
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Well, if they block the trading account website like what happened to Tiger, then you cannot access it via the normal route. You need to modify your Internet settings, use VPN etc. IT-savvies here will find a way out.

For overseas brokerage since they don't base in Malaysia, you need to have a foreign bank account to deposit/withdraw money. Most people choose SG due to its proximity. And people go for CIMB SG/Maybank SG (try not to use Maybank SG...). You can have a look at the "Opening a Bank Account in Singapore" thread: https://forum.lowyat.net/topic/1440794/+3320

This post has been edited by TOS: Apr 22 2021, 07:10 PM
Ramjade
post Apr 22 2021, 07:26 PM

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QUOTE(mephyll @ Apr 22 2021, 07:02 PM)
Thanks a lot for clarification.
My finance knowledge is limited. Will study the link shared.
Coz my concern is once i deposited to the trading account, my monies sunk into the sea. I dont know how to get the money back if there are issue on withdrawing.
I dont have oversea account. Only Malaysia saving account.
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One of first rule of investing is always study how to deposit and withdraw money. That's the most basic step.
There are better brokers out there than interactive broker but I never bother because hard to withdraw. One such example is webull. We can open webull. Deposit and withdrawing money incur extra cost Vs using Interactive broker route. Hence the reason didn't open webull.

For me, my money overseas is one time ticket. I send my overseas money to my brokerage and never ever withdraw.

Go read the thread below on opening sg bank account. You only need CIMB my account to get started.

QUOTE(TOS @ Apr 22 2021, 07:10 PM)
Haha. Nowhere is stated that the platform fee won't be charged within this 90 day period tongue.gif Caveat emptor guys. 

https://support.futusg.com/en-us/topic128?lang=en-us

What makes you think that incident was political? You got "insider news"?
Well, if they block the trading account website like what happened to Tiger, then you cannot access it via the normal route. You need to modify your Internet settings, use VPN etc. IT-savvies here will find a way out.

For overseas brokerage since they don't base in Malaysia, you need to have a foreign bank account to deposit/withdraw money. Most people choose SG due to its proximity. And people go for CIMB SG/Maybank SG (try not to use Maybank SG...). You can have a look at the "Opening a Bank Account in Singapore" thread: https://forum.lowyat.net/topic/1440794/+3320
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Platform fees is only charged when you place a trade (extra commision).

Malaysia have always ban "Forex related stuff" because of Mahathir era. So you be the judge on that.
TSalexkos
post Apr 22 2021, 07:36 PM

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Sian... Moomoo malaysian ic tak boleh. And I don't have passport.
honsiong
post Apr 22 2021, 07:58 PM

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Free AAPL stock should be worth wasting 1 year of passport effective time.
honsiong
post Apr 23 2021, 10:36 PM

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I have received AAPL stock, sold it for cash, and bought more VXUS.
no6
post Apr 24 2021, 12:40 AM

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QUOTE(honsiong @ Apr 23 2021, 10:36 PM)
I have received AAPL stock, sold it for cash, and bought more VXUS.
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can sell AAPL straight away on the same day of receiving it ? how about sgd2700, can withdraw immediately after selling AAPL ?
any extra charges incur ?
no6
post Apr 24 2021, 12:49 AM

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kinda confused, is the third condition valid or otherwise ?


Updated as of 29th Mar 2021 (0000hrs SGT)

In the event when the first 10,000 AAPL shares have been fully redeemed, new customers who have successfully opened a FUTU SG securities account from 8th March 2021 to 30th Apr(1500hrs SGT) 2021 can still enjoy 1 Free AAPL share when they fulfil all of the following conditions,

Condition (i): Successfully open a FUTU SG Securities account between 8th March 2021,00:00hrs SGT and 30th April 2021,15:00hrs SGT (hereinafter referred to as "activity time");

Condition (ii): Deposited funds worth SGD 2,700 or USD 2,000 or HKD 16,000 or more before (1500hrs SGT) on 30th April 2021;

Condition (iii): Successfully complete 3 trades^ within 45 days from the day the FUTU SG Securities account is successfully opened.
edwin1002
post Apr 24 2021, 11:19 AM

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QUOTE(no6 @ Apr 24 2021, 12:49 AM)
kinda confused, is the third condition valid or otherwise ?
Updated as of 29th Mar 2021 (0000hrs SGT) 

In the event when the first 10,000 AAPL shares have been fully redeemed, new customers who have successfully opened a FUTU SG securities account from 8th March 2021 to 30th Apr(1500hrs SGT) 2021 can still enjoy 1 Free AAPL share when they fulfil all of the following conditions,

Condition (i):  Successfully open a FUTU SG Securities account between 8th March 2021,00:00hrs SGT and 30th April 2021,15:00hrs SGT (hereinafter referred to as "activity time");

Condition (ii):  Deposited funds worth SGD 2,700 or USD 2,000 or HKD 16,000 or more before (1500hrs SGT) on 30th April 2021;

Condition (iii): Successfully complete 3 trades^ within 45 days from the day the FUTU SG Securities account is successfully opened.
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Condition (iii) are you sure?
SUSTOS
post Apr 24 2021, 11:26 AM

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QUOTE(no6 @ Apr 24 2021, 12:49 AM)
kinda confused, is the third condition valid or otherwise ?
Updated as of 29th Mar 2021 (0000hrs SGT) 

In the event when the first 10,000 AAPL shares have been fully redeemed, new customers who have successfully opened a FUTU SG securities account from 8th March 2021 to 30th Apr(1500hrs SGT) 2021 can still enjoy 1 Free AAPL share when they fulfil all of the following conditions,

Condition (i):  Successfully open a FUTU SG Securities account between 8th March 2021,00:00hrs SGT and 30th April 2021,15:00hrs SGT (hereinafter referred to as "activity time");

Condition (ii):  Deposited funds worth SGD 2,700 or USD 2,000 or HKD 16,000 or more before (1500hrs SGT) on 30th April 2021;

Condition (iii): Successfully complete 3 trades^ within 45 days from the day the FUTU SG Securities account is successfully opened.
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Read carefully, it's after the first 10 k APPL shares are redeemed, i.e. after 10k customers signed up for Moomoo. After that then only the 3 new conditions kick in and become necessary.
Zdes
post Apr 24 2021, 11:34 AM

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did mine two weeks back, don't need to fullfill 3rd condition. I would say even if you do 3 trades at some losses its still gonna be worth it. can just buy/sell 1 shares of anything 3 times....
ikanbilis
post Apr 24 2021, 02:59 PM

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Application sent today. Awaiting approval before i could bank in SGD2700

This post has been edited by ikanbilis: Apr 24 2021, 04:35 PM
edwin1002
post Apr 25 2021, 03:19 AM

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QUOTE(ikanbilis @ Apr 24 2021, 02:59 PM)
Application sent today. Awaiting approval before i could bank in SGD2700
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Account approved?
ikanbilis
post Apr 25 2021, 02:20 PM

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QUOTE(edwin1002 @ Apr 25 2021, 03:19 AM)
Account approved?
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Approve today. Just deposited sgd2700 into the account. Now waiting for my free apple share.

Attached Image

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This post has been edited by ikanbilis: Apr 25 2021, 02:46 PM
goodbrother
post Apr 25 2021, 10:06 PM

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QUOTE(ikanbilis @ Apr 25 2021, 03:20 PM)
Approve today. Just deposited sgd2700 into the account. Now waiting for my free apple share.

Attached Image

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I think current promotion end on 31st of April, those who are interested better act fast!
edwin1002
post Apr 25 2021, 10:53 PM

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QUOTE(goodbrother @ Apr 25 2021, 10:06 PM)
I think current promotion end on 31st of April, those who are interested better act fast!
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have u deposited and get a free share ady?
goodbrother
post Apr 25 2021, 11:11 PM

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QUOTE(edwin1002 @ Apr 25 2021, 11:53 PM)
have u deposited and get a free share ady?
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yeap，look at the apple price and you know when I got mine

user posted image
erictham83
post Apr 25 2021, 11:15 PM

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Can I ask how you all deposit the fund from Malaysia to Moomoo? Transfer directly from Malaysia Bank work?
honsiong
post Apr 25 2021, 11:31 PM

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QUOTE(erictham83 @ Apr 25 2021, 11:15 PM)
Can I ask how you all deposit the fund from Malaysia to Moomoo? Transfer directly from Malaysia Bank work?
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Probably but very expensive, just go open CIMB Singapore account, then send MYR to SGD thru bigpay or transferwise.
edwin1002
post Apr 26 2021, 08:43 AM

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QUOTE(honsiong @ Apr 22 2021, 12:26 PM)
Holy fucking shit, Moomoo is way faster than Tiger.

Deposit is acknowledged in < 1 min, as opposed to Tiger's 5 minutes.

Their mobile UI and stability, translations etc are done better than Tiger.

I will use both for a few months to see, no harm putting stocks in both accounts, they don't impose custodian or inactivity fees anyway.
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Moomoo took quite long time to reflect in the account compare to tiger. deposit on sunday until now still no reflect yet.
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