Is it ok? I saw got free apple share

Commission free trading

My Malaysian fren can apply too

Need to know if there's hidden cost like inactivity fee, option trading fee, withdrawal fee etc

Anyone using?

Yes ok. One of the good broker. Competitor is tiger. Moomoo is backed by tencent.

Is not commision free. Read properly. Commision free only for US customer. Asia get charged.

The fees are straight forward listed. The platform fees does not work like normal platform fees. They call it platform fees but you pay when you make a trade.

Keep in mind you need more than SGD2k to get that free apple share.

Wrong. It's perfectly legit. If scam, people won't be able to withdraw money.
If it's scam, it won't have license to operate in Singapore, HK and US.
If it's a scam, won't be backed by tencent.

This post has been edited by Ramjade: Apr 21 2021, 01:56 PM

It's not scam at all and it's under Tencent. Many singaporean join the Moomoo platform and also spend $2700 in order to get 1 apple share.

S$2700 is not spent, its just deposit and can be used to invest in other stuff right?

I heard got commission fee after 90 days but can't find info.

Also can't find other fees info.

Yup. That's right. You can even withdraw the money you deposit.

You didn't look hard enough.
https://www.moomoo.com/en-sg/act/welcome
https://support.futusg.com/en-us/topic76/h5

The closest I can find which is free is pure IB at USD0.35/transaction.

This post has been edited by Ramjade: Apr 21 2021, 04:55 PM

Sorry for misleading. Yes. Just deposit a $2700 to get 1 share of Apple.

My passport was expired can't apply it. haiz.

I think you don't need passport. IC can right? I opened tiger using IC.

Anyone know got inactivity fee and withdrawal fee?

Just Google la.
https://support.futusg.com/en-us/topic120/h5

No. You just need to pay when you perform trading.
PM me for referral link if you interested to sign up

30sgd withdrawal fee. Mahal la

Can I sign up then sell apple then come back? Will untung?

It's free when you withdrawal in SGD.

so doable kan? i in 2700, then run with apple share

transfer from CIMB Sg account into Moomoo (DBS POSB) via FAST, does it actually incur any charges? I just put in 10SGD to test water 5 mins ago.....

Yes doable. But better put in say SGD2800 for exchange reason.

Dunno how these brokers make money if we buy n hodl, Tiger gave me like SGD 170 in cash vouchers and now Moomoo keep giving ppl AAPL share, how?

They making more money than giving you free shares.

Tiger better ka? Maresia can apply?

See my footer.

I don't know if Tiger is better yet, still opening Moomoo, gonna deposit some money to try get AAPL stock and see how it goes.

Are you trying to troll? I already answered here.
I will be opening Moomoo also once my salary masuk. Useful as have free live price and possible free live price for options.

In your opinion, is Moomoo better than Tradestation Global / Interactive Brokers?

This post has been edited by kart: Apr 22 2021, 05:05 AM

Depends what are you looking for. Pure IBKR is still the cheapest in terms of commission and margin rates.

Only cons is no access to real time price, complex interface.

Moomoo only good for
1) real time price
2) possible real time option price (have not opened so cannot confirm)
3. Free apple shares.
4. Charting
5. US people as they get free trades while we have to pay.

I am only going to open moomoo for 1, 2 & 3. Nothing more.

If moomoo can lower their commision to IB price, and their margin at IB rates, it will be fantastic. Until then we can just dream on.

This post has been edited by Ramjade: Apr 22 2021, 11:02 AM

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.

Agreed. Moomoo is superior to tiger in every way. You opened with passport or IC?

Passport, not living in SG.

They don't accept Malaysian IC?
Cause tiger accept Malaysian IC.

This post has been edited by Ramjade: Apr 22 2021, 12:53 PM

They don't. But MY passport + MY proof of address work just fine.

Damn. My passport expired.

Yikes, apart from this, really no point renewing passport now until we are allowed to travel again.

Same issue with stashaway. They refuse to let me open unless I have passport. Was going to use stashaway as parking for my money. Thanks.

Are you guys sure it's really commission-free?

I spotted some marketing tricks.

Commission is low and attractive, looks good for promotion on index page of website, but look closely at the "platform fee" part.

https://support.futusg.com/en-us/category11029

So commission-free means you will still be deducted platform fee from your cash/margin account.

This makes me laugh lol:



They should say:

It's only commission free if you are US citizen. Otherwise you pay.

Wrong. The platform fees here is only activated and add to your trading coms if you are buying and selling. If there is no activity inside your account, no platform fees. It is not like FSM platform fees which will be minus every quarter. Moomoo call it platform fees but in reality it is just extra commission charged on top of m=normal commission.

This post has been edited by Ramjade: Apr 22 2021, 03:42 PM

Yes extra commission is still commission. The true cost is the commission + "platform fee". (You are right about the US citizen part.)

And even if you don't buy or sell within the same month, any purchase and selling after one-month since last trade will still incur that fee.



So you buy one stock of APPL, not selling it within one month, incur first charge of platform fee. One month later if you sell it, it's another month, so any buy/sell activity more than one month after the last order will result in platform fee being charged. (The fee is charged for cumulative orders per month.)

That's what I understand. Maybe I am wrong. Feel free to correct me.

EDIT: here's the chinese version, for better understanding. https://support.futusg.com/zh-cn/topic76?lang=zh-cn



So the platform fee is charged once, if the order is fulfilled in multiple blocks.
And the platform fee is based on cumulative orders per month.

This post has been edited by TOS: Apr 22 2021, 03:58 PM

Nvm I stick with tradestation dulu. No real incentive to switch.

Moomoo Tiger all these, is not approved by SC Malaysia, may i know how to ensure it is safe to trade and withdraw back to Malaysia bank account.
Wont it become etoro 2.0?

sorry my question might sound silly.

Just to say that I may be wrong. Their wordings are kind of confusing. Let's listen to sifu first.

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/)

This post has been edited by TOS: Apr 22 2021, 06:36 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.

Just done approval, deposit today. Now kena wait for free Tim Apple share.

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.

Haha. Nowhere is stated that the platform fee won't be charged within this 90 day period 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

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

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.

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.

Sian... Moomoo malaysian ic tak boleh. And I don't have passport.

Free AAPL stock should be worth wasting 1 year of passport effective time.

I have received AAPL stock, sold it for cash, and bought more VXUS.

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 ?

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.

Condition (iii) are you sure?

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.

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....

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

This post has been edited by ikanbilis: Apr 24 2021, 04:35 PM

Account approved?

Approve today. Just deposited sgd2700 into the account. Now waiting for my free apple share.



..



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

I think current promotion end on 31st of April, those who are interested better act fast!

have u deposited and get a free share ady?

yeap，look at the apple price and you know when I got mine

Can I ask how you all deposit the fund from Malaysia to Moomoo? Transfer directly from Malaysia Bank work?

Probably but very expensive, just go open CIMB Singapore account, then send MYR to SGD thru bigpay or transferwise.

Moomoo took quite long time to reflect in the account compare to tiger. deposit on sunday until now still no reflect yet.

How did you deposit? Maybe I deposited on weekdays that's why it's quick.

their FX rate is not as good as IBKR or tiger right

near instant deposit into futu acct via FAST

My usd trade with moomoo

Transaction below usd1000, fee usd1.07

Transaction 1001 to 2000, fee usd1.66

PM me if anyone need referral for moomoo

Promotion referral now allowed at lowyat forum?

Nice. Momo bank in fast. Will seriously consider it. Anyone ask about inactivity fee yet?

Double post

This post has been edited by alexkos: Apr 28 2021, 03:21 PM

Last 2 days before they end the free Apple share!

Been a customer on this platform for a month and I must say other than cheap fees, the UI a little underwhelming compare to Tiger which is cleaner and sleek.

I dont thk there is inactivity fee. If you dont want to trade just withdraw all after you get the apple share. I have sold my free Aapl yesterday at usd134.60 for cash. Not withdrawing yet as i am still testing the platform with some day trades.

the deposit notice from the app is almost instant upon submitting my deposit via CIMB SG

Tested moomoo cash withdrawal function

SGD cash withdrawal application submitted through DDA 9.52am

Received money in my DBS account 4.50pm

I withdrew the bulk of my sgd cash. From moomoo to cimb sg, took no more than 4 working hours.

Any hiccups for first withdrawal into Sg bank? Did they ask for bank statement etc? thanks in advance

No hiccup

Yes need to provide bank statement in your name for first withdrawal

Addition : Made the 2nd withdrawal to my DBS today and money received in 3 minutes.



This post has been edited by ikanbilis: Apr 29 2021, 12:40 PM

Tq for ur reply. I'm going to try to withdraw once I got my bank statement. Just opened my cimb sg account weeks ago so no bank statement yet.

too late i don't have any SG account, only manage to see this today

don't think one day is enough to open up new acc and everything

need ppl to confirm on

1) option trading fee (prefer actual execution)
2) option data (available?) need to pay?
3) inactivity fee if any
4) min amount to maintain the account (i know opening is 2700, but what if the amount dips below it?)

moomoo is advantageous because of speed of money transfer (way faster than TSG). With moderate fee I'm seriously considering in switching.

Need my birth cert ready to apply for passport. Yes, I don't have one.

I just print screen the cimb webpage that states my name and account number in a single page.

No hiccup. Very fast.

1.https://thefipharmacist.com/tiger-brokers-vs-moomoo-futu/
You may refer this for the option fee. Share and option trading fee is the same
2.Option data is free
3.No inactivity fee
4.no min amount, you do not need to deposit sgd 2700.you can trade even you have 100 in it. 2700 is just to get and apple share and it is ending in this month. I think gonna wait until their next promotion.

You can just open an account first and wait for any upcoming promo, I think more to come viewing at current tense competition between moo and tuger

Fee is denominated by number of share you trade but not the value

Okk. Thought they will only accept bank statement. Thanks for the info

I see...this is so different from the Msia and Spore market that i trade for years.

Anyway i am withdrawing all my money from moomoo because of this platform fee. I check my statement my platform fee amounted to USD70 for my two days trade. This is too much. I am moving my fund to Tigerbroker.

I think tiger commission is based on number of shares too, no?

No idea. But tiger has no platform fee. Also tiger has points which can convert to free commission.

Btw, i have withdrawn all my fund from moomoo. Bye2 moo and thanks for the free apple share.

If you want the cheapest coms go with pure interactive broker at USD0.35/transaction.

Thks for recommeding but i already have scb, moo and tiger. I will use tiger as my main trade and the other 2 brokers as spare.

any idea how long does it takes for the cash (usd) to be available for withdrawal after selling the apple share ?

I sold monday, able withdraw to bank Thursday

Do they accept depo via wise, instarem, bigpay?

i think no. u need have bank account in singapore under your name.

They already said no third party deposit.

just deposit, then take out after you get the free share. Tiger brokers also giving free star bucks share.

combined, both free 350 sgd basically.