This article contains promotional content .(December 2024) |
Industry | Retail Stock Brokerage |
---|---|
Founded | January 19, 2018 in Palo Alto, US |
Founder | Leaf Hua Li |
Number of locations | |
Key people |
|
Services | Retail Stock Trading |
Number of employees | 700+ (2024) |
Parent | Futu |
Website | moomoo |
Moomoo is a global investment and trading platform. Founded in 2018, Moomoo has expanded its operations to Singapore, Australia, Japan, Canada, and Malaysia. [2] [3] [4] Alongside its sister brand, Futubull in Hong Kong, Moomoo serves a user base of over 24.1 million individuals. [5]
The platform was created to address the complexities and lack of support often found in existing trading platforms. The founders recognized that many essential tools and data for smarter investing were not easily accessible, and aimed to make these resources available. [6]
Moomoo provides a stock screener function, enabling users to filter through stocks, ETFs, mutual funds, options, and fixed-income securities to identify investment opportunities. [7] [8]
Moomoo has an online forum with over 24.1 million users called the Moo Community. [5] In 2024, Moomoo ranked as the No. 1 stock trading app by downloads and daily active users (DAUs) in both Singapore and Malaysia, and No.1 brokerage on Tradingview from user ratings. It also ranks among the top 3 most downloaded in Japan. [5] [9] During 2024, Moomoo and Nasdaq announced a new Global Strategic Partnership, marking six years of collaboration focused on enhancing investor education and improving market access. [10] [11]
Moomoo was founded in 2018 in Silicon Valley. That same year, the company obtained a trading license from the U.S. Securities and Exchange Commission (SEC), allowing it to operate in all 50 states and U.S. territories. [2] [12] The platform offers a fully digital trading experience, providing access to stocks, ETFs, and options, with plans to introduce futures trading on the horizon. It also provides users with market data, financial news, interactive social features, and investor education, while offering low to no trading fees.
In September 2021, Moomoo US partnered with Benzinga to launch a paper trading competition. [13] On June 7, 2023, Moomoo held its first investor summit, "Trading with Moomoo: Evening Meet & Greet," at The Penthouse in midtown Manhattan. [14]
In November 2023, Moomoo US collaborated with CBOE Global Markets to introduce index options products for U.S. customers. [15] Around the same time, Moomoo updated its Cash Sweep program to offer a competitive annual percentage yield (APY), aimed at helping customers manage cash in a high-interest-rate environment. [7]
In March 2024, Moomoo launched the Moomoo Foundation in the U.S., focusing on advancing financial literacy, promoting economic equality, and supporting technological innovation in fintech startups. [16] [17]
By July 2024, Moomoo integrated its platform with TradingView, allowing users to trade directly from TradingView. In August 2024, Moomoo achieved a 4.7-star rating, placing it among the top-rated brokerages offering trading services on TradingView. In September 2024, Moomoo introduced a redesigned desktop platform, Moomoo Desktop, aimed at enhancing the trading experience for U.S. retail investors. [18]
Moomoo entered the Singapore market in 2021, marking its first foray into Asia. It became the first digital brokerage to receive full memberships from SGX Group across both securities and derivatives markets. [19] [20] Moomoo Financial Singapore Pte. Ltd. (Moomoo Singapore) is an award-winning advanced financial technology company transforming the investing experience through a digitalized brokerage and wealth management platform – Moomoo. Moomoo provides users with market data, news, and powerful analytical tools. Moomoo also embeds a digitalized investment community to connect all users, investors, companies, analysts, media, and key opinion leaders. In May 2023, Moomoo introduced 24-hour U.S. trading in Singapore, becoming the first in the local market to enable investors to trade U.S. markets around the clock, five days a week. [21]
In April 2024, Moomoo Singapore reached 1 million users in Singapore. [22] As of the second quarter of 2024, the Moomoo app led the brokerage market in Singapore in both downloads and daily active users (DAUs) for four consecutive quarters. In July 2024, Moomoo Singapore became the first digital brokerage in the country to secure a license for digital payment token services, adding crypto trading to its platform. [23] Moomoo Singapore holds a Capital Markets Services License (Licence No. CMS101000) and is regulated by the Monetary Authority of Singapore. Additionally, it operates as a Major Payment Institution (Licence No. PS20200617) and has Exempt Financial Adviser Status. [24] [25]
Moomoo launched in Australia in March 2022, allowing users to trade stocks and ETFs across U.S. and Australian markets. [26] In June 2023, it became the first local brokerage to offer 24-hour U.S. trading, allowing Australian investors to trade selected U.S. stocks and ETFs around the clock, Monday through Friday. [27] Moomoo continued to expand its offerings by introducing Hong Kong shares trading, U.S. options trading, and fractional stock investments, giving users access to over 22,000 global shares and ETFs. [28] [29] The platform also provides access to CHESS-sponsored Australian Securities Exchange shares.
In 2024, Moomoo received several industry awards in Australia, including recognition by financial comparison site Canstar and the Mozo Expert Choice Awards. [30] [31] It was also named the "Online Broker Rising Star" Gold Winner at Money Magazine's 2024 Best of the Best awards. [32] By Q2 2024, Moomoo ranked among the top three stock trading apps in Australia based on average user ratings on Google Play.
Moomoo made its debut in Japan in October 2022. The platform holds a Financial Instruments Business Operators License and is a member of both the Japan Securities Dealers Association and the Japan Investment Advisers Association. [33] The platform serves as a one-stop trading solution, offering a wide range of global assets, including U.S. stocks, Japanese stocks, mutual funds, and more.
In September 2023, Moomoo Japan launched its U.S. stock trading service. [34] [35] By July 2024, the platform expanded its offerings to over 6,000 U.S. stocks, providing the most U.S. stocks in Japan with 24-hour trading availability. [36] [37] As of May 2024, the Moomoo app had reached one million downloads in Japan, ranking as the third most downloaded online securities app in the country. In the same month, Moomoo Japan appointed Yutaka Matsushige as its brand ambassador and launched a prominent offline advertising campaign in Tokyo, boosting its visibility. [38] Moomoo Japan was also recognized by Nikkei Money as a top platform for high-net-worth investors, further solidifying its presence in the market. [39]
Moomoo entered Malaysian in May 2023, marking its third expansion within Asia. In February 2024, Moomoo officially launched in Malaysia, offering over 1,000 Malaysian stocks and ETFs, as well as 9,000 U.S. stocks and ETFs. [40] [4] The platform quickly became the most downloaded financial app in Malaysia. In June 2024, Moomoo Malaysia introduced an IPO subscription service, becoming the first stock trading platform in the country to offer a fully digitalized IPO subscription process. [41]
By Q2 2024, Malaysian stock trading volumes had significantly increased. In August 2024, Moomoo broadened its offerings by providing Malaysian investors with access to the Singapore Exchange. Within six months of its launch, Moomoo Malaysia was voted "Best Up and Coming Digital Investment Platform" at the 2024 PC.com Readers Choice Awards. [42] [43] As of October, Malaysian investors can also trade Hong Kong and China-A shares on Moomoo. [44]
Moomoo expanded into Canada in September 2023, offering advanced trading tools for Canadian investors, including over 63+ technical indicators and free Level 2 quotes for U.S. and Canadian stocks. [45] Canadian users also gained access to ratings from over 4,000 Wall Street analysts and 24-hour financial news.
In March 2024, Moomoo Financial Canada Inc. became a non-trading member of both the Toronto Stock Exchange (TSX) and TSX Venture Exchange. [46] Through partnerships with local securities exchanges, Moomoo expanded its stock coverage, providing access to a wider range of listed Canadian companies. In Q2 2024, Moomoo's Canadian stock trading volume increased by 106% quarter-over-quarter, reflecting its growing popularity among Canadian investors. [47] [48]
Moomoo, marked its six-year collaboration with Nasdaq by announcing a new Global Strategic Partnership focused on promoting investor education and expanding market access. [10] [11] s part of this partnership, Moomoo offered its 23 million users [47] three months of free access to Nasdaq Level 2 TotalView 60 streaming quotes, providing users with real-time market data to assist them in understanding U.S. stock market trends.
The signing ceremony for the partnership was held at The American Club in Singapore on April 18, 2024, reflecting the continued efforts by both Moomoo and Nasdaq to enhance the investment experience and provide access to key financial tools. [11] [49] [50]
In the second quarter of 2023, Moomoo formed a strategic collaboration with the New York Stock Exchange (NYSE). The collaboration is aimed at providing investors with educational content on financial products, trading, and industry insights, leveraging resources from the NYSE. This collaboration supports Moomoo's efforts to offer a range of educational materials and resources for investors. [51]
In November 2023, Moomoo announced a collaboration with Cboe Global Markets to offer U.S. index options, including options for the Dow Jones Industrial Average, Nasdaq-100, Russell 2000, S&P 500, and Cboe Volatility Index to U.S. customers. [52] This initiative aims to expand access to U.S. markets and provide investors with additional tools for portfolio diversification. To commemorate the partnership, Moomoo US hosted an event at Cboe's Chicago trading floor on November 16, 2023, featuring VIPs and management teams, followed by an educational session to introduce the newly launched products.
Moomoo donated $200,000 to the Make-A-Wish Foundation as part of its commitment to giving back to the community. [53] [54] This contribution will help fulfill the wishes of children in Singapore, Hong Kong, the U.S., and Australia who have been diagnosed with life-threatening illnesses. [54] [55]
At the annual SGX Cares Bull Charge 2023, over SGD$2.5 million was raised for beneficiaries. [56] Proceeds from this year's fundraiser will be distributed to AWWA, Autism Society (Singapore), Fei Yue Community Services, HSCA Community Services, and Shared Services for Charities through the Community Chest. Moomoo Singapore played a key role in the event through its flagship participation, MooFest 2023. At the event, Moomoo Singapore's CEO, Mr. Gavin Chia, presented a cheque for SGD$45,000 to Mr. Pol de Win, SGX Group Senior Managing Director and Head of Global Sales and Origination, formally showcasing support for SGX's Cares Bull Charge initiative. The funds will support vulnerable children, families, people with disabilities, and the elderly. [57]
Moomoo's first global female investors report, released on International Women's Day 2024, highlighted key investment trends among women in Singapore, North America, and Australia. [58] The report revealed that over half of female investors in these regions plan to increase their investments, despite facing challenges such as limited capital, fear of unknown risks, and a lack of investment knowledge. To help female investors overcome these obstacles, Moomoo introduced various solutions, including free financial education courses and access to a global investing community of 23 million members. [59] [58] The report also emphasized the growing importance of ESG factors, with 38.3% of female investors in Australia and over 70% in Singapore, Hong Kong, and North America incorporating ESG considerations into their investment strategies. [60]
Moomoo launched the Moomoo Foundation, aimed at advancing financial literacy, promoting economic equality, and supporting technological innovation among fintech startups. [61] [16] In its inaugural initiative, the Moomoo Foundation collaborated with New York University's Economics Society to host a financial literacy event titled "Invest Your Financial Future with Moomoo" on April 1, 2024, at NYU's Leslie e-Lab.
Justin Zacks, VP of Strategy at Moomoo Technologies Inc., led the event with a presentation titled "Getting Started in Stock Trading as a College Student," inspiring college students to take control of their financial futures by improving their knowledge of stock trading and investment strategies. [17] [62]
During the GameStop stock surge, there were inquiries from members of the US Congress regarding the involvement of various trading platforms, including Moomoo, in the temporary halt of trading. Fox News reported that Moomoo's executing brokers also briefly paused trading on GameStop stock, similar to other platforms such as Robinhood. [63]
Moomoo was one of several retail brokerages that were reprimanded for bringing on customers from mainland China without being properly licensed. [64] [65] [66]
The company has been brought into the spotlight by US politicians worried about Chinese influence in the US markets while determining if TikTok should be viewed as a security risk. Senator Tommy Tuberviĺe and Rep. Jim Banks asked the SEC and FINRA to investigate if information such as Social Security numbers, mailing addresses, and financial account data was being abused. [67] [68]
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