Moomoo is an online trading platform known for its advanced trading tools and access to international markets. Avid Canadian traders will be happy to know that the platform is now available in Canada, after being available in the US, Singapore, Australia, Japan, and most recently, Malaysia. Moomoo is mainly focused on active traders who want a more comprehensive and advanced trading experience to invest in US and Canadian stocks and ETFs.
Read on to find out more about Moomoo Canada and if it’s the right fit for your trading needs.
What Is Moomoo In Canada?
Moomoo Financial Canada is a Canadian securities brokerage. Moomoo recently branched out into the Canadian market and is quickly becoming one of the more popular trading apps for US stocks.
The online stock trading platform provides investors with access to both Canadian and US stocks and ETFs. Investors can benefit from a user-friendly interface, free real-time market data, advanced trading tools, and low brokerage fees.
Moomoo Financial Canada’s goal is to provide a less complicated investment platform with powerful tools, real support, and lower fees so investors can make smarter investment decisions without breaking the bank.
Moomoo Financial Canada: Accounts You Can Invest In
You have several account options to choose from with Moomoo Canada:
TFSA
A Tax-Free Savings Account (TFSA) allows Canadians to save and invest their money without paying taxes on profits earned. TFSAs generally offer competitive interest rates compared to conventional savings accounts.
RRSP
A Registered Retirement Savings Plan (RRSP) allows Canadians to save for retirement, and contributions made are tax-deductible. Until the funds are withdrawn, any investment income earned in an RRSP can be tax-deferred, which allows your investments to compound faster.
Cash Account
A cash account is a non-registered account that requires investors to pay the full amount for the securities they want to purchase. Since all transactions are made with available cash in the account, borrowing is not required or permitted.
Margin Account
A margin account allows investors to borrow against their account’s value of securities, allowing investors to leverage their investing power with a low rate.
What Is Paper Trading?
Before you start trading with Moomoo, you can test the waters first with a demo paper trading account. This allows you to get familiar with how Moomoo’s trading platform works before investing your money.
Moomoo’s paper trading provides you with $1 million in virtual money and access to over 10,000 stocks and options. You can also fine-tune your trading skills by accessing hundreds of educational resources, mimicking top users, and participating in paper trade competitions.
Types Of Securities You Can Invest In
Moomoo Canada offers the following investment choices:
Stocks
Stocks represent ownership in a company and have historically provided higher long-term returns compared to other investment types. With Moomoo Canada, investors can trade stocks in both Canadian and US markets:
- US Stocks: Trade more than 7,000 US stocks during hours from 4 am to 8 pm EST.
- Canadian stocks: Trade stocks listed on the major Canadian trading platforms from 8 am to 5 pm EST.
ETFs
Exchange-Traded Funds (ETFs) hold a diversified asset portfolio and can include stocks, bonds, or commodities. This diversification helps investors hedge against risk. Like stocks, ETFs are traded on major exchanges, making them easy to trade.
Moomoo offers more than 5,000 Canadian and US-listed ETFs to choose from.
Options
An option is a contract whereby investors can buy or sell assets at an agreed-upon price for a specific time period. With option trading, investors can speculate on whether the price of an asset will increase or decrease from its current price, and by what date these fluctuations may occur.
With Moomoo, only US stock options are currently available.
Moomoo Features
Moomoo offers several features to help facilitate trading efficiency:
Real-Time Alerts
Get free access to real-time market data that updates every 0.03 seconds.
No Account Minimum
Moomoo removes the financial barrier to trading by requiring no minimum account amount to open and maintain your account.
Desktop & App Available
Download Moomoo for desktop trading or the mobile app to give you the flexibility to trade from multiple sources.
Charts
Customize your trading charts with the following features:
- Multi-Monitor Setups — Set up to 6 multi-monitors to run simultaneously to help you track several stocks at the same time.
- Technical Indicators — Choose from over 63 indicators that match your trading strategy for more comprehensive technical analysis.
- Drawing Tools — Access 38 different drawing tools to help you more quickly spot trading signals and enter or exit trades more effectively.
- Custom Indicators — Choose from over 190 functions to help you build customized technical indicators that match your trading style.
Stock Analysis
When trading stocks, you can take advantage of the following features:
- Short Sale Volume — Access daily NYSE and NASDAQ short volume data to make short sale trading activity more efficient and effective. Moomoo’s daily short sale analysis can help you pinpoint short sale signals and potential opportunities.
- Institutional Holdings — Use Moomoo’s aggregated institutional holding analysis to help you more easily assess ownership activities.
- Company Valuation — Gain valuable insight into a company’s health by accurately evaluating its stock using various valuation models. Use visualized and easy-to-read charts to quickly scan and compare different stock prices with historical data.
- Financial Reports — Access detailed financial reports from companies and compare several key indicators, including prior business growth and current revenue.
How Much Does It Cost To Use Moomoo?
MooMoo boasts low fees despite offering premium tools and services for advanced trading. The fee structure is as follows:
Stocks And ETFs
US stocks and ETFs:
- USD $0.0099/share
- Minimum USD $1.99 per trade
Canadian stocks and ETFs:
- CAD $0.0149/share
- Minimum CAD $1.49 per trade
Options
- $0.90/contract
- Minimum $1.50/order
Margin Rate (USD)
- $0 – $100,000: 8.83%
- $100,000 – $1 million: 8.33%
- $1 million – $50 million: 8.08%
- $50 million – $200 million: 7.83%
- $200 million+: 7.83%
Foreign Exchange Fees
- 0.09% + USD $2.00
Account Fees
- $0
How To Open An Account With Moomoo
To sign up for Moomoo account, follow these steps:
Step 1: Provide Your Personal Information
You’ll need to provide your full name and verify that you’re a Canadian who is at least 18 years old.
Step 2: Choose Your Account Type
Then, choose the account type you wish to open:
- Cash/margin account
- TFSA
- RRSP
Step 3: Verify Your Identity
Moomoo will want to verify your identity. As such, you’ll need to provide a few pieces of personal information, such as:
- Your birth date
- Place of birth
- Nationality
- Marital status
- Number of dependents (if applicable)
Then, you’ll need to enter your residential and mailing address.
Step 4: Provide Your Social Insurance Number
For tax purposes, you’ll need to provide your Social Insurance Number (SIN). Without one, you won’t be able to open a Moomoo account and use the platform to trade.
Step 5: Submit Your Application
Review and acknowledge the Customer’s Declaration, then submit your account application. Your Moomoo account should be approved within 1 to 3 business days.
How To Contact Moomoo Canada For Help
Moomoo is available for assistance and can be reached in several ways:
- By telephone:
- 1-888-436-0085 (Toll Free), or
- 416-849-0915 (local to Toronto area)
- Available from 8:30am – 4:30pm EST on trading days
- By email: support@ca.moomoo.com
- By online chat
What Are Canadians Saying About It?
One way to gauge whether Moomoo is the right trading platform for you is to see what other users are saying about the platform online. So, how do Canadians rate Moomoo?
| Trustpilot | 2.4/5 stars |
| Google Play | 4.6/5 stars |
| App Store | 4.6/5 stars |
Is Moomoo Financial Safe?
Moomoo Financial is dedicated to investor protection. The company is regulated by the Canadian Investment Regulatory Organization (CIRO). It is also a member of the Canadian Investor Protection Fund (CIPF), which provides clients with up to $1 million in each general account.
Alternatives To Moomoo
Moomoo is a great online platform, particularly for more advanced traders looking for powerful tools without the sky-high trading fees. That said, other options are available for Canadian traders to consider, including the following:
Interactive Brokers Canada
Interactive Brokers Canada is a Montreal-based trading platform that offers direct global access to stocks, bonds, options, futures, and currencies. The platform uses ‘SmartRouting’ technology to offer some of the lowest stock prices in 33 countries and 150 markets.
CIBC Investor’s Edge
CIBC Investor’s Edge is an online self-directed investment platform that lets investors create their own portfolios using multiple investment options, including stocks, ETFs, mutual funds, and options, among others. Investors like that this platform is affiliated with one of Canada’s big banks and is versatile for personalizing investments.
Questrade
Questrade is a popular online Canadian discount broker that offers a range of financial services, including stock and gold trading. The platform charges low stock and ETF fees and provides advanced research tools and excellent customer service.
Final Thoughts
Moomoo Canada is a great option for advanced Canadian traders looking for an in-depth and user-friendly online trading interface and powerful tools. However, since it’s focused on US and Canadian stocks and ETFs, it may not be suitable for traders looking to invest in global markets.
