Moomoo is one of the best stock trading platforms built for active, experienced traders. It offers advanced mobile and desktop trading apps with features similar to most other top stock brokers.
This post covers whether Moomoo is available in Canada, what it offers, its top features, promotions, the best Moomoo alternatives in Canada, and more.
Moomoo is now available in Canada
Yes, Moomoo is now available in Canada. The California-based stock trading app announced its entry into the Canadian market in August 2023 and has quickly expanded its product line.
So far, Canadians can sign up and open a non-registered investment account along with RRSP and TFSA accounts. They can also open free paper trading accounts to practice virtual trading in a realistic simulated environment and earn cash prizes.
In addition, Moomoo offers Canadians free access to real-time level 2 market data for CA and US stocks.
Some of the securities offered by Moomoo in some other markets where it operates include:
- US stocks
- Exchange-Traded Funds
- Options
- American Depository Receipts (ADRS)
- Hong Kong stocks
- Chinese A-shares
Moomoo Promotions in Canada
Moomoo has a welcome bonus when you sign up for a new account. The current offer includes up to $1,200 in cash offers based on your deposit.
The bonuses available include:
- Deposit $100 – $4,999: $50 cash reward
- Deposit over $5,000: $100 cash reward
- Transfer in $10,000 – $49,999: Get a $200 cash reward or Apple gift card
- Transfer in $50,000 – $99,999: Get a $800 cash reward or Apple gift card
- Transfer over $100,000: $1,200 cash reward
What is Moomoo?
Launched in 2018, Moomoo is an investment and trading platform that offers commission-free trading of US stocks, ETFs, and options.
The California-based platform offers advanced trading tools, hence great for active, experienced traders.
So far, the Moomoo trading platform is available in 6 countries, including the US, EU, Singapore, Japan, Australia, and recently, Canada.
How Moomoo Works
Moomoo works as a mobile and desktop app. The Moomoo mobile app is available for Android and iOS, and you can download the desktop version for PC or MAC.
The platform offers powerful trading tools, including over 100 intuitive indicators, free level 2 quotes, and premium news sources.
Trading fees for US stocks & ETFs are $0.0099/share (minimum USD $1.99 per trade), while for Canadian stocks and ETFs, you pay 0.0149/share (minimum CAD $1.49 per trade). There are no account maintenance fees.
Moomoo’s Top Features
- $0 account and trade minimums
- Advanced trading tools, including charting, order types, drawing tools, indicators, etc.
- Free real-time level II market data
- Free paper trading to test your trading strategy without losing money
- Low margin rates of 7.83%
- Competitive FX fees of 0.09% + US$2 (USD-CAD exchange)
- Market news from various sources, like Bloomberg, Benzinga, Dow Jones, and Investorplace.
- A global community of 21+ million users
Moomoo Downsides
- It doesn’t offer bonds, mutual funds, or precious metals
- Limited account types: offers only individual taxable accounts
Moomoo Alternatives in Canada
Below are some Moomoo alternatives in Canada:
Qtrade
Qtrade is a good Moomoo alternative in Canada for beginners and intermediate investors. The platform offers simple-to-intermediate charting and trading tools and is accessible via its web-based platform and mobile stock trading app.
It also offers commission-free trading of 100+ ETFs, new issues, GICs, and mutual funds, hence great for Canadians looking to cut investment costs in these categories.
- Account Types: TFSA, RESP, RRIF, margin, Cash, LIRA, RRSP, LRSP
- Investment products: Stocks, ETFs, new issues, Exchange-Traded Debentures, bonds, Fixed Income Assets, Mutual Funds, GICs
- Trading fees: $6.95-$8.75/trade
- Minimum investment: $0
Qtrade
Up to 5% bonus cashback
Trade stocks, ETFs, options, bonds, etc.
Excellent platform for newbies and seasoned investors
Competitive trading fees
Excellent customer service
Questrade
Questrade is a Tonto-based investing and trading platform reputed for its wide selection of investment products, many account types, and commission-free ETF purchases.
- Account Types: TFSA, RESP, RRSP, LIF, RIF, Margin, Cash, etc.
- Investment products: Stocks, ETFs, Options, IE, FX, Bonds, CFDs, IPOS, Precious Metals, GICs, and Mutual Funds
- Questrade fees: 1 cent per share with a min-max fee of $4.95-$9.95 per trade; free ETF purchases
- Minimum Investment: $1,000
Questrade
Trade stocks, ETFs, options, FX, bonds, CFDs, mutual funds, etc.
Get $50 trade credit with $250 funding
Low and competitive trading fees
No quarterly inactivity fees
Access to advanced tools and trading data
Top platform for advanced traders
Transfer fees waived
Interactive Brokers
Interactive Brokers is the best Moomoo alternative in Canada for experienced and sophisticated technical traders looking to access complex algorithmic strategies, many order types, and APIs to build custom trading apps.
IBKR is also reputed for its low-to-zero fees, versatile trading platforms, and comprehensive list of 10+ investment products across 150 markets in 33 countries.
- Account Types: Retirement accounts, Individual, Joint or trust, Institutional, and non-professional Advisor accounts.
- Investment products: Stocks, ETFs, FX, crypto, options, mutual funds, bonds, Hedge funds, US Spot Gold, and Event contracts.
Moomoo Free Stocks
For users in the US and other regions, Moomoo sometimes runs promotions offering free stocks. For example, it has previously offered up to 16 free stocks and cash rewards as follows:
Sign up and deposit $100 or more: Receive 5 free stocks and a $50 cash reward
Sign up and deposit $1,000 or more: Receive 15 free stocks and a $50 cash reward
Sign up and deposit $5,000 or more: Receive 15 free stocks, a $50 cash reward, and 1 free share of $GOOG or $TSLA.
You must maintain your assets for 60 days to unlock your free stocks. And cash rewards can only be used to buy equities.
Related: Best Investment Courses in Canada.
If Moomoo is not offering commission free trading for us Canadian, then there is nothing to be excited for. We already have Wealthsimple, Mogo Trade, Disnat and NBDB which are all offering now commission free. The only draw down with them is that, they are not for active traders.
If Moommo is build for active traders with fast executions and offers free commission to resident, then we will get excited and switch all our account to Moommo trade. Otherwise, what is the different between Moommo and TD, IB or Questtrade.
However, thanks for the update. And let know the Moomoo that your are not welcome to Canada if you are offer commission free trading.
@Joseph: I think the main allure of the platform will be a combo of advanced trading tools and commission-free trading. Let’s wait and see what happens.