Moomoo Review & Tutorial 2021 | Advanced Commission Free Trading App + FREE Level 2 Data
what's going on you guys welcome back to the channel so in this video today we are going to be doing a review and tutorial of the commission free moomoo now you may have never heard of this before but i've actually been working with the mumu team over on my blog investingsimple.com for the last six months and they approached me about sponsoring a review on the channel so i'm putting together a full and comprehensive review of moomoo and i'm going to remain completely unbiased and just for full transparency moomoo has sponsored this review also guys just a real quick disclaimer here first of all i am not a financial advisor and this is not any sort of financial advice and you should always do your own due diligence and research above and beyond this video and this video here is for entertainment purposes only also guys do keep in mind i've been having a lot of trouble down in the comments with spam comments and scam comments from other people out there so if you guys do see any comments where people are pretending to be me or saying hey contact my portfolio manager or get a hold of me on whatsapp guys that is 100 a scam that is not me and you can help me out here as well if you see those comments make sure you comment below them that it's spam or a scam or simply report that user so right off the bat here guys what exactly is moomoo and more importantly what separates this from the other options available today well moomoo is what we call an advanced trading platform that offers access to commission free trading on stocks options and etfs so right off the bat the main thing that's going to separate moomoo from others out there is the level of data and the advanced trading features so for that reason here guys you know it isn't necessarily the most beginner friendly option but if you are somebody who has been using different commission free trading apps out there for a while and maybe you're finding that there's not as many features or charts as you're looking for well moomoo is sort of a more advanced more sophisticated version of those basic trading apps out there so mumu is based in the silicon valley in california however mumu inc is an indirect wholly owned subsidiary of futu holdings which is a larger brokerage company in china uh so that is the deal here but they do have um obviously offices and they are based out of the united states future inc is a sec registered broker dealer that is a member of finra and sipc so what that means for you guys here is despite the fact that it is future holdings based out of china it is a fully legit trustable brokerage that has the same types of insurance as the other commission free trading apps out there so there's no difference there in terms of safety or worrying about funds it has the same exact sipc insurance so why do people choose moomoo over other apps out there well first of all if you're still using a that's charging you commissions on your trades that could be a very easy reason why you might consider this option because mumu offers commission free trades beyond that you're also going to have access to a lot of advanced charting and research tools that you're just simply most likely not going to find on these other more beginner-friendly watered-down investing apps you also have the ability to build customizable dashboards and you can invest in stocks etf's options beyond that they also offer a free stock incentive at sign up and moomoo has provided me with a sponsored link down below so if you do use that link it's not an affiliate link but moomoo is going to give you guys free stocks just for signing up and depositing some money so covering the pros here of moomoo this is what people generally like about this app commission free trading which we already covered you also have the capability of doing short selling as well as margin trading a lot out there today do offer margin trading however short selling is certainly less common they also have as we said that free stock incentive which we'll cover shortly they have advanced research tools and customizable views with over 62 technical indicators and 22 drawing tools now here's where things get a little bit more exciting they offer you free level 2 market data whereas a lot of other is out there are going to charge you a monthly subscription for that so i did a video recently talking about moomoo's level 2 data and how you can actually use that as an advantage when researching stocks so i'm going to put that video up in the corner for you to check out at the end if you're more curious about that beyond that you're getting access to real-time quotes on moomoo there's no sort of delay they also offer free extended hours trading which means you can trade on normal trading days from 4 a.m to 8 p.m eastern standard time now there also is another advantage here because of the fact that it is based in you have access to hong kong stocks and other international securities that you just may not have availability to on other mainstream you know beginner friendly and they also have access to ipos or initial public offerings where you can have an initial purchase of a begin a brand new stock offering right through the moomoo app now that being said there are a few cons to speak up here with muumuu first of all there's a bit of a longer learning curve due to extreme ability to customize you can do so much with this app and they've packed so much into it that if you are a complete beginner it might be a little bit overwhelming but as i said earlier if you've already you know gotten your feet wet with other commission freaks out there and you're looking for a bit more in terms of data and functionality you know moomoo is definitely a good option here to consider beyond that they do have a more limited track record they haven't been around as long as some of the other guys but as i mentioned to you i've had a working relationship here with moomoo for the last six months and because of that you know i agreed to have them come on the channel uh for this video review uh just because i do trust them at this point and i have worked with them beyond that there are no retirement accounts so if that's what you're looking for that could potentially be a deal breaker and there's no better business bureau review page uh but there are quite a few reviews online that are generally positive and it seems to me that this is just as good as the other ones out there just as safe but it has more to offer than what you're getting from most commission free trading apps so now what i want to cover is more information on the moomoo exclusive features that you likely are not going to find anywhere else so first of all it is the smart research tools one of those is called p l analysis which allows you to view total profit and loss for your account and the ability to rank stocks in your portfolio by their profits this is a massive feature that i hope other commission free trading apps adopt and it's the fact that it's difficult when you're looking to get an idea of you know your percentage gain and are you beating the market are you you know keeping up with the market or falling below it so the p l analysis is a awesome feature definitely you know something that makes moomoo stand out beyond that they have 22 custom drawing tools that gives you the ability to discover trends and patterns they have options analysis tools in terms of charting they have line charts candlestick charts mountain lions bar charts and more you can also get insights into capital flows of a company third party ratings shareholder statistics and financial summaries with earnings per share uh return on equity gross margin and many other important financial statistics so touching more on that level two market data which is 100 free over on moomoo here is how that works so moomoo offers members access to level 2 market data but what exactly is that well level 2 market data shows an investor the order book for a given stock which basically means it's going to highlight the bid and ask prices by various market makers so instead of just seeing okay this is what the price is right now and this is the spread based on the current bid and ask you're actually able to open that up further and see the entire order book which is everybody looking to buy shares of that stock and sell shares of that stock and what the given price is uh in some cases if they have you know they're looking to sell shares at a certain dollar price that is all visible here through the order book completely free via this level two market data so this level two market data is going to give investors an insight into the price action of a stock so it kind of paints a bigger picture here of instead of just looking at this current bid and ask price you can look at the actual orders so for example you know it might be interesting to know if somebody's looking to buy a hundred thousand shares of a certain stock at the market open you know that's the kind of details you're able to see and unearth when you get into this level to market data in the past this type of data was reserved for you know the hedge funds and you know the wall street investors but these brokerages are democratizing finance and giving us the same tools that they have making this a more level playing field all around and then another huge benefit to the free level 2 market data is those real-time quotes so all investing platforms out there display the price of a stock but did you actually know that many of them are displaying a delayed price sometimes delayed as much as 15 minutes so that is where things can run into a problem because if you're trading stocks that are quite volatile they could have had a massive price move within that last 15 minutes but if you're using a with a delayed quotation system you would have no idea with mumu investors have access to see the actual price in the very moment ensuring the best possible price at purchase now as far as the extended hours trading goes if you use a lot of commission first out there you're only able to trade from 9 30 a.m to 4 p.m eastern standard time which are the normal open hours for the market however for moomoo users are able to access extended hours trading for free which means they can trade the pre-market from 4 am till 9 30 am and they can trade the aftermarket session from 4 pm until 8 pm so why does this matter well this matters because company news and different things often come out before or after regular trading hours so let's say for example you were looking to trade a company you know after their earnings report came out and that would be kind of a funny thing to do because people typically would buy in before it but let's just say for example that's what you were looking to do if a company you know reported their earnings after the bell which is typical usually around 5 p.m eastern standard time instead of having to wait until the next day to buy your shares you would be able to purchase shares via moomoo in that aftermarket hours session up until 8 pm eastern standard time so there is less liquidity in extended trading hours but it is a unique tool that you have in your toolbox using moomoo so more on the topic here of ipos moomoo has a feature called ipo subscription so basically what you're going to do is you navigate to the me button in the app select all and then under trading accounts and then under stock you're going to select ipo subscription but later on i'm going to show you guys exactly how to do that in the app demo after that you're going to select a market either hong kong or united states and then you're going to click on subscribe that is of course if you do find an ipo that you potentially want to participate in after that allocation of shares determines whether or not you actually receive your subscription and you will have access to the prospectus ipo date price range etc so if you do subscribe for an ipo there's no guarantee you're actually going to get it but it is cool that you have this option available to you because you're just not seeing this with many other commission free trading apps out there also as mentioned if you're looking to get some global market exposure you also have access to the hong kong stock market via moomoo and there are some separate fees associated with the hong kong stock market but i will put a link down below for the full fee schedule for future inc they also offer convenient currency exchange in-app at no extra charge beyond that guys here are some other features of moomoo that may be interesting to you first of all they have free paper trading in the app which is great because if you're a complete beginner and you're just getting started i would highly highly recommend playing around with the paper trading functionality of moomoo before using actual money because there is so much packed into this app it can be a little bit overwhelming at first so it's awesome that you're able to use paper trading and kind of have that sandbox mode where you can test out the app without using or risking real money beyond that guys there's also a social element here to moomoo because they have a trading community of over 100 000 participants investors are able to post share create polls and ask questions and this can be a great way to find new perspectives about different investment opportunities there's also a news updates tab which is going to allow you to see any news surrounding different companies that you are researching or just major news headlines all over the world related to the markets you can also set up the market monitor tool to create custom notifications for things such as earnings reports company events or other relevant news and then in terms of security here guys as mentioned earlier moomoo is being offered through futu inc which is a much larger much more well-established parent company over in china future inc is an sec registered broker-dealer that is a finra and sipc member so through that s-i-p-c you are fully insured up to 500 000 for your securities including a 250 000 limit for cash and as mentioned there is still currently no better business bureau page for moomoo but hopefully that is something that they are working on just to again build trust with new users since it is a newer app coming to the market also guys it is important to remember that all investments carry risk regardless of the brokerage and sipc is in place in case your assets go missing or your cash goes missing it does not protect you from losing money from purchasing a stock or anything out there and having it go down in value alrighty guys so that's the basics here of moomoo now we're going to jump into the live demo and show you guys what the moomoo app looks like okay guys so here we are inside of the moomoo trading app over on my phone and the first thing that you're met with here is an overall watch list now this was automatically populated by mumu themselves but my newest addition there to this portfolio which is genius brands international is listed all the way there at the top so this right here is showing you a watch list of some of the most popular stocks out there and this is pretty interesting as well future holdings the parent company of mumu is actually a publicly traded company which you could theoretically trade into if you wanted um so that's another interesting tidbit there so this right here is showing you the quotes for a given stock and if i move over here to the right it's going to show you my actual positions so i ended up getting two free stocks when i opened up my account and i put 500 in there and i got one free share of siriusxm holdings and one free share of celestica inc and then i purchased some shares of genius brands international and i still have some money left over for demonstration purposes to show you guys how to actually place a trade from here you can look at the u.s markets hong kong markets and other markets they have access to futures you can look at broad market indexes across global markets and if you look under markets here this is where you can get data on you know u.s markets hong kong canada
crypto uh futures and even forex there is just so much data in here that is unreal if we get into the heat lists here and you click on that this is going to show you what are some of the hottest stocks right now using that trade heat metric over on moomoo so if you're actually looking to place a trade on the moomoo app you're going to click on the trade button here and this brings you into my actual account now again if you're completely new i'm gonna recommend you start off over here at paper trading and practice with that paper money um rather than you know getting started with real money just to familiarize yourself with the platform and this is also where ipo subscription is if you're looking to potentially get in on any ipos this right here shows you my account and my current positions if i jump over here to news this is going to show me current news headlines and then if i jump over to my watch list it's going to show me news related to any companies on that watch list after that here guys there's the calendar feature where you can set alerts for earnings and different things like that now if you're interested in the more social component going on here with moomoo you're going to want to jump over to the moo tab and this is where you can look at many different resources put together by other investors as well and the social media aspect where you're able to post and do polls and different things like that and then if you jump over to the me tab this is going to show you other potential things that you might need like funding the account help customer service etc and things of that nature now you also have a messaging tab in the top right where you're going to receive notification from moomoo but you can also create chat rooms with your friends if you want to talk right in the moomoo app and discuss about different stocks so that is mumu in a nutshell here guys the last thing i'm going to do here is go ahead and place a trade just so you're familiar with how that process works and then i'm going to sell one of my free stocks that i received earlier in the week so we're going to jump over to the trade tab and i'm going to go ahead and buy some shares of genius brands international when i click on this you can see all of the different information available here in terms of the current price you get a really nice chart there you get the order book because you have level two market data and if you scroll down here you can see that full order book which gives you a lot of insight into what's going on behind that price action if you scroll down there's all kinds of indicators for following you know what's happening within the company in terms of their financials we dive into a lot of this stuff deeper in some of the other videos about level 2 market data and things of that nature so we're just going to do mostly a broad overview here jumping over to comments here's what people and users are saying about the stock if we jump over to news we get news headlines surrounding the company analysis is going to show us what is going on within the stock and one thing in particular here guys is that this stock does have a high degree of short interest so that right here is an important chart to consider looking at that growth of short interest over time interpretation of indicators this is putting it in oversold condition which is my opinion on the stock as well and all kinds of other very good data that you may simply be curious about if you're looking to do the maximum research possible you can jump over to the options tab if you want to look at the options trading on this stock on the financials tab it's going to show you the different financial documents of the company and the key indicators and then over on the summary tab it gives you a general overview of what this company is and what they do so what i love about moomoo guys is that before them i'd be jumping around between two or three different apps getting my information from all different sources i like how everything is built in with moomoo and you can do it all in one place so now what we're going to do we're going to jump over to the trade tab and we're going to buy some more shares of genius brands so we're going to click on the orange trade button and that brings us to this screen here so first of all by default it is setting this as a limit order but i'm going to go ahead and make it a market order just because this stock does have decent trading volume and so there's not too much of a spread now in terms of the quantity that's totally up to you but i'm just gonna go ahead and purchase five shares of genius brands and then i'm gonna have to click the blue button to unlock the trade because i set a trading password just to make my account more secure so now i'm unlocked for trading i'm gonna click on the blue buy button and just like that lightning fast the order was submitted and i purchased five shares of genius brands so now at the bottom you can see i have 105 shares of genius brands at a cost basis of 170.79 so that's how you buy a stock on moomoo now we're going to turn around and sell it so we're going to go ahead and sell one of my shares here of celestica inc so if we click on that what we're going to do is click on the trade button but instead we're going to go over here and we're going to make this a market order and we're going to actually be selling the stock so we scroll down here we're going to do one share a day order but instead of clicking on the buy button we're clicking on the sell button so i click on the orange sell button just like that the order is submitted i get a notification it sold at exactly 750 and then over the next three days once those funds settle i'll be able to you know take them out of my account or reinvest them somewhere else so anyways guys that is going to wrap up this review and tutorial of the commission free advanced trading app known as moomoo like i said if you guys want to get a bunch of free stocks use that sponsored link down below from moomoo and that will ensure that you're getting the most possible free stocks and that is because the amount of free stocks and the value changes all the time but if you use the link down below that's always going to be the most current and best promotion giving you the best bang for your buck in my case here guys i opened up my moomoo account and i put 500 in there and i ended up getting two completely free stocks worth around thirteen dollars so the fact that it's commission free and you don't have to pay for the trading there's no nothing you pay for with the service and i was able to get thirteen dollars for free you know that's pretty cool and if you guys wanna check it out and get some free stocks yourself that link is down in the description below but anyways guys that's gonna wrap up this video thank you so much for tuning in subscribe and hit that bell for notifications drop a like if you enjoyed this and as always i hope to see you in the next video
2021-09-18 18:20
