Moomoo Review

I’ve been reviewing Canadian online brokerages for years, and it’s rare for a new platform to surprise me, but Moomoo Canada did. I spent several weeks testing its desktop and mobile trading platforms, funding an account, placing trades, exploring its trading and research tools, and comparing it with the biggest names in Canadian investing. Despite only launching in Canada in 2023, Moomoo has built a polished and feature-rich platform.

Moomoo isn’t trying to be everything to everyone. Its charting, research tools, customizable trading workspaces, and options capabilities make it a strong choice for active self-directed investors. However, its limited selection of registered account types, lack of fractional share trading, and dense interface make it a less compelling option for beginners or investors who want a single brokerage to meet all of their long-term investing needs.

Table of Contents

Pros and cons

Moomoo Canada fees

Moomoo Canada’s trading fees are higher than those of zero-commission brokers such as Questrade, Qtrade, and Wealthsimple. However, they remain competitive and are much lower than the big bank brokerages, which charge as much as $9.99 per stock and ETF trade. Moomoo operates on a per-share pricing model with minimum per-order charges, and unlike most bank brokers, it doesn’t charge annual account or inactivity fees. Unfortunately, Moomoo Canada doesn't offer fractional shares.

Stocks, ETFs, and options: When trading Canadian-listed stocks and ETFs priced over $1.00, you’ll pay $0.0149 CAD per share (min. $1.49 CAD per trade), plus a platform fee of $0.01 CAD per share (min. $1.00 CAD per order). When trading U.S.-listed equities over $1.00, you’ll pay $0.001 USD per share (min. $1.99 USD per trade), plus a platform fee of $0.0005 USD per share (min. $1.00 USD per order). The per-share fee is slightly higher for equities priced at or below $1.00 per share.

You can trade U.S. stock and index options through Moomoo Canada, but Canadian options trading is not currently available. Pricing for U.S. options is as follows: $0.65 per contract, min. $1 per order. Moomoo doesn't charge any exercise/assignment or currency exchange fees.

Margin rates: Moomoo Canada’s borrowing rates are based on the Prime rate and are among the lowest in the industry, even lower than Qtrade, Questrade, and Wealthsimple. At the time of writing, Moomoo charges the following:

By comparison, Questrade’s standard margin rates, also based on the Prime rate, are currently 8.70% and 11.25% for Canadian- and U.S.-dollar non-registered accounts, respectively.

Account and inactivity fees: Moomoo Canada doesn't charge account administration fees on its registered accounts, which include TFSAs, RRSPs, and spousal RRSPs. It also doesn't charge inactivity fees.

Platform fee: As mentioned above, Moomoo Canada charges a platform fee on all stock and ETF trades in addition to the standard commission. According to Moomoo, this platform fee “supports our ongoing investment in research and development, enabling continuous improvements in our technology and an exceptional trading experience.” This is something to keep in mind if you’re deciding between Moomoo Canada and a zero-commission brokerage like Wealthsimple or Questrade.

Range of investments

While not surprising for a global brokerage that only arrived in Canada in 2023, Moomoo disappoints for its narrow range of investment options and account types. You can buy and sell all Canadian stocks listed on the Toronto Stock Exchange, as well as 7,000 stocks listed on the major U.S. exchanges. You can also access over 5,000 Canadian and U.S.-listed ETFs, as well as U.S. options. And any uninvested cash sitting in your margin or cash accounts will earn you 2% APY through Moomoo’s Cash Sweep program, something most brokerages don’t offer.

While it supports some of the most popular account types, such as the TFSA and RRSP, you can’t open a First Home Savings Account (FHSA), Registered Education Savings Account (RESP), Registered Retirement Income Fund (RRIF), or any locked-in retirement plans or non-personal accounts. I’m hoping they will add more of these accounts to their product offering in the near future.

Mobile trading app

Moomoo Canada’s mobile app, which is available on both iPhone and Android devices, is one of the most engaging (and potentially distracting) trading apps I’ve tested. Alongside charting and market data are community discussions, promotional campaigns, rewards, and frequent notifications. The experience feels very gamified. For example, as you engage with the app, depositing funds or placing your first trade, you earn badges that you can choose to share with the community and add to your profile.

Stock quote pages include investor comments, and you can like and follow, or even join in on the discussion. If you can look past all of the promotion and social content, you’ll find a very powerful and intuitive mobile trading platform.

When it comes to mobile trading tools, you can choose from eight different order types, including “Limit-If-Touched” and “Market-If-Touched” orders. There is advanced charting, analyst ratings, and plenty of market news available. It’s also incredibly easy to create and edit watchlists, and you can set custom alerts, something you can’t do with Questrade’s Questmobile or the Qtrade app.

Trading Platforms

Unlike most Canadian brokerages, Moomoo Canada doesn’t offer a web-based trading platform. I was so surprised by this that I called their customer support to confirm. Instead, investors can trade through its mobile app or download the Moomoo desktop app for Windows or Mac. I tested the desktop platform on my MacBook Pro, and I found it to be one of the most capable I’ve used.

For such an in-depth trading platform, I found it surprisingly easy to navigate. The left-hand navigation menu is a thing of beauty. It keeps the platform's key features, such as watchlists, markets, portfolio, custom workspaces, paper trading, stock screeners, Moomoo AI, and the community feed, clearly organized and accessible with a single click. I didn’t have to hunt through menus to find what I needed. One omission is the lack of fractional share trading. With competitors like TD Direct Investing, Wealthsimple, and Questrade now offering this feature, it feels like a miss.

Trading tools: The desktop platform includes several advanced trading tools. Investors have access to free Level 2 U.S. market data with up to 60 levels of real-time market depth. When it comes to charting, there are over 100 technical indicators, 50 drawing tools, and an impressive eight order types. Options tools, such as multi-leg strategy support, a strategy builder, a profit and loss calculator, and an options screener, are fully integrated. It’s probably too much for beginners, but should satisfy experienced active traders.

Customizable workspaces: Moomoo allows you to build trading layouts that align with your trading style. It includes several pre-built workspace templates, including ActiveTrader, Options Trader, Portfolio Tracker, Multi-Chart, and Ladder, but you can also create your own layout by adding and arranging widgets such as charts, watchlists, order entry panels, and news feeds. The screenshot below shows the pre-built multi-chart layout.

Education

Moomoo has an impressive Learning Centre you can access from the website and mobile trading apps. It combines articles and video content, some of which are set up as multi-lesson courses that you can move through at your own pace. I was surprised by the amount of educational content on the website, especially Canadian-specific content.

For example, I counted over 40 educational pieces related to TFSAs alone. I haven’t seen anything close to that number from any Canadian brokerage I’ve tested. Under the Strategies & Insights tab, you’ll find content on everything from Canadian stocks and RRSPs to technical analysis, trading strategies, and even trading psychology.

Final thoughts

My overall impression of Moomoo Canada is very positive. I was surprised by how polished it is, especially considering it’s only been in the Canadian market for three years. Both the desktop and mobile apps are packed with features and deliver an intuitive, in-depth trading experience. From a usability standpoint, it might be the best platform I’ve tested in recent memory. I loved how easy it was to manage watchlists and custom alerts, transfer between Canadian and U.S. dollars, and customize trading workspaces. If you’re an active trader looking for access to stocks, ETFs, and options, Moomoo Canada is a serious contender.

That said, it won’t be the right fit for everyone. Registered account options are limited to TFSAs and RRSPs, which is a significant drawback if you want one brokerage to handle all of your investing needs. I also wouldn’t recommend it for beginners, who may find the sheer number of features and tools overwhelming. A zero-commission, beginner-friendly platform like Wealthsimple is probably a better place to start. The lack of support for fractional shares isn’t a deal breaker, but it’s a feature I would like to see added. I also get the sense that Moomoo Canada isn’t focused on expanding into fixed-income investing anytime soon. However, if it can broaden its account lineup, particularly by adding the FHSA, RRIFs, and locked-in retirement accounts, it has the potential to become a formidable competitor to top Canadian brokerages like Questrade, Wealthsimple, and TD Direct Investing.

Moomoo Star Ratings

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