Yes, you can trade and invest with Moomoo in Canada. We rate Moomoo as safe to use in Canada as Moomoo Financial Canada Inc. is regulated by the Canadian Investment Regulatory Organization (CIRO) and is a member of the Canadian Investor Protection Fund (CIPF).
Moomoo Canada provides Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP), which are specific to Canadian investors seeking tax-advantaged investment options.
One of the key differences between using Moomoo in Canada and the US is that when buying American Stocks you will have to convert your CAD into USD. Moomoo is actually quite cheap for this compared to other Canadian trading platforms like eToro who can charge up to 1.5% for converting currency to invest in US-denominated markets (but eToro don’t have a minimum charge).
Converting CAD to USD with Moomoo costs 0.09% times the transaction amount + $2.
So if you bought $1,000 of Tesla shares with Moomoo it would cost you $2.90 in FX charges, but with eToro it would cost $15.
However, if you are a very small trader or investor and only want to buy $100 worth of US stock, it would cost you $2.09 but with eToro only $1.50.
Moomoo Review: A nod to bullish trading and investing
Name: Moomoo
Description: Moomoo is an online trading and investing platform developed by Futu Holdings, a technology-driven brokerage firm based in Hong Kong. Moomoo offers a range of long term investment products like fractional stocks and ETFs as well as speculative options and margin trading.
Is Moomoo any good?
Moomoo is available in Canada, Australian Singapore and the US and has a robust platform that caters to both retail and more sophisticated traders. Compared to platforms like Robinhood and Webull it’s got better data, DMA and global market access. However, for active traders it’s not as institutional grade as Interactive Brokers or more established platforms like TD Ameritrade’s thinkorswim.
There are a few key features to Moomoo like real-time market data and advanced charting where you can trade DMA, with good technical indicators for advanced traders. There is also a good demo trading account so you can practice before you deposit real funds. You can also make a automatic buy sell order on Moomoo with OCO stop and limit orders for effective risk management of positions.
We consider Moomoo a safe trading platform as they are regulated by the SEC in the US, the MAS in Singapore and ASIC in Australia.
Pros
- Free U.S. stock trading with no commissions.
- High-quality market data and analytical tools.
- Access to global markets (e.g., Hong Kong and Chinese shares).
- Engaged social trading community.
Cons
- May feel complex for beginners who are not familiar with advanced trading tools.
- Limited in terms of certain account types (e.g., retirement accounts may not be available everywhere).
- Some features (e.g., market data) require a subscription fee after a trial period
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Pricing
(4.5)
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Market Access
(4.5)
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App & Platform
(4.5)
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Customer Service
(4.5)
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Research & Analysis
(4.5)
Overall
4.5
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
You can contact Richard at richard@goodmoneyguide.com
