Moomoo, a cutting-edge all-in-one investment super app, has recently launched in Malaysia. As a subsidiary of Futu Holdings Limited ๅฏ้ which is also backed by Tencent China. Moomoo MY aims to empower Malaysian investors by providing a professional, reliable, and innovative digitalized investment experience. The platform allows seamless trading of Malaysia and US stocks, ETFs (Exchange Traded Funds), warrants, and REITs within a single app. Moomoo Malaysia is licensed by the Securities Commission Malaysia.
The Moomoo trading account is nominee trading account registered at security commission under Futu Malaysia Sdn bhd. A nominee trading account is a type of account where a stockbroker (Moomoo) holds shares on behalf of clients, making buying and selling easier and providing safekeeping. In this arrangement, the shares are held in the name of the nominee Moomoo Malaysia, while you, as the investor, retain real ownership as the beneficiary. As such, to attend AGMs of Malaysian stocks/shares, you need to write in to Moomoo to appoint you as proxy to join AGMs.
Signing up for Moomoo Malaysia is 100% done online with eKYC (Know Your Customer). Account approval is fast and is usually approved in hours.
As of now, there is not Bank FPX option to transfer funds into Moomoo trading account. You need to do manual bank transfer to Futu Malaysia with your client ID as reference number for the team at Moomoo to attend. Moomoo trading account has multicurrency feature to hold in US dollars which can be used for purchasing US ETF and equities.
The fees for using Moomoo are as follows :
Malaysia Stocks, ETFs, REITs, and Warrants:
Commission: RM 0* (Yes, that’s zero commission!)
Platform Fees: RM 3 per order
Clearing Fees: 0.03% of the transaction amount (maximum RM 1,000 per order)
CDS Account Opening Fees: Free
US Stocks, ETFs, and REITs:
Commission: USD 0* (Again, zero commission!)
Platform Fees: USD 0.99 per order (only 1 USD per trade)
SEC Fees: USD 0.000008 (minimum USD 0.01 per trade)
SEC Stamp Duty:
Shares: RM 1.00 for every RM 1,000 (or fractional part) of the transaction amount (maximum RM 1,000 per trade)
ETF/REITs: RM 1.00 for every RM 1,000 (or fractional part) of the transaction amount (maximum RM 200 per trade)
Moomoo Malaysia is having 2 new user promotion now (until 31-3-2024) :
- RM100 credits after depositing RM500. (need to hold for 1 month)
The app puts a lot of gamification inside to encourage people to trade and test out their platform. There's this log into the app continuously and check-in for 7 days to get RM50 Grab food voucher.
Coupons to encourage buying of ETFs and Stocks via the platform.
There's also a social element like Etoro in it also where you can follow other users who post about the stock markets.
Currently Moomoo does not have option to buy fractional shares like Rakuten but I believe they will introduce this in future.
One thing to note is cash deposited into the Moomoo holding account does not earn interest.
๐If you're interested to sign up with Moomoo Malaysia, feel free to use my referral link :
๐ https://www.moomoo.com/my/promotion/referee?inviter=103982346
๐Links
https://www.moomoo.com/my
