This article was sponsored by Futu Holdings. All views expressed in this article are the independent opinion of DollarsAndSense.sg based on our research. DollarsAndSense.sg is not liable for any financial losses that may arise from any transactions and readers are encouraged to do their own due diligence. You can view our full editorial policy here.
In a previous article, we wrote about Futu Holdings (“Futu”) and how they intend to launch their mobile brokerage app – moomoo – in Singapore to provide exceptionally low-cost trades. Backed by multinational technology conglomerate Tencent, Futu is a fully digital brokerage and wealth management platform.
As of 8 March 2021, Futu Singapore Pte. Ltd. (“Futu SG”), a wholly-owned subsidiary of Futu Holdings Ltd (NASDAQ: FUTU), has officially launched in Singapore for investors here.
What this means is that Singapore investors can now trade through Futu SG via Futu’s moomoo app across three major financial markets – the U.S stock market, the Hong Kong Exchange and of course, the Singapore Exchange.
If you are keen to trade through or would like to explore how the moomoo app works, here’s a step-by-step guide on how to open a moomoo securities account.
Step 1: Download the moomoo app on your mobile phone
moomoo is a fully digital trading platform, so the investment services they provide are offered online. You can access these investment services easily via the moomoo app.
The moomoo app can be downloaded via a mobile app on our smartphone.
Available on the App store for Apple users
Get it on Google Play for Android users
You can also install it on your laptop/desktop if you prefer to make your trades on a larger screen or multiple screens.
Step 2: Open your moomoo securities account
After downloading the app, you can access the moomoo platform on your phone. However, to start trading via the moomoo platform, you have to open a brokerage account with moomoo.
moomoo typically offers promotions when you first sign up with them so don’t miss out on this promotion. You can check out the latest moomoo promotions here if you are thinking of opening and funding an account for the first time.
Step 3: Fill in the details required. Use Myinfo for greater convenience
Signing up for a brokerage account with moomoo is easy and you only need to provide basic information such as your name, contact details, address and income. Also, if you opt to use Myinfo to sign up, the process becomes even easier since most of the details will be prefilled.
With the basic information mainly prefilled for you, the only other questions you have to answer are standard disclosure questions that you will see in any form when opening a brokerage account in Singapore.
Once you are done, you will be asked to declare that the information provided is accurate before submitting the form.
In total, we took less than 2 minutes to sign up for our brokerage account with moomoo.
Step 4: Wait for account opening confirmation
While moomoo states that it may take up to 1-3 business days, the account opening is usually quicker. We received our confirmation for account opening in less than 15 minutes.
Step 5: Top-up your account and start trading
You can fund your account before you can start trading.
Funds are expected to be deposited in 1-3 working days and an email and app notification will be given to you once your fund deposits are in. Do remember to state your moomoo id when you are making your bank transfers.
Remember, as part of their launch promotion, you may receive different gifts and benefits including free shares. So don’t forget to check their promotion out to ensure you don’t miss out on any gifts or benefits.
Enjoy Value-Added Services Via moomoo For Free
Besides allowing you to make trades at low cost on the stock market, the moomoo app also allows you to access value-added services.
For a start, if you are new to investing or trading, you can consider using Paper Trading for stocks and options.
With 1,000,000 in virtual funds, you can trade on the markets that you are interested in and get a feel of how it’s like investing in stocks, and to get familiar with the moomoo platform, before you commit money into your trades.
One unique proposition that moomoo offers that traditional brokers don’t usually have is that you become part of a larger, worldwide investment community. moomoo allows you to follow financial brands and influencers via its follow and streams feature. You can also get access to business and financial news on the app, as well as news that are related to stocks on your watchlist.
For example, if you have the likes of Tesla, Disney and Netflix on your watchlist, the moomoo app will serve you the latest news relating to these stocks.
This can be very useful for those who are busy during the weekdays and need a convenient way to stay up-to-date with the latest news relating to stocks that we have invested in, or are on our watchlist.
There is also a Calendar feature to keep us updated on economic data, earning announcements or any IPOs that are happening.
With its low trading fees, access to major financial markets and many useful features ranging from technical charting tools, virtual investment account, a customised financial newsfeed and a worldwide investment community that you can be part of, opening a moomoo brokerage account is suitable for both new and experienced investors.
With the attractive promotions that moomoo is currently offering to Singapore investors, there are few reasons not to at least give it a try. Whether you are a new investor opening your first brokerage account, or an existing investor that wants to enjoy the competitive price and value-added services that moomoo offers, the moomoo platform is certainly one that you should not ignore.
For Singapore investors who are looking to open a moomoo account for the first time, you can check out the sign up promotions that moomoo has here.
Disclaimer: This advertisement has not been reviewed by the Monetary Authority of Singapore.
This article was first published on 10 March 2021 and we have updated it with the latest information.