Guest Post: Review of moomoo by Futu SG - The current best platform for investing in SG/US/HK stocks
This is a sponsored post.
There are a few new entrants in the local trading platform scene over the past few months, and the latest challenger we have is moomoo powered by FUTU SG. After using it for the past few months, we find that this is the best platform out there if You are investing extensively in the SG/US/HK stock market.
Futu Singapore Pte. Ltd. (“Futu SG”) is a capital markets services licence holder regulated by the Monetary Authority of Singapore (Licence No. CMS101000). Futu SG's parent company, Futu Holdings Limited (“Futu”), is backed by world-class investors which include venture capital affiliates of Tencent, Sequoia Capital and Matrix Partners. The moomoo App is a trading platform offered by moomoo Inc., a subsidiary of Futu. In Singapore, investment products available through the moomoo app are offered by to Futu SG.
The reasons behind our moomoo powered by FUTU SG recommendation is that they are the best in-class in terms of:
• Customer service and processes
• Fees charged on the buying/selling stocks on SG and US markets
• Intuitive user interface.
Read on for our full review:
Best customer service and processes
In our experience, moomoo powered by FUTU SG’s customer service has been extremely prompt and knowledgeable. Where our money is concerned, and especially if you are a new investor starting out, having your questions promptly responded to is a priority. Their customer service can be easily reached via the chat icon in the “Me” homepage.
To test their responsiveness, we contacted their customer service at 12:23pm on a Sunday. When the automated chatbot was unable to provide a response, we were immediately given the option to route our query to a live agent, and we were chatting with an agent by 12:25pm. The agent was able to provide the information we needed and resolved the matter by 12:28pm. The whole process lasted less than 5 minutes, and on a weekend no less, the best customer experience I have encountered among not just trading platforms, but any financial firm in Singapore by far.
Cash deposit and withdrawal processing is also a breeze. If you have a DBS/POSB back account, you can deposit your funds using a Direct Debit Authorization option, where you can conveniently initiate deposits from within the moomoo powered by FUTU SG app itself, without a need to log in to any other banking platforms. For non-DBS/POSB users, funds can also be easily deposited via Internet Bank Transfer.
Cash withdrawals are also highly efficient. A cash withdrawal we did on a Friday took 4 minutes from the point the order was submitted to having the cash deposited into our bank account. Note that the official processing time stated is up to 1 business day.
Lowest fees for SG and US stock markets
Refer to this link for the full fee schedule. In summary, for US stocks FUTU SG charges the following: