Moomoo and Webull provide a platform for trading securities, but which is best for you? A brokerage account is necessary for trading stocks, commodities, and exchange-traded funds. Still, each company often has its own unique features and fee structure. It’s essential to find the proper brokerage account before investing.
When comparing Moomoo and Webull, it’s simple to identify the similarities between the two services, but also the contrasts. Both have user-friendly applications and provide traders with helpful tools like trend analysis and the ability to trade commission-free in more than 5,000 equities and ETFs. However, they have a few differences.
Moomoo allows you to buy shares on the Hong Kong Stock Exchange, but Webull does not. Only a select few coins are available for use on Webull.
Many brokers are out there, so picking the right one might be challenging. While Moomoo and Webull have advantages, the perfect platform for you may rely on factors like your experience level, the required features, etc.
Webull Overview
Wang Anquan, a former worker at Alibaba, established Webull in 2017. The platform has evolved from a mobile app to a web-based trading interface. Currently, more than 11 million people in the United States utilize it.
Webull is a decentralized exchange where users may purchase and sell assets without paying any fees. Aiming to do the same thing as Moomoo, it was made. Its developers created a central hub where investors could get everything they required.
The availability of fundamental and technical analysis tools on a trading platform is highly sought-after among investors. Due to the scarcity of suitable platforms, investors frequently resort to a combination of sources to make well-informed choices. Similar to the motivation for Moomoo’s creation, the goal of the Webull’s creators was to centralize valuable tools in one place.
Even if Webull isn’t as well-known as Robinhood, a competing no-fee trading software, the broker is still a good choice for mobile investors. Webull charges no commission on stock, ETF, or options transactions and does not charge a fee for trading cryptocurrencies. The app’s lackluster support for research stands in stark contrast to the extensive charting and other capabilities it provides.
Due to the introduction of fractional shares in 2021, investors can now buy individual stocks and ETFs for as little as $5. Having more options for account kinds is a plus. If you’re an investor interested in mobile trading, Webull is a viable alternative to its more well-known rival. Read here the full Stash vs. Webull review.
Moomoo Overview
Financial services firm Futu Inc. launched its investing app Moomoo in 2019. Trading US stocks is possible on the site without incurring commission fees, and speculators have access to many trading resources. About 13 million people are using the site in the United States, Singapore, and Hong Kong combined.
You may make trades on Moomoo without worrying about paying any fees. Moomoo Inc., headquartered in California’s Silicon Valley, is an affiliate of Futu Holdings Ltd. The March 2018 debut of the trading platform marked its official debut.
This new trading platform is becoming increasingly popular due to its extensive educational materials and superior charting features compared to competing apps. When contrasting Moomoo with Robinhood, the app’s extensive features stand out.
With Moomoo, investors can get everything they need in one convenient spot. Moomoo is a trading platform used online and via a mobile app. It provides users with no-cost transactions, sophisticated trading tools, and a flexible interface. The platform is a mobile app for iOS and Android devices and a desktop version for Mac and PC. As a trader, you may synchronize your settings, alerts, and notifications across your devices.
Moomoo does not presently provide cryptocurrencies, mutual funds, or bonds because it is still in its early stages of development.
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Webull vs. Moomoo Service & Feature Comparison
Costs
Keep in mind that Moomoo and Webull are commission-free brokers. You are under no obligation to purchase ADRs, ETFs, or engage in stock trading. Trading options do not incur fees with any of the brokers we compared. However, you will need to pay the little costs that exchanges and authorities assess. You may trade cryptocurrencies without spending a dime using Webull.
The platforms will have a somewhat different structure if you trade with margin. The interest rate on margin transactions with Webull ranges from 3.99 percent to 6.99 percent, depending on your account size. In contrast, Moomoo’s rates are fixed at 6.8 percent.
Finally, if your account balance is over $25,000, the margin rates offered by Webull are more reasonable than those of Moomoo.
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Account Types
The sorts of accounts available are where Moomoo and Webull diverge. At Moomoo, you can only open a personal brokerage account with no tax benefits. You may open a brokerage account or a standard or Roth individual retirement account with Webull.
Education and Research
You may rely on Moomoo’s research and investment tools since they are top-notch. Moomoo provides its users with many in-built screening tools, which they can use to locate profitable trading chances in real-time. Financial news and in-depth analysis of stock price changes are available around the clock. There is a worldwide network of investors consisting of 15 million people with a common interest in exchanging ideas and information about the stock market.
Webull is making moves to expand its library of instructional materials. Its instructional resources, however, still lag behind those of larger, more established brokerages.
Range of Investments
You may buy and sell thousands of stocks and ETFs on Moomoo and Webull, including most of those listed on the New York Stock Exchange and the National Association of Securities Dealers. Penny stocks aren’t traded OTC (over-the-counter) on either exchange. Both companies give their clients the option to trade options.
Webull is a cryptocurrency exchange where users may buy and sell eleven different tokens. A Webull account can’t be used to transfer or receive coins now. You can only get money from the nation by exchanging your coins for US dollars.
Trading Technology
Moomoo and Webull are two trading platforms that are pretty similar to one another. Both companies started in the smartphone space, but Moomoo has been left in the dust by Webull’s new web interface.
These services provide several benefits, including free level 2 market data and extended hours. Technical analyses and many types of conventional drawing tools are permitted. In the same way, you can do on stock trading software, you can view charts on full screen.
It’s also worth noting that both apps have social features pre-installed. For instance, Moomoo offers a feed where users may discuss and research popular stocks. If you follow inspiring traders on the platform, you may rapidly fill your feed with their activity.
Webull does not allow users to mimic other users. You can, however, read the user feedback. The site provides a stock screener to help users reduce their stock selection based on analyst recommendations, industry, and technical indicators.
Moomoo also has similar software that may be used for moving planning. This is because the site allows users to view projections of potential gains and losses and do in-depth analyses of basic and advanced choices.
Both Webull and Moomoo allow for trading, but Moomoo includes more specialized options trading analysis tools.
Mobile Apps
Full-screen charts, dozens of the most popular technical studies and drawing tools, and one-minute price data are all features shared by the two brokerage applications.
There are social features in both applications. You may see trending stocks and initiate conversations with other investors in Moomoo’s feed. Also, the network allows you to “follow” specific traders, making it simple to populate your feed with people whose trading strategies you find inspiring. Although you can’t “follow” other traders on Webull, you can see their comments as they come in. The firm provides the option to filter comments so investors may learn what others in the market think about a given stock.
Compared to its main competitor, Robinhood, Webull’s mobile app is more robust and offers a broader range of features. The software has a sleek design, and its charting features make it easy to study market data. Links to external news stories and the company’s own press releases may be found on each stock’s individual page. On the other hand, you may gauge investor mood by perusing the comments section of a stock’s Webull profile page.
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Financial summaries at a high level are also available, as is a breakdown of the app’s order book and how orders are distributed. A trade button appears at the screen’s bottom; clicking it opens the trading screen, where you may enter the deal’s details and proceed. If you are an options trader, click the link at the bottom of the page, and you will be swamped with options quotations. After selecting the desired options structure and strategy, trading may begin.
The voice-enabled AI technology will soon allow you to make transactions by speaking. It’s all quite futuristic in feel. However, you might want to recheck your order just to be sure.
Other Features
Regarding account evaluation and trading tools, Moomoo and Webull provide extensive options to traders.
Here is what Moomoo offers.
Level 2 Real-time Market Data:
Investors may use the site’s platform to get free market data. This is impressive considering that most brokers have you pay for these features. In any case, you may place an order for stocks and view current bids in real-time.
Custom Stock Screener
The stock screener on the site allows users to select investments according to key metrics, including percentage change and market capitalization.
Conditional Alerting Features
Through Moomoo’s customizable alert settings, traders may be alerted of every price change that satisfies their specified criteria.
Progressive Charting Options
This is one of Moomoo’s most outstanding features, and it works across both the mobile app and the desktop website.
Upcoming IPO Information
Moomoo informs investors of upcoming IPOs, so they may plan ahead and keep track of potential investments without leaving the app.
Several features are exclusive to Webull, such as the fact that you may use its charting tools, which allow you to evaluate price activity on both the online client and the mobile app. You’ll be free to choose the charting method that best suits your needs. The day’s trading activity will also be broken down for you (volume analysis and Nasdaq Level 2 quotes if you have the service). Fewer than a dozen indications and technical studies will be available to you.
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You may open a paper trading account with Webull in seconds, possibly without even realizing it. For instance, a web-based paper trading account may resemble the design of a virtual money trading platform. It’s a fun addition that works just like the real thing, and your virtual bank account will initially be stocked with $1,000,000 to get you started.
Webull, like Robinhood, allows you fast financing on deposits of up to $1,000. It’s a neat feature that lets you get in, but your money could not show up for another four or five days. Instant funding won’t matter for long-term investors, but it’s a “nice to have” for many traders.
In July of 2021, Webull became one of many brokers to start providing fractional shares. It was a surprise and noticeable lack before, so inclusion is welcome.
Investors may buy fractional shares of stocks and ETFs for as little as $5 each. However, they should double-check that the firms of interest are still offered since Webull notes that the list of investments is subject to change. The offering nevertheless has a flaw in that dividends reinvested into new shares cannot be divided into fractional shares. The open market data and flexible toolset offered by Moomoo make it the superior platform in this case, in our opinion. It’s great that you, a seasoned trader, can still learn something new from the platform.
Customer Service
Webull offers customers two methods they can use to get in touch with their customer service team by email or phone
Moomoo’s customer support can only be reached via email.
Each company has an extensive Frequently Asked Queries (FAQ) section where they answer typical user questions. From account financing to the SEC’s Pattern Day Trading guidelines,
These brokers provide a FAQ section detailing some of the investors’ most common questions. Moomoo’s Help Center includes 8 categories of inquiries. Webull’s FAQ section includes 13 inquiry categories. It provides more detailed information on common market questions and a wide selection of platform fees and usage questions.
My Preference: Webull Wins Over Moomoo
The question now could be which platform is optimal; our response is that it depends on your desired functionality and your current degree of expertise. You can invest in ADRs and ETFs without paying fees with Webull and Moomoo. Still, only the latter gives you access to global markets.
As a result, it might be the most acceptable option if you need access to a wide variety of free charting and research tools.
On the other hand, Webull’s platform tools are both affordable and easy to use. It’s a well-structured site that welcomes trial runs before users commit to an account. Webull’s voice command technology and quick order placing make investing easier. We think these tools might be beneficial for novice investors.
Webull vs. Moomoo: The Bottom Line
There is a lot of overlap between Moomoo and Webull in terms of the assets available for trading, the costs associated with doing so, and the trading instruments available to you. Differentiating features of one service may sway you to choose it over another.
You can benefit from either service if you want to invest in equities or exchange-traded funds (ETFs). Those who wish to trade independently may benefit from using Webull’s stock screener. However, Moomoo’s social network might be a better fit for traders who want to get inspiration from following other traders and like the feedback that comes with likes and comments.
Moomoo is the superior platform for options traders because of its powerful options strategy tool. Webull allows for options trading. However, there are no real-time tools for analyzing multi-leg strategies.
Finally, Webull is superior for IRA trading. Unfortunately, Moomoo does not yet provide retirement investment accounts.
FAQ
Is Webull or Moomoo better?
Fast-growing commission-free brokers offering stock, ETF, and options trading include Moomoo and Webull. Technical analysis tools on the two platforms are pretty similar. Webull's stock screener and IRA accounts stand out, while Moomoo's options strategy tool and integrated social network are highlights.
Can I day trade on Moomoo?
Day trading is permitted unrestricted after you have more than $25,000 and are designated as a pattern day trader (DTBP).
Are there any hidden fees on Webull?
Any account on Webull is free of any unforeseen costs.
Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.