Moomoo Brokerage

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hotelcalifornia
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Moomoo Brokerage

Post by hotelcalifornia »

Found this on one of the blogs I follow. There’s a new discount brokerage similar to Robinhood called Moomoo. When you deposit $5,000 into a new account they’re offering a share of TSLA or GOOG (they don’t tell you which you’ll get) + about $200 or so in stock and cash. I don’t know much about this brokerage but it may be worthwhile for some who don’t mind the extra paperwork at tax time.

Motley Fool Review: https://www.fool.com/the-ascent/buying ... ge-review/

[Link removed --admin LadyGeek]
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typical.investor
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Re: Moomoo Brokerage

Post by typical.investor »

I notice they charge $75/stock to transfer out and their cash sweep pays 0.03%.
normaldude
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Re: Moomoo Brokerage

Post by normaldude »

You might want to remove the affiliate link.

Affiliate links are against board policy.
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LadyGeek
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Re: Moomoo Brokerage

Post by LadyGeek »

I removed a referral link. As a reminder, see: No Solicitation
Please do not solicit business or website traffic on this forum. Forum officers will determine what constitutes solicitation on a case by case basis, but we offer the following guidelines about commonly encountered issues:

- Members may not post affiliate or referral links, except affiliate links in support of the forum, or ask for referrals.
This thread is now in the Investing - Theory, News & General forum (brokerage).
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need403bhelp
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Re: Moomoo Brokerage

Post by need403bhelp »

They now have an ACATS transfer bonus re which I posted in the brokerage bonus thread viewtopic.php?p=7353442#p7353442

The most interesting thing about the bonus is the short holding period (<1 month and possibly shorter as the terms don’t actually mention a holding period at all). Then again, I have no idea how good they are at not messing up cost basis on transfers.
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unclescrooge
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Re: Moomoo Brokerage

Post by unclescrooge »

Hard pass.
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arcticpineapplecorp.
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Re: Moomoo Brokerage

Post by arcticpineapplecorp. »

hotelcalifornia wrote: Mon Jun 19, 2023 11:20 pm Found this on one of the blogs I follow. There’s a new discount brokerage similar to Robinhood called Moomoo. When you deposit $5,000 into a new account they’re offering a share of TSLA or GOOG (they don’t tell you which you’ll get) + about $200 or so in stock and cash. I don’t know much about this brokerage but it may be worthwhile for some who don’t mind the extra paperwork at tax time.

Motley Fool Review: https://www.fool.com/the-ascent/buying ... ge-review/

[Link removed --admin LadyGeek]
is this a better mousetrap or is it the free share that you find enticing?

Robinhood throws confetti whenever you trade a stock.

Does that mean you should be trading stocks just to see the confetti fly?
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need403bhelp
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Re: Moomoo Brokerage

Post by need403bhelp »

:confused
arcticpineapplecorp. wrote: Wed Jul 12, 2023 10:03 pm
hotelcalifornia wrote: Mon Jun 19, 2023 11:20 pm Found this on one of the blogs I follow. There’s a new discount brokerage similar to Robinhood called Moomoo. When you deposit $5,000 into a new account they’re offering a share of TSLA or GOOG (they don’t tell you which you’ll get) + about $200 or so in stock and cash. I don’t know much about this brokerage but it may be worthwhile for some who don’t mind the extra paperwork at tax time.

Motley Fool Review: https://www.fool.com/the-ascent/buying ... ge-review/

[Link removed --admin LadyGeek]
is this a better mousetrap or is it the free share that you find enticing?

Robinhood throws confetti whenever you trade a stock.

Does that mean you should be trading stocks just to see the confetti fly?
They offer a referral bonus of $300 so this is a good offer if both spouses sign up. $150 + ~$200 of stock for spouse 1. Then for referring spouse 2 another $300 + $150 + ~$200 of stock. So $1000 total for keeping $5k for each spouse there for 60 days, which can be invested in 1-3 month T bills via SGOV.

The ACATS offer also makes this potentially more lucrative given no holding period ($500 for transfer ing in $200k and presumably transferring out mid August when bonus posts) but does involve the risk of cost basis being screwed up so may not be worth it.
manlymatt83
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Re: Moomoo Brokerage

Post by manlymatt83 »

I ended up making about $1890 from these guys in the last month based on referrals alone. They paid every time and I’ve already transferred the money back to my checking account. Definitely worth giving them a shot if it makes sense for you.
tj
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Re: Moomoo Brokerage

Post by tj »

manlymatt83 wrote: Wed Jul 12, 2023 11:02 pm I ended up making about $1890 from these guys in the last month based on referrals alone. They paid every time and I’ve already transferred the money back to my checking account. Definitely worth giving them a shot if it makes sense for you.
Did you ever get a 1099? Still waiting on my MooMoo 1099. How did you find people to refer?
tj
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Re: Moomoo Brokerage

Post by tj »

Sounds like a lot of people who ACATs transferred from Fidelity are showing 0.00 cost basis on transfered shares, in my case SGOV.

I am not sure how willing a Chinese company is to correct the 1099s.

Thankfully I only transferred in $1k. Others who transferred more have five figure gains on "covered shares".
Startled Cat
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Re: Moomoo Brokerage

Post by Startled Cat »

tj wrote: Wed Feb 14, 2024 6:38 pm I am not sure how willing a Chinese company is to correct the 1099s.
In my case, someone responded almost immediately promising to issue a corrected tax form. The error is annoying, but the response seems efficient and professional.
tj
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Re: Moomoo Brokerage

Post by tj »

Startled Cat wrote: Wed Feb 14, 2024 10:00 pm
tj wrote: Wed Feb 14, 2024 6:38 pm I am not sure how willing a Chinese company is to correct the 1099s.
In my case, someone responded almost immediately promising to issue a corrected tax form. The error is annoying, but the response seems efficient and professional.
Mine said they would correct if i I provide the documentation, so I'm hopeful as well.
tj
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Re: Moomoo Brokerage

Post by tj »

They acknowledged making the correction and said the new 1099 would be available in March. Impressive customer service.
tj
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Re: Moomoo Brokerage

Post by tj »

Btw, moomoo's 1099 includes the % us treasuries right on the form. I'm shockingly impressed with their operation considering the app seemed so terrible
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