Moomoo Reimbursing ACAT Transfer Fees
Unfortunately, Moomoo does not cover ACAT (transfer) fee for moving
a brokerage account from another firm. As an alternative, Webull will
reimburse up to $100 of your current broker’s transfer fee
if your transfer is at least $2,500.
Webull Promotion
Open Webull Account
Overview of Moomoo and Cash App
Cash App and moomoo are new brokerage firms that have fresh ideas on trading and personal finance. Make sure you look over our review thoroughly before opening an account with either one.
Costs
Services
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Research |
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Moomoo
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Cash App
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Promotions
Moomoo:
Get zero commissions at Moomoo.
Cash App:
Use U2Q3HN referral link to get $10 cash bonus.
Available Investments
Moomoo and Cash App offer self-directed trading (only) in stocks and exchange-traded funds. The former adds closed-end funds and option contracts, while the latter adds bitcoin.
The real downside of Cash App in this category is that it doesn’t offer America’s entire lineup of stocks and exchange-traded funds. Only large-cap securities make it on the company’s list of tradable instruments.
The only tax structure available at either firm is the individual taxable account.
Winner: Moomoo
Websites
Moomoo has a basic website with some useful tools. A good place to begin on the site is the magnifying glass in the upper-right corner. Here, input a ticker symbol here to pull up the asset’s profile. There is a lot of information available, including financial statements and option contracts. Charts have no tools, although they go back 25 years.
Although actual trading is not possible on moomoo’s website, there is a tool for the paper trading of both stocks and options. Simply click on a bid or ask price to fill the simulated order ticket.
The Cash App website doesn’t have any trading tools at all; there is no real or simulated order ticket. Even worse, the broker doesn’t provide any asset research resources. Forget about graphs and financial statements. The company’s website is used primarily for account management—downloading documents and so forth.
Winner: Moomoo
Mobile Apps
But Cash App does offer trading on its mobile app (as its name suggests). During our probing, we found asset profiles with the following important details:
- Earnings history (in both numerical and graphical formats)
- Analysts’ trade recommendations
- Key stats (such as dividend yield and P/E ratio)
- News articles
Placing a trade is really easy on the app. Just look for the Buy button (there is no sell button because shorting is not permitted) and select the order type (market, custom, or recurring). Charting is nearly pointless as there are no tools and no vertical axis.
The moomoo app, on the other hand, has very good charting. During our test drive of the software, we found full-screen charts with drawing tools, technical studies, and several plot styles. Moomoo’s order ticket delivers many more order types than we found on Cash App. Examples include:
- Limit
- Market-if-touched
- Trailing stop limit
- Stop
Beneath the trade ticket is an ARCA order book with market depth (Level II quotes), a great service that definitely won’t be found anywhere at Cash App.
Winner: Moomoo
Margin Trading
Every brokerage account at moomoo is a margin account. Cash accounts are not offered. This set up makes getting margin privileges pretty straightforward: simply open an account and deposit at least $2,000. This amount is the industry standard to start borrowing.
Speaking of borrowing, there will be a fee for this. Moomoo charges 6.8% on both U.S. and Hong Kong long positions. Long positions on China A-shares are 8.8%.
The cost of short margin will vary by exchange and by the individual stock shorted. The great thing about moomoo’s software is that it displays this rate and the long rate for every ticker.
Cash App does not offer margin trading.
Winner: Moomoo
Bonus Services
Extended hours: Moomoo traders can buy and sell stocks before the opening bell and after the closing bell. Cash App users cannot.
Fractional-share trading: Available at Cash App but not at moomoo.
Dividend reinvestment program: Neither broker-dealer offers a DRIP service.
IPO availability: Only moomoo offers access to upcoming equity releases.
Cash management: As its name suggests, Cash App has some really good banking tools. Moomoo does not.
Fully-paid securities lending program: Neither company has a program to allow its customers to earn money for lending out shares.
Tax Filing: Cash App clients can file taxes through the mobile app.
IRAs: Neither brokerage house offers tax-deferred accounts.
Winner: Cash App
Our Recommendations
Mutual funds: Unfortunately, neither brokerage firm here offers mutual funds. E*Trade does, though.
Beginners: Moomoo has free simulated trading, although Cash App’s software is a little easier to use. Take your pick.
Stock/ETF trading: The highest level of trading will definitely be found at moomoo.
Small accounts: Neither firm has any minimums or ongoing fees.
Retirement savers and long-term investors: Because neither brokerage house here offers IRAs or other forms of tax-deferred investing, we can’t recommend either one. Schwab, on the other hand, is an easy pick for its solo 401k plans, IRAs, trusts, custodial accounts, investment-advisory services, and so much more.
Moomoo vs Cash App Summary
Although Cash App has banking tools and one cryptocurrency, it doesn’t have much else.
Updated on 11/1/2024.
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