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:
Scenario 1 – Student Investor with Smaller Investment Amounts
Purchase of 5 Apple shares
Total share value: USD 627.15
Total commissions USD 2.15 (only 0.34% of total order value)
- Commission with GST: USD 1.06
- Platform fees with GST: USD 1.07
- Settlement fee: USD 0.015
Scenario 2 – C-Suite Executive with Larger Investment Amounts
Purchase of 300 Apple shares
Total share value: USD 37,629.00
Total commissions USD 4.08 (only 0.01% of total order value)
- Commission with GST: USD 1.57
- Platform fees with GST: USD 1.61
- Settlement fee: USD 0.90
In both scenarios above, buying US stocks is outrageously affordable. So whether you are a new investor starting out, or someone with larger trading amounts, as long as you are looking at the US stock market for your portfolio, you should be using moomoo powered by FUTU SG.
To top that off, moomoo powered by FUTU SG imposes no custody fees, and gives new sign-ups 180 days of unlimited commission free trades.
Fees charged are similarly ridiculous low even for stocks listed in Singapore. This is because Futu Holdings Limited (FUTU) is an technologically advanced company transforming the investing experience of our users by offering a fully digitized platform. As Futu invest heavily into this technology, a minimal platform fee is charged on its users. This enables Futu to continuously improve its platform services provided to its users. The platform fee that Futu charges is at a very low rate as compared to others, so as to allow our users to enjoy better and always improving services on the platform.
Super Intuitive User Interface
moomoo powered by FUTU SG’s stock trading app has the most user-friendly user interface out of all the different platforms. Your main “Me” homepage lists all the commonly used functions in the form of distinct easy to read buttons such as Currency Exchange, Statement, and Customer Service.
A summary of your portfolio is displayed on the “Trade” screen, and clicking on each of the different accounts pulls up a list of the various stocks you own for that market. Essentially, you are a maximum of just 2 button presses/clicks away from any important functions. There is also a clutter free news screen displaying the latest relevant news about the markets.
Trading is also straightforward. Go to the “Quotes” page, search for your stock, press the orange “Trade” button, key in your order, and unlock the trade with your password.
Sign up now and receive a FREE APPLE SHARE (Worth USD 125) and commission free trading for your first 180 days (other fees to apply):
All you need to do is to
2. Complete the account opening - fuss free account opening using Singpass is available
3. Get your account approved - it took less than an hour from our experience
4. Deposit a minimum of SGD 2,700 for your first deposit
5. Complete the new user onboarding tutorial within 30 days from account opening.
And you are all set to begin trading with moomoo powered by FUTU SG. The free Apple share will be automatically credited to your account within 5 working days.
Sign up now - This promotion will ends on 31 May 21!
This post is written by a friend of TUBInvesting.
Comments
Post a Comment