moomoo powered by Futu new user referral promotion

Futu Singapore is a One-Stop Investment Platform

Campaign Period:10 January 2022 at 10:00 SGT - 31 January 2022 at 09:59 SGT

Moomoo has launched a special campaign for existing students who:

  • are holding a student card/pass from a local Singapore educational institutions
  • are Singaporeans or Permanent Residents of Singapore or Singapore Residents with proof of Singapore residential addresses
  • are at least 18 years of age
  • have a valid Singapore bank account in their own name
  • have never opened an account and/or deposited before 10 January 2022, 09:59 SGT.

Instead of the usual SGD$2,700 or equivalent deposit, eligible sign-ups under this campaign only need to deposit SGD$1,000 to receive the same welcome benefits described further down.

How to verify student status during account opening
How to verify student status during account opening

Here is a referral link to sign up. Terms and Conditions apply.

Campaign Period:31 Dec 2021 at 10:00 SGT to 31 Jan 2022 at 09:59 SGT

Over 100,000 clients in Singapore have opened their account with moomoo powered by Futu.

If you do not have an account yet, open your account via this referral link, and fulfill the terms and conditions to receive the following welcome benefits.

Register for a moomoo ID:

  • 180 days unlimited commission-free trading for the US, HK & SG stock market

Successfully open a FUTU SG Securities Account:

  • Free access to Lvl 2 Market Data for the US stock market
  • Free access to Lvl 1 Market Data for the SG stock market
  • Free access to Lvl 1 Market Data for China A Shares market

First Deposit Reward (IMPT! Only first deposit taken into consideration) upon deposit of SGD 2,700 and above:

  • 1 Apple (AAPL) share*
  • SGD 40 Stock Cash Coupon Bundle

*AAPL shares traded at ~US$177 on 31 Dec 2021

To ensure the successful redemption of the Apple share, new users MUST maintain daily assets of SGD 2,700 or equivalent currency within 30 days from the day of share allocation and the equity assets include cash and stock positions.

However, any deposits exceeding SGD2,700 or equivalent currency can be used for trading as long as the minimum asset balance of SGD2,700 or equivalent currency is maintained at all times. Drop of total asset value by 20% from stipulated amount will be allowed.

Do read the full terms and conditions in detail.

Table of Contents

About moomoo

moomoo’s mission is to provide any level of investors with an intuitive and powerful investing platform by using technology.

Is the platform called moomoo or Futu???

Futu Singapore Pte. Ltd is a company licensed and regulated by the Monetary Authority of Singapore (MAS) while moomoo is the name of the trading platform.

Corporate background

Futu Singapore’s parent company, Futu Holdings Limited, is listed on NASDAQ and backed by world-class investors which include venture capital affiliates of Tencent, Sequoia Capital and Matrix Partners.

Their strong financial strength supports the enticing benefits they are offering to attract new traders.

Regional expansion plans

moomoo launched in Singapore in early 2021, and have already reached the milestone of 100,000 paying customers in June 2021.

With Singapore as the regional headquarters, they have plans to expand to other countries like Malaysia, Thailand and Vietnam etc.

Monetary Authority of Singapore (MAS) License

Futu Singapore Pte. Ltd. (“Futu SG”) is a capital markets services licence holder regulated by the Monetary Authority of Singapore (Licence No. CMS101000).

Markets supported

Trading is currently supported in the Hong Kong, Singapore and US markets.

Reasons to make moomoo your preferred trading platform

1. Reliability

Apart from being regulated by Monetary Authority of Singapore, U.S. Securities in your account is protected up to USD $500,000 by Securities Investor Protection Corporation (SIPC). Explanatory brochure available upon request or at www.sipc.org.

2. Low trading fees

The platform also offers some of the lowest fees and trading minimums in Singapore for investing in Hong Kong and U.S. securities, futures and options.

moomoo is fully transparent with their charges, which is presented clearly in their fees schedule:

Please note that apart from the commission, trades have platform and regulatory fee components too.

These are payable even during the commission free period. For example, a trade in the Singapore stock in market would still incur:

  • Platform Fees: 0.03% of transaction amount, minimum SGD 1.50 (payable to Futu)
  • Trading fee: 0.0075% of transaction amount (payable to SGX)
  • Clearing Fee: 0.0325% of transaction amount (payable to SGX)

3. Rich knowledge base, 247 financial news, live events and vibrant user community

moomoo aims to be making investing easier whether you are a seasoned investor or a novice.

The platform offers a wide array of powerful, in-depth and customised analytical tools with its growing community of investors.

There are also podcasts and courses where you can learn about topics like:

  • Stock fundamentals
  • Understanding how options work and reading options tables
  • IPO investing
  • ETF strategies
  • The federal reserve
  • Economic indicators
If you are lazy to read the articles and prefer to listen, the moomoo app can even read out articles. I typically set the playback speed to 1.25x.

There is an active community of investors sharing trade ideas and you can 'follow' them to get latest updates.

There is also a 'Moo Picks' section in the app where you can get curated market headlines.

Another point to highlight is that moomoo also broadcasts conference earning calls and sponsors live events.

moomoo is a proud sponsor of the 2021 Berkshire Hathaway Annual Shareholders Meeting on Yahoo Finance (01 May 2021)
moomoo is a proud sponsor of the 2021 Berkshire Hathaway Annual Shareholders Meeting on Yahoo Finance (01 May 2021)
app notification about upcoming Berkshire Hathaway Annual Shareholders Meeting
Android app notification about upcoming Berkshire Hathaway Annual Shareholders Meeting
app notification about Apple Earnings Conference Call
Android app notification about Apple Earnings Conference Call

4. No custodian fees

There are no custodian fees charged by Futu to hold your portfolio.

5. Good support

Customer helpdesk

I had a pleasant experience seeking help from the customer support department. There was a waiting queue but when it was my turn, the CSO was very helpful towards my queries.

How to get help?

Step 1: In 'Me' tab within moomoo app, tap 'Help Center'.

Step 1: `'Help Center'`

Step 2: Select 'Online service' from the bottom left of the screen.

Step 2: `'Online Service'`

Video tutorials

There is an official moomoo Singapore Youtube channel that you can subscribe to for video tutorials on the various features of the platform.

Listed below are some useful videos.

Account set up

Funding

Knowledge

Trading

Getting Help

My onboarding experience

Which app should I be downloading?

There are two apps, namely moomoo and Futubull.

The moomoo app logo is a stylish bull
The moomoo app logo is a stylish bull

In Singapore, we should be using moomoo which is the international version of Futubull and is specifically designed for overseas investors and provide global investment services.

Futubull is meant for customers in Greater China Region.

Opening an account video tutorial

Here are some video tutorials from the official Youtube channel called moomoosingapore

For Singaporeans and PRs:

For foreigners residing in Singapore & Others:

Account opening wait time

[1st Feb 2021 1:59pm] Submitted my account opening information via SingPass MyInfo and received email acknowledgement.

moomoo application received
moomoo by Futu SG application received

[1st Feb 2021 2:11pm] Received email that my account was opened successfully.

moomoo account approved
moomoo by Futu SG account approved

Depositing funds

There are currently two ways of depositing funds:

  • Instant Deposit via Direct Debit Authorisation (DDA)
  • Bank Transfer

Option 1: Direct Debit Authorisation (DDA)

I strongly recommend choosing the DDA option if you have a DBS/POSB account. Linking up only takes 1 minute.

Option 2: Bank Transfers

When I first started my account, the DDA option was not available. In this section, I am sharing my experience of using bank transfer to fund my moomoo account.

Depositing SGD

[Information last verified on 14/3/2021]

Depositing SGD is very straightforward. My steps were:

  1. launch the moomoo app and select the 'Me' tab on bottom right.
  2. select 'All >' under the 'Trading Accounts' section.
  3. select 'Deposit' under the 'Fund' section.
  4. perform a FAST transfer to the account specified for SGD currency deposits.
  5. tap the 'Inform FUTU' button to inform Futu how much was transferred.

The app stated that it would take 1-3 business days for the funds to arrive but from my experience, the funds arrived immediately into my moomoo account despite it being a Sunday night.

Can I deposit SGD from a joint account?

From my personal experience, the answer is ‘Yes’! I managed to deposit funds from an OCBC joint account.

Depositing USD

Futu SG does not charge any fees for deposit and withdrawal, but they may be charged by your bank.

For USD transfers, the advice I received was to transfer from a DBS account so as not to incur wire transfer fees.

  1. You can only deposit funds from, or withdraw funds into Singapore bank accounts under YOUR name.
  2. My experiences shared below is for depositing USD when moomoo SG was still in soft launch. They now accept SGD deposits.

So far, I have successfully completed two USD fund deposits, once from a DBS USD account and once from a DBS SGD account.

USD to USD deposit (1 Feb 2021)

When you tap on “Deposit” in the moomoo app, you will be presented with the details of the Futu Singapore bank account to deposit into. This account is actually a DBS a multi-currency account.

I was initially under the impression that I needed a USD account to deposit funds into Futu SG, so I created a DBS multi-currency account called “My Account”.

DBS My Account is for everyone and you can open one at any age. There’s no minimum balance, no initial deposits, or fall-below fees, ever.

Source: My Account

Next, from the DBS banking platform:

  1. I converted some SGD into USD,
  2. added Futu Singapore as a payee in my DBS banking account,
  3. initiated a USD to USD deposit to Futu Singapore’s account.
DBS mobile app screenshot: remember to select USD currency in the Payee selection screen
DBS mobile app screenshot: remember to select USD currency in the Payee selection screen
DBS mobile app screenshot: double check recipient gets USD in 'Review Transfer' screen
DBS mobile app screenshot: double check recipient gets USD in ‘Review Transfer’ screen

The moomoo app states that you must indicate your account number and name in the “comments” section of the bank transaction when you initiate a deposit.

If you copy and paste this information from the moomoo app, it should be something like: “101899999, TAN AH KOW”.

However the DBS banking platform does not allows commas and there is a length limit too.

So I ended up entering something like “101899999 TAN A”, and thankfully was able to receive my funds without hiccups.

The transfer took a few hours to arrive into my moomoo account.

The amount of USD I received in moomoo was exactly the amount I sent from DBS. There were no fees or charges.

SGD to USD deposit (2 Feb 2021)

A simpler way to transfer from the DBS banking platform is:

  1. Add Futu Singapore as a payee in your DBS banking account,
  2. initiate a SGD to USD deposit to Futu Singapore’s account.

Since the destination currency is USD, the funds would be converted automatically based on the bank’s rate.

Similar to the USD to USD transfer, this took a few hours to arrive into my moomoo account.

The amount of USD I received in moomoo was exactly the amount I sent from DBS. There were no fees or charges.

Withdrawing funds

Based on my withdrawal experience on 4 Jun 2021:

If you had set up ‘Direct Debit Authorisation (DDA)’ when you deposited funds, funds withdrawal is easy. Since your bank account is already verified, simply select it from the withdrawal screen and perform a FAST transfer with zero fees.

If you do not have DDA set up, you will have to manually add your bank account details into the app and also provide a proof like a bank statement to perform a withdrawal request.

In conclusion, I strongly recommend to set up your deposit account with DDA to enjoy a fuss free withdrawal process.

Disclaimer

Any video and texts (including but not limited to text, video, audio, data and charts) are only for personal experience sharing and informational purposes. All contents are for your reference only; they do not constitute to any investment advice or promise. We do not warrant, endorse, guarantee, or assume any responsibility for any loss caused by this text/video content. All forms of investments carry risks, including the risk of losing all of the invested amount. Such activities may not be suitable for everyone.
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Auntiehuat
Web Administrator

Disclaimer: while we do our best to maintain up to date information on the available referral promotions, their terms and conditions do change frequently. We do not guarantee that the information published on this website is accurate.

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