In a previous article, we wrote about Futu Holdings (“Futu”) and just how they intend to launch their mobile brokerage app – moomoo – in Singapore to supply exceptionally low-cost trades. Backed by multinational technology conglomerate Tencent, Futu is really a fully digital brokerage and wealth management platform.
Here's some good news. As of 8 March 2021, Futu Singapore Pte. Ltd. (\”Futu SG\”), a wholly-owned subsidiary of Futu Holdings Ltd (NASDAQ: FUTU), has officially launched in Singapore for investors here.
What what this means is is that Singapore investors can now trade through Futu SG via Futu's moomoo app across three major markets – the U.S stock exchange, the Hong Kong Exchange and of course, the Singapore Exchange.
If you're keen to trade through or want to explore how the moomoo app works, here's a step-by-step guide on how to open a FUTU SG securities account with moomoo.
Step 1: Download the moomoo app on your mobile phone
moomoo is a fully digital trading platform, therefore the investment services they provide can be found online. You can access these investment services easily via the moomoo app.
The moomoo app can be downloaded via mobile app on our smartphone.
Available around the App store for Apple users
Get it on the internet Play for Android users
You can also install it on your laptop/desktop if you prefer to create your trades on a larger screen or multiple screens.
Step 2: Open your FUTU SG securities account
After downloading the app, you have access to the moomoo platform on your phone. However, to begin trading via the moomoo platform, you need to open a brokerage account with Futu SG.
At the point of our application (on 4 March 2021), Futu Singapore is managing a promotion where you can get free Level 2 market data, 1-year commission-free trading for U.S. and Hong Kong stocks along with a free Apple (NASDAQ: AAPL) share.
Editor's Note: Currently, from now till 30th April 2021, Futu SG is offering a promotion of 90 days commission-free trading for stocks listed on the U.S. Hong Kong and Singapore market in addition to unlimited access to U.S. Level 2 market data for successful account opening. Additionally, you can also get S$30 cash coupon, 1 free Apple (NASDAQ: AAPL) share as well as Free OPRA Option Real Time Quotes for US market when option trading is available when you deposit US$2,000 (or S$2,700) or over to your Futu SG account. Full details from the promotion can be found here.
Step 3: Complete the details required. Use Myinfo for greater convenience
Signing up for any brokerage account with Futu SG is easy and you only need to provide basic information such as your name, contact details, address and income. Also, if you opt to use Myinfo to sign up, the process becomes even easier since most of the details is going to be prefilled.
With the basic information mainly prefilled for you personally, the only other questions you need to answer are standard disclosure questions that you will see in any form when opening a brokerage account in Singapore.
Once you're done, you will be asked to declare that the information provided is accurate before submitting the form.
In total, we took under 2 minutes to sign up for our brokerage account with Futu Singapore.
Step 4: Watch for account opening confirmation
While Futu Singapore states that it may take up to 1-3 business days, account opening is usually quicker. We received our confirmation for account opening in under 15 minutes.
Step 5: Top-up your account and begin trading
You can fund your bank account before you can start trading.
Remember, as part of their launch promotion, you can get S$30 cash coupon and 1 free Apple (NASDAQ: AAPL) share (limited to first 10,000 clients that meet the initial deposit criteria) and Free OPRA Option Real-time Quotes for US market when options trading is available from now till 30th April 2021. So, fund your account as soon as possible if you intend to make a trade on moomoo.
Funds are required to be deposited in 1-3 working days and an email and app notification will be presented to you once your fund deposits are in. Do remember to state your moomoo id when you are making your bank transfers.
On the surface of the free Apple share, you can also enjoy commission-free trading for the Singapore, U.S. and Hong Kong markets for 3 months with no custodian fee, and free Level 2 market data access.
Enjoy Value-Added Services Via moomoo For Free
Besides enabling you to make trades at low cost around the stock market, the moomoo app also allows you to access value-added services.
For a start, if you are new to investing or trading, you can consider using Paper Trading for stocks and options.
With 1,000,000 in virtual funds, you are able to trade on the markets that you're interested in and get a feel of methods it's like investing in stocks, and to get familiar with the moomoo platform, before you commit money into your trades.
One unique proposition that moomoo offers that traditional brokers seldom have is that you become part of a larger, worldwide investment community. moomoo allows you to follow financial brands and influencers via its follow and streams feature. You can also get access to business and financial news around the app, as well as news that are related to stocks on your watchlist.
For example, if you have the likes of Tesla, Disney and Netflix in your watchlist, the moomoo app will serve the latest news relating to these stocks.
This can be quite useful for those who are busy throughout the weekdays and need a convenient method to stay up-to-date with the latest news associated with stocks that we have invested in, or are on our watchlist.
There is also a Calendar feature to keep us updated on economic data, earning announcements or any IPOs which are happening.
With its low trading fees, access to major financial markets and many useful features which range from technical charting tools, virtual investment account, a customised financial newsfeed and a worldwide investment community that you could be part of, opening a Futu brokerage account would work for both new and experienced investors.
Perhaps, in our opinion at least, one possible disadvantage could be familiarity. After all, Futu Singapore is the newest brokerage platform (for now at least) to be introduced in Singapore. Existing investors would curently have one or more trading accounts with brokerages in Singapore and may not think it's necessary to spread out another account.
However, with the attractive promotions that Futu SG happens to be offering to Singapore investors, there are few reasons not to at least try it out. Whether you are a new investor opening your first brokerage account, or an existing investor that wishes to enjoy the competitive price and value-added services that Futu SG offers, the moomoo platform is an that you should not ignore.
Promotion: From now till 30th April 2021, Futu SG is providing a 90 days commission-free trading promotion for stocks on the U.S. Hong Kong and Singapore market along with unlimited access to U.S. Level 2 market data for successful account opening. In addition, you can also get S$30 cash coupon and 1 free Apple (NASDAQ: AAPL) share (limited to first 10,000 clients that meet the initial deposit criteria) and Free OPRA Option Real-time Quotes for all of us market when options trading can be obtained.