How to Close a Moomoo Account
If you have a brokerage account at Moomoo that you no longer use, it’s a good idea to close it to prevent any risk of cyber theft or unauthorized access.
Steps to Close an Account at Moomoo
You can’t close a Moomoo account if it still has a balance, so you’ll need to take care of a few things first.
The first step is to liquidate or transfer all your holdings. Keep in mind that selling stocks, options, or ETFs could have tax implications, so it’s wise to consult a tax professional before proceeding.
If you prefer not to sell, you can transfer your securities to another individual taxable account. This won’t trigger taxes but will help you move your assets out of Moomoo.
To transfer assets out of your Moomoo account, you’ll need to cover a transfer fee of $75 per position. For example, moving three stocks will cost $225.
Moomoo only supports DTC transfers, so you’ll need to inform both Moomoo and the receiving brokerage firm. Send your transfer request to cs@us.moomoo.com, including the DTC number of the receiving firm, the account number to receive the transfer, your Moomoo ID, and details about the positions and the number of shares to be transferred.
For more detailed instructions on transferring securities, open the Moomoo app, tap on the Trade icon in the bottom menu, and navigate to the More icon. On the More page, look for “Transfer Stock Out” to get further instructions.
Once all investments are out of the account, you’ll need to withdraw any remaining cash. Moomoo offers an ACH tool for this. Go back to the Trade tab in the app, tap on Brokerage Account in the top menu, then select the yellow All icon, followed by the green Withdraw icon.
You can choose between ACH or wire transfer. If you haven’t yet linked a bank account, you can do so using Plaid for an instant connection.
After you’ve withdrawn all the cash, you can request to close your account. Send an email to cs@us.moomoo.com, including your Moomoo ID (usually your email address) and your Moomoo account number. If you use a different email to send the request, be sure to mention the email associated with your Moomoo account. Providing a reason for closing the account is optional.
Once your account is closed, keep your login credentials and account number in case you need to access account documents or tax forms in the future.
Best Brokers
Moomoo Account Cancellation Fee
Moomoo does not charge a fee to close a brokerage taxable account. Note that Moomoo doesn’t offer non-taxable accounts like Traditional IRA, ROTH IRA, SIMPLE, or SEP IRA.
ACAT Fees (Transferring OUT)
Moomoo only performs DTC transfers. ACAT transfers are not supported by Moomoo.
Updated on 8/26/2024.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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