How to Close a Moomoo Account
If you have a brokerage account at moomoo but don’t use it anymore, you may want to close it. Doing so helps to prevent cyber theft of the account or other unauthorized use of it.
Steps to Close an Account at Moomoo
It’s not possible to close a moomoo account that has a balance, so a little legwork may be necessary first.
The initial task to accomplish before closing the account is to liquidate or transfer all holdings. Remember that selling stocks, options, or exchange-traded funds can lead to tax consequences (probably will), so be sure to consult a tax expert before taking this step.
Transferring securities out of an individual taxable account (the only account type moomoo currently offers) into another individual taxable account won’t draw the attention of the IRS but nevertheless will succeed in removing positions from the moomoo account.
To do a transfer out, you first must have enough cash to cover moomoo’s transfer fee. It is $75 per position. This means three stocks will cost $225 to move out.
moomoo only performs DTC transfers. This means you’ll want to notify both brokerage firms of your transfer request. The outgoing firm is the one with the responsibility of sending shares, so you should send a request to cs@us.moomoo.com. Include the receiving firm’s DTC number and the account number that should receive the transfer. You should also include your moomoo ID number in the email.
And of course don’t forget to mention the specific positions you want moved along with the number of shares to be moved.
To find detailed instructions on transferring securities out of a moomoo account, open the mobile app and tap on the Trade icon in the bottom menu. In the top of the Trade page, find the More icon (you might need to scroll to the right). On the More page, you’ll find “Transfer Stock Out” in the middle. Tap on this to pull up the instructions.
Once the investment account has nothing remaining but cash, it’s time to move that out, too. This is easy enough thanks to moomoo’s ACH tool. Going back to the Trade tab on the mobile app, this time tap on Brokerage Account in the top menu. On the next page, select the yellow All icon in the bottom and then tap on the green Withdraw icon.
On the next page, you’ll be able to specify ACH or wire. If you haven’t yet added a bank account to receive the transfer, you can do that now. moomoo uses Plaid, which means it’s possible to link an external account instantly if you have the login credentials.
Once the cash balance has been moved out of the account, it can be closed. This is easy enough to do using the same email address we have already seen (cs@us.moomoo.com). This time, you’ll want to specify both your moomoo ID used to log into the website or mobile app and your moomoo account number.
The ID is typically an email address, which may be the same email address used to submit the closeout request or it could be a different address. If you use a different email to send off the closeout request, be sure to specify the email associated with the account. In the email, you can state a reason for closing the account, although this is not necessary.
After closing the account, be sure to hang onto your login credentials and account number as these may come in handy in case you need account documents or tax forms in the future.
Best Moomoo Alternatives
Moomoo Account Cancellation Fee
Moomoo has $0 fee to close a brokerage taxable account. Non-taxable accounts (Traditional IRA, ROTH IRA, SIMPLE, or SEP IRA)
are not offered.
ACAT Fees (Transferring OUT)
Moomoo only performs DTC transfers. ACAT transfers currently are not supported by Moomoo.
Updated on 9/15/2022.
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.
|