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Is Moomoo Stock Trading a Scam? Is Moomoo Safe, Insured and Legitimate Broker App?
Moomoo Complaints and BBB Rating in 2021
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Is Moomoo Legitimate?
Financial headlines are rife with stories of frauds, hacks, bank failures ("Too Big to Fail" still
hovers above the financial world like a bad dream), and people losing their life savings to
unscrupulous con artists. Should we be worried that Moomoo is crooked, or irresponsible, or unsafe
to do business with?
In the highly regulated financial markets, Moomoo, like all online brokers and financial institutions,
must meet certain requirements and operate within the law and all rules set up by governing agencies.
Let's run down the list and see if Moomoo is a scam or meets the standards.
Is Moomoo a member of the Securities Investor Protection Corporation (SIPC)?
Yes. SIPC is the government organization charged with overseeing the
liquidation of member broker-dealers that are the result of bankruptcy or financial trouble. SIPC works to see that investors in the
troubled firm receive the assets in their individual accounts up to $500,000 per account, including a $250,000 limit for cash only.
Broker-dealers are financial institutions that offer customers securities such as stocks, bonds,
ETFs, currency and commodity futures, options, and just about any other investment whose value
fluctuates and trades on regulated exchanges. SIPC doesn't guarantee your investments will not
lose value, only that your assets will be returned to you.
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Is Moomoo a member of the Financial Industry Regulatory Authority (FINRA)?
Yes. Here is where fraud protection comes in. If an investor with Moomoo believes someone in the firm has misrepresented a certain type of investment or individual security, or has cheated or
committed outright fraud or embezzlement, that investor has recourse through FINRA to prosecute the case and have any stolen or lost funds returned.
It's important to note that FINRA is not part of the government. However, FINRA does work closely with the government's Securities and Exchange Commission (SEC) to monitor and police all securities markets to insure they run smoothly and fairly.
Moomoo's Top Competitors
Moomoo BBB Rating
Moomoo Inc. and its parent company, Futu Inc., do not have a BBB (Better Business Bureau) page yet.
Is Moomoo Scam?
With membership in all regulation bodies, guaranteed customer account insurance as well as good Better Business Bureau rating
in mind, we are 100% confident to say that Moomoo is not a scam.
Moomoo Bankruptcy
Moomoo is not in or close to bankruptcy. They have very profitable and sound business model.
Is Moomoo Scam Conclusion
Moomoo is a legitimate and safe brokerage firm.
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