Webull

Moomoo Referral Bonus: Investing App Refer a Friend Program (2021)


Moomoo.com referral bonus: 4 free stocks up to $1,000. July 2021 stock trading app Moomoo refer a friend program offer code to recommend a family member to open a new account.



Moomoo Friend Referral Program


Open Moomoo Account


Moomoo Friend Referral Bonus


Existing Moomoo.com clients who refer a friend to the broker will receive a free stock up to $1,000 if a referral makes a deposit of at least $100, a referring client will receive a second free stock. To get a Moomoo referral link, an investor can sign up to Moomoo with a referral link above, and then go on the app to Me -> Free Stocks. This is not available on the desktop platform.

As an alternative, another $0-commission broker called Webull offers referral program with 2 free stocks valued up to $1,850 - learn more or use a link below.


Webull Friend Referral Program


Open WeBull Account


Are Moomoo and Firstrade Free?


Moomoo and Firstrade are arguably the most popular discount brokers currently offering commission-free trading. This has made both brokers quite popular, especially with millennials and those looking to get their feet wet in the markets with less capital. While trading is free, there are still a few features and services they offer that aren’t free. This article will go over what makes these two brokers “free” along with the extras that come with a cost.


Commission-Free Trading


As we mentioned, trading is completely commission-free at Firstrade and Moomoo. Both brokers allow you to trade stocks, ETFs, and options for free. In addition to these security types, Firstrade also lets you trade mutual funds and bonds, which as we’ll explain next, are not always entirely free. Moomoo doesn’t offer fixed income or mutual funds.

Trading mutual funds at Firstrade is free so long as you hold it for at least 90 days; if not you will be charged a $19.95 short-term trading fee. They also enforce a $500 minimum initial investment per mutual fund, and a $100 minimum for subsequent purchases. Fixed income trades at Firstrade are commission-free but note that the bid/ask spread they quote on these instruments includes a small markup to compensate them for acting as middle man.


Firstrade


Account Fees


Neither Moomoo nor Firstrade charge account maintenance or setup fees or have minimum balance requirements. The one exception to this is if you have a margin-enabled account, in which case you must maintain a minimum account balance of $2,000. This is an industry-wide requirement for margin accounts and is not unique to these two brokers.


Moomoo Gold


In order to enable margin access in your Moomoo account you need to upgrade to their premium membership level, called “Moomoo Gold” for a flat $5 monthly subscription fee. Gold level gives you instant access to your deposits (no waiting for the three day settlement period) among other perks, along with access to margin capital with applicable interest charges. Your $5 monthly subscription automatically gives you access to $1,000 of margin capital to borrow interest-free, but any amount borrowed above the $1,000 will incur a 5% annualized interest charge.


Firstrade Margin Rates


Firstrade doesn’t have a subscription charge for those looking to use margin, but on the flip side the interest they charge on any borrowed capital is higher. Their borrowing costs start out at 9.75% for small amounts, and gradually drop to 5.5% once your margin balance reaches $1,000,000. Moomoo Gold seems like a better deal if you plan to use margin.


Regulatory Fees


Regulatory fees are generally insignificant, but are nonetheless passed onto investors by all brokers, including Firstrade and Moomoo. These literally amount to pennies per trade, and are levied by the SEC and FINRA.


Firstrade Promotion


Get 2 FREE stocks and $0 commission in ALL trades!

Open Firstrade Account

Other Less Common Fees


Firstrade has some additional fees that only apply to investors that choose specific account options, which are easily avoidable. For example, they charge between $30 and $50 for outgoing wire transfers, but this can be avoided by simply using electronic or ACH transfers, which are free at Firstrade and Moomoo.

Another example of an easily avoidable Firstrade fee is their charge for choosing to get monthly account statements through the mail in physical form. This can be easily avoided by electing to get electronic statements online, which is the only option Moomoo gives its users.


Is Moomoo Free Summary


In conclusion, both Firstrade and Moomoo are widely free to use and trade on. Both brokers offer either additional features or optional settings (i.e. paper statements) that do incur additional fees, but these are optional and not necessary to fully take advantage of either broker’s platform.


Moomoo Refer a Friend Program Disclaimer


Moomoo referral bonus terms can change at any time without notice. For the most recent information on the Moomoo refer a friend program offer to open account visit their website.