MooMoo Broker Review


A Guide to Forex Trading Scams

Forex is one of the most popular forms of trading. Individuals and institutional investors welcome the opportunity to make money relatively quickly. However, there are also many risks involved, including bitcoin scams, forex trading scams, and falling victim to unscrupulous brokers. While governments propose tighter regulations on forex, the multiplicity of scams mean that traders should tread carefully.

Should You Trade with MooMoo? Read This Review First

MooMoo is a popular cryptocurrency trading platform with 17 million users around the world. It offers only cryptocurrencies to US clients and overseas clients can also trade CFDs. It announced it is going public through a SPAC merger. MooMoo has at least three licenses, one from the higher regarded top-tier FCA. But does that mean you should trade with MooMoo?

Broker Complaint Registry has done a thorough investigation of MooMoo’s services and we have created this review to help you decide which financial services are right for you. Our team is comprised of experts in the financial industry and we provide guidance to our clients. We match them with experts that can help them with broker complaints and fund recovery.

Year Founded



U.S Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Monetary Authority of Singapore (MAS).

Minimum Deposit


Product Types

Stocks, ETFs. Options

Demo account?


About MooMoo  ‌

We‌ ‌have‌ ‌investigated‌ MooMoo  ‌thoroughly‌ ‌and‌ ‌have‌ ‌produced‌ ‌this‌ ‌broker‌ ‌review‌ ‌to‌ ‌guide‌ ‌your‌ ‌trading‌ ‌decisions.‌ ‌Broker‌ ‌Complaint‌ ‌Registry‌ ‌has‌ ‌a‌ ‌multitude‌ ‌of‌ ‌broker‌ ‌reviews‌ ‌that‌ ‌will‌ ‌help‌ ‌you‌ research before ‌signing‌ ‌up‌ ‌with‌ ‌a‌ ‌financial‌ ‌service.‌ ‌‌Broker‌ ‌Complaint‌ ‌Registry‌ ‌is‌ ‌the‌ ‌right‌ ‌place‌ ‌to‌ ‌turn‌ ‌when‌ ‌you‌ ‌have‌ ‌lost‌ ‌money‌ ‌to‌ ‌a‌ ‌broker‌ ‌or‌ ‌through‌ ‌other‌ ‌scams.‌ ‌

Is MooMoo Regulated?

The first thing to consider before opening a brokerage account is whether or not the broker is regulated. This is an easy yes or no question. If the broker is not regulated, cross it from your list and don’t look back. Don’t be swayed by tempting offers and claims of credentials. No license should be a non-starter. 

After that, you may have to look carefully. If a broker is regulated, you will want to know what kind of regulator it has a license from. Is it a top-tier regulator that has tight standards, a minimum market capitalization, and regular inspections and oversight? Or is it a third or fourth-tier regulator that basically gives a license to anyone who applies and pays a fee?

If the license is top-tier, is it current? Is it valid? We have seen some crypto scams and forex trading scams created by brokers who seem to have top-tier licenses but have had them revoked or expired. Some use subtle means to make it seem that they have a top-tier license when they do not, like citing fake regulators with names or initials similar to actual regulators. 

Fortunately, we have investigated MooMoo’s license and have found that it has a valid license from the Securities and Exchange Commission (SEC), Financial Industry Regulation Authority (FINRA), and the Monetary Authority of Singapore (MAS). These are the most respectable licenses any broker can have, so MooMoo passes the first test. However, it is necessary to dig further to see if MooMoo is right for you.

What About MooMoo’s Commissions, Accounts. Fees and Benefits?

It is relatively easy to open a MooMoo account in just one to three days. There is no minimum amount and MooMoo lacks the kinds of fees many other brokers levy, such as fees for deposits and withdrawals and inactivity fees. You can try out a demo account free of charge with no obligation. 


MooMoo has attracted some attention for its low commissions. It charges $0.49 to $0.99 per share for a U.S. account. It makes up for these low commissions by using perks and benefits to incentivize trading larger amounts. For instance, those who open a U.S. account with $2,000 will receive a free Apple (APPL) share, worth approximately $125 depending on the current value of the stock. Those who trade more can receive free shares of Microsoft, Ford, Tesla, Boston Beer, Bank of America, and others. Clients who make referrals receive a free share of Twitter. Another popular feature of MooMoos accounts is that it allows clients to trade their first 180 days commission-free.

What is MooMoo’s Trading Experience Like?

Experience and novice traders alike will benefit from MooMoo’s apps and tools and the global trading community. MooMoo is praised for its customizable apps, its real-time bids, fast order execution rate, up-to-the-minute market updates, and fundamental and technical analysis tools. 

What Trading Products Does MooMoo Offer?

MooMoo’s low commission and benefits may attract many clients, but some will stay away because of its relatively limited offerings. It currently only allows clients to trade stocks, options, and ETFs. This may be fine for stock-focused traders, but those who prefer CFDs, crypto, and forex will have to look for another broker. 

Part of the reason for MooMoo’s narrow selection is that it is regulated by the SEC that does not allow CFD trading because of the high risk associated with CFDs and the lack of regulation. Some may see it as an advantage that MooMoo does not allow trading of risky assets such as crypto, forex, and CFDs whereas others may be disappointed.

MooMoo Pros

  • Low commissions
  • Lots of Benefits
  • Advanced platforms and tools



  • A limited selection of trading products
  • Customer service by email only
  • Bank transfers only

Should You Trade with MooMoo?

After looking carefully at MooMoo’s license, services, and feedback, our experts have concluded that MooMoo is a well-regulated broker that seems legitimate. It is more than likely that you are safe trading with MooMoo, which has advanced platforms and tools, low commissions, and many perks and benefits. 

However, this does not mean that MooMoo is the right choice for everyone. Those who want to trade forex, CFDs, and cryptocurrencies should look for another regulated broker that offers these. Others may want to fund their accounts and make withdrawals through a credit card or an online payment platform. 

Although MooMoo is regulated, that doesn’t guarantee that you will never have a problem with this broker. It is important to do your own due diligence, and if you have any issues, seek the aid of a fund recovery service. 

Forex Trading Scam Brokers

Fraudulent brokers are another type of forex trading scam. In general, always avoid brokers who do the following:
  • Are not regulated
  • Do not provide transparency about fees, commissions, and spreads
  • Do not allow a variety of platforms, payment, and account options
  • Are evasive when asked questions and do not adequate customer service
  • Have a fake address or telephone number
  • Has a statement that they reserve the right to adjust fees or rules about withdrawing money or can close an account for any reason

Do You Have a Complaint with a Broker? Broker Complaint Registry Will Help

Contact Broker Complaint Registry experts if you need assistance with a broker complaint.  We deal with a variety of issues, including scam brokers, forex trading scams, and crypto complaints.

Our team will refer you to experts who have vast experience dealing with regulators, banks, and law enforcement. We will provide advice and give you valuable guidance to help you resolve the issue.

Have You Lost Money to a Forex Trading Scam? BrokerComplaint Registry Will Help

Contact Broker Complaint Registry experts if you have lost money in a forex trading scam. We deal with a variety of issues, including data theft, broker scams, and crypto complaints. Our team will refer you to experts who have vast experience dealing with regulators, banks, and law enforcement. We will provide advice and give you valuable guidance to help you get a refund.