Awesome Deal: Free Apple share (worth ~$200) + $88 cash when you open a moomoo account

Introduction

The moomoo App is a trading platform offered by moomoo Inc., a subsidiary of Futu Holdings Limited.

In Singapore, investment products available through the moomoo App are offered by Futu Singapore Pte. Ltd. (“Futu SG”), a wholly-owned subsidiary of NASDAQ-listed Futu Holdings (NASDAQ: FUTU) that is backed by Tencent.

FUTU SG is a Capital Markets Services Licence holder (License No. CMS101000) licensed by the Monetary Authority of Singapore (MAS).

Current promotion

From 17 to 30 September 2021, moomoo is offering the following gifts to new users:

• Get $88 cash if your first deposit is at least S$2,700.
• Get 1 free Apple share (worth about S$200) when you complete 5 trades within 60 days.

That’s an easy way to earn about $288 worth of gifts!

All users who have not made their first deposit before 17 September 2021, 20:00 SGT are also eligible for the 88 SGD cash coupon if they made their first deposit ≥ SGD 2700 during the promotion period.

Click here and here to view the terms and conditions of this promotion.

When will I get the free Apple share?

It will be credited to your account 1 to 3 business days after you have deposited a minimum of S$2,700 and completed at least 5 trades.

In my experience, it was credited on the next business day.

Can I sell the free Apple share?

Yes, the free AAPL share is yours. Once it is credited into your account, you can sell it any time you want and there is no minimum holding period.

Do note that it will take 2 business days for the money to appear as “withdrawable cash”.

Is there a cheap and easy way to trade 5 times?

If you are new to moomoo or stock trading in general, it is understandable that you may want to explore this new trading platform before making long-term trades involving larger amounts of money.

I found this cheap way to meet the “5 minimum trades” requirement:

1. Buy 10 shares of ABF SG BOND ETF (ticker A35) 4 times.
2. Sell 40 shares of ABF SG BOND ETF (ticker A35) 1 time.

I set trade Type to “Market” and applied the Commission-free voucher immediately upon signing up.

Are my deposits safe?

U.S. securities in your account are protected up to $500,000 by Securities Investor Protection Corporation (SIPC), explanatory brochure available at www.sipc.org.

As mentioned above, FUTU SG is a Capital Markets Services Licence holder (License No. CMS101000) licensed by the Monetary Authority of Singapore (MAS).

When can I withdraw my money?

To enjoy the free share and cash, there is no minimum period that you should hold the money in your account. You may deposit or withdraw any time you want.

Are there any deposit or withdrawal fees?

Withdrawals and deposits in SGD are free to/from a Singapore bank account under your name.

If you have a non-Singapore bank account, there will be a S$30 fee to withdraw to your local bank account. Deposits can be done using Wise for minimal fees.

Remember: Transfer cash from your US account to your SG account first, if you would like to withdraw proceeds from US shares.

Is moomoo a good trading platform?

Absolutely! I’ve been using a few other trading platforms for many years now and I genuinely love how user-friendly moomoo’s mobile app is.

On top of that, having 180 days of commission-free trading in SG, US and HK markets is fantastic. Do note that a platform fee of S$1.50 per trade and other small fees apply even during commission-free period in SG market. Read more about fees here.

Another huge plus about this platform is that users get free lvl 2 market data for the US market. With this feature, users get to access real-time bids and asks to execute trades more accurately. Many other trading platforms, that I’ve personally used, charge additional fees for this!

There are also free trading tools and expert analysis that can be found in the mobile app.

Is there a catch?

Not really. The rules are pretty straight-forward. To qualify, your first deposit must be at least S$2,700 and you have to complete at least 5 trades within 60 days.

For example, if you trade ticker A35 (as described above) with minimum lots, you will have to pay about S$2 worth of fees per trade.

As mentioned above, deposits and withdrawals in SGD are free for Singapore bank accounts and there is no minimum holding period.

Bottom line

Unlike the credit cards offers that we often share, this deal does not have any minimum income requirement. Students (above 18 years old) can apply too!

This is a really easy $288-or-so that everyone should claim.

Drop us a message if you have any questions about the application steps!