Australia will be welcoming a new broker in the jurisdiction. Social trading platform moomoo has obtained an ASIC license through an acquisition as it sets foot in the country, based in Sydney.
Retail traders on Moomoo’s eyesight
Moomoo has successfully established its trading platform in the United States and Singapore, offering a user-friendly experience for retail traders.
The brokerage firm provides a free online account-opening experience that can be completed in minutes; a combination of technologies spanning stock trading and market data; an interactive online community of 17 million investors worldwide; and tools that enable the community to share their investing insights anytime, anywhere.
Moomoo offers access to stocks on the platform and free real-time quotes, in-depth market analysis, and comprehensive financial news coverage.
The Australian launch is the third expansion overseas of the broker after the United States and Singapore. Success has brought recognition as the platform won the “Best Active Trading App 2021” by Investing Simple.
The firm was also nominated for the Benzinga 2021 awards for “Best Trading Technology” and “Best Investment Research Tech”.
Moomoo has quickly onboarded more than 220,000 registered users and more than 100,000 paying clients in less than three months since entering the Singapore market. The platform is now among the top three financial apps as measured by download volume.
moomoo is backed by Tencent
It was in March that Futu Holdings Limited launched Moomoo in Singapore, in tandem with the company’s second anniversary of its NASDAQ listing. Backed by Tencent, moomoo is the international version of Futu’s renowned investing platform.
As Futu’s first market entry outside of China, Hong Kong Special Administrative Region and the United States, Singapore represents the company’s ambitious plans to capitalize on the rapid adoption of digital services and a young population that has grown in a technologically immersive environment.
At the time of the Singapore launch, Leaf Hua Li, Founder & CEO of Futu, said: “In a world still in massive lockdowns, expansion into Singapore is a strategic decision to serve as a bridge into the rest of Southeast Asia. Singapore’s digital friendly environment, high quality infrastructure, and efforts in adopting technologies has also made it an ideal location for us to expedite our foray into international markets.”
“With over a million retail investors there, we believe that there is huge potential in the local market which will serve as a strong growth driver for us as our products are quite different from other products in the Singapore market. Currently, we have already set up our local headquarters and are looking to scale up our business moving forward,” he added.
Futu Singapore is regulated and licensed by the Monetary Authority of Singapore (MAS) and offers low fees in Singapore via moomoo for investing in Hong Kong SAR, Singapore, and US securities.