I blogged about this previously -
Futu's moomoo Attractive Sign-Up Bonus - One Free Apple Share! and I am glad to share that Futu SG has decided to extend the promotion with a more generous offer! Fun fact - Futu is the pronunciation of the Chinese characters 富途 which means the path to wealth. How apt. In my opinion, that 1-2% interest from a savings account is not going to make one rich, one got to invest to grow their wealth.
Anyway, from 1st May 2021 to 31st May 2021, 1500hr SGT, sign up using our referral link
here and deposit SGD 2,700, USD 2,000, or HKD 16,000 for the following benefits:
2. Unlimited Commission-free trading in the US, HK, and SG markets for 180 days
3. Free level 2 Market Data for US market 4. Free SGX Securities Level 1 real-time market data
5. Refer your friends to get up to 20 TWTR shares
Similarly, there is no cap/limit to the number of sign up. As long as the account is open before 31st May 2021, 1500hr SGT through our referral link and the deposit is made within 30 days from your account opening, you will be eligible for all the bonus above including the Apple share which is trading at around USD 130 (at the time of writing). After you have an account, refer your friends to get those Twitter shares (they would need to make the same deposit within 30 days from their account opening too).
In addition, unlimited commission-free trading in the 3 markets (US, HK, and SG) has been increased from 90 days to 180 days! That's half a year of trading without having to pay commission regardless of the number of trades made! That also means a longer period of time to evaluate the trading platform. I do not believe there is any other broker providing such a promotion. Although Futu SG has removed the SG$30 cash coupon, I feel that the free SGX Securities Lvl 1 real-time market data provides a lot more value because most of the existing/traditional brokers are providing delayed data of ~15 minutes by default and one will have to pay/subscribe for real-time data (recurring cost).
Let's try to address some of the common questions I get:
How reliable is moomoo powered by Futu?
Futu Holding Limited has 35 licenses globally in key financial hubs such as the United States,
Hong Kong SAR, Singapore and others. In Singapore, capital markets products and
services on moomoo are offered by Futu SG and it is licensed and
regulated by the Monetary Authority of Singapore (MAS) (License No. CM101000). In addition, Futu Holding Limited are backed by world-class strategic investors including venture capital affiliates of
Tencent, Sequoia Capital and Matrix Partners.
CDP vs Custodian
Shares purchase through moomoo powered by Futu will be held in a custodian. If you really want your shares to be in CDP, then you will have to go through the traditional banks/brokers with a minimum commission of ~$20 and above. Those less than $20 are also custodian account.
In my opinion, unless you are retired and have the time to attend AGM and vote, then go for CDP. Otherwise, investing through a custodian account is good enough as long as you look out for the hidden fees. Some charges custodian fees (e.g.
Saxo is charging 0.12% annual custody fee, charged monthly) and corporate actions fees (e.g.
POEMS SGD 10.70 for corporate action) which moomoo powered by Futu doesn't so it is really cost-effective.
It is showing margin accounts, should I be concerned?
According to the help center (https://support.futusg.com/en-us/topic50?from_platform=3), as long as your account is funded with sufficient cash/deposit, the stock you are going to purchase will be through your cash/deposit.
Do I need to complete x number of trades to get the sign-up bonus?
Nope, it will be as per what I have shared in my article - As long as the account is open before 31st May 2021, 1500hr SGT through our link and the deposit is made within 30 days from the account opening, you will be eligible for all the bonus above including the Apple share.
Why is platform fee being charged?
As explained on their
site with regards to the fee breakdown -
Thank you for using moomoo. Platform fees are charged to enable Futu to continue investing in better technologies to improve our platform to serve our users better.
I would rather pay the platform fee than a high minimum commission. Think about it, at the end of the day, they are a listed company that has to generate profit for their shareholders too. Alternatively, buy their share and you can think of paying yourself indirectly. lol. Regardless, the platform fee they are charging is also one of the lowest in the industry - 0.03% * transaction amount, minimum SGD 1.50. Some examples,
FSMOne is charging 0.0875% per quarter for AUM < SGD 300k (recurring) and
Tiger is charging 0.04% of trade value.
In my opinion, this is a very attractive promotion you should not miss. No other banks/brokerages are going to be giving you free share for signing up with them. Besides, moomoo is also charging the lowest commission in Singapore and is definitely worth taking a look at.
If you are interested in Futu's moomoo app, do use our
referral link for our readers to get the above benefits!
For more information, please contact the customer service team directly at
clientservice@futusg.com or you can also call them at +65-6439 1100.
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