moomoo Reviews 267

Horrible company. Demanded a bank statement from me AFTER I initiated initial deposit. Have dealt with all major investment companys/brokers and have NEVER been asked for bank statements.
DO NOT DEAL WITH THESE CROOKS!!!

I've downloaded the app. Have gone through a horrible time trying to validate my personal information... Which they absolutely 💯 have. I'm about to transfer 5k+ to my account, until I find these reviews. Luckily! Thank you, all, for posting these! Saved me a huge hassle. No MooMoo 🛑

There is a lot to like but depositing funds is excruciating. If you are thinking of signing up and you don't have a bank account that will match your name "Exactly" on your moo moo account be aware all deposits into your account will take minimum 4days (not the 5mins they say), 3 days for them to let you know the name doesn't match, then another day or two for them to manually process it (even on the second or third deposit from the same account) Therefore if you see and opportunity and you don't have funds in your account you'll probably miss it.

If you could give a worse review I would. Do not use this broker!!! First, i saw an advertisement. They promised all these wonderful things. Then it comes time to act like a business. I did an ACH to open the account. They say it will take 3-5 days, thinking if they had to use additional time, they had it. But, no ACH takes five days any longer. I called a couple of times to check, they do not have customer service. They have automatons who read from a script and do NOTHING! Finally I got the money on the last day. OK, my fault for believing. Then I decided to send a large wire to continue to trade. It was out of my account on Thursday at 1:00 and it is now close of business on Monday. I have called customer service four times and each time I asked for a supervisor. They say they have no supervisors available and they say they each have escalated my request to the wire department but, have not received any response. So they can not do anything for either one. They of course are using the money for a float. They are rude, of no help. This is a financial institution from CHINA. Now it concerns me they have all of our personal information, do nothing to assist problems or complaints. So, protect yourself.

I opened my account at Moomoo because of its promotion, but it's a cheating! The free 30 stocks only worth $90 not they advertised over 1k values. Each stock only $2-4! The customer service is from China, veru slow and unprofessional, manager Nicole CHen is a liar, they let me the do ACH deposit through the Points-giving link, then caused failed, then Moomoo blocked my ACH method, and force me to change a bank account, or "hold your ID and take a phone of yourself with ID", they are spying customer's info. against USA law, after I refused, and requested to speak to Nicole's boss, but she refused to give me their HQ's phone number. The New Jersey office phone number is fake, "Not in service "The CEO of CHina and US has no any email or phone number! This is a cheating company. File formal and legal complaint! this is a group of fraudsters!
Now, I requested to withdraw all of my money, Nicole said you must first active your ACH do what I said then you can request to withdraw money. This is a scammer company! I have called police to file report of MOoMOo.

I am waiting long time to talk to customer service.

Moomoo lures customers in by promising various types of bonuses for depositing funds to their moomoo accounts. However, after the customers deposit the funds, Moomoo restricts their accounts and request customers to verify their identity by uploading to their website copies of customers photo ids and various financial statements. It is understood that many financial institutions nowadays do this types of verifications, however, in Moomoo's case, after customers comply with Moomoo requests and upload all required documents, Moomoo becomes totally unresponsive: it keeps customers accounts restricted and does not respond to any of the customer's contacts, other that saying that the customers have to wait for "the relevant team" to contact them or for a manager to call back in "2 business days". Nobody from Moomoo ever contacts the customers whose accounts are restricted. The only way that customers can get their money back is to contact the financial institutions from which they transferred the funds or assets to Moomoo and request that those transfers are reversed or pursue legal actions.

UPDATE 2025-03-27 (AM): The company responded below with a suggestion to contact it via chat. It does not now that I had spent hours in the chat sessions with its representatives already and their responses are quoted in my original review.

However, I followed up on the suggestion and contacted Moomoo via chat again quoting the company's response mentioning the "Event code M-0022" and received a reply "Sorry but I don't understand your question, could you explain it?"

UPDATE 2025-03-27 (PM): Three different Moomoo's agents in the chat contacted at different times of the day had no idea what "Event code M-0022" is.

UPDATE 2025-04-11: In response from Moomoo that stated the following:

"Reply from moomoo
Updated 11 hours ago

Dear valued customer,
We sincerely apologize that your experience didn’t match your expectations. We're sorry for the inconvenience with our customer service."

This is not just an inconvenience. Moomoo is blocking customers access to their funds without providing any explanation. This is equivalent to stealing customer's money.

They sure know how to set you up an account but when you try to cancel it impossible. Never using again and I have 5 vehicles.

I had an issue with money not showing up after three days post being transferred, the customer service after four calls and numerous emails still haven’t resolved why my money isn’t appearing in my account after confirmation that they have received it. The customer services ,suggested that the manager would call me at midnight, crazy. After a week of back and forth I was called by a manager during normal business hours who explained what their concerns were, she was very polite and sorted my issue out within minutes.

Utterly the worst platform for trading and customer service is Zero. yes you can message them and they do respond but with absolutely no knowledge and the regular answer is we will get back to you in two days. They fee structure is also not transparent. I sold off the final fund today cause I'm simply fed up of this platform. Yes they have some good trading tools but so do all the other brokers . I only used it as it was a Singapore based but I would prefer to loose money on exchange rates and a proper US broker that has great customer service that is for the customer and so high handed.

I am a high net worth individual with a credit score in the top 5 percentile. I had submitted a trading application, disclosing my confidential financial information. Subsequently, I had received a rejection communication, without any explanation. I have made numerous requests in vain, to derive an explanation.
In all this I am receiving text messages from Moomoo requesting my feedback.

Mobile, desktop apps are fine; customer service is dismal. Rude, impatient, unintelligible customer support agents.

Beware of dodgy Chinese proxy company collecting information about you but in the end they will not open an account for you.

Their customer service in e-mail confirmed:
Dear Client,
I am very sorry, currently United Kingdom is not available to open an account for you. Thank you for your support.
it is not supported in your area , i am very sorry.
Best Regards,
Kai Yang Chan

When you register and try to open an account, however, they are more than happy to collect the following information from you:

Select Tax Residence:
A. US
B. Other Region

ID Issuance Country / Region
United Kingdom

Passport Number
*******

Fist Name
*******

Last Name
*******

DOB
******

Upload passport photo page
...

The platform, user experience, issues with customer services, and recently seeing how the company is branding itself is a joke. This company seems to lure investors in with fancy giveaways and then locks your money within their account.

I COMPLETELY REGRET JOINING MOOMOO!

Everyone must stay away from this Chinese-backed company scamming us out of money, when there are much better brokers available.

App provided helpful insights and is relatively easy to use for buying and selling stocks, options etc, but once you try to liquidate or transfer assets it is an absolute nightmare. Been trying to move some assets January and every time I things is finally complete they keeps asking for more personal information (to verify). I had the brokerage firm I am moving assets to reach and they were told we have an email template that needs to me completed and the industry standard asset transfer paper would not be accepted. This experience has really soured what was otherwise a positive experience with Moomoo.

simply want to note that the 5 star AU reviews here are fake

I strongly advise against using Moomoo based on my terrible experience. Over 40 days ago, I transferred money to my Moomoo account for trading, but due to a minor mistake (missing my Moomoo ID in the transfer), the funds were not credited.

Since then, I have repeatedly contacted customer support, providing all necessary details, including my bank transfer confirmation. Despite multiple follow-ups, I have received no resolution, no proper response, and absolutely no access to my money.

This level of service is completely unacceptable for a financial platform that handles real money. Moomoo is holding my funds without explanation, and I am now forced to escalate my case to FINRA and the SEC.

If you value your time, money, and peace of mind, stay away from Moomoo! Their lack of transparency and customer support is shocking.

I would give 0 IF I COULD

My experience with this company has been overall TRASH. First of all the deposit took 5-7 days which is crazy for stocks. Secondly, They only allow you to trade a small amount of stocks like Apple but I cant even trade crypto and Finally, I CANT EVEN SELL I CAN ONLY BUY LIKE WTF!?!?

I would rank lower if possible. I received a promotional credit (2 credits, 50.00 each) for taking a financial class and they have continuiously pushed me off towards getting it applied. They have not applied it as of today. They have not called me back when they said they would or message me through the app like the would about resolving this issue, or escalate this several times when I have requested to do so. They are a scam! Avoid if possible. I bought the caleb hammer financial class bundle and one of the reasons why I got it was because of this. Its a bummer they are dropping the ball.

If you want money deposit within last then 3 days…this ain’t the brokerage to use. I have several other brokerage accounts and to do a ACH deposit takes less than 3 days. This company takes 5-7 days…which equates to you possibly missing out on good trading opportunities. I would never recommend. And don’t get caught up on the free stocks they’re offering. The free stocks they’re offering is all less than $2. Companies that’s scraping the bottom of the barrel.