There’s a long-running promotion to get free stocks from Moomoo.
What is Moomoo? It’s a brokerage account with a silly name but with some serious benefits.
If you’d like to trade worldwide or just want to explore what a different brokerage account is like, then read on for the details.
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The Fine Print
Bonus
- Tier 1: 5 stock shares + $100 cash coupon
- OR Tier 2: 15 stock shares + $100 cash coupon
- OR Tier 3: 15 stock shares, $100 cash coupon and 1 share of Tesla or Google
For the odds of the stock shares see the notes.
For how the cash coupons work see the section below.
Requirements
- Tier 1: Deposit at least $100 into the account and keep your average balance at $100 or more for 60 days
- Tier 2: Deposit at least $1000 into the account and keep your average balance at $1000 or more for 60 days
- Tier 3: Deposit at least $5000 into the account and keep your average balance at $5000 or more for 60 days.
- $50 referral reward: Sign up through referral link and deposit at least $100
As you can see there’s a requirement to maintain an average balance for 60 days on these. Be careful! If you buy stocks and the price falls that could put your daily average below the amount. The safest thing is to keep the cash amount in there for 60 days or buy something extremely stable like SGOV.
Exclusions
You must be a new Moomoo customer.
Fees
There’s no monthly fee.
Moomoo is a comission free broker, so the only things that get charge are the required regulatory fees on sales.
There are some fees on international markets though. The link to the fee schedule is here.
Deadlines
The deadline as of now for the stocks and coupons promo is 7/16/23. It’s been extended, before the deadline was the end of June.
Benefits
- Detailed stock info
- Access to the Hong Kong market and the Chinese A-Share market
- Promos for referring new users
- Points system to earn rewards for using the app
Notes
The odds of the stock draw:
- 95% value of $3-$9.99
- 4.9% value of $10-$99.99
- 0.1% value of $100 or more
Cash Coupon
I was confused by how the cash coupons work when I signed up, so I’ll explain it here.
When you get a cash reward, a cash coupon will show up under coupons in the app. This coupon will have an expiration date and it will list requirements to claim it.
The coupons for this promo require you to buy at least $1000 in one order to claim them. When you buy that amount of any stock or ETF the cash coupon will automatically activate. You’ll get the amount of the cash coupon deposited into your account, as cash, within a few business days.
So basically you have to do some trading to get the money. Of course, once the bonus credits you can always sell whatever you bought. If you’re doing that try to pick something with a stable price so you don’t lose money in the intervening days.
You can’t combine multiple cash coupons. If you have more than one you’ll have to do more than one qualifying trades to get all of the bonuses.
The expiration dates are very generous. Mine are listed as two years away, so you’ll have plenty of time to do the trades and get them.
The process is harder to explain than do. Just buy the required amount of stocks and you’ll get the cash.
Should You Sign Up And Get Free Stocks From Moomoo?
Moomoo is geared more towards experienced traders than complete newbies. The interface can be a bit overwhelming, definitely more so than some of the other online brokerage accounts.
But with the complexity comes some perks. The analysis available on Moomoo is way more in depth than most of the other accounts. You can dig into techical info about the stock or ETF.
And not only can you trade on the US market, you also have the chance to trade on the Hong Kong and China A-Share markets.
Like most of the brokerages featured on this site, Moomoo is a no comission platform, so they don’t charge you fees for regular trades. Like with the other platforms, there are some required regulatory fees, but they aren’t very high. It’s worth noting that the international markets do involve some fees, so read the fee schedule before trading.
The point system is, as far as I know, unique. I just wish they would bring back those cash coupons.
There’s an active community that talks about the various stocks up for trades-just check the comments listed under the stock or ETF.
Have you tried Moomoo? What do you think about it? If you pull a great stock from the draw mention it in the comments, I’d love to hear it.
Get Your Moomoo Stocks
This link will take you to the sign-up page. Make sure to follow it on your mobile device, because otherwise the referral might not register. And read the promo to understand the tiers!
