No one can deny that online trading platforms have changed the way people trade. For those who want to get a piece of this pie, finding the right platform is probably the first and biggest step to take. Two platforms, Moomoo and Forex.com, has become two of the most popular choices among traders but how do they fare against each other? Here, I will try to compare them as far as I can. Hopefully this will provide you some ideas that you can use to choose better. If you are ready, let’s go!
Forex.com Is a Household Name
Forex.com, as you can understand from the name, is a forex and CFD broker that serves globally. As one of the most regulated brokers in the industry, it is quite popular and trusted by the veteran traders. The broker offers you everything you expect from an online broker of this scale: a wide range of markets, an impressive suite of platforms, and many more.
Don’t get me wrong, Forex.com is built with forex trading in mind. But they don’t stop there. They also offer commodities, indices, individual stocks, bonds, ETFs, precious metals, cryptocurrencies… You name it, they have it. They also offer negative balance protection and stop-loss orders as they are mandated by the European Securities and Markets Authority.
The icing on the cake is one of the most well organized and easy to use websites that I’ve ever seen. The website has multiple user interfaces and education and research tools that you can use. They are also quite transparent when it comes to their services and fees.
Yet, there are a couple of things that I did not like. For example, US clients have no account protection as it is not mandated in the United States. This might be a manageable problem as it is the same in many platforms in the US. Still, it is a negative. Also, there is no stop-loss orders for the US clients, too. But the biggest problem for me is their website maintenance team is kind of lacking. While it is nice to use, the website has some pages that is not accessible, incorrect, outdated or give wrong information. This is a major issue
MooMoo Shines With a Zero-Commission Trading
It has a funny name, I admit. On the other hand, these people are dead serious when providing you with a good trading platform. MooMoo is a trading app that gives you access to free trades, advanced tools, and a highly customizable platform. You can use it on your mobile devices, whether it is iOS or Android, or you can use it on your PC. The best thing is you can get notifications on all of your devices when something happens.
One of the best thing about MooMoo is the commission-free trading that they offer. You can trade stocks, options, ETFs, and many other stuff without paying a commission to the platform. There are a ton of tools that you can use for researching and charting purposes. They are one of the best ones that I’ve ever seen. The best thing for me though is that MooMoo offers you free real-time Level 2 market data from NYSE. You can use free paper-trading on the platform, which is a big plus.
Also, their app is so easy to use, you’ll get used to it in no time. You can customize the platform, easily find stocks that you were searching for, and set alerts and notifications so you can stay notified all the time.
Unfortunately, the products and account types a little bit limited in MooMoo. The platform does not give you access to forex, bonds, mutual funds or cryptocurrencies. Also, you cannot do free trading on Hong Kong or Chinese markets as MooMoo demands a fee per trade. Plus, the margin rates are so high that I am 100% sure that some people will be pushed solely because of this. While it does provide you some of the best tools and platforms that you can find, they are a little bit too sophisticated for the average trader. It might take some time, even for experienced traders. At least, I struggled a little bit but that might be me.
There You Have It…
In my opinion, both platforms are great in what they are doing. On the other hand, they are not suitable for everyone. If you want more options for you to trade, you can pick Forex.com. It has nearly everything you might need and a little bit more. You might be inclined towards MooMoo if you want to use a user-friendly platform that you can reach from everywhere and trade without paying a commission. I hope this review helps you choose the best platform for yourself. Good trading and see you next time.