Update 11/15/24: Extended to March 31, 2025
Update 8/27/24: Has been extended to 11/30/24
Update 8/2/24: Extended through September 30, 2024
Update 6/18/24: Deal is back and valid until Jul 31, 2024.
The Offer
- Signup for a new Moomoo account and get a 1.5% match on your investments transferred in by May 28th. Max $300 bonus ($20,000 invested).
- This bonus offer also applies to someone who already opened a Moomoo brokerage account and have not yet transferred in any funds.
The Fine Print
- Offer valid through 5/28/24
- Transfer Bonus: Maximum possible Cash Rewards for promo is $300 (1.5% on a max $20,000 transferred to Moomoo via ACAT)
- Cash rewards are valid for 24 months from the date of issuance of the reward. Cash Rewards can be used when clients reach the unlock condition: keep the transfer-in assets in moomoo account for 90 days after clients get the Cash Rewards. During the unlocking period, clients can trade their transferred assets but if they transfer out or withdraw the funds, unlocking will fail. Please note, if you transferred-in more than $20,000 in to your account, only the initial $20,000 needed to be maintained in your account for 90 days for purpose of unlocking Cash Rewards. Due to the unlocking period, kindly check the “my rewards” list when clients receive the coupon rewards.
- Cash Rewards you may be awarded depends on the value of the assets that you transfer firstly into MFI during the Promotion Period. The value of the assets is determined at the time of settlement and not at the time you initiate the transfer.
- The cash reward will be credited to your Moomoo Financial Inc. brokerage account within 5 business days after the first transfer settles. Eligibility for rewards will be revoked in the event a transfer fails or does not settle within 7 days of end of the Promotion Period.
Our Verdict
$300 return for just $20,000 in transferred investments is a solid deal, when comparing against comparable deals from other brokerages. Also nice that the bonus posts in 5 business days.
Note: It sounds like you might have to do the full $20,000 in a single ACAT transfer to get the full $300 award. Also be sure to claim the award. And, during signup, be sure to choose the $300 bonus option and not the $35 bonus option.
I personally tend to go more for the deals with higher transfer requirements and higher rewards due to the hassle factor. Still, a lot of people will be interested in this very doable deal. A lot of people also like Moomoo for their semi-frequently targeted offers and for the referrer offers. We’ll add this to our List of Best Brokerage Bonuses.
If you’re doing this offer, reach out first to friends and see if they have a referral link. You’ll get the same signup bonus and your friend will get a nice $110 bonus and more, see details here. I probably won’t make a referral thread since the same bonus is publicly available.
Hat tip to reader Eric
Terrible interface, too much bogus self-promotion on their website. Avoid these amateurs.
Just, like, my opinion, man, but —
Unwarranted fear-mongering re: securities transfers via ACATS. It is a highly reliable/secure system. The delivering broker has one day to either approve or reject the request initiated by the receiving broker. Lots of checks & balances.
Instead of transferring cash, can I just transfer part of my stock portfolio over to them that is worth $20k and call it a day with that and then transfer it back? Or is that too complicated and its just better to do the cash?
direct stock to stock transfers are always risky but I have personally not done it. Personally I think cash should be the only recommended option because its straight forward especially if you don’t want to risk losing your cost basis with stock.
Fair enough and valid point. I dont see anywhere stating that you have to actually make a purchase so are people basically transferring $20k, holding it for 90 days with the coupon offer and then getting paid 3% interest and bouncing?
Yes I have done several of these ACAT transfer promos in the past (before they implemented the 90 day hold rule) and always used cash transfer. It was quick and easy. Plus when you redeem $300 coupon in this case, you have to purchase some stock/ETF with it so that means you need cash anyways for it. Its probably not too bad of a deal since you are still getting 4.35% APY (pending any further rate cuts) on the money sitting in the sweep account.
Looks like this has been extended until March 31, 2025
This is super long, but I want to warn ppl about Moomoo, who I believe is also affiliated with TradeUp. I post here a lot, but am using a new username for this post bc I don’t trust Moomoo to not dig through my profile and try something crazy using my personal info that they already have access to…especially after my conversation w a very sketchy (possibly high/drunk) overseas rep today. I won’t even get into all of the technical issues that they’ve acknowledged to be the reason that I couldn’t enter trades at times. They’ve acknowledged the flaws in their system. I’ve tried to work around these issues and decided to start withdrawing my funds bc as one of their reps said, “Moomoo Financial may not be the broker for you.” 😮 By the way, they only have THREE trade desk reps. Three! Bank 1 was already linked via Plaid and I had used it to deposit about $15k. Bank 2 had wired about $15k into Moomoo. I ultimately linked the acct via microdeposit when I decided to not stay w Moomoo. They then asked for a statement. You can deposit w/o showing that much proof of ownership, though. Interesting. After a day or 2, they finally replied and said that I didn’t include the acct # on the statement for Bank 2. Untrue. I called and the rep asked me to send the statement. He got it approved. He also lied twice and said that the transfer was approved, then backtracked. But, while I was on the line w him, I got an email that the xfer to Bank 2 was declined because of “possible stolen identity.” I did a live selfie and uploaded my ID when I created my account. What stolen identity??? I then got an email that the xfer to Bank 1 was declined, too. I tried closing my position and got an “order rejected, acct locked” msg. By the way, this was a position that I was already losing money on bc of a glitch in their system. Phone rep said that they can’t help and that I should email and wait, which could be a few hours. WHAT??? Hours? I have open positions. But, I was only using about $1k in margin, so they just didn’t care to liquidate, which is what they would have happily done if I had been in a margin call. But, this is what really ticked me off about this entire thing. I asked one of the reps to have Moomoo close the position themselves so that I wouldn’t lose money. I said, “You can’t just let me lose money.” The rep said, “We can definitely let you lose money. We have to dot our Is and cross our Ts.” 😡 😡 And, this was the seemingly nice rep that I had been dealing with. This is who they are. What kind of person thinks that would be appropriate? People who work at Moomoo. They are very sketchy.… Read more »
Why do you think Moomoo is affiliated with TradeUp? I’ve had much better customer service with TradeUp than I did with Moomoo.
I got that from ChatGPT and Copilot, which were apparently wrong.
Here’s my review: They ain’t great, esp. for a lot a wheeler-dealer trading, but they’re a good enough place to park a few SGOV shares whilst collecting their bonuses.
Update: Since they unlocked my account, I submitted the withdrawal requests & they’re still delaying.
They’re now claiming that it’s been sent to the A M L team to review. I asked if all xfers go through this. He initially lied and said that they do, then said that if it looks suspicious, it goes to review. They unlocked my account earlier this week, now the same withdrawal request looks suspicious? I think that they were forwarded my formal complaints that I submitted and are now retaliating. I’m going to contact an attorney to see what my options are (the attorney’s virtually free, so it’s not as if I’m wasting money. It’ll be worth it).
I got my $300 bonus. I am planning to ACH out my cash. Can I leave the balance as 0? What about those stocks? Do you all keep them at Moomoo?
I just got the welcome stocks and my 90-day 3% APY booster expired. The 1.5% transfer bonus is shown as “processing”. Once the 1.5% transfer bonus is posted, I can ACH most of the funds out, correct? Is there any additional holding period required to avoid bonus clawback?
Yes, you can transfer once it shows up in your account. No holding period/No fee
I did the same and closed the account after getting $300 bonus.
For me, the welcome stocks (for $1000 transfer) unlocked after 60 days and $20,000 was unlocked after 90 days from deposit.
Thanks
SG! I didn’t pay attention to when my welcome stocks became available so it could be days ago. I only monitored the 90 day mark for the transfer bonus and just saw the 1.5% bonus showed as “processing”. It is good to know there is no additional holding period, I’ll transfer most of the funds out once the 1.5% bonus is posted.
I got my $300 bonus / coupon successfully without doing anything to redeem the coupon. It just transferred to my margin account after a few days after the 90 days. The app overall is kind of wonky and has those Chinese-oriented design/product aspects that won’t appeal to all.
Overall I made out well: with the 1.5% ($300), 3% APY booster ($150), welcome stocks for depositing $1K (~$40 for me), and various coupons provided for trades (~$40).
My ACH linked account is SoFi which connected via credentials. I could not easily add Fidelity CMA so I did not bother to pursue it.
Same for me:
1.5% ($300)
APY booster ($150)
Free stocks ($130)
Two referrals ($200)
Random bonus ($2)
Really easy to ACAT cash and link a bank.
Has been extended to 11/30/24 per the terms and conditions page.
Be careful with moomoo. I’ve ‘been trying over a month to move my money out of Moomoo, and they have been fighting me every step of the way. Their excuse is that since I have changed my bank account, they will have to hold on to my money for another 60 days. Also, every transaction is done on their phone app, and this app does not always work. I got Fidelity involved, and they tell me it is not smooth sailing when transferring out of Moomoo. I initially dedeposited $1000 in a Moomoo account, but my intuition warned me something was not right. I didn’t care about the promotion at this point, and I just want to get my money away from Moomoo as soon as possible. What’s the point of getting the cash promotion, but then you can’t withdraw your money for another few more months on top of their time requirement?
If changing bank accounts is an issue, can they deposit the funds back to the bank from which they came? Or initiate ACAT from an external brokerage to pull cash out?
This is not a moomoo-only issue. You’ll run into issues with some brokers when you try to withdraw to a different source for 60 days following a deposit. Here are some examples:
Withdrawing to a different source: https://robinhood.com/us/en/support/articles/withdraw-money-from-robinhood/
Anti-Money Laundering (AML) regulations: https://help.m1.com/en/articles/9332035-cash-transfers-timing
https://www.reddit.com/r/interactivebrokers/comments/1cls84i/can_i_withdraw_funds_to_a_different_bank_account/