[Expired] Moomoo Brokerage For Existing Users: Get $100 With $10,000 Transfer

Update 1/19/24: Deal is back with terms same as last time. Valid 1/16 – 2/29

Update 12/2/23: New round went out for 12/1/23 – 1/15/24. Terms. This time the tiers are lower, and include $100 bonus with $10,000 deposit, $400 bonus with $100k, $2,500 bonus with $500k, $5,000 bonus with $1M.

Update 10/16/23: New round went out now for October 15 – November 30th. Direct Link | Terms The tiers are slightly different with the $100 tier now requiring $3,001 (versus $2,001 last time). The other tiers are $20k for $150 and $100k for $400. (ht Mawney) Even if you did the last one, you should be able to do this one too.

The Offer

Direct Link to offer | Terms | Check your Moomoo app (click on the banner on the “accounts” page)

  • Moomoo brokerage is offering registration for existing users to get a transfer bonus with the following tiers:
    1. Transfer $2,000.01 or more in assets and get $100 bonus
    2. Transfer $10,000 or more in assets and get $150 bonus
    3. Transfer $50,000 or more in assets and get $400 bonus

 

The Fine Print

  • Aug 30th, 2023, 00:00 ET ‒ Sep 30th, 2023, 23:59 ET
  • Who can Participate: The ACATS Transfer Rewards promotion is available for new and existing customers of Moomoo Financial Inc.(“MFI”) You must be at least 18 years old to participate.
  • How do I participate? Enter the event page and tap “Sign up” to participate in the event.
  • Transfer eligible assets to MFI during the Promotion Period from an account at one of the following broker-dealers: Robinhood, Webull, TD Ameritrade (including ThinkorSwim),Interactive Broker, Fidelity, E Trade, Cash App, Charles Schwab, Ally Invest, Firstrade, or Merrill Lynch. Transfers from other broker-dealers are not eligible for this Promotion.
  • If, during the Promotion Period, you transfer assets (stock, cash, etc.)  totaling the amounts shown below, you will be eligible for the rewards also shown. The cash reward will be credited to your Moomoo Financial Inc. brokerage account within 10 business days after the end of the Promotion Period. Note: The cash reward has a minimum buy order amount limitation(at least $1) for using and its validity period is 720 days from the date of issuance of the cash reward.
  • Cash rewards can only be used to buy equities (stocks, ETFs, etc.). The amount equal to the Cash Reward will be credited to the client’s account within three trading days after the order is settled. For more information, please read the “About cash rewards” section below.

Our Verdict

The $100 tier with $2,000 deposit seems easily doable. We saw a similar offer in July, and this can now be done again for a second time. Just be sure to sign up first. I assume this offer is showing in the app for everyone. If you are doing the lowest $100 tier, be sure to deposit slightly more than $2,000, e.g. $2,000.01.

Remember to do transfers from a broker such as Fidelity or Schwab with no ACAT-out fee. Robinhood and Webull charge fees.

Please read our original post on Moomoo here and the newer discussion post here. Do not leave your Moomoo referral in the comments below or anywhere else on the site. The existing referral thread is now locked; you can find a referral there if you want to sign up now for Moomoo.

Hat tip to readers Eric and newguy
    Chuck
  • On January 19, 2024, 11:00
Tags: brokerage bonuses

View Comments (600)

  • For the past several months, Moomoo has offered me $2 to keep my cash balance as it is. This started when I tried to withdraw a small amount of cash (< $10) that was in my account.

    It finally ended today when they left a note "This is the last time to receive cash rewards.Thanks for your participation! Happy investing!"

    It showed that I claimed the offer 10 times so I received $20 for doing almost nothing.

    I then decided to withdraw all of my cash. I wasn't able to until I updated the desktop app. Anyway, they didn't offer me any deal this time so I withdrew it all. There's always next time. 😉

  • Cash coupon available on Mar 18. That seems quite early compared with the bonus received in Jan. The term for the transfer promotion requires a 90 day hold if I remember correctly.

  • Just opened my account and wanting to enroll in the transfer in promotion.

    Is it normal for the app's Me>Promotions page to be empty/show no promotions? Does this part of the app just take time to populate? It looks very similar to Webull, and their promotions started appearing a few hours later -- is this how Moomoo's app works, too?

    Searching through the 3 Moomoo pages here at DoC, some folks have mentioned not seeing current offers in the app. And that sometimes they had to contact Moomoo to get them to fix things.

    If I go to my account in the browser, I'm able to see a Promotions sub-menu and enrolled in the transfer promotion there, but nothing in the app that I can find.

    I contacted customer service and they said confirmed I'm enrolled in the offer, but didn't address the part asking if my Me>Promotions should be empty, or if there's something that needs to be fixed on their end...

    Thanks

    • I use the app on Android and the Promotions tab is usually updated for me (occasionally will have banners to expired promotions).

      If it doesn't work itself out in a couple of days, maybe try uninstall then reinstall.

      • Thanks, I'm on Android, too. Still nothing under Me>Promotions after two days, so I might have to try reinstalling...

  • Have folks had any issues doing an ACATS out after completing the hold period? Including the cost basis?

    It looks like the transfer offer is now 90 days hold instead of the original 30 days, but is still very attractive.

    Doing a search through the comments, I see several comments about doing an ACATS in without issue, but only one or so mentioning succeeding in doing an ACATS out

    • Closing the loop on things, wanted to share I had no issues with getting credited with the promotional bonus by Moomoo. ACATS in completed in late March and bonus credited in early July.

      The DTC transfer was surprisingly smooth. I just emailed the required information and my positions were transferred out to Fidelity within 3 days. $75 out fee, which Fidelity is working on reimbursing.

      My first time with a DTC transfer and it was basically identical to any ACATS transfer.

    • From what I know, there is no ACATS out with Moomoo. They use some other transfer method, which seems hard and expensive. I believe all people here who transferred out from Moomoo liquidated and transferred cash. Not ideal but depending on what you are holding may not be such a big deal.

      • Thanks @guest_1813914 and @guest_1687423

        I wouldn't mind trying out a FOP DTC transfer if Fidelity or Schwab supports it. I'll give them a ring tomorrow to verify things. It seems FOP transfers are standard/common at Interactive Brokers and some non-US brokers, so hopefully Fidelity/Schwab will accomodate it.

        I see Moomoo charges a $75 outgoing fee, which should be reimbursable. I don't mind the transfer taking a week or few, as these would just be long ETF positions.

        • I did a FOP DTC transfer out to Merrill. The cost basis does not transfer automatically; you have to provide to the new brokerage. I haven’t done that yet so Merrill doesn’t show basis for the tax lots transferred over. They did reimburse the $75 fee.

          • Did they let you transfer out without requiring a selfie, or what did that process look like?

          • You send an email with certain information and instructions. They have a support page for that here: https://www.moomoo.com/us/support/topic4_348#_1

            I sent the email and they got back to me within a day or two. There was one thing to fix (apparently MooMoo ID is a specific account ID as opposed to the account number); after that it was submitted and I think the shares showed up in my other brokerage overnight or the following day.

            Their instructions say:

            It's important to notify the receiving firm. Your transfer will not be processed until both brokerage firms have received your transfer requests and confirmed the information.

            I was in touch with a representative from new brokerage about the process in general but as far as I'm aware he didn't do anything to prepare my account for incoming transfer. There wasn't really any confirmation from new brokerage so that statement in the FAQ doesn't appear to be relevant, in practice.

            There was no selfie required.

          • Thanks @guest_1814486

            I verified with Fidelity and Schwab that they can accept DTC transfers. I was told they're pretty common/standard in the industry.

            Too bad about the cost basis. I do have my cost basis saved away in an Excel spreadsheet, so I can eventually provide that.

            I'm not planning on transferring any cash, but it looks like there is also a few free shares and +3% APY promotion for new accounts. Would I first sign up for a brokerage/margin account before enrolling in the promotions? Or is there a specific order of operations to maximize things?

          • It’s been almost a month now and it hasn’t. MooMoo confirmed they don’t send basis.

          • Unless this is an IRA, they absolutely have to send it for covered securities purchased after 2011.

            There were reports that people's tax forms were wrong, because Moomoo never entered the cost basis from the transferred securities.

            It sounds to me that they have no idea how to operate in the U.S.

          • I think they have to *record* cost basis, but does that mean they have to transfer it over as part of their process? In any case, I can confirm that basis did not transfer over.

  • Trying to download the 1099 from moomoo but it seems hitting download in the app just opens it within the app

    I can't get a copy! Also tried on computer via browser but that doesn't even show tax documents

    Am I missing something? I need the document for my records and to search within easily to find trades...

  • Just sent an email to cs@... and got back this:

    "
    Delivery has failed to these recipients or groups:

    cs@...
    The recipient's mailbox is full and can't accept messages now. Please try resending your message later, or contact the recipient directly.
    "

    tax@... seems to work for now.

  • Originally had 1099-B with incorrect cost basis from transferred shares posted around 2/15. Emailed tax@us.moomoo.com with screenshots showing the original purchases, agent responded that the next batch would show the corrections by 3/1

    Updated document arrived 3/2, shows correct basis. A bit annoying to fix, but easily doable if you have statements from your old brokerage, match up dates of share purchase between the two brokerages (minus differences for settlement time).

  • Obtained correct corrected 2023 tax forms on my account to download (based on my information I provided, they fixed the cost basis of shares transferred in by ACAT and then sold).

  • " it looks as though we have not received any cost basis for the securities. If you have some of the monthly statements from when they were purchased, i can go into the system and start making the updates. If they were purchased over the past few years, you can send a few statements at a time, I can go thru them and apply the cost to the shares. "

    I just wanna say: F

  • They told me that they corrected my 1099-B and it should post on 03/01. Also I did an ACAT initialed in Webull from Fidelity (also SGOV) and there the cost basis transferred correctly. It's really Moomoo that messed up.

    • Got a correct corrected 1099-B from Moomoo. (Was praising Webull too early, turns out that they doubled the value of all free shares I obtained on their 1099-MISC. No idea how this happened. Waiting for getting this one corrected.)

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