moomoo Crypto: Everything You Need to Know

Crypto investors can try moomoo, which preferred by Benzinga and works well for a range of crypto traders.

For traders seeking solid tools and a simple-to-use interface, moomoo has quickly become their preferred platform. Initially attracting interest for its stock and options trading, moomoo is now making waves in the crypto space. With the advent of crypto trading, moomoo is providing something fresh for people wishing to vary their investments. This article will lead you through all you need to know about trading crypto on moomoo, regardless of your familiarity with the platform or curiosity about its crypto capabilities.

moomoo Crypto Overview

Rising platforms like moomoo Crypto let users trade cryptocurrency alongside conventional assets, including equities and ETFs. Started by Futu Holdings in 2018, moomoo immediately gained popularity for its strong analytical tools and commission-free trading. Originally concentrating on equities, moomoo has entered cryptocurrencies in response to growing demand for digital asset trading.

moomoo Crypto stands out for its simple layout, which provides quick access to many cryptocurrencies. By keeping current with the newest trends and news, the platform offers real-time market data that helps users make informed decisions. moomoo also emphasizes education heavily and provides tools and initiatives to help investors better understand the crypto market.

moomoo Crypto removes the need for currency conversion and the associated risks by supporting direct trading in both SGD and USD. Thanks to a secure trading environment and regulatory oversight, moomoo Crypto is a reliable choice for those who want to explore the realm of cryptocurrencies. moomoo Crypto appeals to novice and experienced investors, emphasizing accessibility, education and user interaction. 

moomoo Crypto Fees

With its commission-free trading approach, moomoo Crypto's fee structure appeals to crypto traders. Those who trade regularly and wish to optimize their profits without worrying about high costs can buy and sell cryptocurrencies without paying typical trading fees.

moomoo does not charge commissions on cryptocurrency trades, so there are specific fees to be aware of. For instance, maintaining your account open comes with no inactivity fee, but some transactions incur fees. Domestic withdrawals will cost $25 and international withdrawals will go up to $45 if you must withdraw money by wire transfer. Moving stocks out of your account could also cost up to $75.

moomoo also runs a cash sweep program with competitive interest rates on uninvested cash. Your cash balance can earn up to 5.1% interest, depending on your account activity and any promotions.

Can You Buy Crypto on moomoo?

Yes, you can buy cryptocurrencies on moomoo, but only for users in Singapore. moomoo, a subsidiary of Futu Holdings, has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing it to offer digital payment token services to retail and institutional investors in the country.

As of June 2024, moomoo supports the following cryptocurrency trading pairs:

• SGD Trading Pairs: BTC/SGD, ETH/SGD, BCH/SGD, XRP/SGD, DOT/SGD and ADA/SGD
• USD Trading Pairs: BTC/USD, ETH/USD, BCH/USD, XRP/USD, DOT/USD and ADA/USD

Users can trade these cryptocurrency pairs directly with Singapore or US Dollars, eliminating the need for currency exchanges and the associated risks. moomoo also offers hassle-free deposits and withdrawals, allowing users to transfer funds directly from their local banks to their moomoo accounts at no additional cost.

One of the unique features of moomoo's crypto trading is the ability to start with a small investment. Users can begin their crypto journey with as little as 0.0005 BTC (around US$33 as of June 2024) and use dollar-cost averaging to build their portfolio over time.

While moomoo provides a convenient way for Singapore residents to invest in cryptocurrencies, it's important to note that crypto trading carries significant risks. Investors should thoroughly research the market, understand the volatility and only invest what they can afford to lose.

How to Trade Crypto on moomoo

Trading cryptocurrencies on moomoo is a straightforward process that allows users to engage with digital assets efficiently. 

Here's a step-by-step guide on how to trade crypto on the platform:

1. Open a Crypto Account:

   – Launch the moomoo app and navigate to the "Trade" section.

   – Select "Crypto" and click on "Next."

   – Tap on "Start Now" to submit your application. This process typically takes about 3-5 minutes to complete.

2. Transfer Funds:

   – Go to the "Accounts" tab once your crypto account is activated.

   – Select your crypto account and choose "Transfers."

   – Select your preferred currency (SGD or USD) and enter the amount you wish to transfer into your crypto account.

3. Start trading:

   – Return to the detailed quotes page after funding your account and click "Trade" again.

   – Alternatively, you can go directly to your crypto account, click "Trade," and enter the cryptocurrency symbol to begin trading.

Trading Hours

With specific trading sessions, moomoo allows cryptocurrency trading 24 hours a day, seven days a week. The trading hours are as follows:

– Auction Session: 8 a.m. – 8:15 a.m. SGT (orders can be placed but not filled)

– Trading Session: 8:15 a.m. – next day 7 a.m. SGT (orders can be placed and filled)

– Market Close: 7 a.m. – 8 a.m. SGT (no orders can be placed or canceled)

This flexibility allows users to trade cryptocurrencies conveniently, making moomoo an attractive option for crypto enthusiasts.

Is moomoo Safe and Secure?

Yes, moomoo is a safe venue for exchanging crypto. The organization’s strong security policies help protect user funds and personal data.

moomoo guarantees that private data and transactions remain safe by using cutting-edge encryption to guard against them. The site also uses multifactor authentication, which requires users to give several kinds of validation before gaining access to their accounts, adding another degree of security.

moomoo stores most user money in offline cold storage wallets, improving security even more. Since these wallets are not linked to the internet, hacker efforts seldom find targets here. This approach lessens the possibility of taking money should a security breach occur.

moomoo has a Major Payment Institution (MPI) license to provide digital payment token services and is controlled by the Monetary Authority of Singapore (MAS). This regulatory control adds another degree of responsibility and security for users.

moomoo is dedicated to safeguarding personal data and user privacy. The business guarantees user data is safe using administrative, technical and organizational tools.

moomoo's robust security systems, regulatory compliance and respect of user privacy make it a safe platform for trading cryptocurrencies even if no system is immune to hazards. Users may be sure their data and money are under protection.

Can You Transfer Crypto From moomoo to Another Wallet?

No, you cannot move crypto from moomoo to another wallet. moomoo enables users to buy and sell cryptocurrencies but does not provide the means to withdraw digital assets into outside wallets. All cryptocurrencies purchased on moomoo are held within the platform.

Operating under the Monetary Authority of Singapore (MAS) rules, moomoo uses a custodial approach for crypto holdings. Users of the moomoo app can trade and manage their cryptocurrencies; they do not directly possess the private keys for their assets.

moomoo handles user crypto holdings instead of offering a conventional crypto wallet. This arrangement is convenient for trading, but it restricts the ability to move assets off the platform, which may disadvantage those who prefer self-custody of their digital assets.

moomoo Crypto Signup Bonus

moomoo does not yet provide a specific signup bonus for new customers focusing on cryptocurrencies. Still, the platform offers several promotions for new clients, especially in stock trading. For instance, new customers opening an account and making a qualifying deposit can receive perks, including free stock shares.

Users occasionally may receive up to 20 free shares, each valued between $3 and $2,000. Although this campaign primarily targets stock trading, it demonstrates moomoo's commitment to attracting new customers with attractive offers.

moomoo's competitive trading environment, with zero commission fees for crypto trades, further enhances its value. Its incentives and user-friendly design make it an appealing choice for novice investors interested in both crypto and conventional assets, even though there is no specific crypto signup bonus.

Buy Into the Crypto Space With moomoo

For those in Singapore especially, moomoo Crypto offers a compelling trading venue for cryptocurrency. moomoo lets customers buy and sell well-known cryptocurrencies like Bitcoin and Ethereum free from commissions, saving on traditional costs. The Monetary Authority of Singapore supports the platform, ensuring regulatory compliance and security.

moomoo's key features include a user-friendly interface, real-time market data and sophisticated trading tools for new and seasoned investors. Its use of cold storage for funds, multifactor authentication and encryption demonstrates its commitment to security.

moomoo presents a seamless trading experience within its ecosystem. Even though it does not allow crypto to be transferred to other wallets, moomoo Crypto stands out as a dependable and secure choice for investors looking to diversify their portfolios.