Introduction
Moomoo Malaysia is a stock brokerage that has grown popular fast, giving access to both the local Bursa market and US stocks. I don't usually pay much attention to smaller brokers, but a few readers asked, so I opened an account, funded it, and ran real orders through it.
Here is my conclusion up front: I would not use Moomoo as my main broker for US stocks, because the currency conversion and trading fees are higher than what I already pay at Interactive Brokers. For Malaysia stocks it is cheap, though not always the cheapest. The one genuinely strong reason to sign up is the promo campaign, which can pay you a few hundred ringgit for parking cash you were going to invest anyway.
Let me show the numbers.
How much does Moomoo charge in Malaysia?
For US stocks, Moomoo Malaysia charges a commission of 0.03% of the trade value plus a flat platform fee of US$0.99 per order, on top of small regulatory fees. For Malaysia stocks, it is 0.03% commission plus a RM3 platform fee per order, plus the usual clearing fee and stamp duty. There are no deposit or withdrawal fees. New users get 180 days of zero commission, though that waives the commission only, not the other fees.
The catch for US investors is the currency exchange cost, which is where Moomoo quietly loses to Wise and IBKR. Details below.
Are Moomoo Malaysia a Legit Brokerage?
Yes. Moomoo Malaysia (Moomoo Securities Malaysia) is licensed by the Securities Commission Malaysia and is a Bursa Malaysia participant, so local stock purchases are covered by the Bursa capital market compensation fund (CMCF). Just be careful of clone-firm scams using the Moomoo name. Always download the app from official stores and check the SC's licensed-entity list if unsure.
Market Accessibility, Malaysia & US Stock Market
Moomoo gives you access to Bursa Malaysia, the US market, and a few others such as Singapore, Hong Kong and China A-shares from the same account. For most Malaysian readers the two that matter are Bursa and the US market, so that is what I focus on below.
Deposit & Withdrawal Fees
The good news is there are no deposit or withdrawal fees. I made three deposits totaling RM10k using FPX, and they usually reflected in my account within about five minutes.
You can also use a manual bank transfer, which takes longer to show up. Withdrawals go back to a Malaysian bank account and take one to three business days. Note that withdrawals to non-Malaysian bank accounts are not supported.
Currency Exchange Fees
The next thing I looked at is the currency exchange cost, because many people will use their Moomoo account to buy US stocks, and the conversion is where the real cost hides.
Moomoo states its currency exchange is "free" and uses the upstream bank's real-time rate, so there is no published spread number. When I tested it against Wise, Moomoo's effective rate came out worse. The other popular route for Malaysians is Interactive Brokers funded through Wise, so Wise is a fair benchmark.
One honest caveat on the number below: my test didn't capture both rates at the exact same moment, and FX rates move minute to minute, so treat the roughly 0.36% gap as indicative rather than precise. The direction is what matters, Moomoo's conversion is the more expensive one.
| USD conversion route | Effective cost vs mid-market | Notes |
|---|---|---|
| Wise | Close to mid-market | Small transparent fee shown upfront |
| Moomoo MY | About 0.36% worse than Wise (my own test) | Rate set by upstream bank, no published spread |
| IBKR (manual IDEALPRO) | 0.002%, min US$2 per conversion | Cheapest if you convert manually |
| IBKR (auto-conversion) | About 0.03% built into the rate | What most casual users actually hit |
To put 0.36% in context: SPYL (an S&P 500 ETF) charges 0.03% a year, versus 0.07% for CSPX. The conversion gap alone can eat several years of an ETF's expense ratio in one go, which is exactly the kind of cost serious investors try to avoid.
US Stock Trading Fees
Here is Moomoo Malaysia's current US-stock fee structure, compared against Interactive Brokers, which is my main broker for US stocks.
| Fee | Moomoo Malaysia | Interactive Brokers (Pro, Tiered) |
|---|---|---|
| Commission | 0.03% of trade value, no minimum | US$0.0035/share, min US$0.35/order |
| Platform fee | US$0.99 flat per order | None |
| Other fees | Settlement, SEC (sell), FINRA TAF (sell), CAT | Small regulatory/exchange/clearing pass-throughs |
| Typical small buy order | About US$1.30 all-in | About US$0.37 all-in |
| FX to fund USD | About 0.36% worse than Wise (see above) | 0.002% manual / ~0.03% auto |
A quick worked example on a small US buy order:
On a US$1,000 order of five shares:
Moomoo: 0.03% commission = US$0.30, plus the US$0.99 platform fee = about US$1.30 before regulatory fees IBKR: US$0.35 minimum commission plus a few cents of pass-throughs = about US$0.37
That is the gap. On a single small order it is about a dollar, but stack it on top of the conversion cost every time you fund the account, and for a buy-and-hold US investor IBKR wins comfortably. One correction to an earlier version of this review: IBKR does not charge a "platform fee" at all. What looked like one was just small pass-through regulatory and exchange fees, usually a few cents on a small order. Moomoo has no minimum commission either, only rounding up to the nearest cent, so the US$0.99 platform fee is the real floor.
I go through this head to head in much more detail, including the currency conversion and what each broker can actually buy, in Moomoo vs IBKR for Malaysians.
Moomoo does sometimes offer rebates when you place a limit order that adds liquidity instead of taking it, which can lower the cost. But that is an active-trader tactic, not something a passive investor should count on.
Malaysia Stock Trading Fees
For Bursa stocks, the stamp duty and clearing fees are the same across brokers, so the real comparison is the brokerage commission.
| Broker | Commission | Platform fee | Cost on a RM10,000 trade |
|---|---|---|---|
| Moomoo Malaysia | 0.03% | RM3 per order | RM6 |
| Affin eInvest | flat | none | RM5 |
| Rakuten Trade | ~0.05% tiered | none | RM7 (approx) |
| Maybank / Mplus | 0.08% to 0.10% | none | RM8 to RM12 |
Moomoo's 0.03% is the cheapest headline commission rate among the local brokers, but two things to keep in mind.
First, that RM3 is a separate platform fee, not a minimum commission. It gets added at every order size rather than disappearing on larger trades, so a RM10,000 buy costs RM3 in commission plus RM3 platform, not RM3 total. Correcting an earlier version of this review, which described it as a minimum. That also means Affin eInvest's flat RM5 beats Moomoo on a wider range of order sizes than I first suggested.
Second, on the 8% SST you will see mentioned since 1 October 2025: it does not apply to ordinary shares. Brokerage on shares listed on Bursa is exempt, under Item 12 of Service Tax Policy 1/2025 and confirmed on Bursa's own SST page. The 8% does apply to ETFs, REITs, warrants and rights. It never applies to stamp duty, since that is a tax rather than a service. An earlier version of this review said the SST applied across the board, which was wrong for ordinary shares.
Moomoo also gives new sign-ups a commission-free period of 6 months, and you can sometimes exchange points for more commission-free trades. That may not always be available, so I did not factor the free period into the long-term comparison.
So the honest conclusion for Bursa: Moomoo is the cheapest on paper once you are past the free period, but Affin can beat it on small orders.
Promo Campaign: How Moomoo's Perpetual Rewards Work
I will be honest with you. At this point the single best reason to sign up for Moomoo is the promo campaign, which can hand you up to a few thousand ringgit for depositing money you were going to invest anyway.
Moomoo runs a rolling new-customer promotion that resets every six to ten weeks, so the exact numbers below will change. Rather than quote a snapshot that goes stale, here is the structure, which has stayed consistent across every cycle since 2024:
- Open an account and you get a starter pack automatically: some free lessons, a limited-run zero-commission trading period, and a short-term cash-yield boost.
- Deposit and hold cash to unlock a ladder of rewards. Each threshold you cross adds a cash coupon or a slice of a "hero" stock, and most tiers require you to keep the money in for 60 days.
- The reward stock and the exact tiers change every cycle. Past runs have paid out in Tesla, then Nvidia, then Apple, with deposit tiers ranging from RM1,000 up to RM40,000.
Last verified: 25 July 2026. During the 30 June to 23 September 2026 run, the tiers were RM1,000 / RM3,000 / RM10,000 / RM40,000, with rewards in cash coupons plus Apple stock, and a "while stocks last" cap on the free shares. Check the live page for the current numbers before you deposit:
Consider joining with my referral link if you decide to take advantage of a campaign: moomoo.malaysianpf.com
To show why the reward is worth the effort: a roughly RM700 cash reward on a RM10,000 deposit held for 60 days works out to 7% over that period, or about 42% annualised. That is a generous return for parking cash, which is the whole appeal.
Keep two things separate from this main promo. There is a referral campaign that pays the referrer when a new user they invite deposits, and there are transfer-in campaigns that reward moving existing shares over from another broker. Those are different mechanics with different conditions, and Moomoo lets you stack the transfer-in reward with the main deposit promo.
Claiming the rewards
When you meet a tier, Moomoo sends a notification. You have to click into the event page and manually claim each reward, or it will not be credited.
The cash coupons usually require you to place an order above a set amount before the value is credited. I just bought a stock priced above the minimum, then sold it the same day, paying a few ringgit in fees to unlock the coupon. Stock rewards are frozen for a 60-day vesting period before you can sell them.
Referral, disclosed honestly
You have seen me share my referral link. If you don't already have an account and you want the rewards, you can consider signing up with it, at no cost to you. I earn a referral reward when someone signs up and funds an account through it.
If you refer your own friends and family, make the disclaimer clear to them: you are sharing a referral link for a broker licensed by the Securities Commission Malaysia. The government did the vetting and the Bursa CMCF provides the RM100k protection. I am not guaranteeing anything personally.
Final Conclusion
For US stock investing I still think Interactive Brokers wins on fees, currency conversion, market access and execution quality, even against a fast-growing broker like Moomoo.
For Malaysia stocks Moomoo is cheap, but not always the cheapest once the free period ends, and Affin eInvest can beat it on small orders.
So personally, the reason I would use Moomoo Malaysia is the promo. Deposit during a campaign, claim the reward, and then either keep the cash there to buy some stocks or withdraw it when I need it.
What about you, are you using Moomoo as a main broker or just farming the promos? Let me know in the comments below.
