Update (July 2026): Fee schedules below re-checked against official Webull MY and Moomoo MY pages. The FX tables are still my 31 January and 2 February 2026 live conversions on RM200,000. Broker commissions change with promos, so treat the trading-fee section as "as of July 2026 promo rules," not as eternal law.
Recently I received RM200,000 after disposing of one of my properties, and I wanted to buy some US stock on a dip.
I expected a short-term trade. My Webull account still has a commission-free voucher running through 2026 (I re-checked in the app in July 2026), so I did not want the hassle of routing this through IBKR.
I still needed to know I was not paying silly money on USD/MYR conversion and trading fees, so I compared Webull Malaysia with Moomoo MY on the same day.
Short answer
For that trade, Webull was cheaper.
- FX: on RM200,000, Webull's round-trip conversion loss was about 0.9%. Moomoo was about 1.3%. That alone was roughly RM700-800 on this size.
- Trading fees under current promos: Webull markets *0 commission and 0 platform fee on US stocks for existing users until 31 December 2026 (new users: 365 days from activation). Mine is still active as of July 2026. Moomoo is 0.03% commission + US$0.99 platform fee per order after you leave the new-user commission holiday.
- IBKR is still cheaper for long-term US investing once you fund through Wise. This post is only Webull vs Moomoo for a short US trade on local apps.
If you want the full Moomoo fee stack, see the Moomoo Malaysia review. For broker choice beyond this pair, see Moomoo vs IBKR.
Currency conversion fees
These are the rates I got on 31 January 2026 for RM200,000 on both apps.
| Moomoo | Webull | |
|---|---|---|
| from MYR | RM 200,000 | RM 200,000 |
| to USD | $ 50,369 | $ 50,540 |
| back to MYR | RM 197,436 | RM 198,223 |
| Round-trip loss | -1.28% | -0.89% |
Webull was cheaper on conversion, with round-trip loss under 1%. Detail:
| Moomoo | Webull | |
|---|---|---|
| USD sell rate | 3.970713605 | 3.957261575 |
| USD buy rate | 3.919799328 | 3.922099921 |
| Spread | 1.30% | 0.90% |
| Wise mid rate | 3.942 | 3.942 |
| Sell spread vs mid | 0.73% | 0.39% |
| Buy spread vs mid | 0.57% | 0.51% |
Moomoo took a fatter premium on the USD sell side. On this ticket I was looking at about RM787 (0.39%) saved on Webull before trading fees.
Both apps market FX as having no separate conversion fee. The cost sits inside the rate. Neither publishes a fixed spread, so the only honest comparison is a same-day receipt like this one.
Commissions and trading fees
As of July 2026 official pages (not the January screenshot alone):
| Webull Malaysia | Moomoo Malaysia | |
|---|---|---|
| US commission | *0 under promo (existing users to 31 Dec 2026; new users 365 days) | 0.03% of trade value (round up to US$0.01) |
| US platform fee | US$0 | US$0.99 per order |
| Regulatory / exchange pass-throughs | Yes ("other regulatory costs still apply") | Settlement, SEC (sells), FINRA TAF (sells), CAT, etc. |
| Malaysian stamp on foreign shares | Typically RM1 per RM1,000 (max RM1,000 shares / RM200 ETFs), charged by the Government of Malaysia | RM1 per RM1,000 (or part), max RM1,000 foreign shares / RM200 foreign ETFs; charged in USD |
Sources: Webull MY pricing / US stocks marketing and blog fee guide, Moomoo MY US fee schedule.
Worked trading-fee example (promo rules)
Assume a US$50,000 notional buy (about the USD I got from RM200k), one limit order, ignore tiny SEC/TAF for a moment.
| Webull (promo) | Moomoo (standard) | |
|---|---|---|
| Commission | US$0 | 0.03% × 50,000 = US$15 |
| Platform | US$0 | US$0.99 |
| Broker-controlled subtotal | US$0 | ~US$15.99 |
That is before pass-through US regulatory fees on both sides, and before any Malaysian stamp Moomoo lists on foreign shares.
On a smaller US$1,000 order the Moomoo floor is basically the US$0.99 platform fee plus 0.03% (US$0.30) ≈ US$1.29, while Webull under promo stays at US$0 broker commission and platform.
Moomoo's 180-day new-user holiday waives commission only, not the US$0.99 platform fee. I was not a new Moomoo signup for this trade anyway.
Stamp duty note: both local brokers generally pass through Malaysian stamp on foreign shares (about RM1 per RM1,000, with caps). On a round-trip that is real money, but it is the same tax class of cost either side, so it does not pick a winner between Webull and Moomoo. The FX gap on RM200k was still the loud number.
What I chose
Webull won for this trade: better FX on the day, zero broker commission under the voucher, and zero platform fee.
Moomoo still has a real 180-day commission holiday for new accounts, but I already used my signup perks earlier, and the FX gap on RM200k was the loud number.
Webull also attached a Moneybull / MMF bonus APY promo at the time (up to 6% into March on that campaign). That was extra, not the main reason.
PS: For frequent trading, local-broker stamp and friction still matter. For a one-off or infrequent buy, the FX line is usually larger than the commission line once promos are in play. For long-term US index investing I still prefer IBKR funded via Wise, not either of these apps as the permanent home.
Second conversion check (2 February 2026)
I converted on 2 Feb 2026 and compared again using the actual Webull fill as the anchor.
| Moomoo | Webull | |
|---|---|---|
| from MYR | 200,000 | 200,000 |
| to USD | 50,338 | 50,450 |
| back to MYR | 197,181 | 198,174 |
| Round-trip loss | -1.41% | -0.91% |
Rates were slightly worse than two days earlier. I should have converted on the first day. Webull still won, and Moomoo's relative gap was a bit wider.
| Moomoo | Webull | |
|---|---|---|
| USD sell rate | 3.973119463 | 3.96430068 |
| USD buy rate | 3.91711298 | 3.928099875 |
| Spread | 1.43% | 0.92% |
| Wise mid rate | 3.942 | 3.942 |
| Sell spread vs mid | 0.79% | 0.57% |
| Buy spread vs mid | 0.64% | 0.35% |
Who should use which
| Situation | Lean |
|---|---|
| Short-term US trade, want local app, Webull promo active | Webull (if your FX quote still wins that day) |
| New Moomoo signup farming the deposit/commission promo | Moomoo for the promo window, then re-check FX |
| Long-term US ETFs, minimise FX + commission for years | IBKR + Wise, not this pair |
| Bursa + US in one SC-licensed app, okay paying platform fee | Either local broker; compare live FX before large converts |
Always re-quote both apps on the day you convert. My RM200k gap was real, but it is not a permanent law of nature.
Are you seeing Webull or Moomoo print the tighter USD rate on your phone right now? Drop a screenshot-free number in the comments if you have a recent same-minute comparison.
