Moomoo is an SEC-regulated app-based investment platform that offers a straightforward and affordable way to invest in Chinese, Hong Kong, Singaporean, Australian and US stocks, ETFs and other assets. Margin trading is available and the brand offers a zero-deposit account as well as several bonuses.
SoFi Invest is an American wealth management and robo advisory service, providing equity and cryptocurrency investment portfolios with competitive fees. The firm is heavily regulated and registered with the SEC and FINRA. First launched in 2011, the firm has attracted millions of clients and various awards.
"Moomoo remains an excellent choice for new and intermediate stock traders who want to build a diverse investment portfolio. What really stands out is the broker's user-friendly app and the low trading fees."
"SoFi Invest is a good stop for investors who want automated assistance with their stock and ETF investment decisions. The fractional shares and no minimum deposit will appeal to newer traders in particular."
Pros
It is reassuring that Moomoo holds licenses with the US Securities and Exchange Commission (SEC) and the Monetary Authority of Singapore (MAS), among others
Moomoo is a Member of FINRA and the Securities Investor Protection Corporation (SIPC), adding another level of security for prospective clients
The ‘Moomoo Token’ generates dynamic passwords for transaction security - a unique and helpful safety feature
Moomoo's analytics and insights are impressive and detailed compared to other brands
There is no minimum deposit requirement making the broker accessible for beginners
The broker offers access to extended pre-market trading hours
There are reduced options contract fees from $0.65 to $0
Can be tethered to other SoFi accounts, including SoFi Loans, SoFi money accounts and SoFi credit cards
Robo advisors can make investments according to user-defined goals and risk appetite
Straightforward platform makes investing easier for beginners
More than 4000 US stocks and ETFs with no commission
Start investing in fractional shares for as little as $5
Access to a free on-demand financial advisor
Automated dividend reinvestments
Users can participate in IPOs
SEC- and FINRA-regulated
No minimum deposit
Cons
There is no negative balance protection, which is a common safety feature at top-tier-regulated brokers
It's a shame that there is no 2 factor authentication (2FA), despite the other security features on offer
There is no phone or live chat support - common options at most other brokers
Basic portfolio reports with individual investment numbers only and no charts
Trade 22 cryptocurrencies including Bitcoin, Binance Coin, Uniswap and Polkadot from as little as $10, making it a good pick for beginners. The broker charges a competitive 1.25% commission on crypto trades.
