Wahed Invest is an ethical investment platform and robo-advisor aimed at Muslim investors. The firm is overseen by the Sharia Review Bureau, offering a range of stocks, ETFs, sukuk and gold. With a reasonable $100 minimum deposit and strong regulatory oversight, the firm has become an accessible option for over 200,000 investors.
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.
"Wahed Invest is a great option for Muslim traders looking to invest in ethical securities with straightforward pricing and flexible risk parameters."
"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."
Pros
Commitment to ethical investing with rigorous screenings, plus Waqf practices to ensure income generated from assets is donated
The broker's fee covers all custodian fees and transaction fees and traders are never charged for account balances of zero
Strong regulation by the SEC in the US and the FCA in the UK, plus membership with the Shariah Review Bureau
Six flexible investment portfolio styles, from Very Conservative to Very Aggressive, plus a rebalancing service
Engaging blog featuring Islamic finance education and awareness, updated regularly
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
Cons
Platform is not as advanced as other competitors
Higher fees than other investment firms
Bank card funding not available
$100 minimum withdrawal
No live chat support
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
