Earn 6.8%¹ p.a.on your uninvested balance up to 100K for the Plus
180days for new and 60 days for old customers.
Sounds a good deal for just saving, don't need to invest anything so far i see.
(mod: removed referral link)
New Customers: Earn 6.8% p.a on Uninvested Cash (on Balances up to A$100,000) for First 180 Days @ moomoo
210
pkxo1989 on 05/12/2023 - 14:15 invest.au.moomoo.com (610 clicks)
Last edited 05/12/2023 - 14:31 by 1 other user
Last edited 05/12/2023 - 14:31 by 1 other user
Referral Links
Referral: random (243)
Referrer gets $10 Cash Coupon for each referee who signs up & downloads moomoo app for the first time, $10 Cash Coupon for each referee who opens their Moomoo AU trading account for the first time, and $30 Cash Coupon for each referee who makes an initial deposit of $100+ in their Moomoo AU trading account. (Referrer can get $50 Cash Coupon in total.) Maximum 10 referrals per referrer.
Referrer also gets additional 1 free Apple stock for referring 5 referees who sign up & download moomoo app, and deposit $100 for the first time.
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not sure if I post on the wrong area? this is my 2nd post only
He means this won't be covered by the gov if moomoo does a flop
''Moomoo AU holds all client funds in designated trust accounts held with Commonwealth Bank Australia (CBA) and HSBC Bank Australia. Client funds are fully segregated from Moomoo's own funds. To comply with the Corporations Act provisions on handling client money (s981), Moomoo AU has robust internal systems and controls in place to ensure client funds are only handled in accordance with the clients' instructions. In the unlikely event that Moomoo AU enters into receivership or otherwise goes out of business, our creditors will not have any access to lay claims on client funds held in the segregated trust accounts.''
not sure if it's good or bad?
@pkxo1989: That's almost as good as this "bank guaranteed" investment: https://static.wixstatic.com/media/c0ddec_073a7dd9bed945eba8…
@Bunnyburger: From memory I got back about 40c in the $ roughly a decade after they went broke in the 90s. The bank guarantee only applied to the interest not the investment and it automatically lapsed if the firm became insolvent.
@pkxo1989: I'm no expert but I'd be asking Moomoo (FUTU SECURITIES [Australia] Pty Ltd) for written confirmation on how the trust accounts invest their (your money) AND what protection there is if the Trust, or bank (very unlikely), 'fails'. If the answer is they don't invest (seems unlikely) then they are subsidising your and everyone else's TF 180 day amounts to the tune of 6.8% (again unlikely). Also ask if Moomoo will have any access/claims to the Trust money if for example they have paid amounts relating to the Trust out of their own money. They only mention creditors in that blurb above, which is suggestive. Otherwise they could have said "*In the unlikely event….NO-ONE other than the client will have any access….."
@pkxo1989: "(A) Title to your Digital Assets shall at all times remain with you and shall not transfer to FTX Trading. As the owner of Digital Assets in your Account, you shall bear all risk of loss of such Digital Assets. FTX Trading shall have no liability for fluctuations in the fiat currency value of Digital Assets held in your Account.
(B) None of the Digital Assets in your Account are the property of, or shall or may be loaned to, FTX Trading; FTX Trading does not represent or treat Digital Assets in User’s Accounts as belonging to FTX Trading.
(C) You control the Digital Assets held in your Account. At any time, subject to outages, downtime, and other applicable policies (including the Terms), you may withdraw your Digital Assets by sending them to a different blockchain address controlled by you or a third party."Also
"To the extent you hold USD fiat balances (and such balances are not held in stablecoins or other investments), those fiat balances are held in customer omnibus accounts at FDIC-insured banks (Silvergate Bank and Signature Bank for customers of the FTX.US, and Evolve Bank & Trust for users of our virtual accounts, as of August 2022)"
What could possibly go wrong?
Hi Jadiqimon,
Thank you for expressing your concerns about moomoo. As a subsidiary of a Nasdaq-listed parent company, we are dedicated to transparency and safeguarding our users' funds and assets.
To ensure the safety and security of your funds, we have implemented the following measures:
SEC Filings and Reporting: Being listed on Nasdaq requires our parent company to be registered with the Securities Exchange Commission (SEC) and conduct regular filings and reporting. This provides investors with transparency regarding how the company operates, its financial performance including balance sheet, future earning guidance etc.
SIPC Coverage: US securities held on our platform are covered by SIPC (Securities Investor Protection Corporation). This protection helps safeguard your investments in case of unforeseen circumstances.
Full Fund Segregation: Our clients' funds are held in a designated client money trust account with HSBC Bank Australia, and are fully segregated from moomoo's own funds. This protects our clients' funds in the unlikely event that moomoo undergoes liquidation.
If you have any further questions or concerns, please feel free to contact our customer support team. We're here to assist you.
Thank you for your understanding and support.
Best regards,
The moomoo team
As someone not financially informed- what's the negatives here? Any reason to go for a HISA over this?
1.6 percent return for increased risk
Might as well go for shares
The bonus interest is on the uninvested portion of up to $100,000 of funds deposited on a stock trading platform called "Moomoo", and after 180 days reverts to their standard variable rate of 3.75%. So you stand to net a maximum of roughly $750 over the odds in 6 months which isn't exactly chump change - and the platform seems legit based on 2 minutes of skimming their site. So as with everything YMMV.
Just wait until they rugpull/go broke and your money dissapears
I find it hard to believe a company called "moomoo" could possibly be unsuccessful
Not sure why people still say this, they are a publicly listed and ASIC regulated global company. This ain't some degen anonymous shitcoin (Though granted their name doesn't help)
because no publicly listed and ASIC regulated global company has gone t1ts up before.
The question is where are they investing your cash to get more then 6.8% return? Junk bonds? Corporate Debt? Car loans? Blackjack?
That's significantly above the bank high interest savers & term.deposits.
because no publicly listed and ASIC regulated global company has gone
t1tsup beforeYou meant udders, right?
It's an introductory rate to get users to join just like their referral program. The base rate is only 3.75%p.a. There's no long term here.
The argument wasn't "they will never fail", the argument was that they're unlikely to be running a scam.
As far as I can tell, you don't lose any money at all if they go broke - you can only lose money if they were running a scam and secretly stealing funds from the segregated client accounts?
@callum9999: I mean FTX has been all over the news in the last year or so but it's exactly as you said, unlikely, but still not completely risk free.
@ntranced: I agree with you that the risk is there, just unlikely, but for every regulated company someone points at who committed fraud there's 10,000 (made up number obviously, but you get the point!) that didn't.
Some proportionality is required. The risk is non-zero, so it's completely rational to not want to subject your money to that. Actively expecting the money to be fraudulently stolen is just hyperbole though.
Hi Kazusa!
Thank you for expressing your concerns about moomoo. As a subsidiary of a Nasdaq-listed parent company, we are dedicated to transparency and safeguarding our users' funds and assets.
To ensure the safety and security of your funds, we have implemented the following measures:
SEC Filings and Reporting: Being listed on Nasdaq requires our parent company to be registered with the Securities Exchange Commission (SEC) and conduct regular filings and reporting. This provides investors with transparency regarding how the company operates, its financial performance including balance sheet, future earning guidance etc.
SIPC Coverage: US securities held on our platform are covered by SIPC (Securities Investor Protection Corporation). This protection helps safeguard your investments in case of unforeseen circumstances.
Full Fund Segregation: Our clients' funds are held in a designated client money trust account with HSBC Bank Australia, and are fully segregated from moomoo's own funds. This protects our clients' funds in the unlikely event that moomoo undergoes liquidation.
If you have any further questions or concerns, please feel free to contact our customer support team. We're here to assist you.
Thank you for your understanding and support.
Best regards,
The moomoo team
When exit scam?
Hi mr_asstight!
Thank you for expressing your concerns about moomoo. As a subsidiary of a Nasdaq-listed parent company, we are dedicated to transparency and safeguarding our users' funds and assets.
To ensure the safety and security of your funds, we have implemented the following measures:
SEC Filings and Reporting: Being listed on Nasdaq requires our parent company to be registered with the Securities Exchange Commission (SEC) and conduct regular filings and reporting. This provides investors with transparency regarding how the company operates, its financial performance including balance sheet, future earning guidance etc.
SIPC Coverage: Our platform is covered by the SIPC (Securities Investor Protection Corporation). This protection helps safeguard your investments in case of unforeseen circumstances.
Full Fund Segregation: Our clients' funds are held in a designated client money trust account with HSBC Bank Australia, and are fully segregated from moomoo's own funds. This protects our clients' funds in the unlikely event that moomoo undergoes liquidation.
If you have any further questions or concerns, please feel free to contact our customer support team. We're here to assist you.
Thank you for your understanding and support.
Best regards,
The moomoo team
All these corporations make massive money of our money then give us a tiny bite of their profits
Only if we knew how to do the same lolWell, you can own shares in the company if they're raking it in and take sone of that sweet, sweet profits for yourself
Peanuts compare to what they make of us
With current signing up bonus and this.
Deposit 5k. On average get about $120 in shares plus an extra $28 for holding the 5k for 30 days.
That's about $150 in cash. I think they have a referral bonus for someone that signs up and deposits 1c for another $50 or something.
Compared to the recent Webull deal which required a 1c deposit and >$400 return, this is pretty awful
$400?? More like a little over $200.
Still agree Webull is better referral.
Sorry $400 as I referred my Mrs
These guys probably will go broke, but probably won't illegally spend your cash (unless they do a Bankman-Fried).
But, there is no reason to think you won't have to wait for the bankruptcy mess to get cleaned up before the administrators release trust funds. So you might be stuck.You may get in and out while they are still expending their startup money, and hey, it is possible they will get enough customers to make a functional business. But if they had a valuable offering to be viable long term, why the the need to offer above market teaser rates?
Won't illegally spend your cash? Hmmm
Sounds like what Melissa Caddick will say.I had my own concerns when i saw the ad, that rate is super attractive. I am currently looking at parking some money for a bit of time.
So I did a bit of searching around and these guys are not a start-up, they have been around for a while in Australia and are regulated by ASIC, found this on their site.
I also dug a bit deeper and found that the Moomoo parent in Australia is Futu Securities (Australia) Ltd which is also owned by Futu Holdings which is a NASDAQ listed company
They have the capital backing looking at the financials so I'm thinking of giving it a go, will update you all if I find anything elseHi mskeggs!
Thank you for expressing your concerns about moomoo. As a subsidiary of a Nasdaq-listed parent company, we are dedicated to transparency and safeguarding our users' funds and assets.
To ensure the safety and security of your funds, we have implemented the following measures:
SEC Filings and Reporting: Being listed on Nasdaq requires our parent company to be registered with the Securities Exchange Commission (SEC) and conduct regular filings and reporting. This provides investors with transparency regarding how the company operates, its financial performance including balance sheet, future earning guidance etc.
SIPC Coverage: US securities held on our platform are covered by SIPC (Securities Investor Protection Corporation). This protection helps safeguard your investments in case of unforeseen circumstances.
Full Fund Segregation: Our clients' funds are held in a designated client money trust account with HSBC Bank Australia, and are fully segregated from moomoo's own funds. This protects our clients' funds in the unlikely event that moomoo undergoes liquidation.
As for promotional rates, offering competitive rates is common in the industry to attract new users. However, we assure you that our aim is to provide attractive incentives while ensuring a sustainable long-term business model.
If you have any further questions or concerns, please feel free to contact our customer support team. We're here to assist you.
Thank you for your understanding and support.
Best regards,
The moomoo team
Also, investments are held on their corporate HIN, a big red flag for me.
Do I have my own HIN?
A HIN is a unique number that is issued by the Australian Securities Exchange (ASX) when you become a client of a broker.
To lower the transaction cost and better facilitate our services for our customers, moomoo uses a custody model to hold customer assets rather than issuing each customer with an individual HIN. This means that when you trade through Moomoo, your assets are held on your behalf by Moomoo on a single, omnibus HIN, however, you, the customer, remains the full beneficial owner of your assets.No different to other custodian brokers. In other countries your shares are held this way as well. CHESS is unique to Australia and should be considered a luxury not a right.
Sure, but if you want to have free and easy regulation around brokers, it is very nice to be able to access your equities if they run into trouble.
I get what you're saying but how's this any different to all the other non chess sponsored brokers like Superhero, IG, Etoro and Vanguard Investor?
It is the same, and something I would rate against them when considering their services.
In normal times, with a reputable custodian, it isn’t a problem. When something goes wrong, and they freeze all the assets until the administrators have satisfied the creditors they can release the custodian funds, and you don’t have the ability to sell your shares for 8 months - during massive market moves because it was unanticipated volatility that caused the problem in the first place - you will be annoyed you chose a broker that didn’t use your HIN.It isn’t theoretical, either. Much more credible brokers than these guys have fallen over, and in the GFC it was common.
Hi Maskeggs,
We appreciate your concern and would like to express our gratitude for bringing this to our attention.
- Pros and Cons of the Custodian Model
The Custodian Model, currently in use, offers various advantages and considerations compared to other models, notably the CHESS-sponsored/HIN model:
Pros: Investors gain access to more stocks and ETFs across international markets, more competitive rates and fees, voting rights through instruction to moomoo, streamlined administration of corporate actions, and more.
Cons: Assets are held under the custodian's legal title, lack of direct ownership on entity's member register, and potential limitations in receiving direct communications from entities.Adoption of he HIN Model
We recognise the significance of CHESS-sponsorship in the Australian market and are working on introducing the HIN model early next year. Moomoo users will soon be able to opt between a HIN or custodial account.Client funds safety is our top priority
Our clients' funds are held in a designated client money trust account with HSBC Bank Australia, and are fully segregated from moomoo's own funds.This protects our clients' funds in the unlikely event that moomoo undergoes liquidation.
If you have any further questions or concerns, please feel free to contact our customer support team. We're here to assist you.
Thank you for your understanding and support.
Best regards,
The moomoo team- Pros and Cons of the Custodian Model
They are betting that you will eventually trade with the funds in the account because when you trade, they start making money.
It is just like a betting platform that matches your deposit with a credit for betting. In the long run, you will spend your money. This is our human weakness: the tendency not to leave available money unspent.
Except as far as I can tell you don't have to trade. Most betting agencies require you to turn over the deposit amount.
With how low bank savings rates are this sounds too good to be true.
Ubank is around 5.10% if I am not mistaken so this deal isn't that great.
It's still not much, should be much higher by now if the RBA actually did their job. I'm on still on a 5.75% introductory rate, so another 1% would be great if you could trust them. I can't see any bank giving that considering most didn't pass on anything last time.
What happen to share and money if it go bust? In trust account?
There will be a line in the news and ALL your money is gone.
Happened to a mate of mine with a similar American company.Hi a1234my,
Thank you for expressing your concerns about moomoo. As a subsidiary of a Nasdaq-listed parent company, we are dedicated to transparency and safeguarding our users' funds and assets.
To ensure the safety and security of your funds, we have implemented the following measures:
SEC Filings and Reporting: Being listed on Nasdaq requires our parent company to be registered with the Securities Exchange Commission (SEC) and conduct regular filings and reporting. This provides investors with transparency regarding how the company operates, its financial performance including balance sheet, future earning guidance etc.
SIPC Coverage: US securities held on our platform are covered by SIPC (Securities Investor Protection Corporation). This protection helps safeguard your investments in case of unforeseen circumstances.
Full Fund Segregation: Our clients' funds are held in a designated client money trust account with HSBC Bank Australia, and are fully segregated from moomoo's own funds. This protects our clients' funds in the unlikely event that moomoo undergoes liquidation.
If you have any further questions or concerns, please feel free to contact our customer support team. We're here to assist you.
Thank you for your understanding and support.
Best regards,
The moomoo team
Do these sign ups stack with referral?
Basically, the same risks are for any stock you hold through their platform as per the cash account.
If they are backed by Tencent they may have some deep pockets to promote these "loss leader" incentives which essentially buy customers.
Unlikely a place where you would want to invest (buy and hold) your money/stocks long term though.
Company: MOOMOO INVESTMENTS PTY LTD
ACN: 134 125 376Notice
ASIC has received an application to deregister the Company under s601AA.ASIC may deregister the Company when two months have passed since publication of this notice.
Date of publication: 02 June 2023
ASIC published this notice
voluntary application by them.
search on asic sitehttps://www.moomoo.com/au/support/topic6_428?_ftsdk=17018602…
Futu Securities (Australia) Ltd trading as Moomoo AU (hereinafter "Moomoo AU", the "Promotor", "we", "our" or "us"), ABN 51 095 920 648, AFSL 224663.
Name: MOOMOO INVESTMENTS PTY LTD
ACN: 134 125 376
ABN: 35 134 125 376(External Link)
Registration date: 12/11/2008
Next review date: 12/11/2023
Status: Deregistered
Date deregistered: 6/08/2023
Type: Australian Proprietary Company, Limited By Shares
Regulator: Australian Securities & Investments Commission
so a scam?
There are plenty of legit reasons to deregister…nothing to see here, their current listing is below:
https://www.abr.business.gov.au/ABN/View/51095920648.
from the website:
extract
If you receive communications from any other account claiming to be sent on behalf of moomoo, you should immediately report them and contact the police.Should you receive communications from moomoo or Futu Securities (Australia) Ltd trading as Moomoo AU via phone, email, SMS, WhatsApp, or any other social media that you suspect to be spam, contact us immediately at +61 1300 086 668.
Authorised moomoo Australia contact details:
Phone numbers: +61 422 080 052 - +61 422 080 062 (total of 11 numbers in consecutive order)
WhatsApp number: +61 482 085 759
Email address ending with domain: futuau.com or au.moomoo.comThey rang me from a sydney number. I rang the 1300 number to report it. They said it was not theirs! But the scammer [?] seemed to know all about moomoo. And his call came after I joined moomoo. the call centre service seems to be manned by Chinese who speak poor English. I have joined and left them all my details. even without putting money in it is a privacy risk.
Possibly spoofing their number?
https://www.trustpilot.com/review/moomoo.com?page=2
read the negative reviews. Have been getting calls flagged red by telstra [scammer].Deregistered? I just transferred 3000 to earn 6.8 for 30 days. Not safe?
Lot of hassle for $17.
$17, less tax.
How do I stop these guys sending me spam SMS messages every single day? No opt out option as far as I can see
https://www.prnewswire.com/apac/news-releases/trading-platfo…
"The 3.75% p.a. interest on AUD cash balances are directly passed down from the interest earned from moomoo's segregated client money trust account held with Commonwealth Bank of Australia. The interest on USD cash balances is passed down through moomoo's US clearing partner, Futu Clearing Inc., ultimately from client fund accounts held with either JP Morgan Chase Bank N.A or BMO Bank N.A. in the United States.
The remaining gap between the variable basic rate and the 6.8% p.a. introductory rate, over the 180-day period, is then subsidised by moomoo at its own expense."
So they're subsidising 3.05%. You could argue it's a form of dividend payout. I wonder how exposed they are to China's economic slowdown.
That's great. I've got first month interest.
Signed up.. You also get free AMC share
Not always AMC I found.
This is not a bank deposit.