moomoo vs. Interactive Brokers
Compare your options. Get the facts on each platform before you use them to know which one is right for you.
moomoo
- Low commission trading
- Powerful trading tools
- Global markets & trading community
Interactive Brokers
- Affordable fees and commissions
- No penalties for inactivity
- Mobile trading app for on-the-go trading
moomoo vs. Interactive Brokers
Fees
| moomoo | Questrade | |
|---|---|---|
| Trading Fee | $0 CAD | $1 CAD |
| Deposit Fee | Free | Free |
| Withdrawal Fee | $0 CAD – $62 CAD | $0 CAD |
| Inactivity Fee | No | No |
moomoo has less fees overall, but a variable withdrawal fee depending on the method chosen. For EFT withdrawals, the first withdrawal each month is free, with a $2 CAD fee for subsequent withdrawals. For an RRSP account withdrawal, this is $50 CAD for the first withdrawal and $52 CAD for subsequent. For wire transfers, there is still a 1 free per month, with $12 CAD for additional withdrawals. RRSPs have the same $50 CAD charge with $62 CAD for additional.
Safety
| moomoo | Questrade | |
|---|---|---|
| Regulator | SEC, FINRA, MAS, ASIC, CIRO, SC, FSA | FCA, SEC, ASIC |
| Founding Year | 2018 | 1977 |
| Investor Protection | Yes | No (Yes for US Clients) |
Interactive Brokers and moomoo are quite different in terms of safety of use. Interactive Brokers has been around longer than moomoo, but has less governing bodies. Interactive Brokers is not regulated by a Canadian regulating body, and does not have investor protection. moomoo is a global company and has regulating bodies in the US, Singapore, Australia, Canada, Malaysia, and Japan.
Deposit and Withdrawal
| moomoo | Questrade | |
|---|---|---|
| Minimum Deposit | $0 CAD | $0 CAD |
| Bank Transfer Deposit | Yes | Yes |
| Bank Transfer Withdrawal | Yes | Yes |
| Credit/Debit Deposit | No | No |
| Credit/Debit Withdrawal | No | No |
| Paypal Deposit | No | No |
| Wise Deposit | No | Yes |
| Revolut Deposit | No | Yes |
| Other Electronic Wallets | No | No |
Interactive Brokers has more options for deposits including Wise, which allows users to easily convert money over to CAD.
Overall
Overall, moomoo and Interactive Brokers are very close in terms of pros and cons, however Interactive Brokers does not have investor protection which is bad for investors trading safety. Taking into account most users can keep their withdrawals to 1 per month for free withdrawals, moomoo makes the better option for trading in Canada.