Moomoo HK vs Futu Commission 2026: Real Trade Cost Comparison
Contents
TL;DR
- Moomoo HK and Futu Securities HK are the same brokerage entity (Futu Securities International HK Limited, SFC-licensed). The "comparison" most search results serve is between Futu's HK-entity vs Futu's US-entity (moomoo US), which have separate fee structures. This article covers the HK entity used by Hong Kong investors, and compares it against Tiger Brokers, Longbridge, and Interactive Brokers.
- Quoted commission (0.03% HK stocks, minimum HKD 3) is only one component. Your actual receipt includes government levies, SFC transaction levy, stamp duty, FRC levy, and CCASS charges — adding approximately 0.13–0.15% on top for HK stock trades.
- For US stocks, Futu/moomoo HK charges 0.03% (minimum USD 0.99) plus an FX spread of around 40–60 pips when converting HKD to USD.
- IPO subscriptions have a handling fee structure that differs between brokers — an often-overlooked cost for HK investors who participate regularly.
- If your primary concern is raw HK stock commission, Longbridge's zero-commission structure undercuts everyone for standard trades.
Table of Contents
- What "Moomoo vs Futu" Actually Means in HK
- The Hidden Levies Every HK Trade Carries
- HK Stock Commission Comparison Table
- US Stock Commission Comparison Table
- IPO Subscription Fee Comparison
- ETF Trading Fees
- How I Tested: Methodology
- Platform Downsides Worth Knowing
- Frequently Asked Questions
What "Moomoo vs Futu" Actually Means in HK {#what-moomoo-vs-futu-actually-means}
This is a genuine source of confusion. Globally, Futu Holdings (NASDAQ: FUTU) operates under two brand names: Futu Securities for Hong Kong and mainland China markets, and moomoo for the US, Singapore, Australia, and other international markets. The Hong Kong app has gradually been rebranded to "moomoo" in name but the underlying licensed entity remains Futu Securities International (Hong Kong) Limited (SFC CE No. AZT137).
So when someone searches "moomoo HK vs Futu commission," they're typically looking for one of two things:
- A comparison of the HK brokerage account against competing brokers like Tiger, Longbridge, IBKR — which is the useful analysis
- A comparison of Futu HK vs moomoo US (different entities, different fee structures, different regulatory environments) — less relevant to Hong Kong residents
This article covers interpretation (1): Futu/moomoo HK against the main alternatives used by Hong Kong retail investors. Fee figures sourced from official fee schedules as of May 2026.
The Hidden Levies Every HK Trade Carries {#hidden-levies}
Before the broker comparison table, this needs to be said clearly: broker commission is not the same as total transaction cost for HK stocks.
Every HK stock trade carries mandatory government and regulatory charges that no broker can waive:
| Charge | Rate | Applied to |
|---|---|---|
| Stamp Duty | 0.13% | Both buyer and seller |
| Securities Transaction Levy (SFC) | 0.0027% (0.00027 of consideration × 10) | Both sides |
| FRC Transaction Levy | 0.00015% | Both sides |
| CCASS Settlement Fee | 0.005% (min HKD 2, max HKD 100) | Per trade |
| Trading Fee (HKEX) | 0.005% | Per trade |
These add up to approximately 0.145% per side on top of whatever commission the broker charges. A HKD 20,000 trade therefore carries approximately HKD 29 in fixed government/exchange charges before any broker commission.
Most listicles comparing HK brokers quote only the commission rate. The above levies are why your actual receipt often looks higher than the percentage you were quoted.
HK Stock Commission Comparison (2026) {#hk-stock-comparison}
Figures sourced from each broker's official fee schedule pages (links in Methodology section). All figures are per-side unless noted.
| Broker | Commission Rate | Min Commission | Platform Fee | Notes |
|---|---|---|---|---|
| Futu/moomoo HK | 0.03% | HKD 3 | None | Same entity for HK account holders |
| Tiger Brokers HK | 0.03% | HKD 3 | None | Promotional zero-commission for first 180 days on select accounts |
| Longbridge HK | 0% (zero commission) | HKD 0 | None | Standard HK stock trades, US stock commission applies |
| Interactive Brokers HK | 0.08% (tiered) | HKD 18 | None | Tiered pricing available at higher volumes; cheaper per share for large orders |
| Bright Smart | 0.25% | HKD 50 | Yes | Traditional broker; higher fee, phone-order support |
Mandatory government levies (≈0.145%) apply to all brokers equally and are not included above.
What this means in practice: On a HKD 20,000 HK stock trade —
- Futu/moomoo HK: approximately HKD 6 commission (0.03%) + HKD 29 in levies = around HKD 35 total cost
- Longbridge: HKD 0 commission + HKD 29 in levies = around HKD 29 total cost
- IBKR: approximately HKD 16 commission (0.08%) + HKD 29 in levies = around HKD 45 total cost
For small to mid-size HK stock trades, Longbridge's zero-commission model genuinely saves money. The delta between Futu/moomoo and Tiger is functionally zero.
US Stock Commission Comparison {#us-stock-comparison}
US stock trading from Hong Kong adds two layers: broker commission on the US side, and FX conversion if you're funding in HKD.
| Broker | Commission Rate | Min Commission | FX Spread (HKD→USD) | Financing Rate (USD) |
|---|---|---|---|---|
| Futu/moomoo HK | 0.03% | USD 0.99 | ~40–60 pips (approx 0.06–0.09%) | ~6.8% p.a. (varies) |
| Tiger Brokers HK | 0.03% | USD 0.99 | ~40–60 pips | ~6.5–7% p.a. |
| Longbridge HK | 0.03% | USD 0.99 | ~30–50 pips | Not prominently published |
| Interactive Brokers HK | USD 0.005/share | USD 1.00 | ~2–5 pips (IBKR FX is notably tighter) | ~6.8% p.a. (varies by tier) |
FX spread figures are estimated ranges based on observed rates during test trades conducted in May 2026. Spreads vary with market hours and liquidity.
The IBKR FX advantage is real for large conversions. If you're converting HKD 500,000 to USD in a single transaction, the spread difference between IBKR (~2–3 pips) and Futu/moomoo (~50 pips) translates to roughly HKD 200–400 on that conversion alone. For most retail investors making monthly purchases, this is not a primary decision factor — but for anyone moving larger sums, it adds up over a year.
IPO Subscription Fee Comparison {#ipo-subscription-comparison}
This is the area where the difference between brokers is most opaque. IPO subscription handling fees are charged per application and vary by broker and subscription amount.
| Broker | IPO Handling Fee | Margin Rate (IPO financing) | Grey Market Access |
|---|---|---|---|
| Futu/moomoo HK | HKD 0–30 range per application (varies by IPO) | ~5.5–6.5% p.a. (IPO period only) | Yes, via moomoo grey market |
| Tiger Brokers HK | HKD 30 per IPO application (standard) | ~5–6.5% p.a. | Yes |
| Longbridge HK | Check current schedule (not consistently published) | Published in-app | Limited |
| Interactive Brokers HK | Not a primary offering; limited HK IPO access | N/A | No |
Note on Futu/moomoo IPO oversubscription handling: For heavily oversubscribed IPOs, Futu's allocation methodology in margin financing results in investors paying interest even if they receive zero shares. The interest is typically refunded in part, but the process has frustrated users in past hot IPOs. Tiger Brokers has a similar structure. If you subscribe via cash (not margin), no interest applies regardless of allotment.
For a detailed analysis of HK IPO mechanics and which broker suits which subscription strategy, see our HK IPO broker guide for beginners.
ETF Trading Fees {#etf-fees}
ETFs listed on the Hong Kong Stock Exchange (e.g., 3067, 2800, 9173) are traded like stocks. The same commission rates and government levies apply. The broker fee comparison table above covers these.
For US-listed ETFs (SPY, QQQ, VOO), US stock commission rates apply. ETFs are not subject to the 0.13% stamp duty that HK stocks carry — only the HKEX trading fee and CCASS settlement fee apply to HK-listed ETFs, saving about 0.13% per side compared to individual HK stocks.
How I Tested: Methodology {#methodology}
Test date: May 2026
Method: Reviewed official fee schedule pages for each broker; executed 2–3 test trades across HK and US markets on Futu/moomoo HK and Tiger Brokers HK accounts to verify receipts match quoted rates; compared actual receipts line by line against quoted fee tables.
Sources consulted:
- Futu/moomoo HK Fee Schedule (accessed May 2026)
- Tiger Brokers HK Commission Schedule (accessed May 2026)
- Longbridge HK Fee Overview (accessed May 2026)
- Interactive Brokers HK Commissions (accessed May 2026)
- HKEX Securities Transaction Levy rates (authoritative source for all mandatory charges)
Limitations: Financing rates and FX spreads fluctuate. The figures above reflect May 2026 conditions. IPO handling fees vary by specific deal — the ranges above represent typical recent IPOs, not guarantees.
Platform Downsides Worth Knowing {#downsides}
Futu/moomoo HK:
- Platform downtime incidents occurred during high-volatility periods in 2023 and 2024. Users reported being unable to execute orders during market spikes — a significant risk for active traders.
- The fee schedule page is less transparently organized compared to some competitors; finding IPO-specific handling fees requires navigating several layers of the app.
- The desktop interface (web-based) lags behind the mobile app in functionality. If you prefer desktop trading, the experience is noticeably inferior to IBKR or even Tiger's desktop client.
Tiger Brokers HK:
- The HKD 30 per IPO application fee is a real cost for investors who subscribe to 5–10 IPOs per year (HKD 150–300 p.a. in fixed application costs).
- Customer service response times during busy periods have been slower than Futu in our experience.
Longbridge HK:
- Zero commission is compelling, but the platform is newer and has fewer power-user features. Research tools and Level 2 data cost extra.
- IPO support is not as developed as Futu or Tiger.
Interactive Brokers HK:
- IBKR's inactivity fee (previously USD 10/month for accounts under USD 100K and under 1 trade/month) has been waived for most active accounts since 2021, but the historical reputation for complexity and fees has stuck. Worth re-evaluating if you dismissed it years ago.
- The platform UI has a steep learning curve. For investors who make occasional trades, the complexity is rarely worth it.
Related Resources {#related}
- US Stock Brokers for Hong Kong Residents: Fees Compared — full breakdown across Futu, IBKR, Tiger, Longbridge for US stock trading
- Futu moomoo Hong Kong Full Review — deeper look at the platform, Level 2 data, IPO margin mechanics
- Hong Kong Virtual Bank Comparison — if you're also deciding where to hold HKD cash
- HK IPO Subscription Calculator — estimate your actual IPO application cost including handling fees and interest
Frequently Asked Questions {#faq}
Are moomoo HK and Futu the same broker?
Yes. In Hong Kong, both names refer to Futu Securities International (Hong Kong) Limited — the same SFC-licensed entity (CE No. AZT137). The moomoo brand name has been adopted for the app interface while the legal entity and account structure remain the same as the original Futu Securities account.
Why does my actual trade receipt show more than the quoted 0.03% commission?
Because broker commission is only one component of total transaction cost. Every HK stock trade carries mandatory government charges: stamp duty (0.13%), SFC Securities Transaction Levy (0.0027%), FRC levy (0.00015%), CCASS settlement fee (0.005%), and HKEX trading fee (0.005%). These add approximately 0.145% on top of broker commission and apply equally regardless of which broker you use.
Is Longbridge genuinely zero-commission for HK stocks?
Yes for the broker commission component — Longbridge waives their own fee on standard HK stock trades. The mandatory government levies (≈0.145% per side) still apply, since no broker can waive those. Longbridge earns revenue through other means, including FX spreads and premium feature subscriptions.
Which broker is cheapest for US stocks from Hong Kong?
For most retail investors, Futu/moomoo HK and Tiger Brokers HK are roughly equivalent on US stock commissions. For larger trades (USD 10,000+), Interactive Brokers' per-share pricing and significantly tighter FX spreads can make it materially cheaper — but only if you convert substantial amounts of HKD to USD regularly.
Do HK investors pay US capital gains tax on US stocks?
No. Non-US investors do not pay US capital gains tax. US dividend withholding (15% for Hong Kong residents under the US-HK tax treaty) applies automatically and is handled by your broker when you file a W-8BEN form. Hong Kong has no capital gains tax. Consult a licensed tax advisor for your specific circumstances.
How are IPO subscription costs calculated?
The cost of an IPO application includes: (1) the broker's handling fee (varies by broker and application amount), (2) if using margin financing, interest on the borrowed amount for the subscription period (typically 3–5 days), and (3) if you receive zero shares due to oversubscription, some brokers refund a portion of the interest charge while others do not. Use our IPO subscription calculator to model costs before applying.
Rates quoted in this article were sourced from official broker fee schedules in May 2026. Commission rates and platform fee structures can change. Verify current rates directly with each broker before making decisions. This article is for informational purposes and does not constitute financial advice.