moomoo vs Interactive Brokers: Which Broker Fits Your Trading Style?

This is probably the most common broker dilemma for investors in the Asia-Pacific region. moomoo (Futu) and Interactive Brokers (IBKR) are both solid, well-regulated platforms -- but they are built for different people, and the gap between them is wider than most comparison articles let on.

We have used both platforms extensively for trading HK, US, and global equities. This is not a surface-level spec sheet comparison. We will walk through where each broker genuinely excels, where each falls short, and who should pick which.

TL;DR

• moomoo is the stronger choice for HK and Asia-Pacific stocks, especially if you care about HK IPO subscriptions, grey market access, and a polished mobile experience
• IBKR is unmatched for global market access (150+ markets across 34 countries), lowest margin rates in the industry, and professional-grade tools
• Both offer zero-commission US stock trading, but fee structures diverge significantly for HK stocks -- moomoo charges roughly HK$3 per order on promo versus IBKR's HK$18 minimum
• Many experienced investors keep accounts at both, using each for what it does best

How We Evaluated

We compared moomoo and IBKR across six dimensions that matter most to retail investors in the region:

• Commission structure -- stock, options, futures, and forex fees across different markets
• Platform and tools -- charting quality, screeners, research depth, and mobile experience
• Market access -- number of countries, exchanges, and asset classes available
• HK IPO support -- subscription availability, margin financing, and grey market trading
• Account opening -- how long it takes, what documents are needed, and funding options
• Customer support -- hours, languages, and how responsive they actually are

We did not receive compensation from either broker for this comparison. For a broader look at the HK broker landscape, see our HK stock broker comparison.

Commission Comparison

The fee difference is straightforward for US stocks but diverges sharply for Hong Kong trading.

Feature	moomoo	IBKR
US Stocks	$0 commission	$0 (Lite) / about $0.0035/share (Pro)
HK Stocks	About HK$3/order (promo rate)	HK$18 minimum or 0.08%
Options	$0.65/contract	$0.65/contract
Margin Rate	About 6.8%	About 5.8% (Lite) / 4.3%+ (Pro)
Account Minimum	$0	$0 (Lite)
IPO Subscription	Yes (margin up to 10x)	Very limited
Grey Market Trading	Yes	No
Platform Fee (HK)	HK$15/order	None
Currency Conversion	About 0.03% spread	About 0.002% (near interbank)

A few things to note. moomoo's HK$3 per order is a promotional rate that has been running for a while, but the standard rate is 0.03% with a HK$3 minimum. The HK$15 platform fee per order is separate and adds to the total cost. IBKR has no platform fee, but the higher minimum commission means small HK trades end up more expensive regardless.

For US stocks, both are effectively free for typical retail investors. IBKR Pro charges per share but offers better execution quality, which can matter for larger orders.

The biggest cost difference is currency conversion. If you fund in HKD and trade US stocks, moomoo's FX spread is roughly 15 times wider than IBKR's. On a US$10,000 conversion, that is about $3 at moomoo versus roughly $0.20 at IBKR. Over a year of regular trading, this adds up.

moomoo: What It Does Well

HK IPO Subscription

This is moomoo's clearest competitive advantage. The platform offers one-click IPO subscription with margin financing up to 10x leverage -- meaning you can subscribe to a HK$100,000 IPO allocation with just HK$10,000 in cash. The interest rate on IPO margin financing is typically around 2-4% annualised for the subscription period (usually about a week), which is reasonable.

Grey market trading is another feature that IBKR simply does not offer. After you subscribe to an IPO, moomoo lets you buy and sell shares in the grey market before the official listing date. This is useful for gauging demand and potentially locking in profits early, though grey market liquidity can be thin and spreads wide.

For anyone who actively participates in HK IPOs, moomoo is the obvious choice. IBKR's IPO access is limited to select US offerings and does not support the HK IPO ecosystem at all.

Mobile-First Design

moomoo's mobile app is genuinely well-made. The charting is smooth, the watchlist management is intuitive, and features like social sentiment, analyst ratings, and real-time news are integrated without feeling cluttered. Level 2 data for both HK and US markets comes free -- on IBKR, equivalent data packages cost about US$10 per month.

The learning curve is shallow enough that someone opening their first brokerage account can figure things out within a day. IBKR's mobile app is functional, but it feels like a compressed version of a desktop tool rather than a native mobile experience.

Asia-Pacific Market Focus

moomoo provides solid coverage of HK, US, Singapore, and Australian markets. For investors whose portfolio is primarily Asia-focused, this covers the most important exchanges. The platform also supports A-share trading via Stock Connect, though the feature set for mainland stocks is more basic.

Interactive Brokers: Where It Excels

Global Market Access

IBKR's reach is in a different category entirely. Over 150 markets in 34 countries -- stocks, bonds, options, futures, forex, CFDs, warrants, and structured products. If an asset is exchange-traded somewhere in the world, IBKR probably offers it.

For investors who want to hold European equities, Japanese stocks, or trade commodities futures alongside their HK and US positions, IBKR is the only realistic retail option. moomoo's market coverage is improving but still limited to a handful of Asia-Pacific exchanges and the US.

The multi-currency account is another advantage. You can hold balances in over 25 currencies and convert at near-interbank rates. This is genuinely useful for global diversification and avoids the hidden FX costs that eat into returns on most other platforms.

Lowest Margin Rates

IBKR Pro offers margin rates starting at benchmark plus about 1.5%, which works out to roughly 4.3% or lower depending on your balance. This is substantially cheaper than moomoo's approximately 6.8%, and it matters significantly for anyone who uses leverage regularly.

For a US$100,000 margin loan held for a year, the difference is about US$2,500 in interest. That is real money, and it is the main reason many active traders maintain an IBKR account even if they prefer another platform's interface.

Professional Tools

Trader Workstation (TWS) is powerful but takes time to learn. Once you do, the depth is remarkable -- complex multi-leg options strategies, algorithmic order types, portfolio risk analytics, scanner with hundreds of filters, and direct market access. IBKR also has a robust API that supports Python, Java, and other languages for automated trading.

moomoo's tools are good for most retail investors, but they do not approach TWS's depth for serious options traders, quantitative analysis, or portfolio-level risk management.

What Each Broker Gets Wrong

moomoo Limitations

Limited global reach. No European stocks, no Japanese market, no commodity futures. If your strategy involves anything beyond Asia-Pacific and US equities, moomoo cannot accommodate it.

Higher margin rates. The roughly 2.5 percentage point gap versus IBKR Pro is significant for leveraged strategies. moomoo's margin rate is competitive against traditional banks, but not against IBKR.

Newer track record. moomoo (as a brand) has only been around since 2018, though its parent company Futu Holdings was founded in 2012. IBKR has been operating since 1978. For investors who care about institutional longevity, that history matters.

Platform fee on HK stocks. The HK$15 per order platform fee adds up. If you make 200 HK stock trades per year, that is HK$3,000 in platform fees alone -- on top of commissions. IBKR charges no platform fee.

IBKR Limitations

Steep learning curve. TWS is intimidating and cluttered. The simpler Client Portal and mobile app sacrifice features. There is no middle ground that balances power with usability, and it is the primary reason many retail investors avoid IBKR despite its cost advantages.

No HK IPO support. If you want to subscribe to HK IPOs, IBKR is not an option. Full stop. No grey market, no margin financing, no one-click subscription.

Customer service quality. Support tickets can take days to resolve. Phone support is available but the experience is inconsistent -- we have had calls answered quickly and others that sat in queue for over 40 minutes. The support culture feels institutional rather than consumer-oriented.

Interface feels dated. This is subjective, but TWS looks like it was designed in 2005 and has been patched incrementally since. The newer web and mobile interfaces are better, but the core desktop platform has not had a meaningful design refresh in years.

Who Should Choose Which?

Choose moomoo if:

• HK stocks and IPOs are a meaningful part of your portfolio
• You want a mobile-first experience that is easy to navigate
• HK IPO margin financing and grey market access matter to you
• Your trading is focused on Asia-Pacific and US markets
• Free Level 2 data saves you money you would otherwise spend on IBKR data subscriptions

Choose IBKR if:

• You trade across multiple global markets beyond Asia and the US
• You use margin regularly and want the lowest available rates
• You are an experienced trader who needs advanced order types and tools
• You want to automate trading via API
• Currency conversion costs matter because you trade in multiple currencies

Consider both if:

This is more common than you might expect. Use moomoo for HK IPO subscriptions, Asia-focused trades, and mobile trading. Use IBKR for global diversification, margin-heavy positions, and anything that requires professional-grade execution. Many serious investors in the region maintain dual accounts precisely because neither platform covers every use case.

How to Get Started

moomoo: Download the app, complete KYC verification (typically 1-2 business days), and fund via bank transfer. The process is straightforward and largely mobile-driven. No minimum deposit required.

IBKR: Apply online through the website. The application is more detailed -- expect about 20-30 minutes and several identity verification steps. Approval takes a few business days. IBKR Lite has no minimum deposit; IBKR Pro technically has no minimum either, but some features require higher balances.

For a detailed look at moomoo's platform specifically, see our moomoo Australia review.

FAQ

Is moomoo safe? Is it properly regulated?

Yes. moomoo operates under multiple regulatory licenses: SFC in Hong Kong, SEC and FINRA in the US, ASIC in Australia, and MAS in Singapore. Client funds are held in segregated accounts. In Hong Kong, the Investor Compensation Fund covers up to HK$500,000 per investor.

Can I transfer stocks between moomoo and IBKR?

Yes. US stocks can be transferred via ACATS (Automated Customer Account Transfer System), which typically takes 3-6 business days. HK stocks require a DI (Delivery Instruction) form processed through CCASS, which takes a few business days longer.

Which has better charting tools?

IBKR's Trader Workstation offers more depth -- advanced technical studies, multi-timeframe analysis, and highly customisable layouts. moomoo's charting is more than sufficient for most retail investors and has a meaningfully better mobile charting experience.

Do both offer fractional shares?

Both platforms support fractional share trading for US stocks. This is useful for buying into high-priced stocks like Berkshire Hathaway or positions where you want to invest a fixed dollar amount rather than buying whole shares.

Which is cheaper for HK stock trading?

moomoo, particularly at promotional rates. A typical HK$50,000 trade costs about HK$18 total on moomoo (HK$3 commission + HK$15 platform fee) versus HK$40 on IBKR (0.08%). For smaller trades, moomoo's advantage is even wider because IBKR's HK$18 minimum hits harder on lower amounts.

Does IBKR still charge inactivity fees?

IBKR eliminated inactivity fees in 2023. Previously, accounts with under US$100,000 were charged US$10 per month minus commissions generated. This was a significant deterrent for smaller accounts but is no longer a concern.

The Bottom Line

These are two of the best brokers available in the Asia-Pacific region, and the choice between them comes down to what you actually trade and how you trade it.

moomoo is the better platform for investors focused on HK and Asia-Pacific markets. The HK IPO subscription system with margin financing and grey market access is something IBKR simply does not match. The mobile experience is polished, Level 2 data is free, and the learning curve is gentle. The trade-offs are limited global reach and higher margin rates.

IBKR is the better platform for investors who need global diversification, lowest-cost margin, and professional-grade tools. It covers more markets, converts currencies cheaper, and offers execution quality that matters for larger portfolios. The trade-offs are complexity, no HK IPO support, and an interface that prioritises function over form.

Many investors end up using both -- and that might be the most practical answer of all.

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