Moomoo adds Canadian stocks with free Level 2 market depth
Moomoo’s LEVEL 2 market depth provides an in-depth view of the supply and demand dynamics in financial instruments. Access to the order book and tools like depth charts allow traders to gauge market sentiment, identify trading patterns, assess liquidity, and make better-informed decisions.
Moomoo has recently announced the introduction of Canadian stock trading on its app. This development, coming at the end of October, is a significant step for the platform, allowing investors in Canada to trade both U.S. and Canadian stocks seamlessly.
One of the standout features of the moomoo app is its synchronization of data, offering investors detailed information about the order book of Canadian stocks, including 60-market-depth “bids” and “asks”.
Level 2 market depth typically incurs a charge of C$4.95-44.95
Notably, moomoo is providing Canadian investors with free Level 2 market depth, a service that typically incurs a charge of C$4.95-44.95 on other platforms. This move democratizes access to vital market information, enabling traders to make more informed decisions.
The decision to include U.S stocks for Canadian investors, initiated in late September this year, has been complemented by the addition of Canadian stocks. Moomoo has also extended its trading hours, now opening from 8:00 a.m. to 5:00 p.m., providing an extra 1.5 hours compared to the typical operating hours of most Canadian brokerage firms (9:30 a.m. to 5:00 p.m.). This extension is expected to attract more traders, thereby increasing market liquidity and reducing trading costs and slippage.
Steve Zeng, Head of Global Strategy at Moomoo Technologies Inc., said: “While Canadian stock trading isn’t new for investors, the trading experience stands poised for a remarkable transformation.” Zeng emphasized moomoo’s innovative approach, including offering market depth quotes, revealing the order book, providing depth charts, and extended trading hours. These features are indicative of moomoo’s commitment to continually innovate and provide unique offerings in the Canadian stock trading market.
Moo community features +1,000 financial influencers, Nasdaq, SGX, Tesla, etc
In addition to these technological advancements, moomoo has launched its unique community service, Moo community, for Canadian investors. This community, in collaboration with five sister brands globally, offers a platform for investors to connect and grow. As of June 30, 2023, over 1,100 companies, including high-profile entities like Nasdaq, SGX, and Tesla, have joined the community by launching official accounts. The community also accommodates over 1,000 financial influencers who share their trading experiences. The Moo community has become a vibrant space for discussions on trading and investment, with over nine million conversations recorded globally.
The Canadian stock market, a crucial component of the country’s economy, sees approximately 8.97 million Canadian stock traders with a trading value of around C$335.16 billion, according to TMX Group’s 2023 Consolidated Trading Statistics. Moomoo’s entry into this market is well-timed, aiming to provide Canadian investors with a broader range of investment choices and an enhanced user experience.
Vanguard Investments Canada, a leader in asset management, has noted the growing interest of Canadians in investing in national stocks. Investing domestically allows easier access to local companies and mitigates risks associated with foreign currency and exchange rate fluctuations.
The importance of global asset allocation is emphasized in the Futu Holdings Limited (moomoo’s parent company) 2023 H1 Investment Report. Diversification across different economies can potentially reduce risk, and understanding global trends is vital for adapting to market changes. Moomoo’s market depth feature is instrumental in this regard, offering investors insights to optimize their global asset allocation strategies.
Moomoo’s LEVEL 2 market depth provides an in-depth view of the supply and demand dynamics in financial instruments. Access to the order book and tools like depth charts allow traders to gauge market sentiment, identify trading patterns, assess liquidity, and make better-informed decisions. This feature is now available in seven markets, including the U.S., Singapore, Australia, Japan, Malaysia, Canada, and Hong Kong SAR.