New trading platform to reduce cost barrier for NZ investors in US markets

The New Zealand launch of a new trading platform is set to reduce barriers to global markets for Kiwi investors, offering the widest range of US stocks and ETFs for low-cost trades.

Founded in Silicon Valley in 2018, moomoo has grown to over 25 million users in the US, Singapore, Australia, Japan, Canada, Hong Kong and Malaysia. The platform’s New Zealand launch follows its entry into the trans-Tasman market, where it recorded the most downloads of any online broker app within its first two years.

Kiwi traders will now be able to trade more than 22,000 stocks and ETFs across the US, Australia and Hong Kong, including more than 15,000 US stocks and ETFs for only US$99c per trade (NZ$1.66).

Michael McCarthy, moomoo Australia and New Zealand CEO, says the platform has been designed to democratise access to global share markets for both novice and experienced investors.  

"One of the unique features of moomoo is its ability to enable 'social investing', whereby the online community of global users are able to support and learn from one another, including sharing investing ideas and insights on stocks. "

"This allows everyone from beginners to seasoned investors to learn investment strategies and share this experience with other users around the world. We also offer structured learning experiences and additional educational resources to assist users on their investment journey."

McCarthy says these resources help investors explore market trends, identify opportunities and make informed decisions that align with their risk levels and goals.

He says the platform also allows 24-hour US trading, every trading day, eliminating significant time zone barriers to enable local investors to seize opportunities at any time.

"New Zealand has a strong investing culture, and we see growing demand for innovative, sophisticated tools that empower retail investors to navigate global markets with confidence. "

"We are able to provide real-time market data, AI-powered analytics, advanced charting tools, and curated news from top-tier financial media outlets. These features transform the complexity of financial markets into intuitive, actionable insights, seamlessly integrated into the platform's user-centric interface."

McCarthy says as part of its New Zealand launch, moomoo is offering new users $0 commission trading on Australian and US stocks for the first 30 days, with free reward stocks for users upon eligible deposits.

He says with the moomoo app now available in New Zealand, local investors can also access options trading and dividend reinvestment plans for US stocks, catering to the diverse investment needs of New Zealanders.