If it seems like trading apps have cropped up faster in the last couple of years than boy bands did in the 90s, you’re not wrong. While we love the ease of investing in our future finances straight from our pockets, deciding which app to use can be a little overwhelming.
We’re always on the hunt for platforms with a difference and the hottest new trading app to hit the Aussie market, moomoo definitely ticks that box. Stepping up the trading game, moomoo is powered by state-of-the-art artificial intelligence tools and lifts the lid on the context behind buy and sell prices to have you trading like a pro before you know it. The cherry on top for new users is the chance to earn some free shares and perks to get you off and running.
What Is moomoo?
moomoo is the latest share trading app to hit the Aussie market, bringing the world of Wall Street straight to your fingertips. Already well established in the US and Singapore, and with a whopping 18 million existing users globally, moomoo is taking Australia by storm.
This huge pool of users is the key to moomoo’s unique functionality: power in numbers. Literally, the more people that are engaging and trading on the platform, the more information you have access to, to trade in a way that works best for you.
What Makes It Different?
If you want to start your trading experience with a bang or level up your existing trading game, moomoo has you covered. The platform is powered by state-of-the-art artificial intelligence tools such as proprietary algorithms designed for monitoring, forecasting, charting and suggesting alternative companies for you to consider for your portfolio. Another thing that sets it apart from its peers is the use of level 2 trading quotes—and if you join before June you’ll receive free level 2 US market data for life.
What Is Level 2 Data?
If you’re asking ‘what’s a level 2 trading quote?’ don’t worry, we did too.
Basically, level 2 data offers a more in-depth look at the market. When you’re on an ordinary trading platform, you’ll receive standard data (level 1). For example, the current buy price and sell price of that market. However, the information collated in level 2 data provides a little more context on the why of that buy and sell price.
Level 2 data gives you full access to the order book underneath a share’s buy and sell prices. So, while level 1 data tells you what price you can buy and sell for, level 2 data also tells you what price everyone else in the market is buying and selling that same asset for. This gives a far more three-dimensional view of real traders’ sentiment, trends, and how popular a stock really is.
Think of it like choosing fancy chocolate. Sure, on the box you can see a description of all of the different flavours and shapes, but it’s not until you open the box that you know which choccies your family or housemates have nabbed, to suss which are the favoured flavours.
How Does The App Help You Trade?
So how do algorithms and lifting the lid on the 'why' behind prices actually impact the way moomoo works for you?
One example of how moomoo’s AI tools help investors is called Similar Stocks. Just like Netflix recommends programs you may like to watch based on your past behaviour and what shows are currently trending, Similar Stocks presents shares you may like to consider based on what’s trending globally, the shares in your watchlist, and the companies you’ve done a little reading up on in the app.
This and other AI features let you explore companies you may otherwise not have considered, creating the potential to invest in shares that perform as well as others you’ve invested in, while further diversifying your portfolio—an important factor in managing overall portfolio risk.
In other words, you’ll be trading like a pro in no time.
If you're ready to up your trading game and score free shares in the process, head over here for more info and promo terms and conditions.
Please note: any advice given is of a general nature only and does not take into account your objectives, financial situation or needs. If you are seeking financial advice, please talk to a registered expert to uncover the right path for you.
Image credit: Guillaume Bleyer
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