74-89% of retail investor accounts lose money when trading CFDs with this provider.
74-89% of retail investor accounts lose money when trading CFDs with this provider.
Comparison Summary
Moomoo and Interactive Brokers are both ASIC-regulated platforms available to Australian traders, but they serve quite different audiences. We've tested both extensively, and the choice between them really comes down to what you actually need from a broker.
Moomoo is the newer player, backed by NASDAQ-listed Futu Holdings, and it's made a name for itself with low-cost ASX and US stock trading, CHESS sponsorship, and a surprisingly deep set of free analytical tools. It's focused purely on equities, ETFs and US options across three markets.
Where They Overlap
Both brokers offer ASIC regulation, competitive commissions on ASX and US stocks, interest on uninvested cash, and no inactivity fees. They each provide paper trading accounts with no time limits, and both have strong mobile apps alongside desktop platforms. For pure stock and ETF investing, either one can do the job well.
Where They Differ
Moomoo keeps things straightforward. You get stocks, ETFs and US options across the ASX, US and Hong Kong exchanges. No forex, no CFDs, no bonds, no futures. The interface is modern, the charting tools are excellent (free TradingView integration and Level 2 data), and the fee structure is simple: AUD $3 for ASX trades under $10k, USD $0.99 for US stocks. CHESS sponsorship gives you direct ownership of ASX shares under your own HIN.
Interactive Brokers is a different beast entirely. It gives you access to 170+ markets in 29 currencies, covering stocks, ETFs, options, futures, forex, bonds and funds. The commissions are even lower at scale, and the currency conversion rate of 0.03% blows Moomoo's ~0.5% out of the water. But the platform complexity is significantly higher, and the learning curve with Trader Workstation is steep.
For Australian investors who only trade ASX and US shares and want a cleaner, more modern experience, Moomoo is the easier pick. If you need global market access, multi-asset trading, or you're an active trader who cares about execution costs at scale, IBKR is the stronger choice.
Key Metrics Score
|
Moomoo
|
Interactive Brokers
|
|
|---|---|---|
| Overall score | 4.4/5 | 4.6/5 |
| Trust score | 4.8/5 | 5.0/5 |
| Fees score Overall assessment of the broker's fee structure compared to industry standards | 4.5/5 | 4.9/5 |
| Platforms score | 4.7/5 | 4.0/5 |
| Tradable assets | 3.4/5 | 4.9/5 |
| Customer support | 4.5/5 | 4.1/5 |
| Education | 3.8/5 | 4.3/5 |
Pros & Cons
Advantages Moomoo
- CHESS-sponsored ASX trading with direct HIN ownership.
- Low flat fees: AUD $3 for ASX trades under $10k, USD $0.99 for US stocks.
- Free Level 2 market data and TradingView integration with 110+ indicators.
- Modern, intuitive interface with a strong mobile app.
- Cash Plus feature pays 3.75% p.a. on uninvested cash.
- No inactivity fees, no account fees, $1 minimum deposit.
- US options trading available from USD $0.50 per contract.
Advantages Interactive Brokers
- Access to 170+ markets in 29 currencies from a single account.
- Some of the lowest commissions anywhere, especially at higher volumes.
- Currency conversion at just 0.03%, far cheaper than most competitors.
- Professional-grade tools: TWS, 100+ order types, advanced charting.
- Stocks, options, futures, forex, bonds, funds and warrants all available.
- Interest of 3.92% on idle AUD cash above $15,000.
- S&P A- rated, $20.5 billion in equity capital, no long-term debt.
Disadvantages Moomoo
- No forex, CFDs, crypto, bonds or commodities trading.
- Currency conversion spread of ~0.5% for AUD to USD.
- Only three markets: ASX, US and Hong Kong.
- No leverage or margin trading on the Australian platform.
- Interface can feel overwhelming for complete beginners despite being well designed.
- Trustpilot rating sits at 2.6/5, though app store reviews are much stronger.
Disadvantages Interactive Brokers
- Trader Workstation has a steep learning curve for newer investors.
- IBKR Lite (commission-free US trading) is not available in Australia.
- No interest earned on the first AUD 15,000 of cash.
- Platform interface feels dated compared to newer fintech apps.
- Customer support can be slow outside US business hours.
- Account approval process takes longer than many competitors.
Fees
This is one of the most important areas in this comparison, and both brokers compete hard on cost. The headline numbers look close, but the detail matters.
Moomoo keeps it simple with flat-rate pricing. AUD $3 per ASX trade (or 0.03%, whichever is greater) and a flat USD $0.99 for US stocks. No tiers, no volume calculations. You know exactly what you're paying before you click the button.
IBKR is cheaper at scale, but the pricing structure is more complex. The fixed plan charges 0.08% on ASX trades (minimum AUD 6.00), while the tiered plan drops as low as 0.015% at higher volumes. For US stocks, you're looking at USD 0.005 per share on fixed pricing, or from USD 0.0035 per share on tiered. On a $10,000 ASX trade, Moomoo charges $3 while IBKR charges $8 on the fixed plan. For smaller, less frequent trades, Moomoo actually wins on price.
The real difference shows up on currency conversion. Moomoo charges around 0.5% to convert AUD to USD. IBKR charges 0.03% on automated conversions, or just 0.002% if you convert manually through their forex interface. On a $10,000 conversion, that's roughly $50 with Moomoo versus $3 with IBKR. If you trade US stocks regularly, that gap adds up fast.
|
Moomoo
|
Interactive Brokers
|
|
|---|---|---|
| Fees score Overall assessment of the broker's fee structure compared to industry standards | 4.5/5 | 4.9/5 |
| ASX stock fees Commission charged per ASX stock transaction | AUD $3 or 0.03% | 0.08% (min AUD $6.00) |
| US stock fees Commission charged per US stock transaction | USD $0.99 flat | USD $0.005/share (min $1.00) |
| US options Commission per options contract | From USD $0.50/contract | From USD $0.15/contract (tiered) |
| Currency conversion Fee charged when converting between different currencies | ~0.5% | 0.03% (auto) / 0.002% (manual) |
| Withdrawal fee Fee charged when withdrawing funds from your trading account | Free to AU bank; wire fees may apply | 1 free/month, then AUD $20 |
| Deposit fee Fee charged when depositing funds into your trading account | $0 | $0 |
| Inactivity fee Monthly fee charged if you don't trade or log in for an extended period | $0 | $0 |
| Interest on cash Interest rate paid on uninvested cash balances | 3.75% p.a. (all balances) | 3.92% p.a. (above AUD $15k) |
Trading Platforms
Both platforms offer desktop, web and mobile access, but the experience is poles apart.
Moomoo's desktop app feels modern. The charting is built on TradingView's engine, with over 110 technical indicators included free. Level 2 market data comes standard. The mobile app won the Best Stock Trading App award at the 2024 FinTech Breakthrough Awards, and it genuinely mirrors the desktop experience. When we tested it, the transition between devices was seamless.
Interactive Brokers' flagship platform is Trader Workstation (TWS), a Java-based desktop application built for professional traders. It's packed with market scanners, algorithmic order types, options analytics and risk dashboards. The first time I opened TWS, I nearly closed it again. Panels everywhere. But after a few sessions customising the layout, the power underneath started to reveal itself. IBKR also offers Client Portal for web access and IBKR Mobile for on-the-go trading.
If you value a clean, intuitive interface and strong charting out of the box, Moomoo wins here. If you need the sheer depth of professional-grade tools and don't mind investing time to learn the platform, IBKR has more under the hood.
|
Moomoo
|
Interactive Brokers
|
|
|---|---|---|
| Platforms score | 4.7/5 | 4.0/5 |
| Web Platform | Modern, intuitive | Client Portal |
| Mobile App | Award-winning | IBKR Mobile |
| Google Play score |
4.5/5
~46k reviews
4.9M+ downloads
|
4.6/5
~64k reviews
|
| App Store score |
4.7/5
~550 ratings (AU)
|
4.3/5
Featured finance app
|
| Trustpilot score |
2.6/5
~242 reviews
|
3.5/5
~5,150 reviews
|
| Desktop Platform | Moomoo Desktop | TWS (advanced) |
User ratings paint an interesting picture. On the app stores, both brokers score well. Moomoo edges ahead on iOS in Australia with a 4.7, while IBKR leads on Google Play with a 4.6. On Trustpilot the story changes: IBKR sits at 3.5/5 from over 5,000 reviews, while Moomoo trails at 2.6/5 from around 240 reviews. Trustpilot tends to attract more negative reviews across the board, but the gap between the two is still noticeable. Our take is that Moomoo's lower Trustpilot score likely reflects growing pains from rapid Australian expansion rather than fundamental platform issues.
Trading Assets
This is where the biggest gap between these two brokers shows up. Moomoo is a pure equity platform. IBKR is a multi-asset powerhouse. If asset range matters to you, this section will probably settle the debate.
Moomoo gives you access to over 22,000 securities across three exchanges: the ASX, US markets (NYSE and NASDAQ), and the Hong Kong Stock Exchange. You can trade stocks, ETFs and US options. Fractional shares are available on US-listed securities from as little as USD $1. It's a focused offering, and within those categories the selection is solid.
IBKR takes a completely different approach. Stocks, ETFs, options, futures, forex (100+ pairs), bonds (over a million available), funds, warrants and even crypto through Paxos. All of it accessible from a single account across 170+ exchanges in 29 currencies. The bond access alone sets IBKR apart from virtually every other retail broker.
|
Moomoo
|
Interactive Brokers
|
|
|---|---|---|
| Tradable assets score | 3.4/5 | 4.9/5 |
| Stocks & ETFs | ASX, US, Hong Kong | 170+ exchanges globally |
| Options | US options only | 30+ exchanges |
| Forex | Not available | 100+ pairs |
| Futures | Not available | 30+ exchanges |
| Bonds | Not available | 1,000,000+ |
| Crypto | Not available | Via Paxos |
| Fractional shares | US stocks | US & European |
For a lot of Australian investors focused on ASX and US shares, Moomoo's range is actually enough. But if you want to hold bonds alongside your equities, hedge with futures, or trade forex, IBKR is the only real option here.
Demo Account
Both brokers offer paper trading environments, and both are genuinely useful. Neither has a time limit, which is a plus.
Moomoo calls it "paper trading" and gives you simulated market conditions with full access to the same tools and data as the live platform. We found it particularly handy for testing the Moomoo Algo tool. You can build a strategy, backtest it, then run it in paper mode before committing real money.
IBKR's paper trading account comes loaded with $1,000,000 USD in virtual funds. It works across TWS, Client Portal and the mobile app, using real market data. A few order types like VWAP aren't supported in paper mode, and fills may differ slightly from live execution in less liquid markets. Worth keeping in mind if your results look too good.
| Demo Feature |
Moomoo
|
Interactive Brokers
|
|---|---|---|
| Virtual Money | Virtual funds (variable) | $1,000,000 USD |
| Duration | Unlimited | Unlimited |
| Platform access | Desktop, web & mobile | TWS, Client Portal & mobile |
Education
IBKR takes this category fairly comfortably. IBKR Campus is a well-stocked educational hub with video courses, written guides, webinars and interactive tutorials. The content skews towards intermediate and advanced traders, covering everything from basic order types through to volatility skew and multi-leg options spreads. All free, no premium tiers.
Moomoo's educational offering is growing but still thinner in comparison. The in-app "Courses" feature covers stock and options basics through tutorial videos. They run live webinars on market conditions and strategies, and the Moo Community (23 million+ members globally) adds a social learning dimension. The beginner content is clear, though the advanced material felt a bit light during our testing.
On the research side, IBKR wins again. PortfolioAnalyst, GlobalAnalyst and the real-time market scanners are powerful tools you won't find on Moomoo. Moomoo counters with free Level 2 data and its Algo backtesting tool, which are genuinely useful but more narrowly focused.
|
Moomoo
|
Interactive Brokers
|
|
|---|---|---|
| Education score | 3.8/5 | 4.3/5 |
| Video Tutorials | Practical | In-depth |
| Trading Guides | Growing library | Extensive |
| Webinars | Regular | Regular |
| Research Tools | Level 2 data, Algo backtesting | PortfolioAnalyst, GlobalAnalyst, scanners |
Safety & Regulation
Both brokers are ASIC-regulated and backed by substantial parent companies. This is one area where Australian traders can feel reasonably confident with either choice.
Moomoo Securities Australia (AFSL 224663) operates under full ASIC oversight. Client funds sit in segregated trust accounts at HSBC Bank Australia. ASX shares are CHESS-sponsored under your own HIN, providing a structural layer of protection that exists independently of the broker. The parent company, Futu Holdings, is NASDAQ-listed with a market cap of approximately A$18.9 billion.
Interactive Brokers Australia (AFSL 453554) is backed by IBG LLC, which holds $20.5 billion in equity capital with no long-term debt. The parent carries an S&P A- (Stable) credit rating. Client funds are segregated daily, with around 82% invested in US Treasuries and reverse repos. For accounts routed through Interactive Brokers LLC, SIPC coverage runs to $500,000 plus an excess policy through Lloyd's of London.
On sheer financial strength, IBKR is in a league of its own. But Moomoo's CHESS sponsorship for ASX shares is a meaningful advantage in terms of direct ownership protection. Both brokers support two-factor authentication and encrypt all communications.
|
Moomoo
|
Interactive Brokers
|
|
|---|---|---|
| Trust score | 4.8/5 | 5.0/5 |
| Australian regulation | ASIC (AFSL 224663) | ASIC (AFSL 453554) |
| Parent company | Futu Holdings (NASDAQ: FUTU) | IBG LLC (NASDAQ: IBKR) |
| Client fund protection | Segregated at HSBC + SIPC (US) | Segregated + SIPC + Lloyd's excess |
| CHESS sponsorship | Yes (ASX shares) | No (custodial) |
| Two-factor auth | Yes | Yes (IB Key app) |
Deposit and Withdrawal
Getting money in and out is straightforward with both brokers, though the details differ.
Moomoo accepts deposits via bank transfer or PayID with no fees. The minimum deposit is just $1 AUD, which is about as low as it gets. Withdrawals to Australian bank accounts are free, though wire transfers may carry handling fees. The onboarding process took us under 10 minutes from download to submission.
IBKR accepts deposits via EFT or BPAY, also free. There's no minimum deposit for cash accounts, though margin accounts need AUD $2,000. Withdrawals are free once per month, then AUD $20 each after that. The account setup process is more thorough and takes 15-20 minutes, with approval sometimes taking a few business days.
|
Moomoo
|
Interactive Brokers
|
|
|---|---|---|
| Minimum deposit The lowest amount required to open and fund a trading account | $1 AUD | None (AUD $2,000 for margin) |
| Bank transfer Direct bank transfer for deposits and withdrawals | Free | Free (EFT/BPAY) |
| PayID Instant payment method available in Australia | Available | Not available |
| Withdrawal fee Fee charged when withdrawing funds | Free (AU bank); wire fees may apply | 1 free/month, then AUD $20 |
| Account setup time Approximate time to complete the application process | Under 10 minutes | 15-20 minutes |
Customer Support
| Support Feature |
Moomoo
|
Interactive Brokers
|
|---|---|---|
| Customer Support Score Overall rating of support quality, response time, and helpfulness | 4.5/5 | 4.1/5 |
| Availability Hours per day and days per week when support is available | 24/7 on trading days | 24/5 |
| Live Chat Real-time text chat support with customer service representatives | Yes (human agents) | Yes (via Client Portal) |
| Phone Direct phone support with customer service representatives | Yes (business hours) | Yes (Sydney: +61 2 9093 1466) |
| Local office Physical presence in Australia | Sydney | Sydney |
Support Quality Assessment
Moomoo Customer Support
Moomoo runs support 24/7 on trading days, dropping to 9:30am-9:30pm AET on weekends and public holidays. When we tested the live chat during US market hours, we were connected to a human agent within a few minutes. The response was specific and informed. The team operates from their Sydney office at 570 George Street, which adds a level of local accountability.
Phone support is available during business hours, and email handles more detailed enquiries. The Help Centre covers most common questions, though some technical topics could go deeper.
Interactive Brokers Customer Support
IBKR offers phone, live chat and ticket-based support. Phone support and live chat both connect you to real people, not bots. During US business hours, we got through to a knowledgeable representative within a reasonable time. Outside those hours, the experience is more mixed, and wait times can stretch.
One gripe: all written support goes through the secure Message Centre in Client Portal rather than regular email. It makes sense for security, but adds friction. The knowledge base is thorough, if a bit dense.
Overall Assessment
Moomoo edges ahead on customer support, largely thanks to longer availability hours and a more accessible live chat experience. IBKR's support is competent but can lag outside US business hours. Both have local Sydney offices, which is a meaningful advantage over brokers with no Australian presence.