Moomoo is one of the most advanced stock trading apps available - and it's free! You may have tried Moomoo in your online investing journey, and have some assets lying around that could be put to better use elsewhere in your life!
Because Moomoo features so many ways to efficiently interact with the stock market, it can be easy to get lost inside the many menus and tabs to find some of the more basic functions.
Today we're going to show you how to move your money out of Moomoo and into your bank, step by step, no fuss necessary.
Let's get it!
If you transfer an existing brokerage account to Robinhood through January 31st 2024, you can get an Unlimited 1% Transfer Bonus.
For example, if you transferred a brokerage account worth $50,000 - that would be a bonus of $500.
In addition, Robinhood offers a free stock for new users as well as a 1% IRA match for retirement accounts.
Luckily, once we navigate through the app itself, the process for withdrawing funds from Moomoo to your bank is pretty simple. Depending on the amount of setup you might need however, it may take a few business days to finally get your money in your checking account.
Here's what we're looking at:
If Moomoo's interface seems daunting to you, no worries: we're in this together.
If you don't have your bank account linked with Moomoo, you won't be able to withdraw funds into said bank account. If you already have this set up, skip on down to step 2!
From the Moomoo home screen, follow these steps:
Now we're going to go through the process of selling stock on Moomoo. If you're only withdrawing settled funds, feel free to skip on to the next step.
From your home screen, take the following steps:
Trade funds take anywhere from 1-2 business days to settle.
Once your bank has been linked to the app, and all your trade funds have settled into your account, you can begin transferring your money into your bank. The technical term for what we'll be doing today is called an ACH transfer.
From Moomoo's home screen, take the following steps:
ACH withdrawals from Moomoo can take up to 5-7 business days to complete.
Moomoo is a powerful app that everyone who invests online should consider using! Its many features allow a greater amount of control for investors, which when utilized properly, often ends with more money in your portfolio (and pockets)!
While liquidating stock positions on Moomoo, please be aware of any capital gains tax liability incurred.
Don't forget to grab your free stock worth up to $200 from Robinhood today!