Moomoo has announced its push into the Canadian financial services space after success in the US and Asia
A new firm is hoping to disrupt the Canadian investing landscape with its self-directed investment platform.
Moomoo has already successfully launched in the Unite States, Singapore, Australia, Malaysia, and Japan. Now it wants Canadians to use its DIY trading solution and join its global online community of investors of all levels.
Canadians may take some convincing though, with a recent report from JD Power revealing challenges that the big banks have been having with their DIY investing offerings.
The firm says it already has more than 70,000 Canadian users even before officially launching in the market and that it will bring free access to a wealth of features including free Level 2 Data, advanced charting and analytical tools, and financial information sourced from leading media agencies.
"Canada has a rich and diverse investment landscape, and we are thrilled to be part of this vibrant community." said Steve Zeng, the firm’s head of global strategy. "By harnessing leading technologies and financial expertise, we are dedicated to equipping Canadian investors with the necessary means to make informed decisions and navigate the complexities of the market with confidence."
Financial knowledge
The platform also offers more than 3,000 free investment courses including customized study plans with trackers for monitoring a user's learning progress and results. They are delivered in multiple languages.
However, the value that a human financial advisor offers is frequently highlighted in client surveys, making the Canadian market a tough nut to crack for self-directed platforms.
Moomoo is headquartered in California’s Silicon Valley and was founded in 2018 before expanding to international markets in 2021. Along with its sister brand, it boasts a combined 20 million global users and is a global strategic partner of the New York Stock Exchange.
