KUALA LUMPUR: Moomoo Malaysia, the latest trading platform to debut here, is promising those who open a Moomoo MY universal account with a deposit of RM8000, a free Apple Inc share.
Apple Inc's shares last traded at US$181.01 a share, giving it a market capitalisation of US$2.82 trillion.
Futu Holdings Ltd launched Moomoo Malaysia today after securing the Capital Market Services License from the Securities Commission Malaysia.
Moomoo Malaysia offers an extensive range of features including access to over 1,000 Malaysian and 9,000 US stocks and Exchange Traded Funds (ETFs).
Moomoo MY universal account holders will have complimentary access to Level 1 MY stock 3 market depth and Level 2 US stock 60 market depth quotes.
The platform also offers zero-commission trading on stocks and ETFs for both Malaysia and US markets for a limited time period.
To be eligible for the free Apple share, you must successfully open a Moomoo MY universal account and deposit a cumulative amount of at least RM8,000 into the account before 11:59PM March 31, 2024.
Once the deposit of RM8,000 has been completed, you must also successfully claim the free Apple share from the activity landing page.
The Apple share will be issued upon successful deposit, and will be activated if you maintain the assets (cash, stocks and other assets included) of RM8,000 (or equivalent currencies) for 30 days.
Due to stock price fluctuations, the total asset value is allowed to drop by 10 per cent from the stated amount.
Those who successfully open a Moomoo MY universal account with a cumulative deposit of RM500 will receive RM100 cash rewards.
On top of that, traders who execute at least one transaction using their Moomoo MY universal account during the promotion period, will receive one month of free access to Level 2 MY market data.
Users can accumulate up to six months of complimentary Level 2 MY market data during this time.
Moomoo MY chief executive officer Ivan Mok said its users will benefit from unrestricted access to pro-grade tools and resources, typically associated with premium services.
"This reinforces our commitment to levelling the playing field, making self-directed investing simple, easy, and accessible to everyone, regardless of their experience level.
"As of date, Moomoo has garnered over 3,000 registrations on our app, indicating a strong interest from the Malaysian community," he added.
Bursa Malaysia Bhd chief executive officer Datuk Muhamad Umar Swift, who attended the launch of Moomoo Malaysia, said Malaysia is on the right track in terms of financial literacy, with the gradual rise in the Malaysia Financial Literacy and Capability (MYFLIC) Index, which improved from 57.1 in 2018 to 59 in 2021.
"The encouraging data can be attributed to, among others, Malaysians increased confidence and understanding of financial principles such as inflation and risks associated with high-return investments. But more can be done.
"Which is why the launch of Moomoo's investment app is a welcomed addition. Beyond a platform for trading and investing, Moomoo's investment app also functions as an educational hub with over 600 educational resources and materials for all levels of investors," he said.