Futu
Pros and Cons
Pros
- Regulated by Securities and Futures Commission of Hong Kong
- Diverse trading instruments: forex, stocks, commodities, indices, and cryptocurrencies
- User-friendly proprietary platforms: Futubull and Moomoo
- Comprehensive educational resources including tutorials and webinars
- Real-time market data and investment community features
Cons
- No access to popular platforms like MetaTrader 4 or 5
- Limited payment methods; no support for e-wallets
- No forex trading available
- High minimum deposit of $1,500
- Mixed user experiences with customer support
Basic Information
User Reviews
Futu Overview
Futu, established in 2012 and headquartered in Hong Kong, operates as a leading fintech company in the online brokerage sector. The firm is recognized for its innovative approach to trading and investment services, leveraging advanced technology to enhance user experience. Futu is regulated by the Securities and Futures Commission of Hong Kong, ensuring a level of oversight that contributes to its credibility and trustworthiness in the financial services industry. As a publicly traded company on the NASDAQ since March 8, 2019, it has garnered significant attention in the fintech space, serving a vast user base across multiple regions including the United States, Singapore, and Australia.
Futu offers a comprehensive range of services, primarily focusing on stock trading, margin financing, and securities lending, using its proprietary platforms, Futubull and Moomoo. These platforms provide users with access to a variety of trading instruments, including forex, stocks, and ETFs. Additionally, Futu emphasizes a user-centric approach, featuring tools for real-time market data, educational resources, and a vibrant social community for investors. Customer support is available to assist users effectively, with services designed to cater to a global audience. Futu’s commitment to technological innovation and user engagement positions it as a prominent player in the evolving landscape of forex trading and online brokerage services.
Is Futu Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Securities and Futures Commission of Hong Kong | Hong Kong | Segregated Funds |
| U.S. Securities and Exchange Commission | United States | Securities Investor Protection Corporation (SIPC) |
| National Futures Association | United States | Regulated by CFTC |
| Monetary Authority of Singapore | Singapore | Capital Markets Services License |
| Australian Securities and Investments Commission | Australia | Australian Financial Services License |
Is Futu Regulated and How Are Client Funds Protected?
Futu is a regulated broker, operating under the oversight of several recognized financial authorities across different regions, including the Securities and Futures Commission of Hong Kong, the U.S. Securities and Exchange Commission, and the Australian Securities and Investments Commission, among others. This regulatory status enhances its credibility and assures clients of a safe trading environment.
Client funds are protected through various measures, such as segregated accounts that ensure client assets are kept separate from the company’s operational funds. In addition, Futu’s U.S. operations are backed by the Securities Investor Protection Corporation, which provides an additional layer of security for investors. Overall, Futu’s comprehensive regulatory framework and commitment to safeguarding client funds establish it as a legit and safe choice for traders.
Trading Products and Services
What trading instruments does Futu offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs / EUR/USD, GBP/JPY | Varies |
| Commodities | Gold, Oil | Varies |
| Indices | S&P 500, NASDAQ | Varies |
| Stocks | US (e.g. Apple, Tesla), UK (e.g. BP, Vodafone) | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
Futu offers a diverse array of trading instruments that cater to various trading styles and strategies. With products spanning multiple asset categories, including forex, commodities, indices, stocks, and cryptocurrencies, traders can explore a wide range of investment opportunities. This variety is particularly beneficial for both beginner and professional traders, as it allows for flexible trading strategies and effective portfolio diversification. By providing access to multiple markets, Futu empowers users to tailor their investment approaches according to their individual needs and objectives, enhancing the overall trading experience.
Account Types and Trading Conditions
What Account Types and Fees Does Futu Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Fund Account | Investors focused on mutual funds | Designed primarily for mutual fund trading | Suitable for individuals looking to invest in pooled funds |
| US Margin Account | Traders interested in US stocks | Allows margin financing for enhanced trading potential | Minimum deposit required; designed for active traders |
| Hong Kong Margin Account | Investors trading Hong Kong stocks | Equipped for margin trading of local assets | Requires sufficient funds for margin activities |
| Northbound Margin Account | Investors accessing mainland Chinese stocks | Facilitates trading via the Stock Connect program | Eligibility may depend on regulatory requirements |
Account Opening Process
To open an account with Futu, follow these steps: visit the Futu website and click on the “sign up” button to begin the registration process. Fill out the registration form with personal information such as your full name, contact details, date of birth, and nationality. Complete the application form by providing additional details like employment status, financial information, and investment experience. Submit supporting documents for identity verification, including proof of address and identification. Once your account is approved, you can deposit funds to start trading. It is important to note that you can upgrade your account to a professional account in the future if desired.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | Varies | $0 | Tight spreads for major pairs available |
| CFDs (Stocks, Indices) | Varies | 0.0049 USD per share for US stocks | Commission applies to specific equity trades |
| Cryptocurrencies | Varies | 0.1% | Variable depending on market conditions |
Other Fees
Futu may charge various fees including deposit and withdrawal fees, although there are no direct withdrawal fees. Clients should be aware of possible inactivity fees, platform usage fees, overnight interest (swap rates), and currency conversion fees. It is important to review all potential charges associated with the account to maintain a clear understanding of the overall cost of trading.
Trading Platforms and Apps
What Trading Platforms and Apps Does Futu Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| Futubull | Windows, macOS, iOS, Android | Secure login (2FA), real-time market data, multiple order types, price alerts, technical indicators | Demo account, educational resources, investment community features |
| Moomoo | Windows, macOS, iOS, Android | Secure login (encryption), market search, one-click trading, price alerts, economic calendar | API interface, demo account, financial news |
| Web Version | Any device with internet access | Secure access, symbol lookup, multiple order types, push notifications, drawing tools | None specified |
Futu offers a range of platforms, including Futubull and Moomoo, to cater to different trading preferences. Futubull is designed for comprehensive trading with advanced analysis tools and a focus on user engagement, making it ideal for both novice and experienced traders. The Moomoo platform emphasizes accessibility and ease of use, providing essential trading functionalities and real-time alerts for active investors. The web version allows for flexible trading options from any device, ensuring that users can stay connected to the markets seamlessly. Overall, Futu’s platforms prioritize mobile trading convenience, secure logins, and efficient market access, enhancing the overall trading experience for its users.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 2–3 business days | No platform fee | Min 50, Max 20k/day | USD, HKD, AUD, SGD |
| Credit/Debit Card | Instant | No platform fee, but 2.5% charge for international transactions | Min 50, Max 10k/day | USD, HKD, AUD |
| E-Wallet (e.g., PayPal, Skrill) | Instant | No platform fee, 1.5% charge for e-wallet deposits | Min 50, Max 15k/day | USD, HKD, AUD, SGD |
Minimum Deposit
Futu requires a minimum deposit of $50 to open an account. This amount is consistent across various payment methods and account types, ensuring accessibility for all users.
How to Withdraw
To withdraw funds from your Futu account, follow these steps: 1. Log into your Futu account. 2. Navigate to the ‘Withdrawal’ section in the account management area. 3. Select your preferred withdrawal method from the available options. 4. Enter the amount you wish to withdraw, ensuring it complies with the limits. 5. Confirm your withdrawal request and follow any additional prompts for verification. 6. Wait for processing, which may take several business days depending on the selected method.
Customer Support
Futu Customer Support Overview
Support Channels
Futu provides various contact methods for customer support to assist users effectively. Customers can reach out through:
- Email: Users can email the support team at cs@futuhk.com for inquiries.
- Live Chat: Available through the Futu app, offering immediate assistance for users.
- Telephone: Customers can call the customer service hotline at +852-2523-3588 or 400-870-1818.
- Social Media: Futu maintains a presence on social media to engage with users and address queries.
Service Availability
Futu’s customer support operates for extended hours, typically 24/5, to accommodate trading activities across different time zones. Multilingual support is available, including English and Chinese, ensuring effective communication with a diverse clientele.
Additional Resources
To enhance the trading experience, Futu offers educational resources such as video tutorials, webinars, and market analysis. These resources help users gain insights into trading strategies and market trends, further supporting their investment decisions.
Frequently Asked Questions
Futu is regulated by several financial authorities, including the Securities and Futures Commission of Hong Kong and the U.S. Securities and Exchange Commission. Client funds are protected through segregated accounts, ensuring that client assets are kept separate from the company’s operational funds. In the U.S., funds are also protected by the Securities Investor Protection Corporation (SIPC), adding an extra layer of security for investors.
Futu offers various account types including Fund Accounts for mutual fund trading, US Margin Accounts for trading US stocks, Hong Kong Margin Accounts for local stock trading, and Northbound Margin Accounts for accessing mainland Chinese stocks. Each account type is designed to meet the needs of different user groups and trading strategies.
If your account opening application is rejected, you can view the reason in the system message or email and modify your information before reapplying. For any other issues, such as difficulties uploading documents or verification failures, you can contact customer support via their hotline or live chat for assistance.
To enhance your trading experience on Futu’s platforms, ensure that you have a stable internet connection, and familiarize yourself with the features of the Futubull and Moomoo platforms. Utilizing the educational resources provided, such as tutorials and webinars, can also help improve your trading strategies and market understanding.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.