moomoo free share timeline

Moomoo By FUTU Free Share – 7 Days From Account Creation To Withdrawal Timeline

Disclosure: This blog entry contains referral links and/or codes. This means that I get a commission if you decide to sign up through my links or use my codes, at no cost to you. This helps pay for my running costs. Please read my affiliate and referral disclosure for more information.

Wondering how long does it take for the entire timeline of account creation to cash withdrawal to get the free share from moomoo? Read on.

Signing up for an account with a broker for the rewards in all the hype now. I have to say that the rewards are really attractive. I only decided to sign up after my friend verified that the original funds and encashed rewards can be withdrawn out. 

Many other blogging platforms have covered their experience comprehensively. If you would like to know more about what these trading platforms offer, this is not the post for you.

This post is for those who just want to create an account, get the free share, sell it and withdraw everything. I will cover the timeline for all the various steps to get the free share from moomoo by FUTU.

If you sign up using my link (referral link), I will send you 50% of the proceeds of selling the referral rewards via PayNow.

Once you sign up using my link and complete the fund deposit, send me an email at consumelesslife@gmail.com with

  • A screenshot of your moomoo id number
  • Handphone number linked with your PayNow

Please note that if I do not receive the rewards, I will not be able to send any funds to you.

Update 27/9/2021: The rewards for the referral has made it really difficult to share the rewards with my readers. The current promotion is that I will need to refer 2 users to get any rewards. If you still like to support the blog, you can sign up here.

Rewards Involved

At the time of writing this post, the rewards are as follows. Please check the latest rewards here (referral link).

1 Free AAPL Share Worth US$130 / S$172

To be honest, this is the only one that I care about. According to the terms and conditions, you should receive the free share within 5 business days.

These are the criteria for receiving the AAPL share

  • Deposit S$2,700 / US$2,000 / HKD16,000 in total within the promo period
  • New FUTU SG customer
  • Singaporean / PR / Residents with Singapore residential address
  • 18 years old and above
  • Singapore bank account in own name

Up To 20 Free TWTR Shares Worth US$53 / S$70 Each

If you have friends or people in your influence circle unlike me, you can refer them to create an account and deposit S$2,700 / US$2,000 / HKD16,000 in total within the promo period.

If you would like to support the blog, you can sign up using my link here (referral link).

This is capped at 20 successful referrals worth US$1,060 / S$1,400.

You also get an additional 30 days of free commission trading per referral capped at 600 days.

Miscellaneous

You also get these when you sign up but you shouldn’t be too concerned if you are just selling the free share and withdrawing everything.

  • 180 days of unlimited commission-free trades
  • Free level 2 market data for US stocks
  • Free SGX securities real-time market data

I would like you to focus your attention on commission-free trades. Sounds good right? What is embedded in the terms and conditions is that there are still platform and external fees that you have to pay to moomoo so your trades are not free.

This is one of the tactics companies attract sign-ups by telling you that you will get something for free, but actually, it is not. Read more about the marketing tactics companies employ here.

Timeline To Get Free Share From Moomoo

It took 7 days from account creation to complete withdrawal of funds. Here is the timeline that I have gone through.

Account Creation – 4 May 2021 – D1

The process is straightforward. If you sign up using Myinfo with SingPass, you will not have to fill up any forms. After submitting the application, my account was approved in 10 minutes.

You can sign up here (referral link).

Deposit – 4 May 2021 – D1

You can either deposit funds using a 

  • Direct Debit Authorization (DDA) link 
  • Bank transfer

The DDA deposit method needs you to set it up but it can be all done in-app and it takes less than 2 minutes. You also do not have to be worried that you key in the wrong bank account. The money is deposited into the account almost immediately.

Take Note: The default limit is like S$200,000. Remember to lower the limits of the DDA link so prevent any unauthorized withdrawals by moomoo. I lowered mine to S$50. I didn’t fully deactivate it as I don’t want any last minute need to link it up again.

You can take a look at this link on how to do it.

Free Share By Moomoo Received – 5 May 2021 – D2

One day after depositing for funds, I received the AAPL share.

I signed up using my friend’s referral link. He told me he received his TWTR share on the same day.

Free Share By Moomoo Sold – 5 May 2021 – D2

I queued AAPL at US$130 before the market opened and it got filled within the first 10 minutes.

moomoo no exchangeable amount

Although the free share from moomoo is sold, I am unable to convert it to SGD for the eventual withdrawal. When I tried to convert the funds, there was no exchangeable amount.

I have checked with the customer service and it is because of the settlement dates and it will take T+2 before the funds can be available for conversion.

Also, I only got a net of US$128.91 from the sale. 

There are fees of US$1.09 from that sale.

FUTU platform fee – US$1

SEC fee – US$0.01

TAF – US$0.01

GST – US$0.07

Currency Conversion Start Date – 8 May 2021 – D5

I am only able to convert the currency on 8 May 2021. And guess what? The conversion isn’t immediate. 

moomoo exchange order notification

They told me that the conversion will be completed on 10 May 2021 at 08:03 in a notification.

Currency Conversion Completion Date – 10 May 2021 – D7

The currency conversion completed at 07:00. The amount converted is US$128.91 and I received S$170.13. The exchange rate is 1.31976 which is pretty close (0.3% difference) to the spot rate of 1.32437.

Withdrawal Date – 10 May 2021 – D7

In order to withdraw, we will need to add a bank account to moomoo. You will need to manually key in the bank details and upload a screenshot of your bank statement. After submitting for withdrawal, they mentioned that it will take 1 business day to process.

Money Received in Bank – 10 May 2021 – D7

Although they mentioned that it will take 1 business day, I have received the funds in my bank account in about 2 hours. The amount received is the same as the amount withdrawn, without any fees involved.

Take Note: Disable the DDA link with your bank account via iBanking once the money is in your account.

TL, DR

The entire timeline for the free share from moomoo takes 7 days. Your experience might vary as it took only 5 – 6 days for my friend. The overall process is straightforward but take note that there are some dates of processing in between certain steps. I did the mapping of the days of the different steps so you do not have to keep checking the app. After funding your account, remember to go into your iBanking account to adjust the GIRO payment limits. After withdrawing your funds, remember to cancel the Direct Debit Authorization (DDA) link between FUTU and your bank account to prevent any unauthorized withdrawals.

If you sign up using my link (referral link), I will send you 50% of the proceeds of selling the referral rewards via PayNow.

Once you sign up using my link and complete the fund deposit, send me an email at consumelesslife@gmail.com with

  • A screenshot of your moomoo id number
  • Handphone number linked with your PayNow

Please note that if I do not receive the rewards, I will not be able to send any funds to you.

Update 27/9/2021: The rewards for the referral has made it really difficult to share the rewards with my readers. The current promotion is that I will need to refer 2 users to get any rewards. If you still like to support the blog, you can sign up here.

I also wrote about the timeline for getting the free share from Tiger Brokers here.

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