Cryptocurrency trading has become increasingly accessible, and platforms like Moomoo are at the forefront of this financial revolution. If you’re interested in trading digital assets such as Bitcoin, Ethereum, and others, Moomoo offers a user-friendly and regulated environment to do so. This guide will walk you through the steps to start trading cryptocurrencies on Moomoo, ensuring you have the knowledge to navigate the platform confidently.
Understanding Moomoo’s Crypto Trading Platform
Moomoo is a digital brokerage platform that has expanded its services to include cryptocurrency trading. In Singapore, Moomoo operates under the regulation of the Monetary Authority of Singapore (MAS), holding a Major Payment Institution License (License No: PS20200617) . This regulatory oversight ensures a secure and compliant trading environment for users.
Setting Up Your Crypto Trading Account
Step 1: Update the Moomoo App
Before initiating crypto trading, ensure that your Moomoo app is updated to the latest version to access all the necessary features.
Step 2: Activate Your Crypto Account
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Open the Moomoo app and navigate to the “Trade” section.
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Select “Crypto” and tap on “Next.”
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Click on “Start Now” to submit your application.
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The activation process typically takes 3-5 minutes.
Note: Currently, Moomoo SG restricts crypto activation to selected users who are under 70 years old and have a valid Singapore address or nationality .
Funding Your Crypto Account
. Transfer Funds
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Go to the “Accounts” tab in the Moomoo app.
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Select your crypto account.
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Tap on “Transfers.”
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Choose your preferred currency (SGD or USD).
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Enter the amount you wish to transfer into your crypto account
Note: Currently, depositing or withdrawing cryptocurrency is not supported on Moomoo’s platform. Users can only deposit or withdraw fiat currencies like SGD or USD
Starting Your Crypto Trading Journey
. Access the Trading Interface
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After funding your account, return to the detailed quotes page.
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Click on “Trade” again.
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Alternatively, go directly to your crypto account, click on “Trade,” and enter the cryptocurrency symbol to begin trading
Supported Cryptocurrency Pairs:
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SGD Trading Pairs:
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BTC/SGD
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ETH/SGD
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BCH/SGD
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XRP/SGD
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DOT/SGD
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ADA/SGD
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USD Trading Pairs:
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BTC/USD
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ETH/USD
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BCH/USD
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XRP/USD
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DOT/USD
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ADA/USD
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Understanding Trading Hours and Rules
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Trading Availability:
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Cryptocurrency trading is available 7 days a week, 23 hours a day in Singapore Time (SGT).
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Trading Sessions:
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Auction: 8:00 AM – 8:15 AM SGT
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Orders can be placed and canceled but will not be filled.
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Trading Session: 8:15 AM – Next day 7:00 AM SGT
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Orders can be placed, canceled, and filled.
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Market Close: 7:00 AM – 8:00 AM SGT
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No orders can be placed or canceled.
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Settlement:
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Cryptocurrency purchases can be sold on the same day (T+0), allowing for intraday trading without limitations.
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Cash gained from selling crypto between 12:00 AM – 7:00 AM (SGT) may be withdrawn after 11:00 AM (SGT) on the same day.
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Cash gained from selling between 8:00 AM – 11:59 PM (SGT) may be withdrawn after 11:00 AM (SGT) on the next day
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Advantages of Trading Crypto on Moomoo
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Regulated Environment: Moomoo SG is regulated by the Monetary Authority of Singapore, ensuring a secure trading platform.
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User-Friendly Interface: The platform offers an intuitive interface suitable for both beginners and experienced traders.
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Competitive Fees: Moomoo SG offers a transparent and competitive trading fee of 0.39%, with no hidden charges .
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Integrated Trading: Users can manage their crypto and traditional investments within a single platform.
Considerations Before Trading
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Market Volatility: Cryptocurrencies are known for their price volatility. Ensure you’re prepared for significant price swings.
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Regulatory Changes: Stay informed about regulatory developments that may impact crypto trading.
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Security Measures: While Moomoo provides a secure platform, always practice good security hygiene, such as using strong passwords and enabling two-factor authentication.
Conclusion
Trading cryptocurrencies on Moomoo offers a seamless and regulated experience for investors in Singapore. By following the steps outlined above, you can confidently navigate the platform and begin your crypto trading journey. As with all investments, it’s essential to conduct thorough research and consider your risk tolerance before diving into the crypto market.