How to Buy and Sell Options on Moomoo (Futu)

Recently, I’ve been doing quite a bit of option trading of US stocks and the platform that I use to buy and sell options is Moomoo (by Futu).

PS: If you don’t have any account with Moomoo yet, you can sign up here and get a free APPLE share (worth US$ 140) upon deposit, and a NIO share (worth US$ 50) upon making 5 trades. Promotion valid till 2 August 2021.

The reason I choose to trade options with Moomoo is because I find their platform to be very intuitive and user-friendly. Well, maybe that’s because I’ve spent hundreds of hours on Moomoo.

Anyway, if you are a new user and you are scratching your head trying to figure out how to trade options on Moomoo, fret not.

In this article, I’ll try my best to show you the step-by-step guide on how to buy and sell options on both desktop platform and mobile app.

ADVERTISEMENT

I will not discuss about option strategies because that’s for another post.

I also won’t explain the basic of options trading because I presume that you are already familiar with those stuffs. If you aren’t, let me know in the comment and I can do another post about the basic of options trading.

In this post, I’ll discuss about:

What option strategies can you do in Moomoo?

By default, you can buy and sell basic calls and basic puts (or cash-secured puts).

You can sell covered calls, but you need to activate this function by contacting their customer service. If you don’t request from CS and you go ahead with selling a call, your call will be treated as naked call. The easiest way to contact customer service is via the mobile app, go to Me – Customer Service. They replied quite fast when I contacted them during working hours.

As for other option strategies, such as vertical spreads, straddles, butterflies, etc, Moomoo said that they will be available soon in 2021.

ADVERTISEMENT

Moomoo’s options fees

The below image shows the fees you need to pay when buying and selling options on Moomoo, which is screen captured from Moomoo’s website in July 2021.

You will be charged 1x when you open a position. Then, if you close your position before expiry, you’ll be charged 1x again. That means, you’ll be charged 2x in total, 1 for opening and 1 for closing a position.

However, if you hold the option until expiry, you won’t be charged any additional fees during expiration. That means, in total you’ll be charged only 1x, which is when you open a position.

Moomoo Futu - option fee
Source: Moomoo’s website (captured in July 2021)
ADVERTISEMENT

If the table looks too confusing and you want to gauge the fees you’ll be paying when you trade options, below is a sample of option fee that I paid when I sell 1 contract of Nio put (PS: 1 contract means 100 shares). Generally, I pay around $2.5 to $3 everytime I open or close a position of 1 contract.

Sample option transaction fee
Sample of my transaction – I paid 2.78 transaction fee for selling of put option

How to buy and sell options on Moomoo’s desktop platform

1. Click on “Quotes”

2. Click “US”

3. Select the stock (Eg: AAPL)

How to trade option on Moomoo desktop (1)
Step 1, 2, 3 (click to enlarge)
ADVERTISEMENT

4. Click “Options”

5. Click “More filters”

How to trade option on Moomoo desktop
Step 4, 5 (click to enlarge)

6. Choose the option expiry date

7. Choose the option that you want to buy / sell

How to trade option on Moomoo desktop
Step 6, 7 (click to enlarge)
ADVERTISEMENT

If you don’t like the columns displayed on the option chain, you can customize your display by clicking right on the column title, and choose “List setting.” Then, choose the columns that you want to display.

How to trade option on Moomoo desktop
To filter the column, right click on the column title (click to enlarge)
How to trade option on Moomoo desktop
Choose the column that you want to display on your option chain
ADVERTISEMENT

8. Select the strike price of the call/put that you want to trade

9. Double check if this is the option that you want to trade.

AAPL: stock name
210806: option expiry date
P: put
130000: strike price $130.00

10. Click “Trade”

How to trade option on Moomoo desktop
Step 8, 9, 10 (click to enlarge)
ADVERTISEMENT

11. Fill up your order

How to trade option on Moomoo desktop
Step 11 (click to enlarge)
How to trade option on Moomoo desktop
How to fill up the Order Form on desktop (click to enlarge)
ADVERTISEMENT

12. Wait for your order to be filled

How to trade option on Moomoo desktop
Step 12 (click to enlarge)

13. Monitor your option performance here. Click “Me”

How to trade option on Moomoo desktop
Step 13 (click to enlarge)

You can also monitor your option performance here. Click “Trade” – “US Trading”

How to trade option on Moomoo desktop
Also Step 13 (click to enlarge)
ADVERTISEMENT


How to buy and sell options on Moomoo’s mobile app

1. Click on “Quotes”

2. Click “US”

3. Select the stock (Eg: AAPL)

How to trade option on Moomoo mobile
Step 1, 2, 3
ADVERTISEMENT

4. Swipe the tab to the left until you see “Options”

How to trade option on Moomoo mobile
Step 4

5. Click “Options”

6. Choose the option expiry date

7. Choose the option that you want to buy / sell

How to trade option on Moomoo mobile
Step 5, 6, 7
ADVERTISEMENT

8. Double check if this is the option that you want to trade.

AAPL: stock name
210806: option expiry date
C: call
150000: strike price $150.00

9. Click “Trade”

How to trade option on Moomoo mobile
Step 8, 9
ADVERTISEMENT

10. Fill up your order

How to trade option on Moomoo mobile
Step 10 – How to fill up the Order Form on mobile (click to enlarge)

11. Check & click “Confirm”

How to trade option on Moomoo mobile
Step 11

12. Click “OK”

How to trade option on Moomoo mobile
Step 12
ADVERTISEMENT

13. Wait for your order to be filled

How to trade option on Moomoo mobile
Step 13

14. Monitor your option performance here. Click “Trade” – “US”

How to trade option on Moomoo mobile
Step 14
ADVERTISEMENT

15. Alternatively, go to “Me” – “Brokerage account” to monitor your position performance and your order

How to trade option on Moomoo mobile
Step 15
How to trade option on Moomoo mobile
Step 15

Conclusion

I hope this can help your option trading journey on Moomoo. If you haven’t got a Moomoo account yet, you can sign up with my referral link here and get a free Apple share upon deposit.

If you have any questions, let me know in the comment!

Featured image: Canva Pro/Getty Images

This Post Has 2 Comments

  1. Jennifer

    It is very detailed. thank you for your hard work.

    Could you share more how to use the platform features?

    1. prudentdreamer

      Thank you! Any particular feature or just the general how-to-use-moomoo?

Leave a Reply