Trading platform Moomoo seeks to democratise investing using AI

Australian retail investors are craving information and education according to Andrew Rogan, marketing director at share trading platform Moomoo.

The wholly-owned Futu Securities company launched in Australia earlier this year and Rogan told Digital Nation Australia that its mission is to “democratise share investing”, using AI education tools.

According to user research, Rogan said, “Australian investors were looking for lots of more support and information and guidance to help inform those trading decisions. And it showed them to actually be particularly independent thinkers.

“Almost all the active traders we spoke to said they really rely heavily on research, news, financial reports, books, forums, social media, and other well-known financial experts to inform those decisions and formulate their own opinion on what to buy or trade.”

Moomoo differentiates itself from other low-cost new entrants to the trading platform market by bringing professional level educational tools at low or no cost to users, he said.

The platform offers news and information from sources including the Dow Jones, Bloomberg and NASDAQ, as well as surfacing data from news sources such as Yahoo Finance and the Motley Fool according to Rogan.

The organisation leverages three separate AI algorithm driven functions that are available within the app.

AI Similar Stocks is one tool that assists users in finding stocks relevant to their interests by recommending stocks that are trending globally as well as are similar to ones in the user’s watchlist or in their search history.

“It works the way Netflix works in recommending programs that you might like to watch based on your past behaviour,” he said.

Rogan describes the tool AI Forecast as a “sophisticated pattern comparison algorithm” which interrogates stocks across Moomoo’s markets based on their historical price movements.

“That basically helps our clients look at companies that they may not have otherwise considered. And it creates a potential for them to invest in stocks, which perform as well, potentially, as other stocks that they’ve invested in.”

AI Monitor is the third tool that Moomoo leverages to monitor the markets and alert users of unexpected or abnormal activity.

“It reduces the need for clients to go in and set up their own individual alerts, which they also can do through the Moomoo platform and perhaps they compliment each other well.”