Should you Use Moomoo 🇨🇦for Stocks & Options?|How Options are Taxed in TFSA

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Hey, its Tracy here. I'm a Canadian investor and mentor, specializing in stocks and residential real estate investing, to help aspiring Canadian investors go from self doubt to confident with investing. I'm a part time investor & full time business owner. Today, I share my review of the Moomoo trading app and what I like the best about the options trading app. I also share what I've learned about options trading taxes including how options are taxed in the TFSA.
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About Tracy Ma, host of Financial Nirvana Mama:
I help Canadian investors, business owners, professionals who are action takers go from self doubt to confident in building multiple streams of income & wealth so that they can ultimately live their BEST LIFE.
I'm a Canadian engineer turned real estate & stock investor, featured in Moneysense, TD Direct Investing, AOL Finance, Huffington Post, Canadian Real Estate Wealth Magazine. But mainly I'm a wannabe dancer, fitness enthusiast and mother of twins.
My 1st 'aha moment’ was when I paid off my student loans after slaving away at 3 jobs, 70+ hr weeks, and BURNING OUT. I changed my life by investing in real estate & stocks while holding an engineering career, young family (twins) and life. At 35, I built a multi 7 figure legacy so I left engineering + gov't golden handcuffs to live life on my terms.
My #1 goal is to help you GAIN time freedom using real estate, stocks & life hacks.
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DISCLAIMER:
This video is for entertainment purposes ONLY.
I am not a financial advisor. You (and only you) are responsible for the financial decisions that you make.
#canadianoptions #Canadianrealestate #moomoo
#dividendgrowthstocks #canadianinvestors

[@FinancialNirvanaMama]

How's your options trading experience with Moomoo? Any pros/cons? ↓↓↓↓ Get upto $1200 when you open an account in Moomoo - click on the link here: j.moomoo.com/00B1b4🥰 Thanks for supporting my channel!!

[@cro38363]

Intelligent, great with money, and attractive. Can't beat that

[@FinancialNirvanaMama]

Aww thank you:) 🙏

[@ARAVINDKUMAR-tp1xh]

Hi, Could you do a detailed comparison video between IBKR and Moomoo, focusing on their futures trading options and fee structures. It would be super helpful to see how they stack up in terms of costs, tools, and overall trading experience. Thanks!"

[@cakeismtrader4227]

Great info, you’re awesome.

[@FinancialNirvanaMama]

Aww, 🙏 thank you

[@JonnieBlaze411]

Great and insightful, thanks .

[@FinancialNirvanaMama]

Glad you enjoyed it!

[@tosinoyelade3176]

Been using interactive brokers. Curious to see how this matches up

[@FinancialNirvanaMama]

Hmmm, I wonder. Let me know. The commission free trades makes it super competitive right now

[@rochester3]

interactive brokers for option and buying stocks stocks, 1 contract is 0.35cents to $1, 0.10cents a share or $1 for 100 shares.. exchange rate is 1:1 $3 flat fee to exchange currency

[@yocoyeung3125]

Better to understand than IBKR

[@vivienl5170]

Omg this is so helpful! I am taking a course on option now and is looking for low fee option trading in Canada.

[@FinancialNirvanaMama]

Glad it was helpful!

[@freezeryang7210]

Just signed up, might as well give it a try!

[@FinancialNirvanaMama]

Let me know what you think! It’s free to signup and look through the app:)

[@doges_]

Can you do covered calls on moo moo?

[@FinancialNirvanaMama]

🙌 yes!

[@geoffreylittle6973]

Sounds like a pretty solid platform for us Canadians! Are you able to trade multi leg strategies like credit spreads and iron condors?

[@FinancialNirvanaMama]

Yes, it’s available :)

[@freezeryang7210]

Yes you are, I've been using their platform to trade multi legs for a long time. Lots of great tools for options traders

[@vivienl5170]

Once I exchanged CAd to US dollar on Moomoo, does it always stay as US currency ? Or it automatically convert back to CAD after the trade? And I have to pay exchange fee again to buy/sell another US option ?

[@user-yy6zw3fp8x]

USD is not automatically converted to CAD, so you don't need to change the currency before each transaction.

[@karhen685]

Can you do cash secured puts? RBC doesn't let me...😢

[@FinancialNirvanaMama]

It should but you need to have own the stock in your portfolio. I sell options in RBC corporate direct investing account. Moo moo definitely does and I don’t think you need to own the stock at all sell cash secured puts, while RBC, you must.