What 547 Survey Respondents and 33 Interviews Told Us
A consolidated view of the moomoo Japan 2026 Business Plan workstream — customer personas, survey findings, opportunity map, strategic decisions, and UX priorities. Read the page; drill into source documents only when you need verbatim evidence.
"把每一个海外市场都做深、做透，把产品和服务持续打磨得更好" — Go deep on each overseas market and continuously polish the product.
547Survey responses
42Survey questions
33Interviews
5Customer segments
5Opportunity areas
43.7%Want US options
5+17P0 issues + design details
1
The Five Customer Personas
From 33 interviews · Voice-of-Customer synthesis
Five segments emerged from 33 JP investor interviews (Apr 13–28, 2026). Each persona is calibrated against v6 feasibility — we play to win on three, defend one, concede one.
Segment S1
Kenta · 35
Cross-Border Active Trader
AUM¥3M – ¥30M
FrequencyDaily / weekly
Brokersmoomoo + SBI
Asset mixJP + US equity
"I want one app that handles JP and US seamlessly. Switching between SBI and moomoo every day kills my flow."
Top wishlist
Real-time data + low US-stock fees
JP-stock parity with SBI (信用, IPO)
AI summary localized to JP context
Top pain
Sub-account isolation unclear
JP-stock feature gaps
Color convention reversed
Win zone — primary broker target
Segment S2
Hiroshi · 52
High-AUM Cross-Border Migrator
AUM¥30M – ¥500M
FrequencyWeekly
BrokersIBKR → moomoo
Asset mixUS-heavy + bonds
"IBKR is powerful but the UX is from 2005. I want institutional-grade tools with consumer-grade polish — and tax handling that doesn't keep me up at night."
Top wishlist
Tax-handling clarity (特定口座 + 米国源泉)
Idle-cash MMF (USD primary)
JP customer support, JP-bank wire transparency
Top pain
Foreign-firm trust anxiety
Fund-transfer friction
FSA registration not visible enough
Win zone — high LTV, high-touch onboarding
Segment S3
Yuki · 38
Power-User · Derivatives & Algo
AUM¥10M – ¥100M
FrequencyMultiple/day
Brokersmoomoo + IG + IBKR
Asset mixOptions, FX, futures
"If your platform doesn't have OCO/IFD-OCO and a real options chain, I'm not even going to install the app."
Top wishlist
Full-line US options + Nikkei options
API trading + conditional orders
Tight USD/JPY spread (≤0.3 pip)
Top pain
Tool depth gaps in JP brokers
API rate limits
IV / Greeks data quality
Win zone — small in count, high revenue/user
Segment S4
Akiko · 58
Time-Rich Mass-Market Returner
AUM¥1M – ¥10M
FrequencyFew/month
BrokersSBI/Rakuten (NISA)
Asset mixMutual funds, JP equity
"I missed the SBI NISA window. There's so much information online — where do I even start with US stocks?"
Top wishlist
Demo / 少額 trial flow
JP-language education content
NISA migration / carry-over guidance
Top pain
Information overload
Jargon (英語 + 専門用語)
Doesn't trust foreign-firm brand
Defend zone — NISA-window education funnel
Segment S5
Takeshi · 47
Ecosystem-Locked Mass Retail
AUM¥500K – ¥10M
FrequencyMonthly
BrokersSBI or Rakuten only
Asset mixJP equity, NISA fund
"My salary, credit card, banking, and stocks are all in Rakuten. Why would I split? The points alone keep me here."
Top wishlist
(Not actively shopping for a new broker)
Points / credit-card integration
JP-bank instant transfer
Top pain
Switching cost > switching benefit
Foreign-firm anxiety amplified
Concede zone — structurally locked; let referral handle
Quantitative validation of the qualitative signal. Charts below are the most decision-relevant; the full set lives in the survey-summary doc.
~70%
Hold JP equity
Largest single asset class
~50%
Hold US equity
Cross-border demand is real
<10%
Trade options/futures
Small base, high revenue/user
2–3
Brokers per user (median)
Multi-broker is the norm
<30%
moomoo share-of-wallet
Long tail — primary broker rare
≤0.3 pip
USD/JPY spread bar
Table-stakes for FX users
Q9 — Most important feature when choosing a broker
Real-time data & charts and seamless JP/US trading lead. AI agent / autopilot ranks low — users want decision support, not automation.
Q10 — Products of interest, not yet traded
US options + index options + futures top the latent-demand list. The cross-sell pool for derivatives education is large.
Q12 — AI features users want
AI summary > strategy proposal > order assistant. Autopilot ranks lowest — confirms "decision support, not automation" thesis.
Q17 — Most trust-building fact
FSA registration > parent NASDAQ listing > global user count. Mass-market signals (29M users, HK/SG #1) underperform in JP — lead with regulator + parent listing.
Q11 — moomoo USP attractiveness
No-FX-conversion (trade JP/US in-currency), unified buying power, and AI agent rank highest. Validates the cross-border + AI strategic core.
Q15 — Concerns about transferring funds to moomoo
Top concern: ecosystem gap vs. SBI/Rakuten (points/banking). Tax handling and platform stability are second-tier. Trust scaffolding directly addresses 4 of the top 5.
Q5 — Other brokers used
SBI + Rakuten dominate the multi-broker landscape — the structural moat. Monex/Matsui/IBKR form the niche/power-user fringe where moomoo competes most directly.
Q19 — Net Promoter Score
Detractor-heavy on the JP-equity side; promoter-heavy on US-stock and AI features. Closing the 5 P0 UX issues is the fastest path to lift NPS.
Top 5 cross-segment surprises
Mass-market trust signals underperform. "29M global users" and "HK/SG #1" rank below FSA registration and parent-NASDAQ listing for JP users — flip the trust messaging hierarchy.
Autopilot AI ranks last. Users want AI to summarize and propose, not to execute autonomously — designs that emphasize automation will fail.
Long-tail share-of-wallet. Even active moomoo users keep most assets elsewhere; "primary broker" status is rare and worth fighting for.
Color convention & sub-account isolation are P0. Surface UX issues outrank "more features" in the verbatim feedback — localization debt has compounded.
US-options awareness gap is huge. Q10b shows broad latent interest paired with low awareness — education-led funnel is the unlock, not promotion-led.
What users actually trade today, which products move together, and where the strongest unmet-interest pools sit. Survey base N=547; product co-holding gives the structural cross-sell signal.
72.6%
hold US cash equity
Top product — moomoo's center of gravity
47.0%
hold both JP + US cash
The dominant co-holding pair
43.7%
interested in US options
Largest cross-sell pool (Q10)
60.6%
blocked by "don't understand"
Q4j — education = the unlock
What users currently trade (Q4)
% of N=547 holding each product, outside NISA
US equity (cash)
72.6%
JP equity (cash)
64.4%
US-listed ETF
37.7%
投信 / mutual funds
28.9%
Gold-related
27.8%
JP-listed ETF
26.0%
Crypto / Web3
19.6%
JP margin (信用)
15.2%
Bonds
11.3%
US options
11.2%
FX / CFD
9.1%
Event contracts
0.5%
US-equity is the floor; mutual funds, gold, and JP-ETF cluster at ~26–29% as the secondary belt. Options, FX, and event contracts are sub-12% — the cross-sell frontier.
Strongest co-holding pairs
% of all users holding BOTH products (top 10)
#
Product A
Product B
Co-hold
1
JP equity (cash)
US equity (cash)
47.0%
2
US-listed ETF
US equity (cash)
31.8%
3
JP equity (cash)
US-listed ETF
23.6%
4
JP equity (cash)
投信
23.4%
5
US equity (cash)
Gold-related
23.4%
6
JP equity (cash)
JP-listed ETF
22.5%
7
投信
US equity (cash)
21.2%
8
JP equity (cash)
Gold-related
20.7%
9
JP-listed ETF
US equity (cash)
20.3%
10
US equity (cash)
Crypto / Web3
16.1%
JP↔US is the structural anchor. US-cash also pulls ETFs, Gold, and Crypto — making US-stock holders the natural cross-sell launch surface.
Conditional cross-sell signals
Given a user already holds the anchor product, what's the chance they also hold each adjacent product? The four anchors below are the strongest pull-throughs.
If user holds US equity (cash)
Anchor base: 72.6% of all users
JP cash 64.7%
US-listed ETF 43.8%
Gold-related 32.2%
Crypto / Web3 22.2%
JP margin (信用) 15.1%
US options 13.1%
If user holds US options
Anchor base: 11.2% — small but high LTV
US cash 85.2%
JP cash 54.1%
US-listed ETF 45.9%
Gold-related 45.9%
Crypto / Web3 29.5%
JP margin (信用) 27.9%
If user holds JP margin (信用)
Anchor base: 15.2% — disproportionate revenue
JP cash 86.7%
US cash 72.3%
JP-listed ETF 49.4%
US-listed ETF 42.2%
Gold-related 39.8%
投信 41.0%
If user holds Crypto / Web3
Anchor base: 19.6% — most-diversified cohort
US cash 82.2%
JP cash 79.4%
Gold-related 55.1%
US-listed ETF 50.5%
投信 50.5%
JP margin (信用) 19.6%
Cross-sell pool — interested but NOT yet trading (Q10)
% of users naming each product as "want to try"
US options
43.7%
JP options
30.9%
US margin
24.1%
Crypto / Web3
19.0%
Index options
18.8%
Futures
16.3%
FX
14.1%
JP PTS
12.6%
CFD (non-FX)
10.4%
Event contracts
4.8%
US options is the single biggest unmet-interest pool — 43.7% want it, only 11.2% have it. ~32pp of latent demand.
Why they're not trading it yet
Q4j — Reasons for NOT trading US options
Don't understand options
60.6%
Too risky
23.5%
Lack of funds
20.7%
Tax-handling concern
17.3%
Q4i — Reasons for NOT trading US equity (for the 27% who don't)
Don't know US companies
41.1%
Prefer JP equity
27.2%
Lack of funds
20.9%
FX-risk concern
19.6%
Don't know how
16.5%
Both blockers are information / education gaps, not pricing or UX. Curated discovery + AI-summarized company info + simulator-driven options education are the highest-ROI moves.
Cross-sell takeaways
US-equity holders are the cross-sell anchor. 72.6% of the base hold them, and they pull JP cash (64.7%), US ETFs (43.8%), Gold (32.2%), and Crypto (22.2%) along. Every cross-sell campaign should launch from the US-stock cohort first.
US options is the single highest-ROI cross-sell. 43.7% want to try, only 11.2% currently hold — a ~32pp latent pool. 60.6% are blocked by "don't understand options," not by fees or risk. Education-led funnel (simulator + 5-video series + AI strategy reviewer) is the unlock.
Margin users (15.2%) are "everything users." JP-margin holders co-hold US cash 72.3%, US ETF 42.2%, Gold 39.8% — small in count, disproportionate in revenue. The Risk Cockpit (margin simulator + AI alerts) is the right magnet here, not more options education.
Crypto holders are the most diversified cohort. They co-hold US cash 82.2%, JP cash 79.4%, Gold 55.1%, ETFs 50.5%, 投信 50.5% — already touching 5+ asset classes. Multi-asset AI screener and unified buying-power messaging should target them first.
Event contracts and CFD are dominated by awareness gap, not interest gap. 71.8% have never heard of event contracts; 45.5% don't know CFD. These are not failed products — they're un-introduced ones. Test with awareness-first content before deciding feasibility.
4
Opportunity Map (v6 · feasibility-audited)
5 areas + cross-cut layer · ✅ ⚠️ ❌ tagged
Each direction in v6 carries an explicit feasibility tag. ✅ ship · ⚠️ partner-dependent · ❌ regulatory or structural blocker.
1
JP-Stock Product Depth
Defensive baseline. Reach must-have parity with SBI/Rakuten to defuse the structural lock-in moat.
✅ 信用 expansion✅ IPO/PO pipeline⚠️ 投信 (partner)❌ Open Banking pull
2
US-Stock Wedge Defense
Highest-conviction wedge. Where moomoo already wins — double down before peers catch up.
✅ 24h US trading✅ Pre/after-hours✅ AI summary✅ Low FX conversion⚠️ Tax-handling clarity
3
Cash & Multi-Currency UX
High-AUM (S2) magnet. Pairs with US-stock wedge — turns idle cash into yield without leaving the platform.
S3 magnet. Education-led launch, not promotion-led, given complexity.
✅ N225 options⚠️ Futures (license)
+
Cross-Cut Layer
Channel: KOL (X / YouTube) for S1/S3 · high-touch for S2 · NISA content for S4. Trust: FSA badge UX, JP-bank wire transparency, 24/7 JP CS, 2FA visible. Conversion: low first-deposit, demo trial, friend referral.
Items DROPPED for feasibility
Full Open-Banking parity — no PSD2-equivalent regulation in JP; SBI/Rakuten use private intra-group rails (Money Bridge / SBIハイブリッド預金) we cannot replicate without owning a JP bank.
Two-layer structure. The 5 P0s are cross-segment signals (≥2 segments, ≥3 interviewees) — must clear before any new flagship. The 17 design details are specific UI / order / IA decisions, each backed by a named interviewee and tagged ★★★ (must-fix) / ★★ (important) / ★ (nice-to-have).
Layer 1 — P0 cross-segment issues (5)
≥2 segments · ≥3 interviewees each
📊
P0-1 · Daily P/L % missing (1+ year unfixed)
Watchlist / positions show ¥ change but not %. Every peer has it. S1+S2+S5. 「ずっと前から言ってるのに、実装できてないのが弊社だけ」 — root cause is upstream data, not design. Fix before any AI flagship; trust-debt symbol.
🗂️
P0-2 · No sub-accounts under one login
Long-term holdings and swings collide on one screen. Heavy users park long-term cash at 楽天/SBI as a self-discipline wall. S1+S2. Needs tab + visual wall isolation (opt-in), not filters / tags.
📰
P0-3 · Information overload kills mass-market
S4+S5: "情報が多すぎる" — downloaded then abandoned. Default density is right for S1, wrong for everyone else. Ship a Lite / 新手 mode with ≤5 first-screen elements and progressive disclosure.
🎟️
P0-4 · Coupon timing — surfaced after the order
「いっぱい買った後に見つかって…結局使えなかった」 (H キヌガワ, ¥100M AUM). Move coupon CTA to the order confirmation modal + push notification; out of L3 menu.
🔄
P0-5 · Desktop ↔ mobile data desync
Same ticker, different PE / analyst views / watchlist order across devices. Pro users (S1/S3) lose trust in the data source instantly. Show last-synced time prominently; make watchlist order cross-device.
Need: FX mode shows only stop + limit by default; stocks keep the full menu. Order-type picker sortable by frequency. Pairs with "independent FX UI" principle.
7. Default lot size resets each order; history caps at 5
★★
「Lot-size resets after each order.」「Mobile history shows only 5 trades; force-scroll.」— April15_02 (FX multi-platform)
Need: Carry last lot size until changed; mobile history ≥20 with virtual scroll.
8. 1-lot unit varies broker-to-broker → wrong sizing
★★
「1-lot unit varies broker-to-broker → entry errors.」「1,000-unit minimum lot.」— April23_01 · Magenta (want 1k from 10k min)
Need: Order modal breadcrumb: "1 lot = X units (¥X)"; support 1,000-unit minimums to lower the trial bar.
9. 30-day / 1-month order TTL expires unexpectedly
★★★
「Order 30-day cap expires unexpectedly.」「逆指値が90日効くのが当たり前. 1ヶ月で切れる証券会社は使えない.」— April22_01 · つこ
Need: 90-day TTL as JP-domestic extended option; push T-3 + T-0 reminders; red countdown in order detail.
10. Trailing stop expires daily → manual re-entry every day
Need: Desktop must pop charts into independent windows; folder-grouped watchlist; in-platform memo bound to ticker.
4 counter-intuitive reminders for designers
"More AI" ≠ solved problems. Multiple users (KURUMI / April21_02 / 181415561) call out moomoo AI as slow, un-explained, and out-of-context. AI entry needs restrained design, not stacking.
"More features" pushes mass-market away. S4 / S5 repeatedly say "too much information, gave up the download." S1's density is S4's deterrent. 新手 / Lite mode is must-have, not nice-to-have.
Cash rewards don't replace easy migration. Every S5 interviewee says "the hassle outweighs the bonus" — JP users are inertia-heavy. Lower the open-account & port-in friction on the flow itself.
One unified UI loses the pros. S3 (FX / futures) need an independent simplified UI, not FX bolted onto the stock screen. Design-system level decision, not a page-level patch. moomoo's new app framework may be the path to solve this.
7
Source Documents
9 docs · drill into any one for verbatim evidence
Strategy · Docx
Opportunities Summary v6
The actionable opportunity list — 5 areas + cross-cut, ✅ ⚠️ ❌ tagged.
