After depositing money they block account and ignoring support tickets. All customers raised many fraud complain against themon google twitter facebook Play Store and bitcointalk forum. Bitcointalk website marked already this company as fraud and advising customers to stay away. On top of that the It’s near enough impossible to get KYC verified as their website purposely rejects nearly all uploads. To open an account at Folgory, the first step to get started is to
provide your name, email address, password, and the state you live in.
Global industry average has historically been around 0.25%, and Folgory’s fees are accordingly a bit lower than the historic global industry average. Today, however, we are today seeing more and more exchanges folgory login moving towards lower trading fees, and new industry averages are starting to form around 0.10%. So in comparison with the new emerging trading fee averages, Folgory is a bit on the high end.
In general, all crypto transactions on average can take from 30 minutes to several hours for a transaction to be confirmed due to the blockchain. Please note that for crypto, the number of confirmations required for actual depositing of funds is determined by every receiving platform individually, for each particular currency, according to its own security standards. Traders looking solely for the most advanced trading options such as high leverage margin and futures products specific to crypto only will prefer Binance, as it offers many USDT futures pairs not found anywhere else besides potentially OKX or FTX.
Kraken is accessible in 48 US states with KYC and is regulated and licensed by FinCEN in the USA, while only non-US users may not Folgory, and KYC is required. US users may prefer Kraken for its regulatory compliance and strong track record if they are traders especially, and Folgory is not suggested to use at all, since it is a suspected dead exchange. Coinbase is a public US company and offers transparency into its industry-leading security along with its brand reputation, while Folgory is not highly regarded and does not carry reputable brand presence.
Folgory Currency Conversion Fees
Folgory is an overall poor choice of exchange for any user and there is no clear reason to use the exchange over the plethora of other exchanges available for both European and international crypto users. One unique feature Folgory offers is a crypto advertising network that allows project owners to connect their project to a large audience of crypto users, as well as allowing the end user to earn Bitcoin for watching ads. There is also a launchpad offered for IEOs for new token listening and projects. However, at the time of writing, there are no currently active, upcoming, or ongoing listings that are live on the launchpad.
- The idea of this comprehensive system used by crypto exchanges applies that you are ‘taking’ at the price of your choice.
- Kraken offers margin trading at up to 5X leverage even for US investors and several other margin offerings, while Folgory offers only spot trading, so already this is a big win for Kraken.
- Global industry average has historically been around 0.25%, and Folgory’s fees are accordingly a bit lower than the historic global industry average.
- Outgoing Folgory transactions to outside crypto addresses normally require a network fee, also known as a mining fee.
- Help Desk doesn’t want to provide any updates on my tickets regarding lost funds.
- To find a reliable exchange where you can start an account, just use our Exchange Filters and we’ll help you find the right platform for you.
Past listings can be seen on the same link under the “Ender” tab, however it should be noted that the last active listing ended in Aug 2020, so this feature has been inactive for longer than 1 year as of Feb. 2022. Folgory offers an “Investment” product that claims to allow users to invest their Bitcoin and earn 5% monthly income through a range of different investment options. Folgory is a Seychelles-based cryptocurrency exchange that launched in 2019. All in all, the fees here (both trading fees and withdrawal fees) are in line with, or maybe slightly above, the global industry averages.
Is Folgory Safe?
Even if Folgory were active, its host of crypto financial services are limited beyond offering staking, and its market offerings are also not comparable to larger exchanges such as Binance or KuCoin, so there are no real advantages to using an exchange like Folgory. Folgory has provided its users with a safe system through the use of Double Authentication that helps members send or receive cryptocurrencies safely without running the risk of losing your money. Folgory also allows its users to share the QR code of their address to enable them to receive payments via Email without the use of copy and paste. With the rise in need for digital currencies and electronic money, Folgory has made it possible for intellectually aware internet users to create their own cryptocurrencies without knowing or typing a single line of code or even hiring a developer.
Fees will be far more competitive at FTX as a trader’s volume is higher, since FTX offers both fee incentives for volume and for holders of its FTT token. FTX offers a US version of its exchange whose trade offerings are far more limited than its parent global exchange and do not at all compare to FTX International’s selection, but are about equivalent to what Folgory offers, though it remains more competitive in its fee. FTX US wins for US users over Folgory due to features and reputation.
Can Folgory Be Trusted?
Our platform is dedicated to providing you with up-to-date educational resources, expert opinions, and a wealth of information to guide you in understanding the complex landscape of finance. However, we encourage you to consult with a qualified financial advisor before making any investment decisions based on the educational information you find here. The information found on this site does not constitute financial advice. In fact, Folgory only lists one article on its support center advocating for users to enable 2FA. Folgory does not list much information publicly on its website about its security precautions and it is not a regulated exchange, nor does it have a MSB license.
Folgory allows users to take custody of their cryptocurrency assets themselves. Folgory also has over 2 fiat currencies available including EUR, USD all accessible to registered users. The minimum withdrawal amount for crypto assets at Folgory is not listed on any support/FAQ or fee rate documentation, however minimum deposit amounts are listed on this page. Binance also offers a more extensive web and ecosystem of products, support, and liquidity, especially given its larger daily volume as compared to Folgory. Gemini offers 62 coins and 86 trading pairs which is about the same as the amount offered by Folgory. US investors and traders are allowed to use Gemini with KYC verification only, since Gemini is regulated and based in the USA, however as a result, Gemini offers no margin or futures products.
Total SCAM
The fact that fiat currency deposits are permitted at all also makes this exchange an “entry-level exchange”, meaning an exchange where new crypto investors can take their first steps into the exciting crypto world. Two months ago when Sean recommended Folgory as an exchange, I enthusiastically started to build my CC stash on Folgory, they did not care that I was not KYC approved at the time. All was going along very well until KYC, I sent in my drivers license, my passport & passport card, my electric bill & a selfie with driver license, They have ignored all /many attempts to contact support about what is taking so long & what else I must send to them to get approved. I told them if I can not be approved, please close my account & send to me my CC ,NO RESPONSE!! No contact at all, ever .I have tried to send my CC to my Sky wallet but have been blocked with a KYC notification.They allowed me in but not out of the exchange, this is very bad ethics, I don’t trust them. For more almost more the one year I try to get verified video.
Folgory Education Resources
Commissions and charges which are implemented on other companies have been made free here on Folgory. Launchpad by Folgory offers more than just the FLG token; it also gives room to other exchanges to launch their IEOs. Currently, a few ongoing IEOs are running on the feature by Folgory, but there are plans for more in the future. This also serves as a welcome call to traders and other crypto enthusiasts as it provides more opportunities for investment without looking outside the Folgory system. Complete cryptocurrency market coverage with live coin prices, charts and crypto market cap featuring coins on 737 exchanges. No respones from their support for several weeks after sending multiple requests.
It has now expanded its list to include more digital currencies like Litecoin, Ethereum, XRP,
as well as many others that offer promise and suit its criteria. FTX is known for catering to active derivatives traders and optimizing for high order volume and trading execution speed. While neither FTX nor Folgory can be used by US persons, US users can use FTX US. Thus, an advantage for high volume traders will be the volume-tiered fees at Coinbase, which decrease most rapidly over $20M in 30-day trading volume down to 0.05%. In addition, the trade volume reported by Folgory cannot be trusted. Folgory is an Estonia-based financial exchange licensed for the crypto-to-crypto and crypto-to-fiat (USD, EUR, GBP) exchange.