Folgory is a Seychelles-based cryptocurrency exchange that launched in 2019.
The exchange mandates KYC (Know Your Customer) identity verification protocols to be completed for use of the exchange. US users cannot use the exchange as per TOS.
History of Folgory
Upon launch in 2019, Folgory became regulated and licensed in Europe (as per their official support). Folgory complies with all law enforcement requests and AML policies in the EU.
Folgory was established by Estonia-based HashFort OU. Folgory One Exchange was launched in May of 2019 and momentarily ranked among the top 20 exchanges based on volume upon launch, setting a record of more than a billion dollars in volume. As of Feb 2022, CoinMarketCap shows Folgory’s 24H volume at ~65M.
Folgory offers EUR fiat trading pairs and is more geared to European users. As of 2022, Folgory’s social media does not present much active involvement to be able to credibility determine Folgory to be a trustworthy exchange or not. Folgory’s presence on LinkedIn is also scarce, with headquarters shown in London, UK.
Folgory is best for:
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Adventurous cryptocurrency users who do not mind risking their capital in a potentially unsafe and inactive exchange with many negative reviews and poor web presence
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Traders and investors who desire a flat 0.20% fee on trading, and access to Folgory’s range of services including spot trading, launchpad, locked staking, and more
PROS
- Over 40 coins and 110 trading pairs, including EUR trading pairs
- Moderate range of investment and trading options
- Integrated charting
- Bitcoin investment option
- Staking services
- Launchpad for new token listings and projects
- Advertising network
- Debit card supposedly in pre-sale
- Mobile and desktop friendly
CONS
- Only spot offerings available
- Amount of volume may be fake
- Regular delisting of tokens
- Lack of website updates
- May not process withdrawals
- Accounts blocked without explanation
- Not credible website or social media presence
- Flat fee model
Pros & Unique Features
No unique or highly innovative features stand out for Folgory above other exchanges in crypto, however Folgory does offer a range of products and services, as well as crypto market spot offerings as listed here, with over 40 coins and 110 trading pairs offered, including EUR trading pairs. Only spot offerings are available.
This is a moderate range of investment and trading options, and charting is integrated with TradingView, however the amount of real volume on the exchange is unclear.
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. More information regarding this offer is hard to find.
Folgory also offers (locked only) staking services for USDT and a handful of other cryptocurrencies, listed here, with terms ranging from 30-90 days.
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. 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.
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.
Folgory also offers a debit card that is currently in pre-sale mode. Its partnership allows the possibility of opening bank accounts directly on Folgory with fiat currencies such as EUR, GBP, USD, and more. However, this is not yet finalized and interested users should exercise caution to the unofficial nature of this announcement.
Lastly, Folgory also offers mobile apps for users to be able to trade anywhere and anytime with the Folgory app for both Android in Google Play and for iOS.
As for customer support, Folgory seems to mainly offer support via the opening of tickets inside of the exchange account as per this support article. Users can also leave a message in the chatbox of the exchange site on the bottom right under the “Help” icon.
Cons & Disadvantages
The main disadvantage of Folgory is that based on the active volume and lack of website updates over the recent months (besides some delisting announcements of tokens on the exchange), the Folgory exchange may either be inactive at this time, or be a potentially unsafe exchange to use and with which to custody any funds.
There are several reviews across social media including Reddit and TrustPilot that while Folgory was accepting user deposits, the exchange may not process withdrawals and accounts may be blocked without explanation.
This exchange may possibly be considered an unsafe or “scam” exchange and it is highly suggested not to use Folgory unless you are an advanced user and are able to risk any funds entering this exchange. While CoinMarketCap does show around $65M of 24H volume in Folgory, it is possible to fake this volume to make the exchange look active.
Neither Folgory’s recent posts on their social media, LinkedIn, or exchange website show any signs that the exchange is functioning at a highly active level and so it is best avoided in favor of other exchanges that also cater to the European market with EUR trading pairs, or other international and highly regarded exchanges.
In addition, a lot of Folgory’s website pages and support pages use imperfect explanations, have typos, and are not presented in perfect English, which does not build credibility regarding the safety of the exchange.
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.
Another disadvantage of Folgory is in its flat fee model, without any tiered volume incentives or maker rebates. This means that the fees are the same for both market makers and takers, which is not as advantageous for providers of liquidity, especially when compared to how other top exchanges on the market run.
Folgory Fees
Folgory charges a flat fee schedule on trading fees, with the fee being the exact same for both market makers and takers.
Trading fees are 0.20% for market makers (providers of liquidity) and 0.20% for takers (takers of liquidity). There are no incentives or tiers based on trading volume, unlike at many other exchanges, and this is highly disadvantageous to market makers, since this fee is at the higher end of the range on the market.
Additionally, unlike other exchanges, Folgory does not offer any additional rebates for market makers, which means that it is not the ideal exchange for very high volume traders who could otherwise receive net rebates or pay 0 fees at other top exchanges.
Trading fees are incurred when an order is filled by the exchange’s matching engine. If an order does not execute, there is no fee charged until it does execute at a later point, or it can be canceled. The full fee schedule can be found here.
Other Fees
Folgory charges the following deposit, withdrawal, and other fees:
- No account creation or maintenance fee
- No deposit fees for any digital asset
- Withdrawal fees for digital assets are listed publicly on the fee schedule. This fee may also partly be determined by the blockchain network fees and may vary depending on network usage.
- Fees range from 0.0005 BTC for BTC to 50 EURO for EURO fiat withdrawals, for example. The ETH withdrawal fee is 0.03 ETH. The USD fiat withdrawal fee is 0.5%.
It is unclear if there are no fees for signing up or for having an inactive account, any fees for holding funds in an account, and for how long users may hold assets inside a Folgory account.
Account Tiers & Limits
All users of Folgory are required to undergo the same KYC verification procedures as per its KYC/AML terms. The requirements for documents for KYC can be noted below.
For KYC, users are required to submit their name, address and proof (via utility bill or bank statement), DOB, nationality, government-issued ID, and a valid photo holding said ID, in addition to a video with the ID document in hand.
It is unclear what if any tiers exist, as in Folgory’s FAQ and support center, there is no documentation present pertaining to deposit or withdrawal limits, account tiers, or otherwise.
Crypto Security
Folgory does not list much information publicly on its website about its security precautions besides one article on its support center advocating for users to enable 2FA.
This is unusual for exchanges in crypto today, as most exchanges are intent on showcasing their security protocols and their investment in keeping secure and safe custody of users’ funds.
While there have been no reported hacks of Folgory in the press and users are encouraged as always to use 2-factor authentication, secure passwords, a new email, and avoid phishing attempts, it is unclear how user funds are custodies in hot or cold wallet environments and what other measures are taken to ensure exchange security.
For this reason, it is suggested to avoid depositing any important funds to Folgory.
Folgory Review Conclusion
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.
While the exchange does seem to offer a moderate range of spot trading options, as well as some minor crypto financial services such as locked staking, a token launchpad that is unused since mid-2020, and an advertising network, the lack of presence on social media and concerning user reviews cannot be ignored.
It is recommended to use caution if and when interacting with Folgory exchange. Its fees are also fairly expensive at 0.20% for both market makers and takers. There are no other incentives for market makers or for high volume traders, which makes other top and mid-tier exchanges much better candidates for use.
International users looking for lending, borrowing, and staking options, from a more reputable exchange with clear security protocols and regulatory compliance, or institutional clients looking for other features may find other competitors more valuable.
- Folgory offers access to 40+ cryptos and high 0.20% flat trading fees for only spot products, though the trading volume may be fake
- Intermediate to advanced traders trading margin or futures who desire access to advanced trading tools, volume-based fee tiers, improved reputation and security protocols, and advanced charting would prefer to pick a different exchange that is ideally more regulated or active with positive user reviews, but most users all around the world can technically use Folgory, except in the USA
Other Alternatives
For customers who desire access to a more comprehensive and regulated crypto exchange that also offers a host of financial services such as staking and cashback cards, either Crypto.com, Gemini, Coinbase, or Binance can make good alternatives, and all of these also offer greater amount of cryptocurrencies to trade along and far better reputation and security.
All types of users from beginners, buy-and-hold investors, and low volume traders would much prefer the features and functionality of Voyager and Coinbase with their brand presence, US regulatory approval, and clearly listed security precautions—all of which Folgory lacks.
Coinbase is designed for buy-and-hold investors or casual to intermediate cryptocurrency users—Coinbase offers 402 pairs vs. Folgory’s 43 coins—and offers an advanced desktop trading interface as well as a mobile app, but no futures or margin.
Active traders who need access to order books and advanced charting functionality may prefer using Coinbase Pro, FTX, Binance, or KuCoin though their fee structures and product offerings differ but are all more advantageous than Folgory’s reported 0.20% flat trading fee schedule for both makers and takers. Most exchanges on the market use maker-taker fee schedules that give volume incentives, unlike Folgory which uses a flat fee model.
For customers who desire to trade and invest in stocks in addition to top cryptocurrencies and do not mind having a smaller selection from which to choose or only desire access to the top 20 cryptos on the market, Webull and Robinhood are brokers that offers US equities and a small selection of cryptocurrencies.
Other competitors to Folgory include OkCoin, Kraken, OKX, and ZBG, among other mid-tier exchanges or those meant for emerging markets.
Folgory vs Coinbase
Coinbase is far better for all aspects of crypto trading if compared to Folgory. The products offered are focused on a wider range of services suited for both new users and advanced users with Coinbase Pro, while Folgory focuses mostly on its trading interface, with minor services such as locked staking and a launchpad, which is inactive.
Folgory and Coinbase both offer spot trading, and Folgory does not seem to offer any margin or leverage at all. Folgory actually offers better fees with the standard tier at 0.20%, while that of Coinbase start at 0.50% for both makers and takers at the lowest fee tier, but quickly becomes lower than Folgory’s fees if the user can maintain above 50K in 30-day trading volume. The benefit then becomes that makers receive reduced trading fees and the overall fee rates quickly decrease below that of Folgory.
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.
Coinbase also offers much more of a selection of trading pairs compared to that offered at Folgory, with 440 trading pairs, compared to 43 coins at Folgory, as well as advanced charting, accessible order books, and advanced order types, which both exchanges offer.
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.
Advanced users who desire both competitive fees and a greater selection of trading products than what either Folgory or Coinbase offer may find the choices below equally valuable.
Folgory vs FTX
FTX will win against Folgory for all intermediate or advanced traders, as FTX offers 323 coins and 492 trading pairs, which is far higher than Folgory’s 43 coins and lack of margin offerings.
Derivatives traders who want to trade margin, extensive crypto futures pairs, or leveraged tokens and options will therefore prefer FTX. FTX additionally offers a max of 20X leverage now.
FTX is known for its extensive futures pairs and top-class matching and liquidation engine for advanced derivatives traders, while Folgory does offer advanced charting and order books access, but the exchange performance and reliability cannot be compared to that of FTX, and the order book data cannot be trusted to be reliable at Folgory due to the exchange’s low trust score.
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.
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.
International users who can use FTX International would certainly prefer FTX. US users trading at FTX US need to do KYC procedures and likewise for Folgory. 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.
Folgory vs Gemini
Gemini is more focused on offering a well-rounded and regulated crypto product with a great selection of continually expanding coins and financial services such as staking.
There is a difference in fees to start, giving Gemini the slight edge: the minimum fee tier at Gemini starts at 0.35% for takers and 0.10% for makers, with a flat transaction fee between $0.99-$2.99 and 1.49% transaction fee for trades over $200, so there are extra fees per transaction and extra “auction” fees, while Folgory charges flat 0.20% trading fees for both makers and takers, so even at the base fee tier, Gemini’s fee for makers is already lower.
Gemini offers volume incentives while Folgory does not, both as far as fees go, neither platform is competitive as compared to the global crypto market offerings, but at least the Gemini brand name is reputable.
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. Folgory also requires KYC and offers no margin products.
Gemini offers 62 coins and 86 trading pairs which is about the same as the amount offered by Folgory. Another major difference is the existence of Gemini’s interest-earning product and credit card, neither of which exist at Folgory at the same capacity, though Folgory does offer some locked staking services that are not anywhere near as competitive as those at Gemini in their yield or trust factor.
Folgory vs Kraken
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.
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.
Kraken uses a maker-taker fee schedule, starting at 0.16% maker fees and 0.26% taker fees at the entry level which is already more competitive than Folgory’s flat 0.20% schedule. Market makers enjoy reduced fees however at Kraken and fees also reduce with volume, which is not the case at Folgory as far as volume tiers go.
Kraken offers a greater variety of cryptocurrencies and pairs (over 90 coins, over 400 pairs), so users who value a large selection and advanced traders who seek margin will prefer Kraken over Folgory.
If an active trader wishes to trade other instruments beyond crypto and prefers not to KYC, he or she may prefer other exchanges such as OKX, but if he or she prefers a much larger selection of crypto only instruments and does not mind KYC, Kraken wins.
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.
Folgory vs Binance
Binance is the leading global crypto established exchange by trading volume, offering a much larger selection of cryptocurrencies than Folgory—over 351 coins and over 1300 pairs. Folgory cannot compare at all to this level of trade offerings.
The two exchange’s offerings are varied in their scope, with Folgory being mostly inactive or having fake trading volume with limited products, and Binance being focused on being a global leader and fast innovator in every crypto product, along with its reputable brand name that is well-known across the world.
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. Folgory offers no leverage or margin products.
Binane’s maker-taker delineated fee schedule starts at 0.1% which is half of that of Folgory’s flat 0.20% fee, plus Binance also offers further 25% reduction in fees if paid in BNB, alongside offering reduced fee tiers for higher volume and even maker rebates. Another clear win for Binance.
Binance also offers a more extensive web and ecosystem of products, support, and liquidity, especially given its larger daily volume as compared to Folgory. The Binance exchange is not at all accessible to US persons and US customers will have to use Binance US which is a much more limited version of its global parent site, with only 64 coins and 130 pairs, which is still a clear winner over Folgory since it is regulated in the USA and linked to the Binance brand.
Binance requires full KYC now to trade even spot products, and Folgory requires full KYC as well to use.
Advanced traders and intermediate users alike who value a large selection of cryptocurrencies, products like staking, lending, and more, competitive fee structures, and futures and margin products will probably prefer Binance, even if only for the proper website features and clear security protocols.
FAQ – Frequently Asked Questions
Is Folgory Safe?
It is not possible to determine Folgory’s exact safety profile at this time but it cannot be considered safe to use for many reasons.
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.
In fact, Folgory only lists one article on its support center advocating for users to enable 2FA.
This is unusual for exchanges in crypto today, as most exchanges are intent on showcasing their security protocols and their investment in keeping secure and safe custody of users’ funds.
While there have been no reported hacks of Folgory in the press and users are encouraged as always to use 2-factor authentication, secure passwords, a new email, and avoid phishing attempts, it is unclear how user funds are custodies in hot or cold wallet environments and what other measures are taken to ensure exchange security.
For this reason, it is suggested to avoid depositing any important funds to Folgory and liability for doing so rests solely on the user.
How long does Folgory Withdrawal take?
According to this support/FAQ message from Folgory, all withdrawal requests are checked by the exchange’s compliance department once submitted, and are approved within 24 hours of the request.
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.
However, readers should note that many social media users report frozen withdrawals at Folgory specifically and suspect the exchange of foul play, so it is encouraged to ideally use a different exchange in case of faulty withdrawal.
Is Folgory a good exchange?
No, 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.
While the exchange does seem to offer a moderate range of spot trading options, as well as some minor crypto financial services such as locked staking, a token launchpad that is unused since mid-2020, and an advertising network, the lack of presence on social media and concerning user reviews cannot be ignored.
It is recommended to use caution if and when interacting with Folgory exchange. Its fees are also fairly expensive at 0.20% for both market makers and takers.
There are no other incentives for market makers or for high volume traders, which makes other top and mid-tier exchanges much better candidates for use.
International users looking for lending, borrowing, and staking options, from a more reputable exchange with clear security protocols and regulatory compliance, or institutional clients looking for other features may find other competitors more valuable.
Where is Folgory located?
Folgory is located in Victoria, Mahe, Seychelles and was previously located in London, UK according to its LinkedIn and website information.
Does Folgory require KYC?
Yes, all users of Folgory are required to undergo KYC verification procedures. For KYC, users are required to submit their name, address and proof thereof with either a utility bill or bank statements, DOB, nationality, government-issued ID, and a valid photo and video holding said ID.
It is not suggested to undergo KYC procedures if the user does not trust Folgory with their custody of their sensitive private data, since the exchange is not deemed trustworthy.
What are the Deposit and Withdrawal Methods and Fees for Folgory?
Folgory offers the following deposit and withdrawal methods, with the corresponding fees:
- Crypto assets: deposits and withdrawals—no deposit fees (free). Withdrawal fees depend on the asset (and blockchain network) in question: fees are listed on this fee schedule page.
- Fiat deposits involve 1 EUR deposit fees for EUR, 0 USD for USD, but the availability of fiat deposits is unclear at this time. Users should use stablecoin or crypto asset deposit and withdrawal for ease of use.
What is the Minimum Withdraw Amount for Folgory?
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.
For crypto assets, the minimum withdrawal typically depends on the asset in question.
How do you withdraw from Folgory?
Steps to withdraw from Folgory can be found from official support sources here.
Users can withdraw from the wallet by navigating to the “Wallet” section of their account page, then clicking the crypto the user wishes to withdraw.
From there, the user should request the withdrawal for the crypto in question, fill in the details of the withdrawal including toggling the correct currency and be sure to include a tag or memo if needed. The withdrawal options including the blockchain network and any associated fees will then populate on the screen.
Finally, the user will be prompted for the 2-FA code, and then will receive an email approval for confirmation. Folgory advises users to approve the email confirmation upon receipt to prevent longer waiting times.
Once the above steps have been completed, Folgory will approve the withdrawal request manually within 24 hours
Once Folgory approves the transaction, it will show in the blockchain network in question and process therein.
Is Folgory a wallet?
No, Folgory is a cryptocurrency trading exchange that also offers an overall custodial wallet solution for trading services, but is not a non-custodial standalone wallet.
How to use Folgory?
Any user from any country except the USA and a handful of others can use Folgory as per Terms of Service, however KYC must be done.
Using Folgory can be done by going to https://folgory.com/, clicking the “Sign Up” link on the top right, creating an account on the platform, first undergoing KYC verification procedures, waiting for verification to complete, and then depositing any crypto asset trading funds into the account, and then getting access to the market offerings and begin trading.
However, it is overall suggested to use a different exchange due to above mentioned reasons.
User Reviews
- Users on TrustPilot largely report negative reviews of Folgory. “The number 1 scam exchange in crypto world.” “Also never got any response to email or chat questions.”
- Many users on Reddit also note the broken English and suspicious behavior of Folgory. “I uploaded all of my KYC info, but they keep asking me for more in broken English after having threatened to ban me several times. Should I bother to keep uploading my info? I’m starting to think they want personal info as part of the scam.”
- A research team attempted to go to Fologry’s office. “The investigators went to Tallinn, the capital of Estonia, to visit the Folgory cryptocurrency exchange. At the publicly displayed address, they found not an exchange office, but a warehouse-workshop. Thus, we can conclude that the Folgory cryptocurrency exchange does not have a real business platform here. Investors are advised to carefully choose this exchange.
- Users on Reddit discuss the likelihood that Folgory trading volumes are fake. “I just checked out the site for the 1st time an I was thrown back because the trade orders are lighting up as if there’s volume but none of the numbers are moving.”