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The number of this Exchange's nagitive field survey reviews has reached 2, please be aware of the risk and the potential scam!
EstoniaMTR (license number: FVR000672) The regulatory status is abnormal, the official regulatory status is Expired, please be aware of the risk!
|Regulatory Authority||MTR (expired)|
|Numbers of Cryptocurrencies Available||270+|
|Fees||Flat fee (0.20%)|
|Payment Methods||wire transfer and credit cards|
Folgory is a cryptocurrency exchange platform registered in Seychelles. Founded in 2019, this relatively new entrant into the crypto world offers its users a diverse range of trading options with over 270 cryptocurrencies available on its platform.
One of Folgory's notable features is its straightforward fee structure. The platform charges a flat fee of 0.20% for trading, providing clarity and simplicity for its users when it comes to transaction costs.
For depositing funds, Folgory accepts both wire transfers and credit card payments, making it accessible to a wide range of users across different financial systems.
However, potential users should be aware that Folgory is not regulated by any financial authority. This lack of regulatory oversight can pose certain risks when trading or storing assets on the platform.
In terms of customer support, Folgory can be reached through their designated email, firstname.lastname@example.org, allowing users to raise queries or concerns directly with the exchange.
|Wide Range of Cryptocurrencies Offered||Delayed Customer Service|
|Competitive Fees||Not-so-good Customer Review|
|Mobile and desktop friendly|
Wide Range of Cryptocurrencies Offered: With over 270 cryptocurrencies available, Folgory provides users with a broad spectrum of trading options, accommodating both popular and niche digital assets.
Competitive Fees: Folgory's flat fee of 0.20% is competitive in the industry, making trading costs clear and predictable for its users.
Mobile and Desktop Friendly: Folgory offers a user-friendly interface accessible both on mobile and desktop platforms, ensuring a seamless trading experience.
Not-so-good Customer Review: Some users have expressed dissatisfaction with certain aspects of the platform, which can be a concern for potential new users.
Delayed Customer Service: Response times from the customer support team can be longer than expected, leading to potential frustrations when trying to resolve issues or get clarifications.
Expired Regulation: It's important to note that Folgory wasn't always unregulated. It previously had a license that granted it regulatory approval. However, that license has since expired. The expiration and the subsequent lack of renewal can be a point of concern for some users, as it indicates a lapse in the platform's commitment to adhering to formal regulatory standards.
Regulatory Status: Folgory is currently not regulated. It once had a license, but it has since expired. Being unregulated implies that the platform isn't mandated to comply with specific standards or protocols typically required by financial authorities. This lack of oversight could potentially lead to increased risks for users.
Security Measures: While specific security measures of Folgory might not be detailed here, it's essential to recognize that even unregulated exchanges can have robust security mechanisms in place. Users should look for features like 2-Factor Authentication (2FA), cold storage of funds, encryption protocols, and other security measures.
Folgory, a prominent digital currency trading platform, boasts an extensive catalog of over 270 cryptocurrencies, making it one of the more comprehensive exchanges in the market. This expansive selection empowers both novice and experienced traders to explore a multitude of investment opportunities.
The registration process involves the following steps:
Visit the Folgory website: Users can start the registration process by visiting the official Folgory website.
Click on the “Sign up” or “Register” button: Users will need to locate and click on the designated button to initiate the registration process.
Provide personal information: Users will be required to provide their personal information, including their full name, email address, and a secure password.
Verify email address: users may need to verify their email address by accessing a verification link sent to the provided email address.
Complete the KYC (Know Your Customer) process: In order to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, users may be required to complete a KYC process. This involves providing additional identification documents, such as a scanned copy of a valid government-issued ID and proof of address.
Set up additional security measures: Users may have the option to set up additional security measures, such as two-factor authentication or setting up a unique pin code for future logins.
Options Available: Folgory offers both wire transfers and credit card deposit options. This dual method provides flexibility and convenience, especially for those new to the cryptocurrency world.
Entry-Level Exchange: The provision for fiat currency deposits qualifies Folgory as an “entry-level exchange,” ideal for newcomers taking their initial steps into the crypto ecosystem.
Flat Fee Structure: Folgory uses a “flat fee” system, meaning it charges both makers and takers the same fee of 0.20%.
Comparison: The fee of 0.20% is slightly below the historical global industry average of 0.25%. However, as many exchanges are now moving towards even lower fees, with new averages emerging around 0.10%, Folgory's fee is somewhat higher in comparison to this emerging standard.
BTC Withdrawal Fee: For BTC withdrawals, Folgory charges a fee of 0.001 BTC.
Industry Comparison: This fee is a tad higher than the industry average, which is approximately 0.0008 BTC for each BTC withdrawal.
Here are some target groups that may find Folgory suitable:
Experienced traders: Folgory offers access to over 270 cryptocurrencies. This wide selection provides experienced traders with numerous trading opportunities and potential investment diversification. Additionally, the availability of various payment methods allows for flexibility in managing funds.
Crypto enthusiasts: For individuals passionate about cryptocurrencies, Folgory's diverse range of virtual currencies can be appealing. It allows them to explore and trade lesser-known cryptocurrencies, potentially uncovering new investment prospects.
Tech-savvy traders: Folgory's interface and system may be suitable for traders who are comfortable with technology and prefer a user-friendly platform. It is important for these traders to review the platform's features and tools to ensure they align with their preferences.
Q: What payment methods does Folgory support？
A: Folgory supports multiple payment methods, including bank wire transfers and credit cards, allowing users to have flexibility in depositing and withdrawing funds.
Q: What are the disadvantages of trading on an unregulated exchange like Folgory？
A: Trading on an unregulated exchange like Folgory may pose risks such as the lack of oversight and protection for traders, potential fraud or illicit activities, and limited avenues for dispute resolution.
Q: What are the fees Folgory charges for trading？
A: Folgory charges a “flat fee”, meaning that they charge both takers and makers the same fee, which is at 0.20%.
I've been trying to get in touch with Folgory's customer support for over a week now, but to no avail. While their platform might offer a broad range of cryptocurrencies and a user-friendly interface, what's the point if they can't even address customer queries in a timely manner？ Very frustrating and disappointing. I'd think twice before putting more of my funds here.
While I appreciate the wide variety of cryptocurrencies offered and the competitive fees, the customer service experience leaves a lot to be desired. I faced an issue with my withdrawal, and the response from their side was incredibly delayed. When you're dealing with financial platforms, prompt customer support is paramount. I hope they can improve this aspect soon.
Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.