UPDATE 13 July 2021: We have received reports from a number of independent sources that this exchange does not process withdrawals. There are also several other sources reporting issues with accounts being blocked without any due explanation.
Accordingly, we have marked the exchange as a scam in our database and moved it to our Exchange Graveyard. If we would receive new reports that withdrawals are being processed in a timely and professional manner, we might consider "reviving" this platform again.
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A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Folgory consists of four parts: general info, fees, deposit methods and security.
Folgory is an exchange from United Kingdom (previously Estonia) that launched in May 2019. It is a brand of HashFort LTD – Kemp House 160 EC1V 2NX London United Kingdom CR 12403645.
Folgory has sent the request for obtaining an AEMI license to become an e-money institute to the English FCA authority, and will shortly give its users the opportunity to have their own personal iban and debit card. And activate the FX service on all fiat currencies. With this it will become the first crypto exchange with real banking services.
On its website, under the header What folgory can do for you, they list six features/advantages. The top three of these are: you can manage your portfolio here, you can buy & sell cryptos here and you can trade cryptos here. One would expect those three to exist at any decent crypto exchange. The bottom three are not equally obvious:
This platform is not only available from your desktop, you can now also access it via your mobile. Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. If you’re one of those people, then this platform can still be for you.
An exchange's trading volume is very important for any user of such exchange. A large trading volume often (but not always) correlate with deep liquidity. When the liquidity at a platform is deep, it means that it will be less difficult for you to find a buyer to your sell order, or a sller to your purchase order.
On the date of first writing this review (17 April 2020, right in the middle of the finanial crisis caused by COVID-19), Folgory had a 24 hour trading volume of USD 1.8 billion according to Coinmarketcap. This gave it place no. 19 on Coinmarketcap's list of exchanges in the world based on 24 hour trading volume. This trading volume is incredible, and people who worry about thin order books definitely do not have to worry here.
Folgory Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Folgory:
Folgory Trading fees
This exchange doesn’t treat takers (persons taking orders off the order book), and makers (persons placing the orders that the first group of persons take off the order book) differently. Instead, they charge something that we call a “flat fee”. This means that they charge both takers and makers the same fee. The fee they charge is 0.20%.
0.20% is an acceptable trading fee. 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 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.
Folgory Withdrawal fees
Over to the withdrawal fees then. Folgory charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. According to our industry studies, this is a tiny bit above industry average. The industry average BTC-withdrawal fee is arguably around 0.0008 BTC per BTC-withdrawal.
All in all, the fees here (both trading fees and withdrawal fees) are in line with, or maybe slightly above, the global industry averages.
Deposit Methods and US-investors
At this trading platform, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors. 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.
We have not found any information on this exchange's website that indicates that US-investors are restricted from trading here. However, many exchanges do not allow US-investors in spite of not having any clear prohibitions obtainable on their respective websites. Accordingly, we urge any US-investor interested in trading here to perform their own analysis of whether they can indeed trade here or not. Sometimes, exchanges might even allow investors from certain states in the US but not investors from other states in the US. So the answer to whether you can or cannot trade at an exchange if you're from the US is not always obvious. Rather the opposite.