Folgory

Folgory Crypto Exchange Review: A Comprehensive Analysis

Overview and General Information

Folgory cryptocurrency exchange, established in 2019 by HashFort OU, a company based in Estonia, presents itself as a multifaceted platform offering a range of services beyond typical crypto-to-crypto trading. Its claim to regulatory compliance within the EU, adhering to AML (Anti-Money Laundering) regulations, is a key aspect of its presentation. However, it's crucial to analyze the platform's offerings and limitations to determine its suitability for potential users.

Establishment and Founders: Folgory's origins trace back to 2019, founded by HashFort OU, an Estonian-based entity. This information highlights the jurisdictional context of the exchange, impacting regulatory oversight and compliance expectations.

Regulatory Compliance: Folgory emphasizes its compliance with EU AML regulations and law enforcement demands. This is a positive aspect, suggesting a commitment to operating within legal frameworks. However, independent verification of this claim remains essential for users to assess the exchange's trustworthiness. It's vital to understand that regulatory compliance in the constantly evolving cryptocurrency landscape can be complex and require continuous adaptation.

Security Measures: The exchange utilizes KYC (Know Your Customer) verification, a standard procedure across many reputable cryptocurrency platforms designed to prevent fraudulent activity and enhance security. However, the specific security protocols employed by Folgory beyond KYC require further investigation. The exclusion of US users is a significant geographical restriction, potentially stemming from regulatory complexities or business decisions.

Products and Services Offered by Folgory Crypto Exchange

Folgory distinguishes itself by offering a diverse range of services beyond basic cryptocurrency trading. While it advertises crypto-to-crypto and crypto-to-fiat trading capabilities, a critical limitation arises from the lack of currently available trading pairs. This significantly impacts the usability and attractiveness of the exchange for most traders.

Main Products:

• Crypto-Crypto and Crypto-Fiat Trading: Although advertised, the absence of currently available trading pairs renders this feature practically unusable.
• Fiat Currencies: Supports various fiat currencies, including EUR, USD, and GBP, potentially expanding accessibility for users.
• Native Token (FLG): The exchange's native token, FLG, functions as a multi-purpose token within the Folgory ecosystem. The utility and value of this token are crucial factors to consider.

Additional and Special Services:

• Prepaid Cards: The offering of Mastercard-compatible prepaid cards allows for transactions in multiple fiat currencies, broadening the utility of the platform.
• Cloud Mining: Folgory provides cloud mining services for Bitcoin, presenting a unique addition to its services. The cost-effectiveness and transparency of these services need careful evaluation.
• Staking Services: The provision of staking services, with examples of high-interest rates on various assets (e.g., 5% monthly on Bitcoin), provides a potential income stream for users, but the risks involved need careful consideration.

Product Features and Conditions

Understanding the fees associated with trading and withdrawals is crucial for assessing the platform's overall cost-effectiveness.

Trading Fees: Folgory employs a flat fee structure of 0.20% for both makers and takers. This is relatively competitive compared to some exchanges, but it's crucial to compare this fee structure with other platforms.

Withdrawal Fees: The withdrawal fee for Bitcoin is specified as 0.001 BTC, but the fees for other currencies require further clarification. This aspect needs more transparency to make informed decisions.

Listing of Digital Assets: Folgory claims support for over 150 digital assets, including its native FLG token. The regularly updated listing is a positive aspect, suggesting continuous growth and adaptation to the market.

Contact Channels and Customer Support

The absence of detailed information on customer support is a significant drawback. While users can access the platform from computers and mobile devices, the lack of specifics regarding support channels, response times, and service hours raises concerns about user assistance in case of issues.

Pros and Cons of Folgory Crypto Exchange

Pros:

• Regulatory Compliance (Claimed): Folgory claims to meet EU AML regulations, which, if verified, is a positive indicator of legitimacy and trustworthiness.
• Multi-Purpose Token (FLG): The existence of a native token with multiple uses adds another layer of potential utility for users within the platform.
• Cloud Mining Services: Offering cloud mining for Bitcoin provides a diversification of services, potentially appealing to a wider user base.

Cons:

• Geographical Restrictions: The exclusion of US users limits the platform's potential reach and market.
• Limited Trading Pairs: The absence of currently available trading pairs severely restricts the platform's functionality and attractiveness for traders.
• Lack of Customer Support Transparency: The lack of information regarding customer support raises concerns about user assistance and problem resolution.

Summary of Folgory Crypto Exchange Review

Who is it Best Suited For? Folgory might appeal to users who prioritize regulatory compliance (pending verification) and value a range of services including cloud mining and staking. However, the geographical restrictions and lack of currently available trading pairs significantly limit its appeal to many potential users.

Final Thoughts: Folgory offers a collection of services but faces significant limitations, including a lack of available trading pairs and geographical restrictions. Users should carefully evaluate the platform's functionalities, limitations, and customer support before considering it as their primary cryptocurrency exchange.

Frequently Asked Questions about Folgory Crypto Exchange

Q: What is Folgory Crypto Exchange?

A: Folgory is a cryptocurrency exchange established in 2019, claiming compliance with EU regulations. However, the platform currently lacks crucial features such as actively available trading pairs.

Q: What services does Folgory offer?

A: Folgory offers (or claims to offer) crypto-to-crypto and crypto-to-fiat trading, prepaid cards, cloud mining services (Bitcoin only), and staking services. The actual availability of these services should be independently verified.

Q: Is Folgory safe and secure?

A: While Folgory uses KYC verification, the extent of its security measures beyond KYC remains unclear. Independent research and evaluation are necessary before trusting the platform with funds.

Q: Are there any geographical restrictions?

A: Yes, US users are currently prohibited from using the Folgory exchange.

Q: What are the fees on Folgory?

A: Folgory charges a flat 0.20% trading fee for both makers and takers. Bitcoin withdrawal fees are 0.001 BTC. Fees for other withdrawals require further clarification.

References

[1] https://www.bitdegree.org/top-crypto-exchanges/folgory

[3] https://www.apollo.io/companies/Folgory-com/5da51d27fdc9ae00014678a8

[5] https://find-and-update.company-information.service.gov.uk/company/11934245