Beware! FNory is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
FNory is definitely not a broker we would trust with our own money. This is a shady unregulated enterprise that will surely try to scam you out of whatever you invest – and there are many reasons why we think so. If you were considering investing with this broker just because they offer solid trading platforms, read the following review – we guarantee that you will reconsider by the end of it.
FNory Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
FNory claims to be a UK-based broker governed by the laws of the UK. The broker does seem to be registered in the country – but that is a far cry from actually being licensed. In fact, when we checked the register of the UK’s financial regulator, the reputable FCA, we got zero hits. In fact, the regulator has recently issued a warning on this broker stating that they are an unregulated, and probably dangerous, company:
This means that the broker is unregulated and is therefore not to be trusted. Trading with such unregulated enterprises is risky because there will be no guarantees that the broker would treat you in a fair and transparent manner.
Brokers in the UK, the EU, and Australia have to meet countless requirements and maintain the highest possible standard in order to obtain a license. Such brokers are under the jurisdictions of reputable financial regulators such as the UK’s FCA, Cyprus’ CySEC, and Australia’s ASIC. To prove their financial stability, UK and EU companies have to maintain a minimum operational capital of €730 000. Those in Australia have to have at least A$1 million. Client money must be kept in segregated accounts – so you can be sure of the fact that your broker would not be able to use your money for their own investments because they have very limited access to that money. UK and EU brokers also participate in compensation schemes – which means that in case your broker becomes insolvent, you could receive a compensation of up to £85 000 in the UK, and €20 000 in the EU depending on the size of your initial investment.
Trading with a licensed broker means countless investor protections and security measures meant to ensure that you are being treated in a fair and transparent manner. Such a thing cannot be said about trading with scammers.
FNory Trading Software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|cTrader||40+ indicators||✅||✅||Android and iOS|
FNory looks like an extremely illegitimate broker – which is why we were shocked to learn that they offer access to two leading trading platforms, MetaTrader 5 and cTrader. Here is what the broker’s cTrader terminal looked like:
Both of these platforms are a great choice for beginners, and seasoned traders alike. The fact that they are so intuitive makes them easy to navigate but it that does not mean that both platforms do not have a lot to offer. MT5 and cTrader offer extensive charting and analysis packages as well as many great trading features. Clients will be able to trade automatically with the help of trading bots or create their own trading bots and indicators. They will also be able to set signals for price movements, use a Depth of Market feature, etc.
Many scammers try to use such platforms’ great reputation to their advantage and attract customers with false promises of legitimacy. You should not fall for such tricks – there are plenty of legitimate brokers that offer platforms like MT4, MT5, and cTrader and you would do yourself a favor if you chose to trade with one of them.
FNory Trading instruments
FNory offered access to a decent range of markets although not to that many trading instruments. The broker allowed us to trade forex, cryptocurrencies, metals, oil, indices, and equities. Keep in mind, however, that many legitimate brokers offer access to an even wider range of instruments whilst being a lot more reliable.
FNory Spreads and cost of trading
The weird thing about FNory’s spreads was that they were all too competitive. We were surprised to get 0.0 pips on EURUSD and 0.2 pips on GBPUSD – when the industry average on both pairs is usually around 1.5 pips. It might be tempting to start trading with such low spreads. You should consider, however, that a huge number of scam brokers manipulate platforms in order to manufacture great results. This is surely the case here – we have not yet encountered a legitimate broker that offers spreads as low as 0.0 pips on a standard account. Such a result probably means that the platform is not at all connected to the market.
FNory Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
FNory offers extremely high leverage rates – up to 1:500 on both forex majors and metals. This just proves once again that they could not be regulated in a strict jurisdiction like the UK.
UK brokers are banned from offering leverage higher than 1:30 to their retail customers. The reason for that is fairly simple – trading with such high leverage can result in much bigger losses because leverage enables you to make much bigger losses. Next time you are tempted to trade with such high rates, consider all the risks first.
FNory Deposit and withdrawal methods
|Deposit time||Withdrawal time||Fee|
|Bank wire||2-5 business days||2-5 business days||$25+|
|Credit card||Instant||24 hours||Free|
|PayPal||1 hour||24 hours||2%|
|Skrill||1 hour||24 hours||2%|
|Neteller||1 hour||24 hours||2%|
|Crypto||24 hours||24 hours||Fee depends on crypto|
FNory would not allow us to deposit or even see which deposit methods it accepts before we had verified our account by providing personal documentation. We were, of course, reluctant to provide shady scam brokers with personal documentation – identity theft is a real danger in the world of scam brokers.
Keep in mind that such fraudsters will often ask you to deposit in crypto and for a good reason – all crypto transactions are both anonymous and irreversable.
FNory Minimum deposit
The cheapest account FNory offers costs just $100. This is indeed very good – keep in mind, however, that these are seasoned scammers that will try to steal whatever you deposit. There are plenty of legitimate brokers that would open an account for the same amount of money or even for less – why not check some such brokers out?
FNory Withdrawal requirements
FNory did not provide that much information about its withdrawal requirements but its devious bonus scheme did not manage to escape our attention:
This is the same trick employed by many other scam brokers. They all seem to offer attractive bonuses – however, they also ask you to reach extremely high turnover requirements before allowing you to withdraw those bonuses. In FNory’s case, you would have to reach a turnover of 3 lots for every $1 bonus you have received. At a later point, however, you might find out that those turnover requirements do not just extend to the bonus. You will be asked to fulfill them in order to withdraw anything from your account – including your profits and deposits.
Bonuses are actually banned in the UK where this broker claims to be based – this makes their scheme not only questionable but also illegal.
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|FNory / offshore brokers||1 lot for every $1 bonus||No information||No information|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|