FNory – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
FNory - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://fnory.com
Founded: 2021
Regulations: Not Licensed
Languages: English
Deposit Methods: Bank Wire, Credit Card, Pay Pal, Skrill, Neteller, Cryptocurrencies
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Cryptocurrencies, Gold, Indices, Commodities
Trading Accounts and Conditions
Fnory offers their clients the following trading accounts:
- Standard: The minimum deposit is $100. The maximum leverage is 1:500. There are no commissions per lot.
- STP: The minimum deposit is $3,000. The maximum leverage is 1:500. There are no commissions per lot.
- ECN: The minimum deposit is $5,000. The maximum leverage is 1:200. There is a $7 commission per lot.
While the broker does not mention anything about the spreads they offer in the Account Types section of their website, we checked their trading platform to get those details. The spreads for the EURUSD start at 0.0 pips, the GBPUSD start at 0.2 pips, and the USDJPY start at 1.6 pips.
FNory – Advantages
The only positive that we found with FNory is their trading platforms. FNory offers their clients the use of two of the top trading platforms in the industry – the MetaTrader 5 software and the cTrader software. Both of these platforms are excellent, providing customers with a great trading experience. Both the cTrader as well as the MT5 software have a wide range of market analysis tools, charting tools and so on. You also have the option of automated trading with these platforms. Furthermore, these two platforms are really easy to navigate so that even novice traders will not have a problem using them to trade with.
We were able to access the cTrader platform to check out their trading conditions and see if the platform actually worked. It did. We did not, however, get a chance to check out the MT5 platform.
FNory – Disadvantages
FNory is a scammer and here is the list of reasons why:
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Unregulated Broker Blacklisted by FCA
The first piece of evidence that FNory is a scam broker is their lack of regulation.
This broker claims owned and operated by FNory Technology LLC, a company that is supposedly based in the United Kingdom. The have listed a registered office address in London, UK. They also provide us with a UK-based hotline number.
To operate in the UK, the broker and their company need to be registered with and authorized by the Financial Conduct Authority, the country’s financial regulator. We checked the FCA’s online register for this information. We found out that this broker is not registered with the FCA at all.
In fact, we also found out that this broker has actually been blacklisted by the FCA for operating in the UK illegally. The regulator has flagged off this broker as a scammer and has warned all traders in the UK not to do business with them.
This information tells us clearly that FNory is a scammer and that your money and personal information is not safe with them.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Issues with Trading Conditions
While their trading platforms may be top of the line, we have issues with FNory’s trading conditions. The kinds of trading conditions they offer tell us that we are dealing with a scammer.
While the minimum deposit is within industry standards, it is still a little on the higher side. We say this because there are so many excellent and regulated brokers who invite their clients to open trading accounts with them for a minimum deposit of as little as $10! So, a $100 minimum deposit is still not excellent. Added to that, the jump from the basic account to the next level is huge! To open an account with better trading conditions, you need to deposit $3,000!
Spreads not being mentioned in their Account Types section is another red flag. And when we registered for an account and checked FNory’s cTrader platform, we found that the spreads were a little too low – especially considering that the broker claims to charge no commissions. Such low spreads would mean that FNory would be operating with losses, something no broker would be able to sustain for any period of time.
And the leverage ratio of 1:500 is another huge red flag which tells us that we are dealing with a scammer. In the UK, the maximum leverage a broker is allowed to offer their clients is 1:30. So, what FNory offers is illegal – besides being extremely risky.
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Issues with Payments
FNory claims to offer their clients a wide range of payment methods – Bank Wire, Credit Cards, PayPal, Skrill, Neteller, and Cryptocurrencies. It sounds really wonderful. The red flag is this – we were not allowed to see what payment options really exist in their payment section without us first submitting our personal documents as identity proof. This is not regular and completely unnecessary; not something that regulated brokers would do.
Since we were not willing to provide our personal information to a suspicious broker, we could not verify the actual payment options available with FNory.
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Bonuses Offered
FNory offers their clients bonuses, which is another sign of their scam. Bonuses of this type have been banned in most countries because of how unfair their terms of use are.
With FNory, we find similar unfair terms attached with the bonuses they offer. This broker states that if you avail of their Margin Bonus, then you will need to trade a volume of at least 3 lots for every dollar before you will be allowed to withdraw your funds. This kind of a target is impossible to achieve for almost all traders. Therefore, at the end of the day, you end up never being able to withdraw the funds you have invested with this broker. This is how scammers take traders’ money, and this is the reason why bonuses have been banned is most markets around the world.
Conclusion
FNory is a scammer, and your money is not safe with them.
FNory
Pros
- Excellent Trading Platforms
Cons
- Unregulated Broker Blacklisted by FCA
- Issues with Trading Conditions
- Issues with Payments
- Bonuses Offered
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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