FOGO has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I have been trying to close my account with FOGO for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: API access|Easy withdrawals|Reliable uptime
Cons: Currency conversion fee exists|Website design could be more modern
After spending for a couple of months now trying to make FOGO work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.
Pros: Helpful community forum|Dividend tracking|Smooth onboarding
Cons: Would like more payment methods
My withdrawal from FOGO was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. since I retired last year of being strung along.
Pros: Automated trading options|Multiple order types
Cons: Currency conversion fee exists|Help articles are sometimes vague
I was contacted by FOGO through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Cons: Blocked my account|No legitimate license|Fake returns
FOGO locked my account without warning and demanded documents I had already submitted. for about three months later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.
Pros: Easy to use platform|Professional team|Clean UI
Cons: Email notifications too frequent|Limited ETF selection
I joined FOGO after hearing about them at a conference and from the start, things felt off. The signup process collected far more personal information than necessary, the verification took unreasonably long, and when I finally got access, the platform was nothing like what was advertised.
Pros: Wide product range|Clear documentation|Dividend tracking
Cons: Search feature is basic
I was about to invest with FOGO but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Financial Markets Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Cons: Unauthorized firm|Found in IOSCO warnings database