FOGEE

FOGEE is a brokerage company that claims to be registered in the United Kingdom at 275 New North Road, London, United Kingdom N1 7AA. The company was incorporated on 25 June 2021. However, FXCanary has found no verifiable regulatory licences from any credible financial authority.

The broker operates through its official website at fogee.vip and offers two account types: a Standard Account with a minimum deposit of 100 units of base currency and a Prime Account requiring a minimum deposit of 1,000 units. Both accounts provide a maximum leverage of 1:500, which is exceptionally high and typically associated with higher risk.

Our review found that FOGEE is not regulated by any known financial regulator. The broker claims to be registered with the US National Futures Association (NFA) under number 0539541, but this claim is suspected to be fraudulent. Cross-checking with the NFA public register indicates that this licence number does not belong to FOGEE, or the registration is invalid.

The absence of regulation is a significant red flag. Unregulated brokers do not have to adhere to client fund segregation, negative balance protection, or independent dispute resolution, which leaves traders exposed. FXCanary's Scam Risk Score for FOGEE is 85 out of 100, indicating a severe risk of financial loss.

FOGEE offers two account tiers. The Standard Account requires a minimum deposit of $100 (or equivalent) and provides leverage up to 1:500. The Prime Account requires a higher minimum deposit of $1,000 and also offers leverage up to 1:500. No details on spreads, commissions, or margin requirements were disclosed by the broker.

High leverage like 1:500 can amplify both gains and losses. Traders should be aware that such leverage is rarely offered by regulated brokers and can lead to rapid account depletion. The lack of transparency on trading costs makes it difficult for traders to assess the true cost of trading with FOGEE.

According to its company description, FOGEE provides support via email at support@smartcontractlimited.com, as well as through WeChat, WhatsApp, and social media platforms including Facebook, Twitter, Instagram, and YouTube. However, the email domain is separate from the broker's official website, which may indicate outsourced or irregular support infrastructure.

Traders are advised to exercise caution when dealing with brokers that rely heavily on social media and messaging apps for customer service, as this can be a sign of unprofessional operations. The absence of a phone number or physical office verification further reduces transparency.

FOGEE does not explicitly list the trading instruments it offers. Based on the account types and leverage, it likely provides forex and CFDs on commodities, indices, or cryptocurrencies. However, no information is available about the trading platform (e.g., MetaTrader 4/5 or proprietary software).

Without clear details on tradable assets or platform features, traders cannot evaluate whether the broker meets their needs. This lack of transparency is consistent with high-risk, unregulated entities.

FOGEE presents itself as a UK-registered brokerage, but its lack of regulation and suspicious NFA claim make it a highly risky choice for traders. The high leverage and opaque fee structure amplify the potential for loss. Traders seeking a safe trading environment should prioritise brokers regulated by top-tier authorities such as the FCA, CySEC, or ASIC.

Given the severe risk score and absence of meaningful public information, FXCanary strongly advises against depositing funds with FOGEE. The broker's operations appear designed to attract inexperienced traders with promises of high leverage, without the safeguards of regulated oversight.