Fomo Review (2026): Fees, Safety & Features
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By Locke
Updated Oct 11, 2026 · 4 min read
Research review: based on official docs and public data. Our hands-on test is pending, and this page will be updated after it.
Key takeaways
- Fomo is a mobile and web app for memecoin trading by FOMO Labs, Inc., founded in 2025 by former dYdX staff and backed by Benchmark and Index Ventures.
- TechCrunch reported a 0.50% fee per trade with a $0.95 minimum on Solana; Fomo's terms do not publish the rate and show it before you confirm.
- Fomo's terms say Privy generates the wallet, the wallet is non-custodial, and you can view and export your private keys.
- You can fund Fomo with Apple Pay, and Fomo pays the gas, so you do not need SOL or ETH for network fees.
- Our referral link fomo.family/r/Iocke gives 10% off trading fees, according to Fomo's own in-app invite message.
Our verdict
Is it safe? Mostly, with caveats. Fomo's terms describe a non-custodial Privy wallet with private key export, but an August 2026 loss allegation is disputed and unresolved.
Best for: Beginners and mobile traders who want to buy memecoins with Apple Pay, without gas, bridges or a separate wallet
3.8/5
Score
Referral code · 10% off trading fees
IockeVerified Oct 11, 2026
Key facts
| Type | Mobile app |
|---|---|
| Chains | Solana, Base, BNB Chain |
| Trading fee | Check in app |
| Reader perk | 10% off trading fees |
| Referral code | Iocke |
| Last checked | Oct 11, 2026 |
Score breakdown
How we score- Fees
- 4.0
- Safety
- 3.5
- Execution
- 3.5
- Ease of use
- 4.5
- Features
- 3.5
What we like
- Apple Pay funding and gasless trades: a simple start for a first memecoin buy
- About 0.5% per trade (TechCrunch), lower than the 0.95–1% of many terminals and bots
- Non-custodial Privy wallet with private key export, according to Fomo's terms
- Social layer: trader feed, leaderboard and alerts when top traders buy
- Strong backing: $17M Series A (Benchmark) and $75M Series B (Index Ventures)
What we don't like
- Fomo does not publish its spot fee rate; the $0.95 Solana minimum makes very small trades expensive
- August 2026 allegation of iOS losses; Fomo denies it, and no independent result is public
- Perps are not available to U.S. persons; not available in sanctioned regions
- No public docs for advanced order types; power users get more control in a web terminal
Fomo is a mobile app for memecoin trading that you can fund with Apple Pay and use without gas or bridges. Our research verdict is 3.8/5: easy for beginners, with a fee of about 0.5% per trade and a non-custodial wallet, but the fee rate is not published and an August 2026 loss allegation is still unresolved.
Fomo in one paragraph
Fomo is a social trading app for memecoins, on iOS, Android and the web. FOMO Labs, Inc. runs it, according to its terms of service. Paul Erlanger and Se Yong Park, both formerly at dYdX, co-founded it and launched it in May 2025, according to TechCrunch. Benchmark led a $17M Series A in November 2025, and Index Ventures led a $75M Series B at a $550M valuation in June 2026, according to The Block. You keep one balance and buy tokens on several chains from it. TechCrunch named Solana, Base and BNB Chain.
Fees
Fomo does not publish a fee table. Its terms (section 7) say Fomo charges a fee on buys and sells, shows it before you confirm, and can change it at any time.
| Item | Value | Source |
|---|---|---|
| Spot fee per trade | 0.50% (reported) | TechCrunch, Nov 2025 |
| Minimum fee on Solana | $0.95 (reported) | TechCrunch, Nov 2025 |
| Minimum fee on Base and BNB Chain | None (reported) | TechCrunch, Nov 2025 |
| Perps fee | 0.05% per transaction, plus protocol fees | Fomo terms |
| Gas | Paid by Fomo | TechCrunch |
| Referral discount | 10% off trading fees | Fomo in-app invite message |
- What the minimum means: with a $0.95 minimum, a $20 buy on Solana costs about 4.75% in fees. The 0.5% rate applies from about $190 per trade.
- Other costs: liquidity pool fees and slippage still apply. Fomo's terms say third parties set them.
- Check in app: the reported numbers date from November 2025. Check the fee on the confirm screen before your first trade.
Safety and incidents
- Custody: Fomo's terms say that Privy, a third-party wallet infrastructure provider, generates and manages your wallet, and that the wallet is non-custodial.
- Key export: the same terms say you can view your private keys and export your wallet. This lets you move your funds to another wallet without Fomo.
- Availability: Fomo is not offered in sanctioned regions such as Cuba, Iran, North Korea and Crimea. Perps are not available to U.S. persons. You must be 18 or older. Fomo can ask for identity checks for perps.
- August 2026 loss allegation: on 24 August 2026, an X account alleged that an iOS app update caused about $6M in user losses, and cited a wallet that lost 662 SOL. Co-founder Prashan Dharmasena said the claim was false and that the wallet had no transaction signed by Fomo's fee payer. Protos confirmed that the 662 SOL moved, but found no independent proof of an exploit. ZachXBT linked the accusing account to Zkasino.
- Follow-up: we found no independent investigation or public result. We will update this page if one appears.
What this means for you: the wallet design is sound on paper, and you can export your keys. The August dispute is not settled, so keep only trading money in the app.
Features (from official pages)
- Apple Pay funding: buy crypto in the app with Apple Pay, according to fomo.family.
- Gasless, multichain trades: one balance, no bridges, no gas to manage.
- Social layer: a feed of top traders, a leaderboard and real-time alerts when top traders buy.
- Web and mobile: trade on desktop or phone with synced accounts.
- Perps: perpetual futures through Hyperliquid for non-U.S. users, with a 0.05% Fomo fee per the terms.
- Referrals: a personal invite link (fomo.family/r/username) and an affiliate program for creators.
Where other tools are better
- Lower cost on small trades: the reported $0.95 Solana minimum hurts small buys. A percentage-only tool costs less below about $190 per trade.
- Advanced trading tools: Fomo's public pages do not describe limit orders, migration snipes or MEV settings. A web terminal such as Axiom gives more control.
- Trading from Telegram: if you prefer a Telegram bot with multi-chain support, see the BasedBot review. Locke works with BasedBot; it is scored with the same methodology.
How to sign up with our link
- 1
Open Fomo with our link
Use the button below or go to fomo.family/r/Iocke (capital I). Do this before you create an account. - 2
Install the app and create your account
Download Fomo from the App Store or Google Play, or use the web app. - 3
Export and save your private key
Export the key, as the terms allow, and store it offline. - 4
Fund a small amount and check the fee
Add a small amount with Apple Pay. Check the fee and the referral discount on the confirm screen.
For the code details, see the Fomo referral code page. For other options, see the best memecoin trading platforms.
Changelog
- 2026-10-11: first research review published. Hands-on test pending.