FOMO App Review: Fees, Features, and Whether It's Worth Using

FOMO is a mobile-first trading app for meme coins and other crypto assets, built by a team of former dYdX engineers who raised $94 million in a little over a year to build it. It launched in 2025, grew to 625,000 traders and $4 billion in cumulative volume by the middle of 2026, and closed a $75 million Series B in June 2026 at a $550 million valuation. This review covers what the app actually does, what it costs, who backs it, and where it does and doesn't work, as of September 2026.

Who's behind FOMO

FOMO is built by FOMO Labs Inc., based in New York and founded in 2025 by three engineers who previously worked at dYdX: Paul Erlanger, Se Yong Park, and Prashan Dharmasena. The company has raised $94 million in total funding. The most recent round, a $75 million Series B in June 2026, was led by Index Ventures and valued the company at $550 million. Earlier backers include Benchmark, Solana co-founder Raj Gokal, Marc Boiron, and Balaji Srinivasan, a lineup that reads more like a serious infrastructure bet than a side project.

At the time of the Series B, FOMO reported 625,000 traders and $4 billion in cumulative trading volume. Those are company-reported growth figures rather than independently audited numbers, but they're consistent with the scale implied by the funding round. For more on how these facts add up, see our dedicated look at whether FOMO is legit.

How FOMO actually works

You sign up with an email address or an Apple ID, with no seed phrase to write down on day one. FOMO issues you a non-custodial wallet under the hood, powered by wallet infrastructure from Privy, so you hold your own keys even though the onboarding feels like a normal app. The app is multichain and gasless, meaning FOMO absorbs network fees rather than making you hold a separate token just to pay gas.

There's no KYC (identity verification) required to start spot trading. That changes the moment you want to deposit with a card, Apple Pay, or Google Pay: those on-ramps run through a regulated payment partner, and that partner can ask for identity documents before releasing funds, the same way any card-processing partner would. Funding your wallet with a direct crypto transfer skips that step entirely.

FOMO is available on iOS, Android, and the web.

What it costs

FOMO charges 0.50% per trade, with a minimum fee of roughly $0.95. That applies on both buys and sells. A referral code brings the fee down by 10% for life on every trade you make afterward. See our FOMO referral code guide for exactly how that works and where to enter one.

Social features and copy trading

FOMO leans hard into the social side of trading: you can follow top traders, watch a live leaderboard, set real-time alerts, and one-tap copy a trade someone else just made. That last feature is the one to treat carefully. Copy trading looks like a shortcut to someone else's edge, but by the time a copied trade shows up in your feed you're typically already 10 to 20% late to it, and some of the "insider wallets" people copy are bots deliberately baiting copy traders into buying their exit liquidity. Read the copy-trading section of our memecoin trading statistics page before you turn it on.

Where FOMO doesn't work

FOMO isn't available everywhere, and not every feature inside the app is available to everyone who can open it:

• Perpetual futures are not available to US persons.
• Stock tokens are not available in the US, Canada, the UK, or Switzerland.
• Restricted countries: FOMO blocks access entirely from Iran, Yemen, Myanmar, North Korea, the Democratic Republic of the Congo, Libya, Sudan, Cuba, Venezuela, Crimea, Donetsk, and Luhansk.

Pros and cons

What FOMO gets right: a fast, KYC-free path into spot trading; a real non-custodial wallet instead of a custodial account; a transparent fee structure that gets cheaper with a referral code; and a social layer that makes trading less isolating, even if the copy-trading feature deserves caution.

Where to be careful: the 0.50% fee (about $0.95 minimum) is higher than what a Telegram bot charges once a referral discount applies, the leaderboard and social features can encourage chasing trades instead of researching them, and card deposits route through a KYC-capable payment partner even though spot trading itself doesn't require it.

Verdict

FOMO is a legitimately well-funded, well-built on-ramp into meme-coin and multichain trading, aimed at people who want an app-store-simple experience without giving up self-custody. It is not a way to beat the odds on our statistics page: most memecoin traders still lose money on any platform they use. If you're going to trade meme coins anyway, FOMO's combination of non-custodial wallets, no forced KYC for spot trading, and a real referral discount make it a reasonable place to do it.