Get up to 25% off trading fees: sign up with code Bestrader. Join Fomo here (opens in a new window). Fomo's standard trading fee is about 0.5% per trade, so the discount adds up fast when you trade often.
Your wallet is the foundation of everything you do on Fomo, so it is worth understanding how it works before you fund it. The short version: Fomo is designed as a non-custodial app, which gives you control and also puts security squarely on you. Here is what that means in practice.
Non-custodial: what it actually means
With a centralized exchange, the company holds your funds. With a non-custodial app like Fomo, you control the wallet. The app facilitates trades and connects to your wallet rather than holding your money for you.
The trade-off is simple:
- Upside: you own your assets, and you are not exposed to an exchange freezing or losing them.
- Responsibility: if you lose your recovery details or get phished, there is no support line that can reverse it.
Because custody models can evolve, confirm the current details in the app. But treat your Fomo wallet as yours to protect.
Back up your wallet properly
This is the single most important thing you will do. When you set up your wallet:
- Save your recovery phrase or key offline, on paper or a hardware backup, not in a screenshot, cloud note, or chat.
- Store a second copy in a separate safe place.
- Never type your recovery phrase into any website or share it with anyone.
If you lose the recovery details, you can lose access to your funds permanently. If someone else gets them, they can drain you.
How drainers try to get you
Most wallet losses are not hacks of the app, they are social engineering. The patterns repeat:
- A fake "support" account DMs you and asks for your seed phrase. Real support never does.
- A phishing site mimics Fomo and asks you to "verify" your wallet by entering your phrase.
- A malicious token or link asks you to sign a transaction that grants access to your funds.
Our guides on crypto drainer scams and what to do if your wallet is drained go deep on this. The one rule that stops most attacks: never share your seed phrase, and never sign something you do not understand.
Everyday wallet hygiene
- Keep only what you are actively trading in the app; park long-term holdings elsewhere.
- Double-check you are on the official Fomo app or site, not a lookalike.
- Be skeptical of unsolicited DMs, airdrops, and "you won" messages.
- Review and revoke token approvals periodically where relevant.
Fund it, then keep fees low
Once your wallet is secured and backed up, fund it using our deposit guide, then keep your trading costs down. Fomo's standard fee is around 0.5% per trade, and code Bestrader through our Fomo link takes up to 25% off that. Size positions with the position size calculator so no single trade can hurt you.
Bottom line
The Fomo wallet is non-custodial: you control it, which means the security is on you. Back up your recovery details offline, never share your seed phrase, and stay alert to phishing. Then sign up with code Bestrader for up to 25% off fees and trade with careful sizing. Nothing here is financial advice.