fomo app review: fees, safety, and how Cherry compares

This fomo app review is for traders choosing where to trade and where to talk. fomo (fomo.family, and “fomo - never miss out” on the App Store) is a social crypto trading app from fomo Labs, Inc.: one USDC balance across six chains, Apple Pay funding, a feed of what the traders you follow are buying, leaderboards, and clans. Cherry (cherry.fun) is a wallet-to-wallet messenger and community app for crypto from Cherry Technologies, S.A., where you sign in with the wallet you already use, DM any wallet address, and join or create token-gated, NFT-gated, and paid group chats with no phone, email, or KYC. The one-line verdict: fomo is a trading app with a one-way social layer whose community talks in Discord, while Cherry is a chat app where the trade happens inside the conversation.

What fomo is

fomo is a mobile and web crypto trading app from fomo Labs, Inc., founded by Paul Erlanger and Se Yong Park, both formerly of dYdX. It launched around May 6 2025, and its X handle moved from @tryfomo to @fomo on May 12 2026. The pitch, in fomo’s words, is “a trading app for the rest of us”. fomo reported 625K+ users and $4B+ in volume at its $75M Series B on June 22 2026, a 130K daily-active high on July 24 2026, and “approaching $250m in daily spot volume and 2m+ users” on August 31 2026. On 11 September 2026 its App Store listing showed 4.8 stars from 17K ratings and version 1.91.1.

What Cherry is

Cherry is a wallet-to-wallet messenger and community app with a web app at chat.cherry.fun, iOS and Android apps, and a listing on the Solana dApp Store for the Solana Seeker phone. Your wallet is your account: sign-in is a signed message (Sign In With Solana), nothing goes on-chain, and there is no gas. Cherry started on Solana and also supports Base, Ethereum, BNB Smart Chain, and Robinhood Chain for token-gated chats and wallet DMs, so you can gate a group on ERC-20 or NFT holders on Base. Cherry hosts 200+ communities and 1M+ messages, and ranks #1 on the Seeker dApp Store, as of September 2026. The Cherry Announcements channel had 77,420 wallets on 10 September 2026. Seeker Club, the largest room, is gated by a .skr domain and had 8,637 members and 4.9 stars from 41 reviews on 11 September 2026. More on the about page .

fomo vs Cherry at a glance

“Not stated” means fomo has made no public statement on that row as of September 2026.

Identity, onboarding, and custody

fomo’s onboarding is its best-known feature: fomo reported 68K+ first-time crypto buyers through Apple Pay by June 22 2026, and a founder said on June 9 2026 that 90% of fomo’s users are not from Crypto Twitter. You sign up, fund with a card, and the app makes the wallet. On custody, the App Store description says “You own all your crypto” (11 September 2026) and the September 9 2026 MFA launch is captioned “On-chain by default, yours by design”. fomo has published no plainer custody statement as of September 2026, so ask before you move size.

On Cherry, the wallet you already trade from is the account. Connect Phantom, Solflare, Backpack, or the Seed Vault Wallet on a Seeker, sign one message, and your .sol or .skr name is your display name. Private keys never leave the wallet and assets are never custodied. There is no Apple Pay button; on iOS, Buy is an outbound MoonPay link.

fomo app review: the trading side

Spot trading is where fomo has shipped most. One USDC balance covers six chains, and cross-chain orders route through a bridge partner (fomo reported an outage that broke them for a period on August 30 2026). Its fee comparison from May 5 2026 puts a $10K SOL buy at $5 on fomo against $184.05 on Coinbase, which is 0.05% on majors. The caveat: Yahoo Finance reported on November 6 2025 that fomo charged 0.50% per trade with a $0.95 minimum on Solana, and fomo publishes no full fee schedule, so read the fee on the confirm screen. Perps arrived June 11 2026; the equity and pre-IPO markets fomo promotes are the part US users cannot touch.

Cherry’s trading sits inside the conversation. Type $TICKER or paste a contract address and the composer autocompletes the token through Jupiter token search; the message renders a card with price and market cap, and Buy opens a Jupiter Swap modal on web (on iOS, Swap and Buy are outbound links under App Store rules). A trade another member shares in the chat can be copied in one tap through the same flow. Perps and tokenized stocks live in the Trading Terminal mini app at chat.cherry.fun/@trade , 160 members and 5 stars from 3 reviews on 11 September 2026; prediction markets run via the Polymarket mini app , 978 members on 11 September 2026.

Social layer: feed and clans on fomo, rooms and DMs on Cherry

fomo called itself “the social graph of finance” on August 26 2026. Every element of that is one-to-many: you follow traders and get notified when they buy, attach a thesis to a position, climb a leaderboard, and join a clan, a squad with its own leaderboard (fomo added clan invites and reported 150+ clans on September 1 2026). Dev tags let a verified team post updates “all in the same place you trade”. As of September 2026 fomo has announced no native DMs and no group chat; its weekly AMAs run in a Discord server linked from the fomo.family footer.

Cherry is the room. DMs go to any wallet address, including one that has never signed in, and they are end-to-end encrypted with keys derived from your wallet; a first message from a stranger lands in Requests without a notification, and the sender can pay a flat 0.01 SOL (the default on 10 September 2026) to have it delivered with one (see DM a wallet address ). Group chats are not end-to-end encrypted, by design, so moderators and bots can work. A group can be gated by a token balance, an NFT collection, a domain, a wallet threshold, or a payment rule, re-verified in the background without a verify bot (see token-gated chat ). Owners charge a one-time SOL fee or a USDC subscription and keep 70% as of 10 September 2026 (paid communities ). Channels are the closest thing to dev tags: Mango Inner Circle had 1,671 members on 11 September 2026.

Safety: what each app states, and what the ratings say

“Is fomo app safe” is a question people type, so here is what can be checked. fomo is a venture-backed company with named founders and investors, an app on both stores under the developer name fomo labs, inc., and security features it announces publicly: Face ID gates on opening the app, withdrawing, and exporting keys (February 3 2026), and multi-factor authentication (September 9 2026). Ratings diverge by venue on 11 September 2026: the App Store shows 4.8 stars from 17K ratings; Trustpilot shows 2.1 from 9 reviews, all one star, describing failed sell orders and glitches during trades. Nine reviews is a small, unverified sample. Install only the listing whose developer reads fomo labs, inc.

On Cherry, the safety story is structural. Keys derive from a wallet signature and never leave your wallet, so there is no password to breach. Assets are never held by Cherry, and OTC escrow is an on-chain program. Brand-new wallets cannot post in public groups. The honest limit: group chats are readable by Cherry’s servers and by moderators, and messages are stored off-chain.

Developer surface and distribution

fomo is a closed app. Its integrations (Hyperliquid, trade.xyz, Awaken Tax, Mobula’s data layer) are first-party, and it has announced no public API, SDK, or mini app program as of September 2026.

Cherry is open on three sides, all free for developers: the Mini App SDK , the embeddable chat widget , and the Cherry API with bots . For a trader that matters in one way: the Trading Terminal and Polymarket rooms above are mini apps, and any team can ship one that reaches Cherry’s users on iOS, Android, web, and Seeker.

Choose fomo if, choose Cherry if

Choose fomo if:

• You are starting from a card or Apple Pay rather than a wallet.
• One USDC balance across six chains with no bridging is what you use most.
• You want perps on equities and pre-IPO names, and you are not a US person.
• A feed and a clan are enough social, and Discord is fine for talking.

Choose Cherry if:

• Your wallet is your identity and you want to DM or be found by wallet address.
• You want a room, gated by what members hold, where the trade and the argument about it happen in one thread.
• You run or pay for an alpha group and want SOL or USDC pricing with a 70% owner share as of 10 September 2026.
• You want no phone, email, or KYC at any step.
• You own a Solana Seeker: Seeker Club had 8,637 members on 11 September 2026.

To try the Cherry side, open chat.cherry.fun , connect a wallet, and type a ticker in any room. If neither fits, the fomo alternatives roundup covers other social trading and chat apps.

FAQ

What is the fomo app?

fomo is a social crypto trading app from fomo Labs, Inc., on iOS, Android, and the web at fomo.family. You fund an account with Apple Pay, a card, or a crypto deposit and trade from one USDC balance across Solana, Base, BNB Chain, Monad, Ethereum, and Robinhood Chain without bridging, alongside a feed, leaderboards, clans, and perps for non-US users.

Is the fomo app safe?

fomo is a venture-backed company with named founders, its App Store listing says “You own all your crypto”, and on February 3 2026 it announced a Face ID gate on exporting your private key; multi-factor authentication arrived on September 9 2026. On 11 September 2026 the App Store showed 4.8 stars from 17K ratings while Trustpilot showed 2.1 from 9 reviews, all one star, describing failed sells and fees. Install only the listing published by fomo labs, inc.

What are the fomo app fees?

fomo advertised a 0.05% fee on major tokens in March and May 2026 ($5 on a $10K SOL buy). Yahoo Finance reported in November 2025 that fomo charged 0.50% per trade with a $0.95 minimum on Solana. fomo publishes no full fee schedule on fomo.family, so check the fee shown before you confirm a trade.

Does the fomo app require KYC?

As of September 2026, fomo does not state its KYC rules on fomo.family or in its App Store description. It has described US on-ramp limits that rise through an upgrade flow, and perps are not available to US persons. Cherry asks for no phone, email, or KYC: your wallet signature is the account.

Does fomo have group chat or DMs?

As of September 2026, fomo’s social features are a feed, theses, follows, leaderboards, clans, and dev tags; it has announced no native DMs or group chat, and fomo.family links a Discord server. Cherry is built around chat: end-to-end encrypted DMs to any wallet address and token-gated, NFT-gated, and paid group chats.

Sources

• fomo.family
• fomo on the App Store
• Yahoo Finance on fomo’s $17M Series A , November 6 2025
• fomo.family reviews on Trustpilot