For a much more in-depth look at Factions, check out this article. It’ll answer the question, “Which one is right for me?”
New Monarchy
New Monarchy believes that together, the Guardians can rebuild their lost Golden Age, and that true leaders for the City can be found…or forged. New Monarchy’s representative in the Tower, Executor Hideo, is a vendor who sells New Monarchy-themed weapons and armor for use by Guardians in the Crucible.
They oversee The Grand Arena and Executor’s Challenge. It’s an organization dedicated to the City, attempting to bring back the Golden Age, who support the Queen of the Reef.
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Dead Orbit
Dead Orbit believes that the Guardians’ destiny lies not with the Traveler, but out among the stars. They seek to leave the Earth and travel to a new home. Dead Orbit’s representative in the Tower, Arach Jalaal, is a vendor who sells Dead Orbit-themed weapons and armor for use by Guardians in the Crucible.
They oversee Dead Sectors and Ancient Relics.
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Future War Cult (FWC)
The Future War Cult believes in the inevitability and, indeed, the necessity of conflict. They seek not to leave or to rebuild, but to wage war, in all its forms. FWC’s representative in the Tower, Lakshmi-2, is a vendor who sells FWC-themed weapons and armor for use by Guardians in the Crucible.
FWC oversees Eternal War and Machines of War. They are known for their military prowess, and are also known for being very secretive. They are also deeply concerned with fate, and whether or not it’s possible to alter history altogether.
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Queen’s Wrath
The Queen requires the elimination of certain targets, and her Emissary in the Tower will reward you for completing her bounties (limited event).
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Iron Banner
A Faction led by Lord Saladin, a veteran of the Battle for Twilight Gap, the Iron Banner (limited event) seeks the mightiest of Crucible combatants to lead the war against the Darkness.
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Osiris
The Osiris Faction’s name is based off the Egyptian god of death and the afterlife. Little is known about this Faction, but it appears that they promote the Trials of Osiris. To read more about the Trials, click here.
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Forces of the City (Vanguard)
The order of veteran Guardians devoted to the protection of the City, the best of the Titan, Hunter, and Warlock orders. All player Guardians belong to the Vanguard initially, as it is the Faction that you automatically represent when you begin the game. All reputation rewards for completing Vanguard Strikes, bounties, and Patrol Beacons go to the Vanguard Faction, unless you choose to represent another Faction by equipped one of their class items.