f entering Alaska from the south then Foggy Bay is the only place you are permitted to anchor prior to clearing in at Ketchikan. If you wish to avail yourself of this dispensation you should call US CBP in Ketchikan prior to departing from Canada and inform them of your intentions. If heading south then Foggy Bay is a good place to wait for suitable conditions to cross Dixon Entrance.
Outer Foggy Bay is very exposed to wind and swell and feels the full brunt of any afternoon inflow breeze that may be blowing. There is a measure of protection from the swell in the south east corner but this is used as an anchorage by local fishing boats.
Most pleasure craft will anchor in inner Foggy Bay which is perfectly sheltered from wind and swell and offers excellent holding in 8-10m of water, thick mud bottom, and swinging room for 8-10 vessels without requiring shore lines. However the entrance requires care, especially since the outer of the 2 narrow passages that have to be traversed to reach the inner bay, is exposed to the swell and not something you would wish to attempt in a fresh or strong wind from a SW sector.
Caution- the depth shown on the Navionics charts for inner Foggy Bay are incorrect and the datums are similarly awry. If entering or leaving in fog (true to its name it was foggy for both our arrival and departure!) you would be better trusting your radar rather than a chart plotter. We found depths in the Inner Bay averaged 8-10m and when exiting through the Narrows at low water springs the shallowest point we encountered was 4m.