Here we report a study of chain formation and the magnetic anisotropy induced by them in suspensions of slightly anisotropic FeO nanoparticles in water and in aqueous VO suspensions. An investigation into the magnetization of the fluid and frozen suspensions, the application of dynamic light scattering techniques and the observation of the magnetic anisotropy in the frozen magnetically aligned samples allowed us to confirm the existence of chains of FeO in both suspensions. Our study shows that the magneto-induced anisotropy appearing in magnetic fields in colloids with FeO particles is mainly due to many particle (chain) magneto-induced anisotropy, but not due to single particle magneto-induced anisotropy connected with particle shape anisotropy. In other words, the single particle magneto-induced anisotropy is much smaller than the many particle (chain) anisotropy. The anisometry of the chains provides effective coupling with the nonmagnetic VO component of the suspension and results in its strong sensitivity to the magnetic field.