Fincloud – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Fincloud - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://fincloud.life
Founded: 2020
Regulations: Unregulated
Languages: English, Russian, German, Spanish, Italian, Polish, Portuguese
Deposit Methods: Cryptocurrencies
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Currency Pairs, Indices, Soft and Hard Commodities
Trading Accounts and Conditions
Fincloud offers their clients 6 different account types:
- Start: The minimum amount for opening this account is $250. Spreads start from 3 pips onwards. There is a 5% welcome bonus.
- Standard: The minimum amount for opening this account is not specified. Spreads start from 2 pips. There is a 10% welcome bonus.
- Silver: The minimum deposit is not specified. Spreads start from 1.5 pips. There is a 15% welcome bonus.
- Gold: The minimum deposit is not specified. Spreads start from 1.0 pips. There is a 15% welcome bonus.
- Platinum: The minimum deposit is not specified. Spreads start from 0.5 pips. There is a 20% welcome bonus.
- Diamond: The minimum deposit is not specified. Spreads start from 0.3 pips. There is a 25% welcome bonus.
While the broker does not specify the leverage ratios in the account comparison section, Fincloud does mention that they offer a maximum leverage of 1:100.
Fincloud – Advantages
There are no advantages to trading with Fincloud.
Fincloud – Disadvantages
Here are all the red flags that tell us that we are dealing with a scammer:
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No Regulation
Fincloud claims to be based in St.Vincent and the Grenadines. And this is our first red flag about this broker. The SVG FSA (St. Vincent and the Grenadines Financial Services Authority) has clearly stated that they regulate only the banking sector. The authority has made it clear that they do not oversee the forex industry in their jurisdiction at all. This means that there are no laws in place to govern forex brokers who operate out of this country.
Fincloud has not mentioned any other details about their regulation status, therefore we can safely say that we are dealing with an unregulated entity here. Which means that we are dealing with a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by CONSOB
We are not the only ones to have noticed that Fincloud is operating without proper authorization. The Italian financial regulator, the Commissione Nazionale per le Societa e la Borsa (CONSOB), has issued a warning against this broker for operating in their jurisdiction without the required licenses and regulation.
Being blacklisted by a top regulator such as the CONSOB can be no clearer an indication of a broker’s scam.
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Serial Scammer
Besides the fact that Fincloud is unregulated and has been caught out by the CONSOB, a clear indication of Fincloud’s scam is the fact that this broker has actually proven to be a serial scammer.
We know this because while checking on this broker, we found out that this broker has operated (and has been reviewed) previously using other domain names. Some of the ones that we know of are: www.fincloud.capital, www.fincloud.world and www.fincloud.center.
They layout of the website, the content and all details are almost identical to this website that we are reviewing (i.e., www.fincloud.life).
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Poor Trading Platform
On their website, Fincloud advertises that they offer a powerhouse of a trading platform. However, when we registered an account with them and checked their client area, we found out that the platform this broker is actually offering is a poorly designed web-based software – one that we have seen many other scammers use.
Since the trading platform is an online broker’s main offering, legitimate brokers offer their clients the best in the market, which means the MetaTrader 4 or 5 software. These two platforms offer their users a massive range of features and functionalities. Something that is missing in the simplistic software offered by Fincloud.
Such a miss on the main product offering is a huge red flag for a scam.
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Issues with Trading Conditions
We also have issues with the trading conditions offered by Fincloud. While the minimum deposit requirement is not outrageous at $250, it is on the higher side when you consider the fact that there are so many legitimate and well-known brokers with whom you can open accounts for less than $10!
As for the spreads, at 3 pips for the EURUSD, they are much too expensive. The industry average for spreads for this benchmark pair is between 0.5 pips and 1.5 pips.
And now, about the leverage ratios. Fincloud offers a maximum leverage ratio of 1:100. All the countries that Fincloud is targeting – the UK, the EU member countries, etc. – all have strict limits on how much leverage brokers are allowed to offer. And that limit is set at 1:30. This step has been taken by regulators to prevent brokers from taking undue advantage of traders and also from prevent seriously heavy financial losses for all parties concerned.
Therefore, the 1:100 leverage offered by this broker is simply illegal. Another sign of their scam.
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Bonuses Offered
Fincloud clearly advertises their bonuses. However, what the broker does not advertise is how unfair these bonuses actually are – and that they are actually banned in all the jurisdictions that they are targeting.
When you check this broker’s terms and conditions, you realize how unfair these bonus conditions really are. To be able to withdraw your funds, you will need to meet the minimum trading volume target of 25 times the bonus amount and your original deposit! This is an almost impossible task, which means that you will never be able to withdraw your funds!
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Crypto Only Funding Method
The only way that you can carry out transactions is by using cryptocurrencies, which a typical tactic used by scammers. This is because crypto transactions are all permanent and untraceable. Which means that once your money is gone, there is no way you will be able to get it back.
Conclusion
Fincloud is a serial scammer and trusting them would be a sure way to lose your funds.
Fincloud
Pros
- None
Cons
- Lack of Regulation
- Blacklisted by CONSOB
- Serial Scammer
- Poor Trading Platform
- Issues with Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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