FinCloud Review – The Disturbing Facts about this Broker

FinCloud Review

You have come to this FinCloud review because you want to find a professional and suitable online broker that can help you leverage the opportunities available in the financial markets. The sheer number of platforms that you discover online can result in a great deal of confusion and stress.

Most people don’t know what to do and which broker to choose, so they just select the first one that seems decent and others go with a random option. Neither of these are the appropriate method to choose a broker. Why? It is because no two companies will ever be the same.

No matter how similar they may appear to be, or even if their features and offerings are alike, it does not mean that they will deliver in the same manner. Some of the online brokers are truly good, while you may find others lacking.

But, it is the third category that is of the greatest concern and this is of fraudulent brokerages that are just after your money. Do you really want them getting away with it? There is a strong possibility that you don’t, but to make that happen, you should never choose the aforementioned approaches of selecting a brokerage.

Going with a random one, or the first that seems professional could lead to your destruction because these fraudsters know just how to trick you. They deliberately add lucrative offerings to get people to trust them and once they do, they will just take your money and vanish.

When you are looking for a broker, you should make sure there is nothing disturbing about it and it has credibility. You will come to know that FinCloud is not able to so when you go through its offerings.

There are some disturbing facts about FinCloud that should tip you off straight away. What are these? A few of them are highlighted as follows.

The absence of a license

Opting for a licensed online broker is the way to go for you to steer clear of a fraudulent company. Only a legitimate company would have a license issued by a regulatory authority.

This is issued after they are able to meet certain requirements and also have to comply with various policies to ensure that people can enjoy fair, secure and transparent services. To check the license, you need to know where the company is based.

In the case of FinCloud, you will find that it is owned and operated by Surreptitious Group LLC and this company is registered in Saint Vincent and the Grenadines.

This is an offshore jurisdiction that has the reputation of being a haven for scammers. It is because the authorities of the region do not regulate their local forex industry, so anyone can establish their operations and do as they please without worrying about any legal consequences.

Thus, it does not help with FinCloud’s credibility that it is operating from a jurisdiction that is known to be a favorite of scammers. If that was not enough, you will discover yet another disturbing fact about FinCloud and that is the warning issued against it by the Italian regulatory body, CONSOB.

The warning clearly states that the company has been offering financial services to Italians without obtaining the proper authorization.

Therefore, CONSOB has warned people to not use the services offered by Surreptitious Group LLC, which obviously applies to FinCloud.

A malicious bonus policy

The fact that FinCloud is offering bonuses is something that traders may find appealing; after all, these bonuses can be very lucrative and you have the opportunity to make more profits. But, you should not forget that there is always a catch and this is certainly true for trading bonuses that are offered by online brokers.

These usually come with some conditions that you need to be aware of. Since these conditions were deemed malicious, regulatory authorities in the UK, EU and some other jurisdictions decided to ban trading bonuses altogether.

Therefore, the fact that FinCloud is offering these bonuses should disturb you because it means that there could be something fishy. As it turns out, it really is because the brokerage indeed has a malicious policy to accompany the said bonuses.

This is the infamous clause of ‘non-deposited funds’, which says that the profits that traders make with their bonuses cannot be withdrawn.

That sounds reasonable, until you realize that there is no way to distinguish between the profits that you generate via your own deposits and through bonuses. FinCloud does not keep them in separate accounts, so they will be mixed. Essentially, it means that you cannot withdraw anything altogether and your funds are gone for good.

An oversimplified trading platform

The trading platform that you are provided at FinCloud is rudimentary at best and this oversimplified platform cannot be used for doing any advanced trading. Even beginners will not find much use of such a simple web trading platform.

It does not have the tools that really make a difference and the user-interface is also not something that will catch your eye. Professional brokers will always offer you good platforms like the MT5 because they know that it can affect your performance.

Uncompetitive trading conditions

Last, but definitely not the least, the trading conditions that FinCloud offers will disturb every single trader. This is because they are extremely uncompetitive and are not likely to let you make much profits.

Why would you bother trading when the costs are too high? The spreads that FinCloud offers are 3 pips and this is three times more than what most authentic companies offer.

The leverage goes as high as 1:200 and this can be extremely risky, so it should not be considered a favor. In fact, such high leverage ratios are actually forbidden by regulatory authorities and they have capped them to minimize risks, yet FinCloud does not bother doing so.

Wrapping Up

When these disturbing facts about FinCloud come to light, you can decide to not open an account with this broker at all.