Note: FinCloud is to operate via the website - https://fincloud.capital/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
FinCloud is allegedly a forex broker registered in Saint Vincent and the Grenadines that claims to provide its clients with leverage up to 1:200 and floating spreads from 0.3 pips on a Webtrader via 6 different live account types.
As for regulation, it has been verified that FinCloud currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.18/10. Please be aware of the risk.
Market Instruments
FinCloud advertises that it is a forex broker that mainly offers forex currency pair trading. However, more specific information about tradable assets cannot be found on the Internet.
Account Types
FinCloud claims to offer 6 types of trading accounts - Start, Standard, Silver, Gold, Platinum and Diamond, with minimum initial deposit requirements of €250, €500, €1,000, €5,000, €15,000 and €50,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
The maximum leverage provided by FinCloud is capped at 1:200. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads
All spreads with FinCloud are a floating type and scaled with the accounts offered. For example, the spread starts from 3 pips on the Start account, while the other five account types (Standard, Silver, Gold, Platinum and Diamond) have spreads from 2 pips, 1.5 pips, 1.0 pips, 0.5 pips and 0.3 pips respectively.
Trading Platform Available
Instead of the world's most advanced and popularly-used MT4 and MT5 platforms, FinCloud gives traders a Webtrader. Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.
Deposit & Withdrawal
FinCloud specifically mentions in the Terms and Conditions that it accepts payments made via credit/debit cards, bank transfers, and different crypto wallets. However, in the client area, we did not get the opportunity to use wire transfer, instead, the options were a few different cryptocurrencies, Visa/MasterCard, and a lesser-known online payment solution called SecurePayment. The minimum initial deposit requirement is said to be $250. Upon each withdrawal, the broker charges you a 20% commission on all profits you have made.
Bonuses & Fees
FinCloud says to offer some bonuses, however, the bonus may only be withdrawn subject to execution of a minimum trading volume of 25 times the deposit amount plus the bonus issued.
The broker also charges an inactivity fee, but it did not specify how big that fee is or how much time it is charged.
Customer Support
FinClouds customer support can be reached by telephone: +39 0507620110, +34 984884169, +43 720022334, +48 221857500, +7 4952250328, email: support@fincloud.capital. Company address: First ST Vincent Bank LTD Building, James Street, Kingstown VC0100, St. Vincent and the Grenadines.
Pros & Cons
Frequently Asked Questions (FAQs)
2023-03-15 14:20
