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FXCLOUDMARKET

United States|2-5 years|
Suspicious Scope of Business|High potential risk|

https://fxcloudmarket.com

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No valid regulatory information, please be aware of the risk!

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Company Name

FXCLOUDMARKET

Abbreviation

FXCLOUDMARKET

Platform registered country and region

United States

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Warning: Low score, please stay away! 2
Previous Detection : 2024-07-24
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

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FXCLOUDMARKET · WikiFX Survey

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FXCLOUDMARKET · Company Summary

Aspect Information
Company Name FXCLOUDMARKET
Registered Country/Area United States
Founded Year 2022
Regulation Not regulated
Market Instruments Forex, Futures, Options, CFDs, Commodities
Account Types Standard, Pro, VIP
Minimum Deposit Standard: $100, Pro: $500, VIP: $1,000
Maximum Leverage Up to 1:500
Spreads Standard: 0.0 pips to 1.5 pips, Pro: 0.0 pips to 1.0 pips, VIP: 0.0 pips to 0.5 pips
Trading Platforms MT4, MT5, cTrader
Customer Support Limited
Deposit & Withdrawal Various methods including credit cards, debit cards, bank wire transfers, and e-wallets.

Overview of FXCLOUDMARKET

Founded in the United States in 2022, FXCLOUDMARKET is a trading platform offering a wide array of financial instruments. The platform provides traders with a comprehensive range of assets, including major and exotic currency pairs, as well as futures, options, and CFDs on various markets. FXCLOUDMARKET boasts competitive account types, flexible leverage options up to 1:500, and supports multiple payment methods for user convenience.

However, a notable drawback is the absence of regulatory oversight, which raises issues about transparency and user protection. The platform's limited customer support channels and reported issues accessing the official website further highlight potential challenges for users, emphasizing the importance of careful consideration before engaging with FXCLOUDMARKET.

Overview of FXCLOUDMARKET

Is FXCLOUDMARKET legit or a scam?

FXCLOUDMARKET operates without regulatory oversight, as it is not governed by any regulatory authority. The absence of regulation raises issues regarding transparency, security, and user protection.

Traders will face increased risks due to the lack of regulatory scrutiny, potentially impacting the credibility and reliability of the platform. Without regulatory safeguards, users are advised to thoroughly assess the associated risks before engaging with FXCLOUDMARKET.

Is FXCLOUDMARKET legit or a scam?

Pros and Cons

Pros Cons
Diverse Asset Selection including Forex, Futures, Options, CFDs, Commodities etc Lack of Regulatory Oversight
Competitive Account Types- Standard, Pro, and VIP Limited Customer Support Channels
Flexible Leverage Options Absence of Web-Based Platform
Multiple Payment Methods No Dedicated Educational Resources
Established Trading Platformss - MT4, MT5, and cTrader Inaccessible Official Website
Withdrawal Processing Time Up to 5 Business Days

Pros:

  1. Diverse Asset Selection including Forex, Futures, Options, CFDs, Commodities etc:

  • FXCLOUDMARKET offers a comprehensive range of trading assets, including major, minor, and exotic currency pairs, as well as futures, options, and CFDs on various financial instruments. This provides traders with a versatile platform for exploring different markets and trading strategies.

2. Competitive Account Types- Standard, Pro, and VIP:

  • The platform provides three account types - Standard, Pro, and VIP - catering to traders with different experience levels and capital sizes. Each account type offers varying leverage, spreads, and commissions, allowing users to choose the one that aligns with their trading preferences.

3. Flexible Leverage Options:

  • FXCLOUDMARKET allows traders to use flexible leverage, with a maximum of up to 1:500. This feature enables users to amplify their market exposure, potentially enhancing profit opportunities. However, effective risk management are advised due to the associated risks of leveraged trading.

4. Multiple Payment Methods:

  • The platform supports a diverse range of payment methods, including credit cards, debit cards, bank wire transfers, and e-wallets. This flexibility allows users to choose the payment method that best suits their convenience and accessibility.

5. Established Trading Platformss - MT4, MT5, and cTrader:

  • FXCLOUDMARKET offers three well-established trading platforms - MT4, MT5, and cTrader. While these platforms lack cutting-edge features or a modern design, they are known for their stability, reliability, and extensive customization options, catering to traders across different experience levels.

Cons:

  1. Lack of Regulatory Oversight:

  • FXCLOUDMARKET operates without regulatory oversight, raising issues about transparency, security, and user protection. The absence of regulatory safeguards pose increased risks to traders, impacting the credibility and reliability of the platform.

2. Limited Customer Support Channels:

  • FXCLOUDMARKET's customer support is limited, lacking a dedicated phone line or live chat. Traders are reliant on email communication, which will result in delayed responses and hinder prompt issue resolution.

3. Absence of Web-Based Platform:

  • The trading platforms (MT4, MT5, and cTrader) offered by FXCLOUDMARKET are not web-based, potentially inconveniencing traders who prefer browser-based access. This limits accessibility for users who do not wish to download and install standalone trading software.

4. No Dedicated Educational Resources:

  • FXCLOUDMARKET appears to lack dedicated educational resources, which could be a drawback for traders seeking guidance and learning opportunities. A robust educational infrastructure is essential for traders, especially beginners, to enhance their skills and understanding of the financial markets.

5. Inaccessible Official Website:

  • There are reported issues accessing FXCLOUDMARKET's official website. The inability to access relevant educational resources and essential information on the official website will hinder traders in making informed decisions and navigating the complexities of the trading landscape.

6. Withdrawal Processing Time Up to 5 Business Days:

  • Withdrawals from FXCLOUDMARKET takes up to 5 business days to complete. This processing timeframe includes internal verification procedures and external processing by financial institutions, potentially causing delays for traders in accessing their funds.

Market Instruments

FXCLOUDMARKET provides a diverse array of trading assets, encompassing a comprehensive range of forex instruments.

Among the major currency pairs available are EUR/USD, USD/JPY, GBP/USD, AUD/USD, and USD/CHF, allowing traders to capitalize on the fluctuations of major global currencies.

The platform extends its reach to minor currency pairs such as EUR/GBP, USD/CAD, AUD/JPY, NZD/USD, and EUR/CHF, providing additional opportunities for market exploration.

For those seeking more unconventional options, FXCLOUDMARKET offers exotic currency pairs like EUR/TRY, USD/RUB, GBP/AUD, AUD/NZD, and EUR/CAD, allowing traders to engage in the unique dynamics of less common currency combinations.

Beyond forex, the platform caters to a broader spectrum of financial instruments, including futures, options, and CFDs on stocks, commodities, and indices.

This diverse asset selection positions FXCLOUDMARKET as a versatile platform, accommodating a wide range of trading preferences and strategies across various financial markets.

Market Instruments

Account Types

FXCLOUDMARKET offers three account types:

Standard Account:

The Standard Account at FXCLOUDMARKET offers a maximum leverage of up to 1:300, with spreads ranging from 0.0 pips to 1.5 pips on the EUR/USD pair. Ideal for beginners and traders with smaller capital, this account type requires a minimum deposit of $100. Although it does not include a demo account, users gain access to popular trading platforms such as MT4, MT5, and cTrader. With a commission of $2 per standard lot, the Standard Account provides a straightforward fee structure.

Pro Account:

For more experienced traders, the Pro Account at FXCLOUDMARKET offers increased leverage of up to 1:400 and tighter spreads from 0.0 pips to 1.0 pips on the EUR/USD pair. Suited for traders with a moderate risk appetite, this account type requires a minimum deposit of $500. Similar to the Standard Account, it lacks a demo account but supports the use of MT4, MT5, and cTrader platforms. The Pro Account introduces a reduced commission of $1.5 per standard lot, enhancing cost efficiency for more active traders.

VIP Account:

Designed for seasoned traders and high-volume investors, the VIP Account at FXCLOUDMARKET provides a maximum leverage of up to 1:500 and ultra-tight spreads from 0.0 pips to 0.5 pips on the EUR/USD pair. With a minimum deposit requirement of $1,000, this account type offers competitive trading conditions. Like the other accounts, it lacks a demo account but supports popular trading platforms such as MT4, MT5, and cTrader. The VIP Account features a minimal commission of $1 per standard lot, making it suitable for those seeking optimal trading terms with larger investment sizes.

Account Type Leverage Spreads (EUR/USD) Commission Minimum Deposit Demo Account Trading Tools
Standard Up to 1:300 0.0 pips - 1.5 pips $2 per standard lot $100 No MT4, MT5, cTrader
Pro Up to 1:400 0.0 pips - 1.0 pips $1.5 per standard lot $500 No MT4, MT5, cTrader
VIP Up to 1:500 0.0 pips - 0.5 pips $1 per standard lot $1,000 No MT4, MT5, cTrader

How to Open an Account?

  1. Visit the FXCLOUDMARKET Website:

  • Navigate to the official FXCLOUDMARKET website using a web browser.

2. Click on 'Register':

  • Look for a prominent button or link indicating account registration. This is often labeled as 'Register'. Click on it to initiate the account creation process.

3. Complete the Registration Form:

  • Fill out the registration form with accurate personal information. This typically includes your full name, email address, contact number, and residence details.

4. Choose Your Account Type:

  • Select the account type that suits your trading preferences and financial capacity. FXCLOUDMARKET offers Standard, Pro, and VIP accounts, each with different features and minimum deposit requirements.

5. Submit Identification Documents:

  • Follow the instructions to submit the required identification documents for verification. This includes a valid ID, proof of address, and any other documents specified by FXCLOUDMARKET.

6. Fund Your Account:

  • Once your account is verified, proceed to fund it. FXCLOUDMARKET supports various payment methods, including credit cards, debit cards, bank wire transfers, and e-wallets. Choose the option that aligns with your preferences and follow the instructions to complete the deposit process.

How to Open an Account?

Leverage

FXCLOUDMARKET provides flexible leverage options, with a maximum leverage of up to 1:500. This allows traders to amplify their market exposure, potentially enhancing profit opportunities.

However, users are encouraged to implement effective risk management strategies due to the inherent risks associated with leveraged trading.

Spreads & Commissions

FXCLOUDMARKET provides three distinct account types—Standard, Pro, and VIP—each offering different spreads and commissions tailored to varying trader preferences.

1. Standard Account:

  • Spreads (EUR/USD): Ranging from 0.0 pips to 1.5 pips

  • Commission: $2 per standard lot

  • The Standard Account is suitable for novice traders or those with limited capital, given its lower minimum deposit requirement of $100. The spreads, while not the tightest, provide a reasonable starting point for entry-level traders looking to gain experience in live markets without incurring excessive costs.

2. Pro Account:

  • Spreads (EUR/USD): Varied from 0.0 pips to 1.0 pips

  • Commission: $1.5 per standard lot

  • The Pro Account caters to intermediate traders who seek a balance between cost and trading conditions. With a minimum deposit requirement of $500, it targets traders with a bit more experience and capital, offering tighter spreads and slightly reduced commissions compared to the Standard Account.

3. VIP Account:

  • Spreads (EUR/USD): Competitive range from 0.0 pips to 0.5 pips

  • Commission: $1 per standard lot

  • The VIP Account is right for experienced or high-capital traders who prioritize the tightest spreads and lowest commissions. With a minimum deposit requirement of $1,000, this account type offers optimal trading conditions for those seeking the most cost-effective and competitive environment.

Trading Platform

FXCLOUDMARKET boasts a lineup of three well-established trading platforms: MT4, MT5, and cTrader. Despite not being the most visually striking options available, these platforms are revered for their dependability, functionality, and adaptability.

  • MT4 stands as the undisputed veteran in the industry, maintaining its status as the industry standard. It holds a massive user community and a wealth of technical indicators, trading tools, and automated scripts. While its interface appears somewhat dated, its stability and extensive customization options remain undeniable.

Trading Platform
  • MT5, the younger sibling, offers improved performance, enhanced charting tools, and incorporates a built-in social trading component. Although not as widely adopted as MT4, MT5's modern interface and additional features make it an appealing choice for tech-savvy traders.

Trading Platform
  • cTrader, a popular alternative, boasts a clean and intuitive interface, advanced order management tools, and a focus on depth-of-market liquidity. Its emphasis on transparency and unique Level II pricing appeals to traders seeking a more direct connection to the market.

Trading Platform

These platforms share several strengths. Their stability and reliability are well-established, and each platform allows extensive customization of charts, indicators, and workspaces to suit individual preferences. Additionally, a wide array of technical indicators, drawing tools, and trading strategies are available on all platforms, making them versatile choices for traders across different levels.

However, there are some weaknesses to consider. The platforms lack cutting-edge features or a modern design, catering more to those who prioritize stability and functionality. Furthermore, there is no web-based platform, which is a drawback for traders who prefer browser-based access. Additionally, while intuitive, mastering the full potential of these platforms require some time and effort.

Deposit & Withdrawal

FXCLOUDMARKET offers a diverse range of payment methods to accommodate the preferences of its traders.

Clients can fund their accounts and withdraw funds using credit cards, debit cards, bank wire transfers, and e-wallets.

This selection provides flexibility for users to choose the method that aligns best with their convenience and accessibility. Whether traders prefer the simplicity of card transactions, the security of bank wire transfers, or the speed of e-wallets, FXCLOUDMARKET aims to serve a broad spectrum of payment preferences.

The variation in minimum deposits across the account types reflects the different features and benefits associated with each tier. Traders can select the account type that aligns with their trading preferences, experience level, and capital availability.

The Standard Account, with a minimum deposit of $100, caters to those with a more modest budget, while the Pro and VIP Accounts, with higher minimum deposits of $500 and $1,000 respectively, offer additional perks and trading advantages for traders with larger capital commitments.

Deposits are typically processed instantly, allowing traders to quickly fund their accounts. However, withdrawals take up to 5 business days to complete. This processing timeframe includes internal verification procedures and external processing by financial institutions, ensuring a meticulous approach to security and compliance.

Customer Support

While FXCLOUDMARKET lacks explicit customer support details, its absence raises issues about user assistance. The absence of dedicated support channels will leave users without immediate solutions to issues.

Conclusion

In conclusion, FXCLOUDMARKET presents traders with a versatile platform featuring a diverse range of financial instruments, competitive account types, and flexible leverage options. The inclusion of major, minor, and exotic currency pairs, along with various market instruments, caters to different trading preferences. The platform's user-friendly trading platforms, including MT4, MT5, and cTrader, offer stability and reliability, further enhancing the trading experience.

However, the absence of regulatory oversight raises issues about transparency and user protection, potentially impacting the platform's credibility. Limited customer support channels, reported issues with website accessibility, and a dearth of dedicated educational resources pose challenges for users seeking assistance and learning opportunities. Traders should weigh these pros and cons carefully, conducting thorough research and considering their individual needs before engaging with FXCLOUDMARKET.

FAQs

Q: Is FXCLOUDMARKET regulated?

A: No, FXCLOUDMARKET operates without regulatory oversight.

Q: What are the minimum deposit requirements for FXCLOUDMARKET's account types?

A: Standard: $100, Pro: $500, VIP: $1,000.

Q: Which trading platforms does FXCLOUDMARKET offer?

A: MT4, MT5, and cTrader.

Q: What is the maximum leverage provided by FXCLOUDMARKET?

A: Up to 1:500.

Q: How long does it take for withdrawals on FXCLOUDMARKET?

A: Withdrawals will take up to 5 business days.

Q: Does FXCLOUDMARKET provide educational resources?

A: Limited information is available, suggesting a lack of dedicated educational materials.

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