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Cloud Mining FX (cloudminingfx.net) is yet another shaky cloud mining platform. Over the past few weeks, the platform has failed to release any funds. And this has led to several investors losing a large chunk of funds. We have to end this charade, and the FSA just issued a warning regarding the platform. Those who engage with the platform pay dearly. Here’s what you need in our detailed CLOUD MINING FX REVIEW.
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To start, we must check the pros and cons of dealing with such a platform. Before investing in any platform, experts recommend researching it. Try and find out why the platform is the best in terms of outcome.
And that’s where naïve investors go wrong. Most of them sign up due to failure to do due diligence. These investors are usually enticed by the high-profit margins within a short time.
You need to look into some features when investing with any platform. For example, is the platform licensed or registered by a known regulatory oversight body? Also, what’s the experience of other investors with the platform?
Try and read reviews of crypto investments to find out the scale of scams targeting investors. And that’s why we have decided to expose the platform. It already faces warnings from several European regulatory authorities.
Here’s what to look out for on any platform;
And here’s where you find the first mistake that points to a clone. On the about us page, the platform goes by the name Bitfx. It’s an error as the about us page should be talking about Cloud Mining FX.
The Story goes that cloudminingfx.net is a global CFD and Forex broker. Finally, we get the touching Story of how the platform receives its trust from proven strategies. All in all, you shouldn’t believe everything you see on the page.
There is a lot of missing information regarding the background of the entire platform. For example, when did it start, and its mission objective. These are the issues that investors need to know before proceeding with the platform.
With the error, we firmly believe that this is a cloned platform. Such platforms usually use the website design of a previously exposed platform. We have reviewed another platform with a similar name, BitFX Investment.
It goes to show that these two may be intertwined. The two could have the same owner trying to target another class of investors. The owner decided to use the same website design as the first one already exposed.
The disclaimer at the footer of their homepage is where the platform lies to investors. There’s a barrage of claims that several regulators regulated the platform. These include CySEC and the FSA.
Thank God these regulators have come out and claimed no part in registering the platform. It goes to show the risks involved when investing with the platform. Here are some of the other features we found disturbing on the platform;
Cloud Mining FX offers four account types to choose from. These include Starter, Advanced, VIP, and Premium. Each account provides a different ROI and no indication of the vesting period.
Let’s take a closer look at the four account tiers;
As the name suggests, the account targets newbies or those looking to start investing with the platform. You must deposit a minimum of $1,000 to $3,000 to start. There are no mentions of trading accounts with the starter plan.
It’s the account for the advanced investor or one who wants to get more out of the initial investment. You have to deposit $3,500 to a maximum of $4,999. You also don’t get any additional information on the account.
For the VIP plan, investors must deposit a minimum of $5,000 to a maximum of $9,999. There’s zero information on the vesting timeline or any other forex trading. And that means investors will wait to see whether it’s possible to hit the expected profit margins.
It’s the most exclusive account, with investors having to deposit $10,000 to a maximum of $50,000. The platform dares to mention that the profit from cloud mining is a guarantee.
One of the things we noticed with these accounts is the lack of information. As the platform claims to offer forex trading, there are no mentions of trading features. As a result, you don’t get to know whether the platform trades on your behalf.
Regarding forex trading, you expect the platform to mention the available features. These include good leverage on different assets and spreads. Unfortunately, that’s not the case, as the platform wants investors to sign up blindly.
We suspect that the platform will attempt to trade on your behalf. If that’s the case, it should make investors aware. Most investors get the promise of having their accounts traded by professionals. Who are these professionals on the platform’s payroll?
Investors don’t know the expected ROI for each plan. All you have is a deposit number without knowing the minimum vesting period. And that points to a platform only interested in your deposits.
There are five classes of trading instruments available on the platform. These include commodities, cryptocurrencies, forex, indices, and stocks. Some commodities to trade with include crude oil, natural gas, sugar, etc.
The platform fails to mention the available crypto pairs on the platform. However, we saw the listed features after several attempts to click the crypto page. These include maximum leverage of 1:10 on 11 pairs with cryptos on crypto and crypto on fiat.
After clicking on the forex part, we noticed the information didn’t change. We saw a table of crypto assets and none on forex pairs. That means the platform is far from severe when offering forex trading.
Indices available include known markets such as DAX, Dow Jones, Nikkei, S&P 500, etc. Indices are vital in the trading world, especially for day traders. This is because it shapes the prices of products on a global scale.
We don’t know the number of shares available for trading on the platform. You would get shares from companies in all sectors on an open platform. This also means getting the most traded shares in the tech industry.
Bitfx Asset Ltd is the entity named as the sole custodian of the platform. However, there’s no registration of such a business under any regulatory oversight. And that points to an anonymous and unregistered trading platform.
Anonymity should be the last option when trading online. There’s no way of recovering funds from an anonymous platform. We recommend avoiding such platforms as the results are dismal at best.
Cloud Mining FX faces several warnings from established regulators. That’s enough reason to stay away from it. But unfortunately, without any regulatory framework, you won’t enjoy the much-needed protection from regulators.
Please avoid investing or trading with cloudminingfx.net.
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