You shouldn't try to use "cloud mining" because it does have a lot of fraud, and the cost of "cloud mining" is high! If you really want to mine, then you should choose to buy a real mining machine to get started!
Yeah it is very risky and somebody can take all your investment. it is better to mine yourself and if you see there is no profit or the margin is too low then leave it and start some other business to invest in some Altcoin. It will be better for you. You can make money from your investment in bitcoin or Altcoin but with low investment in mining you can lose your money.