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Sounds too good to be true. Who are these people and why should we trust them with our data?

Page title is in cyrillic script. fex.net's IP address is in a Ukraine block, with one contact e-mail in .ua and one in .bg. Contact address at the bottom is apparently in Malta, but they do have a US 1-855 number for their callcenter.

Their TOS says that the service is subject to the laws of Malta.

Registration process begins by entering a phone number. What?

Yeah I used a Google Voice text number to avoid that. I shared your concerns. The $1/mo is misleading. Looks like $2 to me on their Plus page. I might give it a go with some strong encryption, like if Arq supports it. I'm a bit hesitant though.