The forex exchange Fiatvisions is based in Mauritius. It is a business run by Green Point Technology Ltd, whose official address is 132 St. Jean Rd, 5th Floor Orbis Court, Quatre Bornes, Mauritius.
At first, they might look appealing. But based on the reviews I read online, Fiatvisions.com seems to be a scam.
Fiatvisions is an offshore broker that lets you trade Forex, commodities, and stocks. The FCA sent a warning to the forex firm not too long ago. I don’t think anyone should do business with them because of this. FCA only warns about brokers it thinks are trying to scam people.
If one of the most trusted forex officials thinks Fiatvisions is a scam, you shouldn’t do business with them. In this review, I explain how this company works and why you should stay away from them at all costs:
FCA Warns People Not to Use Fiatvisions
In March 2022, the UK’s Financial Conduct Authority warned people not to buy Fiatvisions. They said the company might be doing business in the UK without their permission.
The FCA said that this forex dealer is not allowed to do business in the UK. So, if you trade with them, you won’t have access to the Financial Ombudsman Service or the safety of the Financial Services Compensation Scheme.
Also, the FCA said that if something goes wrong with Fiatvisions, people are not likely to get their money back. The warning gave more information about the Forex company, such as its website and phone number.
Review of Fiatvisions.com: Are They Real?
No, based on my study of Fiavisions.com, I don’t think they are real. The FCA has warned them about their business as an offshore forex dealer. On top of that, they have bad trade conditions and a trading platform that no one knows about. The broker doesn’t tell you anything about the people who run their business, which is a very bad thing.
The Financial Service Commission of Mauritius has given them a license, but it is not a strict regulator.
For example, it took FSC a long time to figure out that OmegaPro was ripping off its people. Several foreign officials had already warned about the scam, so they did the same.
More Red Flags in Fiatvisions
Several reviews of Fiatvisions.com and their website gave me the following warning signs:
The minimum Deposit Is Too High
The least you can put down on Fiatvisions is $5,000.
Compared to the norms of the industry, this is too high. Forex companies with a good reputation set the minimum deposit amount at around $5 or $10.
Some even have a minimum deposit fee of $1.
When a broker has such a high minimum payment, it’s a red flag because it puts your money at risk.
Most of the time, the minimum payment is the amount you are willing to lose if the broker is a scam.
So, a minimum requirement that high is a big warning sign.
Fiatvisions has several other types of accounts:
- Beginner Account ($5000 minimum deposit)
- The minimum deposit for a basic account is $25,000.
- Silver Account (Deposit of at least $100,000 required)
- Another big problem is that there is no information about the spreads they offer.
Such a lack of openness makes me not trust the broker, so I can’t suggest them for that reason alone.
Shady Trading Platform
This company has made its trading tool. They have their platform for trading, which is a big warning sign.
Most reputable forex brokers I know offer their customers either MT5 or MT4. This is because these two apps have a lot of features that you won’t find anywhere else.
Because they have their trading site, I am less sure I can trust them.
I’ve seen a lot of brokers use their trading tools to “rig” their customers’ trades and get more of their money.
For example, Tiger Trade has gotten a lot of complaints about how it messes with its clients’ deals. Because of this shady method, some of Tiger Trade’s clients have lost more than $5,000.
Even if I ignore the obvious problem, having a trading tool that I don’t know much about has its problems.
It can have bugs, technical problems, and glitches that can make it hard for you to trade.
So, this is a very big problem with dealing Fiatvisions.com.
Unfavorable Terms and Conditions
I read through Fiatvisions’s terms and conditions and didn’t like what I saw. For example, the company has a cap of $50 for wire transfers as the lowest amount you can withdraw.
So, if you don’t have enough money in your account, you can’t take any out.
Also, if the way you remove money is different from the way you put money in, you would need their written permission. To get a clearance, you would first have to send an email to their customer service.
In the same way, they may charge you fees if you don’t meet their “statistical requirements.” They haven’t gone to length about these requirements, so it’s very hard to understand.
Also, they might charge you an interest rate of 4% per year, plus daily interest based on how much you trade.
Also, you can’t file a refund, which is probably the second biggest red flag after the FCA warning.
If they charge you fees without your permission, you can’t ask the bank or payment provider to give you that money back. Also, the company can cancel or block your request to take money at any time.
These terms and conditions hint that Fiatvisions is up to no good. These rules are all in favor of the company and don’t help their customers much, if at all.
Beware.
Fiatvisions’s marketing methods are against the law
When a forex exchange has so many red flags, there are bound to be people who don’t like it.
Fiatvisions isn’t any different.
But the foreign broker isn’t listening to the criticism. Instead, he is using illegal marketing methods to hide any bad news.
Someone who works for Fiatvisions.com is putting up fake DMCAs on stories and posts that point out the problems with this broker.
When someone takes your work, puts it on their website, and changes the date, that is a fake DMCA. Then, they tell Google that their post is original and that you copied it.
Because they posted it before you, they might be able to get Google to remove your content from search results.
It’s a scam and against the law.
ACE Holdings Bhd is a financial scam that recently used this method to get rid of posts that were bad about them.
For example, they put up a fake DMCA warning against a detailed review. They used a free website, and they say that the magazine copied material from this unknown free website.
There are several fake DMCA letters online that look the same.
Fiatvisions could also put up a fake DMCA notice to get this story taken down. If they do, I will add a new paragraph and say so in this one.
Stay away from Fiatvisions
After reading the above, it’s clear that Fiatvisions is not as trustworthy as it says it is.
The FCA has warned people not to do business with them. Also, its terms and conditions aren’t all that good.
It requires a large minimum deposit, and its trading tool isn’t well-known.
Because of these things, I don’t think you should trade with Fiatvisions. Look for a registered broker and stay away from these guys.
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