Fiatvisions aka Fiatvisions.com – Scam and Fake DMCAs
Fiatvisions is a forex broker based in Mauritius. It is an undertaking of Green Point Technology Ltd whose registered address is 132 St. Jean Rd, 5th Floor Orbis Court, Quatre Bornes, Mauritius.
Initially, they might seem attractive.
But according to the various Fiatvisions.com reviews I found online, they are a scam.
Fiatvisions is an offshore broker which lets you trade Forex, commodities and indices. Recently, the forex broker received a warning from the FCA.
Hence, I don’t think anyone should trade with them. FCA only issues warnings against brokers it suspects to be fraudulent.
If one of the most reputed regulators of the forex industry suspects Fiatvisions is a scam then you should stay away from them.
In this review, I have shed more light on how this broker operates and why you should avoid them at all costs:
FCA Warning Against Fiatvisions
In March 2022, Financial Conduct Authority of the UK issued a warning against Fiatvisions. They said the firm might be offering financial services in the UK without their authorization.
The FCA said this forex broker doesn’t have authorization to offer its servies in the UK. So, if you trade with them, you wouldn’t have access to the Financial Ombudsman Service or the protection of the Financial Services Compensation Scheme.
Also, the FCA added in the warning that people are unlikely to get their money back if something goes wrong with Fiatvisions.
The warning shared additional details of the forex broker including its contact number and website.
Fiatvisions.com Review: Are They Legit?
No, in my Fiavisions.com review, I don’t think they are legit.
They are an offshore forex broker which has received a warning from teh FCA.
On top of that, they have unfavorable trading conditions and an unknown trading platform. The broker doesn’t share any information on the people running their operations, which is a huge negative point.
Although they have a license from the Financial Service Commission of Mauritius, it’s not a strict regulator.
For example, it took FSC a lot of time to realize its citizens were getting scammed by OmegaPro. They issued a warning against the scam after several foreign regulators had already done so.
Additional Red Flags in Fiatvisions
According to several Fiatvisions.com reviews and their website, I found the following red flags:
High Minimum Deposit
The minimum deposit requirement of Fiatvisions is $5,000.
This is too high in comparison to industry standards. Reputed forex brokers keep their minimum deposit limit around $5 or $10.
Some even have a minimum deposit requirement of $1.
It’s a red flag when a broker has such a high minimum deposit because it increases your financial risk.
Usually, the minimum deposit amount is the sum you are ready to lose if the broker turns out to be a scam.
So, such a high minimum requirement is a huge red flag.
Fiatvisions has multiple additional account types:
- Beginners Account (Minimum Deposit $5000)
- Basic Account (Minimum Deposit $25,000)
- Silver Account (Minimum Deposit $100,000)
There is no information available on their offered spreads which is another huge drawback.
Such lack of transparency doesn’t instill confidence in the broker and I can’t recommend them due to this reason alone.
Fiatvisions Has a Shady Trading Platform
The trading platform of this company is an in-house one. They have their own trading platform which is a huge red flag.
Most of the reputed forex brokers I know offer MT5 or MT4 to their clients. That’s because these two platforms offer their customers with a ton of features you won’t find anywhere else.
Because they use an in-house trading platform, it makes me question their reliability more.
I have seen plenty of brokers which use their own trading platforms so they can “rig” the trades of their customers and take more of their funds.
For example, Tiger Trade has received a ton of complaints for rigging the trades of its customers. Some of Tiger Trade’s clients have lost over $5000 because of this shady tactic.
Even if I ignore the elephant in the room, having an unknown trading platform has its own set of problems.
It can have bugs, technical issues and glitches which might hinder your trading experience substantially.
So, it’s a huge drawback of trading with Fiatvisions.com.
Unfavorable Terms and Conditions
I went through the terms and conditions of Fiatvisions and found them to be quite unfavorable. For example, the company has a minimum withdrawal limit of $50 for wire transfer.
So, you can’t withdraw any funds if your balance is less.
Furthermore, if your withdrawal method is different from your deposit method, you’d need their written approval for it. To get an approval, you would first need to write an email to their customer support.
Similarly, they might charge you fees for not meeting their “statistical requirements”. They haven’t explained these requirements in detail so it’s extremely difficult to understand.
Moreover, they might charge you 4% annual interest with additional daily interest according to your trading activity.
Also, you don’t have the right to file a chargeback, which is probably the second-biggest red flag after the FCA warning.
Basically, if they charge you fees without your consent, you don’t have the right to ask the bank or the payment processor to refund that payment. Furthermore, the company can cancel or block your withdrawal request whenever it wants.
Such terms and conditions suggest Fiatvisions has some fishy intentions. These provisions are completely in favor of the company and offer little to no benefits to their customers.
Fiatvisions is Using Illegal Marketing Tactics:
Certainly, when a forex broker has so many red flags, it would have its critics.
Fiatvisions is no exception.
But instead of listening to the criticism, the offshore broker is using illegal marketing tactics to hide any negative press.
Someone representing Fiatvisions.com is posting fake DMCAs notices against articles and posts highlighting the flaws of this broker.
A fake DMCA is when someone copies your content, posts on their website and change its date. Then, they tell Google that their post is original and you copied them.
Because their date of posting it is older than yours, they might succeed and Google will take your content down from its search results.
It’s fraudulent and illegal.
ACE Holdings Bhd is a financial scam which used this tactic recently to take down posts criticizing them.
For example, they have posted a fake DMCA notice against a detailed review. The website they used is a free one and they claim the publication copied content from this free and unknown website.
There are several similar fake DMCA notices online.
Conclusion: Avoid Fiatvisions
After going through the above points, it’s clear that Fiatvisions is not as reliable as it claims to be.
The FCA has issued a warning against them. Furthermore, its terms and conditions are pretty unfavorable.
It has a high minimum deposit requirement and its trading platform is not a reputed one.
Due to these reasons, I don’t recommend trading with Fiatvisions. You should look for a licensed broker and avoid these guys.
Fiatvisions aka Fiatvisions.com is an offshore forex broker and the FCA issued a warning against them. It uses illegal marketing tactics to promote itself and has unfavorable trading conditions.
- FCA issued a warning against them
- Illegal marketing tactics
- Unfavorable trading conditions
- Unknown trading platform