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Fraud News: Fiatvisions Scam Case Update

Fiatvisions

The Fiatvisions: An Introduction

Fiatvisions, a foreign exchange broker, is a subsidiary of Green Point Technology Ltd. that is completely owned by the company. The company’s operations are carried out from the corporate headquarters of Green Point Technology Ltd., which is located on the island of Mauritius.

The firm’s registered office may be found at Orbis Court, Fifth Floor, 132 St. Jean Road, Quatre Bornes, Mauritius. This is the address of the company. It is at this place where the headquarters of the firm are now housed.

According to a significant number of site audits, Fiatvisions has been identified as a potential scam, even though it has an appealing profile.

Even though it permits trading in foreign currencies, commodities, and indices, the authorities who are responsible for monitoring the financial industry have lately begun an inquiry into the offshore broker.

Fiatvisions: Warning from the Financial Conduct Authority

(Source)

The Financial Conduct Authority (FCA) of the United Kingdom issued a formal warning about Fiatvisions in March 2022. The Financial Conduct Authority (FCA) brought to light the possibility that Fiatvisions is providing financial services in the United Kingdom without the appropriate permission. 

As a result, any financial transactions or exchanges that are carried out with Fiatvisions by individuals residing in the United Kingdom are not covered by the regulatory framework of the Financial Conduct Authority (FCA). 

As a consequence of this, traders would not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme, which would considerably increase the likelihood of experiencing a financial loss.

If Fiatvisions has problems, the warning issued by the Financial Conduct Authority emphasizes that it is very improbable that clients would be able to retrieve their payments. 

Additionally, the notice included additional contact information as well as the website of the firm, which served as a strong caution against associating with this broker.

Credibility of Fiatvisions

Several problematic characteristics of Fiatvisions are revealed via a careful analysis, including the following:

  1. Offshore Activity Regulation:

The Financial Service Commission (FSC) of Mauritius has authorized Fiatvisions to do business. This authorization allows Fiatvisions to provide their services. The regulatory criteria of the Financial Services Commission (FSC), on the other hand, are sometimes seen as being less strict when compared to those of more established financial authorities such as the Financial Conduct Authority (FCA). Concerns have been raised concerning the broker’s operations and compliance as a consequence of this, which has led to suspicions.

  1. Opaque operation:

When it comes to the information that Fiatvisions gives on its management and operational department, there is a lack of openness. Consequently, the credibility and integrity of the broker are called into question as a consequence of this lack of transparency, which makes it difficult for potential consumers to have trust in the services that the broker offers.

High Minimum Deposits

A minimum deposit structure that is exceptionally high is mandated by Fiatvisions:

  • Beginners Account: $5,000
  • Basic Account: $25,000
  • Silver Account: $100,000

The deposit requirements of many respectable brokers range from as little as one dollar to ten dollars; nonetheless, these deposit amounts are far greater than the norms that are generally accepted in the market. 

Traders are put in a position where they are vulnerable to enormous financial risks as a consequence of the high entry points. 

This is especially true when one considers the possibility that the broker is involved in fraudulent activity. 

Because the higher deposit requirement is a significant warning signal that ought to prompt prospective investors to take precautions, they need to exercise caution.

Weird Platform for Traders

In the trading sector, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two platforms that are often used. However, Fiatvisions utilizes its proprietary trading platform, which is distinct from both of these trade platforms. 

The use of a platform that is not standard raises concerns about the reliability and openness of the platform. 

This is a pattern of behavior that has been seen in several previous situations in which proprietary platforms were used to exert influence over transactions. 

Furthermore, there is an increased likelihood that such platforms might be exploited to the detriment of traders.

Additionally, private trading platforms may be plagued by bugs and other technical issues, which may make it more difficult for traders to acquire expertise and increase their efficiency. This may be a disadvantage for traders. 

The lack of a trading platform that has been proven to be stable and trustworthy is another factor that contributes to the erosion of confidence in Fiatvisions.

Fiatvisions: Negative Restrictions and Policies

The terms and conditions of Fiatvisions include several stipulations that put traders at a disadvantage, including the following:

  • Limit for Minimum Withdrawal

Wire transfers cost $50, which limits the amount of money that may be accessed from accounts that have smaller balances.

  • Methods of Withdrawal Approval

To employ a withdrawal method that is different from the one that was used for depositing money, customers are required to get written consent. This results in additional complications and delays that are not essential.

  • Uncertain Costs

There is a possibility that the broker may charge fees for failing to satisfy “statistical requirements,” which are not precisely defined, making it difficult for customers to comprehend the possible expenses that may be requested.

  • Annual and Daily Interest Charges

The annual interest rate is 4%, and there is an extra daily interest charge that depends on the amount of trading activity that occurs.

  • Regulations Regarding Chargebacks

Chargebacks are not allowed to be filed by customers, which limits their ability to contest charges or fees that were not originally approved.

Customers are hampered in their capacity to successfully manage their accounts as a result of these circumstances, which are strongly favorable to the broker.

Fiatvisions: Doubtful Advertising Strategies

Allegations have been made that Fiatvisions has engaged in dubious marketing practices to block negative remarks via the use of marketing strategies. 

It has been reported that officials at Fiatvisions have reportedly issued fraudulent notices under the Digital Millennium Copyright Act (DMCA) against content that is regarded as being of essential importance. 

They are seeking to persuade Google to remove the original posts from the search results by claiming ownership of the content and backdating it. 

This would eventually lead to the suppression of criticism when they are successful in their endeavor. 

The reputation of the broker is further tainted as a result of this unethical method of dealing with unwelcome news, which also raises significant ethical concerns. 

Conclusion

Avoid Fiatvisions for Safe Trading!

The substantial problems that Fiatvisions creates are the responsibility of Green Point Technology Ltd., which is situated in Mauritius. Traders and investors should steer clear of Fiatvisions because of these problems.

A detailed analysis reveals various warning signs, including a warning from the Financial Conduct Authority (FCA) of the United Kingdom, questionable operating procedures, a lack of transparency, and extremely high minimum deposit requirements. Despite their initial attractiveness, these red flags are revealed when the inspection is carried out.

The high deposit requirements, the untested trading platform, and the stringent terms and conditions are only some of the numerous concerns that raise questions about the dependability of Fiatvisions.

However, the fact that they use dishonest advertising strategies to erase unfavorable comments just serves to make their credibility even more questionable.

Considering all of these factors, you should steer clear of doing business with Fiatvisions.

Traders should look for brokers that have strong regulatory credentials, operations that are transparent and honest, and conditions that are clear and plain to create a trading environment that is reliable and secure.

If you give these brokers priority, you may be able to boost trading security and lower financial risk.

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