FiatVisions

Investigating FiatVisions: A Comprehensive Review

FiatVisions is a CFD broker striving to attract traders through stories about possessing a licensed and award-winning trading platform, along with incredibly favorable trading conditions. Does it anticipate users falling for another scam project? How transparently does the company operate with its clients? Can its promises and offerings be trusted? We will delve into these questions in the upcoming review.

Overview of FiatVisions

We started acquainting ourselves with the broker from its official website and other internet services. Here’s our impression of this company.

Broker History

FiatVisions provides minimal information about its history. This is quite expected since, according to official data, the broker began its operations only in 2023. Naturally, it is too early to expect significant events or notable achievements from it.

However, FiatVisions has found something to boast about — the website mentions on almost every page that the platform was among the winners of Pan Finance in two categories and aims to increase the number of trophies. We will revisit these events a bit later.

Fiatvisions.com Website

At first glance, the official website draws attention with a colorful banner promising Christmas gifts to those who increase their deposit to at least $10,000. After this, traders find it challenging to objectively assess the design and content of the pages.

To be honest, the broker’s site doesn’t shine in either aspect. The standard page layout looks pale and rather dull. The content, on the other hand, presents several surprises. For example:

• The number of tradable assets is indicated as both 1500 and 900+. While we understand that 1500 instruments realistically mean more than 900, a difference of 600 tickers is substantial for the “+” category from our perspective.
• One of the asset groups is named “Major Currencies,” and in its description, the broker mentions 90 pairs available for trading. However, Forex traders know that there are only 8 major currencies, and this is definitely not enough to form 90 pairs. We understand what the authors meant, but such inaccuracies undermine trust in the platform, reflecting a low level of professional preparation of the staff.

There are quite a few other content-related problems on FiatVisions’ website:

• The broker has refused to include an “About” page, where it could provide some information about the company.
• The creators of the project do not provide information about available payment methods, as well as conditions for non-trading operations (limits, commissions, transaction execution times).
• Materials published by FiatVisions lack market news, analytics, economic calendars, etc.

As a result, the website looks more like a hastily made makeshift creation than a well-thought-out informational resource. It is challenging for us, as well as most experienced traders, to believe that a real licensed broker, striving to attract clients, can afford such negligence. The listed problems are mainly characteristic of scam projects that often employ other, often illegal, methods to attract users.

Registration Process and Personal Account

During the registration process for a new client, FiatVisions attempts to adhere to some standards set by reputable regulatory bodies in the brokerage industry. As a result, the user will have to fill out a fairly comprehensive form, providing information such as:

• Last name and first name.
• Email and phone number.
• Date of birth.
• Country of residence.
• Detailed mailing address.
• Account currency (USD or EUR, to be selected from the list).
• Promo code if applicable.

Additionally, confirmation is required for:

• Familiarity and agreement with the provisions of Terms and Conditions, Privacy, Risk Disclosure, KYC, and AML Policies.
• Confirmation that the user is not a resident of the United States, including tax residency.
• Consent to receive newsletters from the company.

Overall, there is almost no doubt that the broker attempted to meet regulatory requirements. Unfortunately, it did not succeed. After filling out and submitting the registration form, instead of transitioning to the client’s workspace, the user receives an error message.

To resolve the issue, they are offered to make a new attempt (which does not help) or contact customer support. This closely resembles the actions of scammers, many of whom do not accept automatic registration under various pretexts. They open an account only after personal contact and only to those who have demonstrated an interest in collaborating with the broker and are willing to transfer money to their accounts. Representatives of the project are provided with a convenient opportunity to persuade traders to transfer a large sum.

Due to the inability to complete the registration process, we were unable to see the dashboard. Therefore, we cannot judge its functionality or ease of account management.

Trading Platform

Without an active account, we couldn’t explore FiatVisions’ trading platform, which the broker claims received the Pan Finance 2023 award as the Best Trading Platform for Newcomers. However, even without access to the terminal, we have a couple of questions for the broker:

1. Why is authorization required to download mobile versions? Why are the applications not available in the official AppStore and Google Play Market? Does the acclaimed platform not meet their requirements or violate rules?
2. Why is neither FiatVisions nor the company Global Invest Ltd., to which the broker belongs, listed in the winners’ list on the official Pan Finance 2023 website (a fragment of the list, sorted alphabetically, in the screenshot below)?

How should platform users interpret this information? As an attempt to claim a non-existent award or as unreliable information about the platform’s authors? In any case, after such a mix-up, there can be no trust in the published information.

Contacts

Contact information for reaching FiatVisions customer support is available on the Help Center page. Here, you can find:

• Phone number: +18009721281.
• Email: info@fiatvisions.com.

Additionally, an online chat is available on each page of the website. In the footer, along with other registration information, the official company address is provided: Bonovo Road, Fomboni, Island of Mohéli, Comoros Union. However, it looks quite strange — only the street name is given, and there is no indication of building or office numbers. Apparently, this address is rented only for registration purposes and has no connection to the actual location of the office.

Analysis of Services Offered by FiatVisions

Certainly, after the initial introduction, potential clients of the broker are interested in trading conditions and the list of services offered by the company. Let’s see how FiatVisions plans to attract future clients.

Funding and Withdrawal

As mentioned before, on the official website, the project creators have chosen not to disclose information about available payment methods and the conditions for financial transactions. We can only judge them based on the text of documents (Terms & Conditions, Refund Policy). All we could extract from these documents shows that the broker uses the following payment options:

• Bank transfers.
• Credit/debit card transactions.
• E-wallet transactions.

Details about the organization of settlements between the broker and traders could not be ascertained since we don’t have access to the personal account.

FiatVisions Trading Conditions

The creators of the platform have also been sparing in publishing trading conditions. On the page where we expected to see them, we managed to find out a bit:

• The trading involves a floating spread (by the way, it seems that the representatives of FiatVisions are not familiar with this term and denote it as Floating Bid/Ask Difference).
• The maximum leverage is: for currency pairs 1:200; for commodities and indices 1:50; for stocks 1:20, and for cryptocurrencies 1:1.
• There are 5 types of accounts designed for traders.

Tariff plans differ in the minimum deposit amount:

• Beginners — $5,000.
• Basic — $25,000.
• Silver — $100,000.
• Gold — $250,000.
• VIP — $1,000,000.

Other differences, such as access to daily trading signals, trading academy with video courses and webinars, have no relevance to trading conditions and are unlikely to interest real traders. They are designed for beginners who are unable to make independent decisions. However, this is the most profitable audience as they are easily persuaded to make large deposits and quickly lose them, enriching FiatVisions.

Unique Features

FiatVisions lacks imagination when it comes to interesting additional services. The only thing that could be considered is the promotion with “XMAS custom-made packages.” However, it is targeted only at those who can increase their deposit to $10k, and the conditions are kept secret. To find out, one would need to inquire with personal managers.

Is FiatVisions Trustworthy and Reliable?

The broker is quite disappointing: presenting itself as a licensed real platform, it employs various fraudulent tactics. Perhaps a mandatory check of official information about FiatVisions can change our opinion.

Assessing Legitimacy

On the official website and in all documents, FiatVisions states that it belongs to the company Global Invest Ltd. Its registered address is on the Island of Mohéli, Comoros Union, and it conducts brokerage activities based on a license issued by the local financial regulator, Mwali International Services Authority (MISA). The registration number and license number are specified.

Verification confirms these details. The brokerage license was issued to the company in June 2023. However, its presence does not offer real benefits to traders. It comes at a low cost, and practically anyone can afford to purchase it. Moreover, the offshore regulator does not impose strict restrictions on firms, as evidenced by, for example, the leverage ratio of up to 1:200. In the case of violations by FiatVisions, resolving disputes would require going to Comoros Union, a step not everyone would be willing to take.

Established Track Record

Now, let’s assess the time the project has been in existence. Conveniently, this can be done using information about the domain registration date, which can be obtained from a whois service.

We see the domain registration date in 2021; however, the company obtained the license only in 2023. Meanwhile, snapshots from the web archive confirm the broker’s activity since the domain registration date. What was happening before the license issuance date? Was the platform conducting illegal, unlicensed activities, or was it operating under the license of another regulator? The latter option is highly doubtful, otherwise, the broker would have been informed about the replacement of regulatory documents. The former, however, easily explains the company’s adherence to practices that are far from the best when dealing with clients.

Implications for Traders

FiatVisions — a CFD broker that obtained a license offshore in 2023 and currently operates based on that license. However, minimal restrictions from the regulator and the widespread use of methods typical for scammers raise concerns and do not instill complete trust in the platform. We recommend refraining from opening and funding accounts within this project.

Strengths and Weaknesses