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LondonBit (londonbit.co.uk)is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! London Bit scam works by getting you to believe you can become rich by trading with them.
Choosing the right brokerage in your online trading journey can have a big impact on the outcome. There are lots of people out there who have the knowledge and skills to succeed in trading, but are unable to achieve their goals because they end up on the wrong platform.
As a matter of fact, some of them end up losing their investment entirely because they were swindled. How? A number of brokerages are actually scams looking to exploit people because there is a great deal of money involved. Since no one wants to opt for such a platform, going through this LondonBit review is a must.
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One of the biggest reasons that people end up making the wrong choice in terms of a brokerage is because they do not do their homework. You want to start trading as quickly as possible in order to make the most of the opportunities available, but this does not mean that you select a brokerage at random.
It is a must to take a look at the company carefully to ensure there are no issues that might point towards a problem. If there are, it is best for you to look at other options and keep yourself safe from a trap of any kind.
This is precisely what you need to do in the case of LondonBit that comes off as a reputable forex and CFD brokerage, but is actually a fraudulent brokerage. At first glance, you cannot highlight any issue with LondonBit because it has put forward a convincing website and offers people the option of trading shares, forex pairs, energy and soft commodities, indices, crypto coins and precious metals.
There is also talk of international regulation at LondonBit and this also sounds impressive. But, when you do your homework and take a closer look, you will come across the issues and inconsistencies that point to something else. What is it? Let’s find out:
Licensing and regulation
The licensing and regulation of an online broker is extremely important because it is a measure of a company’s trustworthiness. A brokerage operating without a license and necessary authorization cannot be trusted because they cannot offer you any protections.
In addition, there can be no accountability and that leaves you vulnerable. Of course, this is something you want to avoid, so you should focus on checking the license and regulatory status of the online broker you are considering.
This is where you will first come across trouble in the case of LondonBit because you will find that the brokerage seems to be completely anonymous. You will not find any corporate background, or company name of any kind.
In fact, there is not even a corporate address available, which means you do not know where the brokerage is based. The only thing you will find on their website is some vague reference to Saint Vincent and the Grenadines.
The mention also offers no reassurance because SVG is known as an offshore jurisdiction that does not regulate its forex market. Thus, even if LondonBit is based there, it is still an unregulated and unlicensed company.
But, it is even more concerning to learn that LondonBit actually goes as far as trying to mislead its clients about its licensing status. You will find that it claims to be ‘internationally regulated’, but it does not mention the name of the regulatory body that regulates it. Likewise, there is no mention of the region where it is regulated.
Therefore, it is clear that LondonBit cannot be trusted because it cannot offer any proof of its regulation and is a virtually anonymous broker.
When you are doing your homework, you should not forget to take a look at the trading platform that the online broker is offering because you will spend most of your time using it for trade execution. It is the software you use for executing your transactions and it also provides the trading tools necessary for accomplishing this goal. Hence, the platform is crucial in your trading journey and you need to assess it carefully to ensure it can do the job well.
In its presentation, you will find that LondonBit claims to offer the MT5 trading platform, which sounds quite impressive because it is the top trading platform in the market. It is considered the leading choice of professional traders because it is equipped with state-of-the-art trading tools and technology that can deliver a smooth trading experience.
But, it is one thing to claim it and another to offer it. Unfortunately, you will come to know that LondonBit does not have the MT5 platform available.
You can go through the LondonBit website and not find the platform available to download anywhere. There is no mention of any other platform, which means there is a strong possibility that no alternative available. The lack of a functional trading platform indicates that you are not dealing with a genuine brokerage because there can be no trading without it.
The trading conditions that LondonBit advertises are said to be lucrative, but that does not appear to be the case. First off, it claims that it has tight spreads, but nowhere does it mention how much they are. There is no demo account available, so you cannot confirm it yourself either.
As far as leverage is concerned, you will see that ratios as high as 1:500 are offered at LondonBit and this is not reassuring either because these can be extremely dangerous. Leverage can increase your profits, but also your losses, so such high ratios are never a good sign.
The fact that none of the payment methods supported at LondonBit offer you the option of chargeback cannot be ignored. They support bank wire transfers, bitcoin and USDT payments and two third-party payment providers. You will not be able to get your money back if there is any problem and this is exactly what LondonBit is counting on.
Considering the issues that you discover when you do your homework in the case of LondonBit, you can see that it is not a brokerage that you can trust.