London Bit Review – These Scammers Are Hiding In Plain Sight
London Bit is allegedly based in the UK, but the company has no physical address to show. Phone numbers, emails and a contact form won’t get you in touch with the London Bit employees. This company is a known scam entity, and as you will see later in our London Bit Review, it’s on the blacklist of the UK’s FCA.
Although at first glance the LondonBit.co.uk website looks the part of a reputable investment company, it doesn’t contain any of the crucial information when it comes to trading. This scam tries really hard to appear legit, going so far to create a myriad of legal documents, many of which contradict each other.
|Is This Company Safe?
|London Bit is a known scam – beware!
|Have Warnings from:
|Cryptocurrencies, Indices, Commodities, Stocks
|Free Demo Account:
|How to Withdraw from This Company?
|London Bit is an unlicensed brokerage. Withdrawing by conventional means may prove difficult. Contact your bank, financial authority, or reach out to our legal experts for aid in recovering your assets.
Does London Bit Have Regulation?
Finding information about the LondonBit fraud was not a very difficult task. This group of swindlers has chosen one of the most heavily regulated and monitored regions to be the base of their scamming operation. The region in question is the UK, and their financial regulator, the FCA, is considered one of the toughest out there.
It didn’t take long to find out that the London Bit Scam has already caught the attention of the FCA. One quick search of the FCA company register quickly yielded all relevant results about LondonBit. This includes the company website domain, contact phone numbers and emails.
You can see the FCA Scam Warning about LondonBit in more detail by following the link below:
Now that we’ve seen the FCA in action, we should review which risk mitigation strategies this financial regulator imposes on the brokers who wish to trade in the UK. One of the main requirements is the starting capital of at least £730 000, and a compensation scheme of £85 000. Maximum leverage allowed by the FCA is 1:30 for Forex and Securities, while 1:3 is the allowed maximum for Cryptocurrencies.
Other safety measures include Segregated Bank Accounts, and Negative Balance Protection. Furthermore, bonuses are not allowed in the UK, and every company must provide full transaction transparency to the authorities.
As we can clearly see, London Bit blatantly ignores the regulatory standards set by the jurisdictions they operate in. Although they claim to feature Segregated Bank Accounts, LondonBit’s Terms and Conditions clearly state that “any funds held in our segregated client funds account will be pooled with, and not kept separate from, funds belonging to other clients”.
Additionally, examining these same Terms and Conditions thoroughly reveals that a client may become indebted to the company! London Bit makes multiple mentions that the client is responsible to provide additional funds to clear different transaction fees, losses, and so forth in due time. This contradicts the Negative Balance Protection, and is against the law in the UK, EU, and many other jurisdictions.
Besides the FCA, we have checked the registry databases of other regulators around the globe. After inquiring the registries of CySEC, BaFIN, MNB, KNF, New SRO, ASIC, NFA, CBR, and HKMA, the search yielded no results. This, combined by the clear Scam Warning issued by the FCA, is rock-solid proof that London Bit is a Scam company!
Client’s Opinions on LondonBit
It isn’t difficult to find the trader’s comments about London Bit. They are numerous and widespread over all of the most popular personal review platforms. The number of these reviews is disproportionate to the age of LondonBit, which started operating some time in early 2023.
The reason for this is not what you’d think. Many of the comments were posted by so-called Review Seller Networks, which explains the overall average score LondonBit enjoys online. We will delve more into this topic in the next part of our LondonBit Review.
If you filter out the fake comments posted by Review Seller Networks, you will get a very different picture about London Bit, take a look:
“ Went to invest a small amount first, then they tried to make me get a loan from the bank to invest a lot more and when I didn’t agree they tried to threaten me, and now I can’t even take my initial investment out and can’t get in contact with them. This company is a massive scam!! And anyone who invest with them will lose they money. […] “
“ SCAM!!! DO NOT INVEST ANY MONEY!!! YOU WILL LOSE EVERYTHING! THE POSITIVE REVIEWS HERE ARE NOT REAL! […] “
“ It appears to be very legitimate however it’s not when you look for their online presence. There’s none other than paid for articles on websites which if you read to the bottom of these says it has been paid for. […] “
If you have already deposited money with the London Bit scam, consider seeking legal help in recovering your assets. Book a free consultation with our team of experts and start a chargeback process today.
How Unaware People are Conned by London Bit
The well-made website and alleged quality of service does not explain the large increase of the number of London Bit victims over such a short timescale. As we’ve seen, this fraudulent company uses Review Seller Networks to boost their online reputation.
These networks are just what their name suggests – paid agents who flood the internet with overly positive reviews, skewing the public’s opinion, and making the company that hired them seem more reliable.
The victims of the London Bit scam are most numerous in these nations:
- United Kingdom
No scam is complete if it is using just one strategy to defraud people. London Bit is no different, and they also utilize what they call “Account Managers”. This is just a fancy name for Boiler Room Agents, a group of highly talented individuals who excel in persuasion tactics.
These people will stop at nothing to part you from your hard earned cash. For them, there is no level too low to stoop down to if they think they can squeeze out more money from you.
If you have been contacted by someone who claims to be a London Bit employee, or if you have transferred money to this faux broker, we’d like to hear your story. Let us help you, as we have helped so many others, in charging back your lost funds.
How This Scam Broker Hides Their Intentions
There are a few things you should consider any time you are starting out with a new broker. The first is, of course, the relevant legal information and licensing. The availability and security of financial channels comes right after that, for you should always strive to make your financial transactions traceable, in the case of a legal dispute.
Choice of Trading Software is quite important as well since it’s difficult to earn money while using a program that doesn’t suit your needs. The selection of Trading Accounts dictates which trading strategy you may use, and it’s another important factor of online trade.
London Bit doesn’t disclose any of this information publicly. They purposely hide all this information, because they don’t want you to know what you’re dealing with before you’ve already given them your money. Even after you’ve created an account and accessed their Trading Application, the information about charges like commission, spread and fees is nowhere to be found.
Regulated and trusted brokerages always display all of this essential data prominently on their website, as transparency is the key of successful business.
London Bit Trading Software
As we’ve mentioned before, you won’t find any relative information about London Bit Trading Software other than the fact that it exists, and an advertisement about it being “Award Winning”.
We’ve in fact accessed this trading application and what do you know – it’s a Web Trader, just like with the EliomFX Scam! Scammers use the Web Trader because of its inherent lack of security. This application allows them to tailor the trading information, and make their clients lose vast amounts of money to bad trading outcomes.
How Are Deposits And Withdrawals Handled At London Bit?
The London Bit website features a large number of logos of different E-Wallet and Bank Card companies, but all this is just false advertising. Only when you complete the London Bit Login, will you find out the real truth. It’s similar to how the TradeQuo scam works, but on a whole new level.
London Bit only accepts Cryptocurrency Transfers, and the Base Currencies that this broker allows are Bitcoin and USDTether. As you might already know, Crypto Transfers are quite difficult to track without using special software such as CyberTrace. This helps the scammers hide from authorities and avoid paying taxes on their ill-gotten profits.
A Lot Of Talk About Compliance But No License
London Bit tries to appear as a good, well-established company with a professional leadership team. Their legal documentation does seem like it was written by somebody who is well versed in legal parlance, but as we’ve mentioned before, Terms and Conditions contain clauses that contradict the current regulatory framework.
You’d be surprised how hefty and seemingly comprehensive all the Legal documents are with London Bit. If this seems to you like they’ve covered every nook and cranny, you’re right. Once you’ve clicked on the “I accept Terms” button, you’re trapped like a fly in a spider’s web.
The scammers have you in their hand, and they will cite these pseudo legal documents in their favor whenever you complain. London Bit will even threaten legal action due to some invented violation of terms and whatnot!
They will try anything to cover up the fact that they are the ones who are breaking the law. Among all the documents in the “Legal” section, you won’t find license and regulation information anywhere. As we’ve seen earlier in our London Bit Review, this scam company has none to show.
Customer Support with London Bit
Unfortunately, reviewing the London Bit customer support has proven to be more difficult than we anticipated. The Customer Support Agents don’t answer the phone, and don’t reply to emails. We have tried using the Contact Form on the website, but to no avail.
There is allegedly a Live Chat option on their Client Portal, but the button that should start a chat does not work. The swindlers can call you at any time, but should you encounter any issues, they are nowhere to be found.
Who Exactly is a London Bit Broker?
London Bit is a bunch of sleazy scammers who operate from the UK, and have already been placed on the FCA’s blacklist of unauthorized companies. They have a website that boasts excellent corporate design, and a logo that looks the part… But that’s about all the good things we have to say about the London Bit.
London Bit scam uses Review Seller Networks in conjunction with Boiler Room Agents to attract new victims to their platform. This, combined with the convoluted and seemingly comprehensive legal documents on their website have proven to be a surefire method of stealing people’s money.
If you have found yourself on the receiving end of the London Bit Scam, don’t delay in seeking financial compensation from the fraudsters. Our team of legal experts has ample experience in resolving problems just like yours. We’d like to hear from you – use the Live Chat option on our website to book a free consultation with our Chargeback professionals. Don’t give up on your investment, contact us today!
What Does London Bit Do?
London Bit is a fraudulent organization that pretends to be an online brokerage. They specialize in lies and deceit. The people behind the London Bit Scam will stop at nothing to get the money from your pockets.
Is the London Bit Safe?
London Bit is known to the UK’s financial regulator, the FCA, to be a scam company that operates without authorisation. It is a dangerous entity that has a history of defrauding people through deceit, and threats.
How Can I Delete an Account in London Bit?
The Terms and Conditions document on the London Bit website contains the necessary account closure procedures. This document is not to be trusted, as it is full of contradictory information. The ugly truth is that London Bit can cancel your account at any time, but you can’t delete an account until the scammers let you.
Can I Get My Money Back From London Bit?
Recovering your lost assets is possible through the help of our team of legal experts. Contact us today via the Live Chat and book a free consultation. With the help of our experienced team, you can start a chargeback process.