London Management (Londonemanagement.com) review after complaints reached our help desk. The platform is now operating under the name Prism Group. Once you click to their domain name, users are redirected to the new website. Before believing that Prism Tech Group is a good platform, there are a lot of sketchy details. The FCA already blacklists london Management. The developers are now trying to sell other services apart from trading products. And this is why we have to expose the rot within the platform.
The platform goes by the full name London E Management which is an exact copy of L&C. London and Capital is established asset management limited. These scam artists have gone ahead and used the platform as a way to entice unsuspecting investors. After receiving the complaints, we dived more in-depth into the unknown. From the look of things, we understand why investors would fall for the platform. The presentation looks professional, but there are a few loopholes.
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London Management is using the same license details as the L&C asset management firm. And this is the reason why their presentation looks alluring. These developers have no creativity and have stolen a credible platform’s page information. It is a well-known fact that scam artists will do anything to try and get some recognition. In this case, the developer has copies every detail apart from the images. The developer has also copied the license details, which would throw off unsuspecting eyes.
The platform claims to offer more than 100 trading instruments in CFDs, Futures, and Forex. These developers also state that their pips can be low as zero, which is an impressive feature. With this statement, we start to realize that the developer is full of crap. We disagree that the platform has pips as low as zero for one reason. The way a broker makes a profit is by using the same margin. Any broker who charges zero pips will be closing the shop within a short time. It is the reason why we believe the platform is lying to investors.
After signing up, Mark was expecting to start making profits within a short time. The problem, however began when he realized the platform was out to lose funds. After depositing $1,000 with the platform, his balance diminished in a day. During the trading sessions, he tried contacting the vendor but was out of luck. The vendor could not answer any of his calls or emails. And this is why we believe that this platform is a hoax and not trustworthy. There are other complaints from users on various online trading forums.
Our investigation could not conclude whether this was a broker or a wealth manager. The platform seems to be on the fence on what they offer in terms of online assets. And this is a problem as the platform also fails to inform users of the actual owners of the forum. The platform has done a shoddy job in exposing the person behind it. It is the main reason why we mark the platform under anonymous. Anonymity is a risky venture that has a lot of risks, and it is best to stay away from it.
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A look at a trusted domain checker reveals the truth about the site’s history. One way of evaluating any online trading broker or tool is by checking their online presence. The site went live on 12th August 2018, which means they are two years old. A massive problem with their IP is that they have changed it five times. The website has previously been used to peddle other platforms. The developer is not in any way able to provide information on his other products. Authorities probably blacklisted these products.
The platform claims to offer several features, including the MT4 trading platform. Other notable features include seminars and trading educations. These brokers claim to be wealth managers and international brokers with years of trading reputation. It is a fact that they are lying when it comes to their online presence. The platform is not transparent with the actual figures of their membership. With claims of having over 42,000 user accounts, this would be one of the biggest platforms. It is not the case as these are excessive numbers meant to drive sign-ups.
London Management is not in any register of regulated entities in the UK. The official regulator in the UK has, blacklisted the use of this platform. The Financial Conduct Authority has posted an official warning to investors regarding this platform. With a notice out from a reputable regulator, it is better to stay away from the platform. Users are having a terrible time trying to recover funds as the platform does not offer insurance cover for deposits. And this is the reason why users should stay away from the platform.
Without a valid license, the risks involved outweigh any profit guarantee. Other regulators in the region, such as CONSOB, also plan to issue a warning. Regulators have also been receiving complaints from users. The facts are clear to see that the developers are cloning information of a legit business. Such practice is synonymous with online scam artists who have nothing else to do than steal from users. With a warning from regulators, there is no doubt that we are dealing with a scam.
London Management is unclear on the accounts available on its platform. The developer has also failed to post the acceptable minimum deposit. Such a platform is not able to offer any transparent services, and traders ought to pass it over. By ignoring the platform, you will be saving yourself a considerable chunk of problems. Some members deposited over $10,000 with the platform and have not made any withdrawals. And this is another reason to stay away from the platform.
Their contact details are sketchy, to say the least, as there is no response. Although the developers have posted their email and phone number, both these avenues are of no help. Once you make a call, expect no reply. The platform seems to be heading in a dark place or shutting down. When a site is blacklisted, and countless reviews are done, they end up shutting down. With communication being a hurdle, investors should ensure they stay away from the platform.
A platform has to produce valid results and trading performance for all to see. When a platform fails to show their performance, it means that they are incapable of transparency. And this is the case with the broker in question as there are no trading results. All that the vendor is selling is a simulation of expected ROI. A real broker will post results of their performance for all to see. Most use videos to show the platform in work-mode for all to see the proof of concept.
London Management is an apparent scam after the Financial Conduct Authority blacklisted it. Investors should ensure they conduct their investigation before committing to a platform. And this is the reason why reading reviews such as this one helps. These reviews help to shine a light on all trading products and service providers.
We won’t be recommending a platform that is already blacklisted by a renowned regulator.
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