Legal

Terms and Disclosures

These terms govern your use of London5. By using London5 you agree to all of the following.

1. SOFTWARE PROVIDED “AS-IS” — NO WARRANTY

London5 is provided strictly “as-is” and “as-available”, without warranty of any kind, express, implied, or statutory — including but not limited to merchantability, fitness for a particular purpose, accuracy, reliability, completeness, availability, uptime, suitability, profitability, or non-infringement. London5 may contain bugs, errors, defects, latency, downtime, race conditions, missed signals, false signals, incorrect calculations, data loss, corrupted state, or interruptions. London5 may at any time be in active development, beta, or experimental status. London5 disclaims any duty to detect, diagnose, fix, or notify you of any defect.

2. RESEARCH, SIMULATION, AND REGULATORY STATUS

London5 is offered as research and simulation software that runs on your own computer. It brings together market information, AI-assisted research with sources, and strategy tests using paper capital. London5’s AI does not place live orders or manage your money. You make your own investment decisions and place any real trades at your own broker.

Waving Knowledge, Limited, the company behind London5, is not authorised to provide regulated investment or crypto-asset services. London5 does not offer personal investment advice, brokerage, or discretionary portfolio management. Software access, including Pioneer membership, does not include or guarantee access to a future regulated service. Any such service would require the applicable authorisations and approvals before it could be offered. There is no promised approval date or outcome.

Research, simulation results, scores, news, and chat responses are intended to help you examine information and scenarios. They are not intended as personal recommendations to buy, sell, or hold an instrument, or as assessments of its suitability for your circumstances. Do not treat AI output as financial, investment, legal, accounting, or tax advice. Verify the underlying information and seek an independently licensed professional where you need personal advice.

3. AI-GENERATED OUTPUTS

London5 does not develop, train, host, or operate its own artificial intelligence or machine-learning models. All AI capability available through London5 is provided by third-party AI services that you configure — including cloud providers (such as OpenAI, Anthropic, or compatible API endpoints) and local model runtimes (such as llama.cpp) that run on your own device under settings you control. London5 acts solely as an integration layer that routes your inputs to and renders outputs from your chosen third-party provider. AI-generated content can be inaccurate, incomplete, biased, fabricated, hallucinated, outdated, or misleading, even when presented with high confidence. You must independently verify any AI-generated output before acting on it. London5 makes no representation that AI outputs are correct, that the underlying models behave deterministically, or that future model updates will preserve previous behaviour. Liability for the behaviour, accuracy, availability, terms, pricing, and content policies of any third-party AI provider rests with you and that provider; London5 disclaims all such liability.

4. RISK OF SUBSTANTIAL OR TOTAL LOSS

Trading and investing involve substantial risk. Markets are volatile and unpredictable. You may lose some, all, or — with leveraged products — significantly more than your invested capital. Past performance, simulated performance, backtests, paper trading, demos, and modelled outcomes do not guarantee or predict future results. Hypothetical results are inherently subject to hindsight and survivorship bias and rarely reflect live execution conditions.

5. SIMULATION AND PAPER-CAPITAL LIMITATIONS

Simulations, backtests, and paper accounts use hypothetical capital. Their orders do not reach a live account, and their outcomes are not actual investment returns. Historical and simulated results may reflect hindsight, selection bias, incomplete data, or assumptions that would not hold in a live market.

Modelled fees, fills, liquidity, slippage, market impact, latency, and risk limits may differ materially from real execution. Provider outages, stale data, software defects, and AI errors can also affect a run. A successful simulation does not demonstrate that a strategy is suitable for you, predict future performance, or unlock live trading. Review each run’s assumptions, sources, and limitations.

6. YOUR SOLE RESPONSIBILITY

You — and not London5 — are solely and exclusively responsible for: every trading and investment decision; the configuration, sizing, leverage, margin, and risk parameters of your account; the safekeeping of your credentials, API keys, certificates, devices, and recovery phrases; your choice of broker, exchange, custodian, and data providers; the monitoring of open positions, alerts, and connectivity; your funding, transfer, and withdrawal flows; your own backups of any data you wish to preserve; and the consequences of any action or inaction taken while using London5, whether or not informed by its output.

7. THIRD-PARTY DATA, BROKERS, AND SERVICES

London5 integrates with third-party data feeds, broker and exchange APIs, custodians, AI providers, model hosts, payment processors, and network services that are outside London5’s control. London5 is not responsible for the accuracy, latency, availability, security, pricing, behaviour, terms, downgrade, deprecation, or termination of any third party, nor for losses or damages arising from them.

8. AVAILABILITY, MARKET EVENTS, FORCE MAJEURE, AND TERMINATION

London5 may be modified, suspended, throttled, restricted, or discontinued in whole or in part at any time, with or without notice, in London5’s sole discretion. London5 is not liable for any loss caused by such changes, by service downtime or degradation, by extreme market conditions (including flash crashes, gaps, halts, circuit breakers, illiquidity, or exchange failures), or by any event beyond its reasonable control (including natural disasters, pandemics, war, civil unrest, sanctions, internet or power outages, cyberattacks, regulatory action, or third-party failure).

9. NO RELIANCE

You acknowledge that you have not relied on any statement, representation, warranty, illustration, demonstration, marketing material, performance figure, or other communication from London5 in entering into or continuing to use London5. Any decision you make is based solely on your own independent judgement.

10. FULL LIMITATION OF LIABILITY

To the maximum extent permitted by law, London5 shall not be liable for any losses or damages of any kind arising out of or in connection with London5, your use of or inability to use London5, any output it produces, any third party it integrates with, or any decision you make. This includes but is not limited to direct, indirect, incidental, special, exemplary, punitive, or consequential damages; loss of capital, profits, revenue, opportunity, data, goodwill, or savings; trading losses; missed trades, orders, or signals; broker errors; tax penalties; reputational harm; or business interruption — even if London5 has been advised of the possibility of such damages, and regardless of the legal theory (contract, tort, negligence, strict liability, statute, or otherwise). Where liability cannot be excluded under applicable mandatory law, the aggregate liability of London5 to you is limited to the greater of (a) the fees you paid for London5 in the twelve months preceding the claim, or (b) one hundred euros (€100). This cap applies in aggregate to all claims, regardless of how many. Nothing in this disclaimer excludes or limits liability for death, personal injury caused by London5’s negligence, fraud, wilful misconduct, or any other liability that cannot be excluded or limited under applicable mandatory law.

11. REGULATORY, TAX, AND ELIGIBILITY COMPLIANCE

You represent that you are of legal age and capacity in your jurisdiction; that you are not a person or entity prohibited from receiving software, financial services, or technology under any applicable sanctions, embargoes, export controls, or watch-lists; and that your use of London5 is lawful where you reside, where you trade, and where any account you operate is held. You are solely responsible for complying with all applicable financial, securities, derivatives, commodities, tax, anti-money-laundering, know-your-customer, and reporting laws, and for filing and paying any taxes due on your trading activity. London5 may, without notice, refuse service to or terminate the access of any user it believes to be in breach of this clause.

12. INDEMNIFICATION

If someone else makes a claim or brings legal action against London5 because of how you used London5, what you input into it, what you did with its output, because you broke these terms, or because you broke the law or someone else’s rights, you agree to cover London5’s losses, damages, costs, and legal fees in full.

13. THIRD-PARTY DATA SOURCES AND PLUGINS

London5 ships with optional plugins that connect to third-party data providers, news sources, exchanges, and AI services. Some plugins access public sources without a commercial licence and may be subject to the terms of service of those providers. You are solely responsible for ensuring that your use of any plugin complies with the terms, licences, acceptable-use policies, and applicable laws of the corresponding provider, and for obtaining any commercial licence you may require. London5 does not endorse, license, or take responsibility for the use of any third-party data accessed through plugins, including plugins enabled by default. London5 may add, remove, disable, or restrict plugins at any time, with or without notice.

14. EMAIL CONFIRMATION OF ACCEPTANCE

At enrollment you provide an email address that is recorded as the signer of this Disclaimer and the Privacy Policy. A confirmation message containing a unique verification link will be sent to that address by london5.com. Your acceptance becomes effective upon your confirmation through that link; until then your acceptance is provisional. London5 may suspend, restrict, or refuse functionality for any user whose email has not been confirmed within a reasonable time. You are responsible for providing a valid email address you control, for keeping access to it, and for reaching the confirmation message (including in spam or quarantine folders); loss of access to the address you provided is not grounds to invalidate your acceptance.

London5 may include optional features that share content — including market opportunities you identify, research and investigation outputs, completed trades and “negotiations”, notes, and other data you generate — to londron.com, a peer network operated by Waving Knowledge, Limited or its affiliates. Network sharing is opt-in and disabled by default; you must explicitly enable each sharing category and confirm what is shared.

Once content is shared, it may be visible to other londron.com users according to the visibility settings you select; once visible to others, copies, screenshots, references, or further redistribution may persist outside your control and outside the control of London5.

Londron is not a copy-trading, social-trading, signal-following, or order-mirroring service, and does not constitute an investment service or ancillary investment service within the meaning of Directive 2014/65/EU (MiFID II) or any equivalent regime. London5 does not vet, verify, validate, rank, recommend, or endorse any user, any user’s content, or any user’s track record on the network; the mere presence or visibility of content does not constitute approval. Following, replicating, or otherwise acting on another user’s idea, opportunity, or trade is your own independent decision and your own risk. No fiduciary, advisory, agency, partnership, or joint-venture relationship is created between you and any other user, or between you and London5, by virtue of your participation in the network.

London5 may at its sole discretion remove, edit, throttle, restrict, hide, label, or refuse to publish any content, suspend or terminate any user’s access, and take any other moderation action with or without notice or reason — including against content that is unlawful, abusive, deceptive, manipulative, infringing, off-topic, or that London5 reasonably believes may attract regulatory scrutiny or otherwise harm the network. London5 acts as a hosting intermediary for user-generated content within the meaning of Regulation (EU) 2022/2065 (the Digital Services Act) and benefits from the conditional liability exemption thereunder; without prejudice to that status, London5 may take voluntary measures against unlawful or harmful content under the “good samaritan” principle. To report content you believe to be unlawful or in breach of these terms, contact trust@wavingknowledge.com (or the address most recently published on londron.com).

By sharing content to londron.com, you grant Waving Knowledge, Limited and its affiliates a non-exclusive, worldwide, royalty-free, sublicensable licence to host, store, reproduce, display, distribute, transmit, modify (for technical operation, moderation, and presentation), and otherwise use that content to operate, maintain, promote, and improve the network and London5. This licence persists for as long as the content remains on the network and, after removal, only as strictly necessary to retain backups, comply with legal obligations, or honour visibility for users who already accessed the content.

London5 makes no representation about the accuracy, legality, quality, intent, or conduct of other londron.com users, and is not liable for any loss or damage arising from your participation in the network, from other users’ use of content you have shared, or from any decision made on the basis of content shared on the network.

You are solely responsible for: (a) ensuring that any content you share is lawful in your jurisdiction and does not infringe any third-party right (including intellectual-property, privacy, confidentiality, or contractual rights); (b) not sharing material non-public information, manipulative signals, coordinated trading instructions, or any content that could constitute market abuse, market manipulation, insider dealing, or other unlawful conduct; (c) the consequences of any action or inaction taken by you or by others on the basis of content shared on londron.com; and (d) any taxes, regulatory disclosures, or compliance obligations that may arise from your participation in the network.

16. DUE DILIGENCE, TESTING, AND VALIDATION

Review and validate research sources, model outputs, simulation assumptions, configurations, and third-party data before drawing conclusions from them. Repeat that review when a model, data source, configuration, or software release changes. Testing does not establish that a strategy will perform with real money or that it is suitable for your circumstances. Any investment decision you make outside London5 remains your own.

17. ENTIRE AGREEMENT, NOTICES, ASSIGNMENT, AND OTHER TERMS

These terms (together with the Privacy Policy and any in-product notices that London5 brings to your attention) constitute the entire agreement between you and London5 concerning London5 and supersede any prior or contemporaneous understanding, representation, statement, or communication, whether oral or written. No marketing material, demonstration, performance figure, or pre-acceptance promise creates any obligation beyond what is expressed in these terms.

London5 may transfer, assign, novate, or sublicense its rights and obligations under these terms — in whole or in part, with or without notice — to any successor entity, affiliate, or acquirer. You may not transfer your rights or obligations under these terms without London5’s prior written consent.

London5 may give you notice by in-product message, by email to the address you have registered, or by posting on london5.com or londron.com; any of these is a valid means of communication for the purposes of these terms. You may give London5 notice only in writing to legal@wavingknowledge.com.

Nothing in these terms creates a partnership, joint venture, agency, employment, or franchise relationship between you and London5. There are no third-party beneficiaries to these terms; only you and London5 may enforce them.

The failure of London5 to enforce any right or provision of these terms is not a waiver of that right or provision. Where these terms have been translated into a language other than English, the English-language version controls in case of any inconsistency.

18. DISPUTE RESOLUTION, CHANGES, ACKNOWLEDGEMENT, AND SURVIVAL

Before commencing any formal legal action arising from these terms, you agree to first contact London5 at legal@wavingknowledge.com with a written description of the dispute and to attempt informal resolution in good faith for at least thirty (30) calendar days; if no resolution is reached within that period, either party may proceed with formal proceedings. This requirement does not apply where applicable mandatory law gives a consumer the right to immediate legal recourse, nor does it prevent either party from seeking urgent injunctive relief.

This disclaimer is governed by the laws of Portugal. Any dispute arising from it is subject to the exclusive jurisdiction of the courts of Cascais, Portugal, except where applicable mandatory law (including European Union consumer-protection rules) grants a consumer the right to bring proceedings in the courts of their country of residence. To the maximum extent permitted by law, you waive any right to participate in a class, collective, or representative action against London5. London5 may update these terms at any time; continued use of London5 after a change is published constitutes acceptance of the updated terms. By accepting this disclaimer you confirm that you have read, understood, and irrevocably agreed to all the above terms; that you waive any right to pursue legal action, claims, or demands of any kind against London5 arising from your use of it; and that this acknowledgement constitutes a binding agreement. If any provision is held invalid or unenforceable, the remainder shall continue in full force and effect. The provisions of clauses 1, 6, 7, 8, 9, 10, 12, 13, 14, 15, 16, 17, and this clause shall survive any termination of these terms or your use of London5.

London5 is a software product of Waving Knowledge, Limited, a company registered in Cascais, Portugal (LACS Cascais, Estr. Malveira da Serra 920, 2750-834 Cascais). Throughout these terms, “London5” refers to the software product and, where the context relates to legal rights, obligations, liability, or remedies, also to Waving Knowledge, Limited and its officers, directors, employees, contractors, affiliates, licensors, and contributors.