Glenrocks Review: Stay Away from This Fraudulent Broker
What’s for sure, Glenrocks broker does have a vast imagination. The company claims to be a “conglomerate which encompasses global and regulated entities operating as multi-asset brokers.”
In reality, Glenrocks broker is one anonymous master. Some fundamental information is missing. Firstly, ownership information, licensing info and registration number.
Because only a Belgium-based address is available, we highly doubt that can make some difference. With this in mind, we can’t think of anything positive so far about this broker.
Since we were suspicious from the very start, and so are you probably, here’s a full report on the firm in our unbiased Glenrocks broker review.
|Broker Status:||Unregulated scam broker|
|Blacklisted as a Scam by:||N/A|
|Online Trading Platforms:||WebTrader|
|Crypto Asset Trading:||No|
|CFD Trading Option:||Yes|
|Available Trading Instruments:||Forex, commodities, indices,shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
License and Regulations of Glenrocks
Rather than a conglomerate, Glenrocks Forex broker is just an anonymous company allegedly based in Belgium. Besides the address and support email, we have no other details.
Usually, large licensed firms will inform you about all the relevant data right away to distinguish themselves from fraudsters. So here we come to the question about Glenrocks regulation.
Being Belgium-based suggests that Glenrocks should be regulated by FSMA. However, our research has shown that neither FSMA nor other Tier1 license providers such as FCA, ASIC, and BaFin have heard of the firm. It means you’re on a slippery road, and you can easily be defrauded.
Trading Platform Available at Glenrocks
Glenrocks offers only WebTrader, which is not necessarily bad. It just means the company is not willing to invest much into reputable software such as MetaTrader4 or MetaTrader5.
Allegedly, you’re entitled to raw spread starting from 0.0 pips, while the leverage hasn’t been mentioned.
However, WebTrader means fewer charts and indicators, and in the case of Glenrocks, no social trading. Also, since there’s no mobile app, you’ll have to use a web browser on any device.
Glenrocks Account Types
If you’re still interested in Glenrocks, which we highly doubt, here’s the list of available trading accounts.
- Trial Account – $250
- Easy Start Account – $2,000
- Standart Account – $10,000
- Bronze Account – $25,000
- Silver Account – $75,000
- Gold Account – $180,000
- VIP Account – $350,000
While these amounts look pretty random, you’re not getting any value for the money. Besides the fact you will pay thousands of euros to an unregulated firm, you will get nothing in return.
The Trial account will only allow you to trade with low-margin instruments, meaning you’re expected to upgrade right away. Besides, the company promises a safe deposit box in European banks, which, for sure, no Forex firm can deliver.
Additionally, this illicit broker doesn’t provide a Demo account, so it’s better to just stay away from them. Either you will deposit money or you can forget about trading with them. That’s how scammers are dealing with their customers. While with some Tier 1 licensed companies, you have the option for a demo and micro-accounts.
Deposit and Withdrawal Methods
The broker offers you two alternatives for making a deposit and those options are credit/debit card and Bitcoin, and there are supposedly no fees on deposits and withdrawals.
We would advise you to only transfer money in crypto to companies and people you are completely sure you can trust since such transactions are irreversible.
As you can probably guess, this is not something any scammer would do. If you have transferred funds to the broker using a card, however, contact the card issuer immediately.You can get a chargeback on such transactions within 540 days.
Glenrocks also offers bonuses which are banned in the EU, the UK, and Australia. In order to withdraw anything from an account that has been credited with a bonus, however, you would have to reach a huge turnover of 25 times the bonus money plus your deposit.
Offshore Brokers Fraudulent Tactics
Being lured by these scam brokers is not as hard as it may seem to some people. They post various ads all over the internet and you can easily come across a few. The stories you can read in them are more or less believable but in the world where many actually made a fortune by investing it becomes quite convincing that easy earnings are within your reach.
Be sure, if you give any of your contacts to one of these scammers, they will start either emailing or calling you in order to get you to invest. In case you agree to make an initial investment, they will start persuading you to invest more and more.
In case this ever happened to you, contact us as we can help you get your money back!
Glenrocks is likely yet another offshore broker that is trying to lure in its clients with a not-so-legit looking website. But in reality, they are just an unregulated company claiming to be based in Belgium and claiming to follow legal guidelines when it comes to trading services.
The minimum required deposit is $250 even for total beginners and there is no demo account so that you can try out their platform and services. These are all red flags and should indicate you are dealing with a scam.
In conclusion, we recommend you stay away from this fraudster and work with some of the well-recognized and reliable brokers we recommended.
FAQs About Glenrocks Broker
Is Glenrocks Regulated?
No, Glenrocks is an unregulated illicit broker that is scamming people out of their money.
What is The Minimum Deposit for Glenrocks ?
The minimum deposit that Glenrocks has set for their smallest account type is $250.
Is Glenrocks a Trustworthy Broker?
No, as they possess no license and follow no regulations when it comes to trading, it’s safe to say they are not a trustworthy broker.