Glenrocks Review: Can You Trust This Brokerage?
Glenrocks Review, We have to give it to the Glenrocks and their imagination. And we say this because this fraudulent broker claims to be a “conglomerate which encompasses global and regulated entities operating as multi-asset brokers.” Funny isn’t it? Well, the reality, sadly, is completely different since Glenrocks broker is one anonymous master. This is because some of the fundamental information is missing. Mainly, the ownership information, licensing info, and registration number are nowhere to be seen.
The only thing we did manage to find about them was some Belgium-based address but we highly doubt that can make some difference. With this in mind, we can’t think of anything positive so far about this broker.
Because we had our suspicions from the start, we decided to make this Glenrocks broker review where we will cover all the facts you need to know about this investment scam.
|Regulation||Unregulated scam broker|
|Address||Pl. Dailly 3, 1030 Schaerbeek, Belgium|
Glenrocks Regulation and Security of Funds
As we have mentioned, Glenrocks is strongly claiming to be a conglomerate. But rather than being one, this fraudulent broker is just an anonymous company that is allegedly based in Belgium. Besides the address and support email, we have no other details.
It’s a standard practice that large licensed firms will inform you about all the relevant data right away to distinguish themselves from fraudsters. And because there is not much information about this broker, 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.
All in all, Glenrocks alongside DeltaFx, is just another investment scam looking to rip you of your money while having no regulation.
Account Types Available at Glenrocks
If by any means you’re still interested in Glenrocks scammer, 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
As you can see, just like all scam brokers out there, Glenrocks set the minimum deposit at $250. That is outrageous since all legitimate brokers will let you start with as little as $5 or even nothing.
On top of that, their Trial account will only allow you to trade with low-margin instruments, which means that you’re expected to upgrade right away. Besides, the company promises a safe deposit box in major 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. This means that they will push you to open a Real account and that means they will take all of your money.
|Broker||Glenrocks||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Glenrocks Trading Platform Overview
In the case of the Glenrocks broker, they only offer WebTrader, which is not always a bad thing. It just means the company is not willing to invest much into reputable software such as MetaTrader4 or MetaTrader5, that are industry standards.
One of the red flags that we have found is that you’re entitled to raw spread starting from 0.0 pips, while the leverage hasn’t been mentioned. So it’s best to just avoid them.
Additionally, offering only the 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.
Deposit and Withdrawal Options
On the Glenrocks website, we saw that the broker offers you two alternatives for making a deposit and those options are just credit/debit card and Bitcoin. On top of that, they are claiming there are supposedly no fees on deposits and withdrawals.
When it comes to Bitcoin, 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.
Additionally, Glenrocks also offers bonuses that are banned in the EU, the UK, and Australia. So, in order to withdraw anything from an account that has been credited with a bonus, you would have to reach a huge turnover of 25 times the bonus money plus your deposit. That is just not possible.
How the Fraud Is Conducted
Being lured by these scam brokers may seem hard to so many people. But in reality, it’s much easier than you can even imagine. They often 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.
Unfortunately, once 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. And if you agree to make an initial investment, they will start persuading you to invest more and more.
If something similar has happened to you in the past be sure to contact us as we can help you get your money back!
Highly Recommended Forex Brokers
After reading such a negative broker review, you may be hesitant to invest anywhere. We understand you as it is only normal to be scared of losing your assets to some scam.
In order to achieve your desired financial freedom all you need to do is choose a broker that has not violated any terms and conditions like UKBTC or Glenrocks did. So, here is our table with all the necessary information, including the website, minimum deposit and the country of these well-regulated brokers.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Glenrocks Overall Summary
This Glenrocks review was conducted to show you yet another offshore broker that is trying to lure in its clients with a not-so-legit-looking website. With just a quick look, we were not surprised to see that this scam broker did not provide something as basic as their company’s name.
This Belgium-based firm is also claiming to follow legal guidelines when it comes to trading services, which is just a plain lie. As for deposit amounts, the minimum is $250 which is so common for fraudulent brokers. There is no demo account so that you can try out their platform and services, yet another concerning fact. 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 Good for Beginners?
Due to having no licenses and following no regulations, we would say this broker is not a good choice for either beginners or experienced traders.
What is The Funding Method at Glenrocks?
The funding methods that Glenrocks accepts are credit or debit cards and Bitcoin.
What Trading Instruments are Available at Glenrocks?
Glenrocks allegedly offers trading with the following instruments: forex, commodities, indices, and shares.