What is Glenrocks
Glenrocks is an online broker for trading different financial markets: CFDs on Forex, spot metals, energies, commodities, indices, bonds, and shares. In total there are 200+ assets.
The broker claims that it has clients in over 196 countries worldwide. Glenrocks is located in Belgium. But is it legit?
Glenrocks Is A scam
We made some research about Glenrocks and we can safely conclude that it is a scam broker. We are not the only ones who are saying that, the Belgian financial regulator reached the same conclusion. Here are the details.
What To Do When Scammed
Keep in mind that, sadly, there is not a big chance of you getting your money back. There are, however, some things you can do – and hope for the best.
Firstly, change all the passwords and banking details you have given the scammers access to. If you have given them remote access to your computer, remove the software immediately.
If you have deposited using Visa or MasterCard, file for a chargeback – both card providers try to fight scams and allow such chargebacks within 540 days. Retrieving money if you have used a wire transfer, or an electronic payment solution is much harder – but still, contact your bank or payment method provider to see if anything can be done.
Notify authorities, and share your story online and in your acquaintance circle – this way, more people will know about such scams and try to stay away from them.
Finally, don’t trust any “recovery agents” promising to hunt down the scammers and retrieve your money for a fee – this is just another type of scam.
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The main reason for this review is that the Belgian financial regulator FSMA has warned the public against Glenrocks.
This is a huge deal because Glenrocks supposedly is a Belgian company, so when the Belgian regulator says it is a scam, it really tells you everything you need to know about it.
The FSMA put Glenrocks on a list of “fraudulent online trading platforms”. This list was built based on people’s complaints about not being able to withdraw money from those platforms or to even contact them.
A broker withholding users’ money is a typical scam. We have seen and reviewed many of those scams and they always make up all sorts of excuses about why you can’t withdraw your money. They ask for huge withdrawal fees, fake taxes you supposedly have to pay, etc.
The main point is that Glenrocks’ home regulator says it is a fraudulent platform, so you should stay away from it.
Lying about regulation
On its official website, Glenrocks claims that it is a “conglomerate which encompasses global and regulated entities”, which is a lie.
The place on FSMA’s blacklist confirms that the broker is not regulated even at home, let alone in other countries.
What it means is that it can’t legally operate in any country in the world. Because in almost every country brokers are required to get authorizations, to be regulated.
You can verify with the national financial regulator in your country that Glenrocks is not allowed to provide its services.
How Glenrocks works
Glenrocks is a pure investment scam. The broker will make you deposit money and everything will look all right until you ask for your first withdrawal. Then they will stop communicating and that will be it.
You can never trust what they show on your online trading account. If you see any profits, they will be fake numbers. Everything will be fictitious, your real money will be long gone.
These fraudsters immediately transfer all clients’ deposits to their private accounts, and all the money disappears even before people realize that something is wrong with the company. That is why you have to stay away from it.
Glenrocks review – Conclusion
Glenrocks is a scam, a fraudulent trading platform that people can’t withdraw their money from. This is a fact that was confirmed by the national Belgian financial regulator FSMA. This is why you have to stay away from this broker.
For financial trading, we recommend sticking to regulated brokers. You can always try them on a free demo with virtual money. Before trading with real money you have to be sure that you understand the risks.