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In recent times, we have had a lot of complaints about a fraudulent platform called Glenrocks, it has been brought to our attention that there’s a fraudulent scheme going on there with the aim to steal from investors. The IOSCO and FCA  also confirmed in their publication that they are a scam platform. Just to clear any doubts, IT is a SCAM.

If you have been scammed and you are looking for ways to recover your money from Glenrocks, visit the The Capital Co (www.thecapitalco.net) website at www.thecapitalco.net.

Glenrocks is an online broker that offers trading on a variety of financial markets, including CFDs on foreign exchange, spot metals, energy, commodities, indices, bonds, and shares. There are about 200 assets in all.

According to Glenrocks, it is a conglomerate that “includes global and regulated firms acting as multi-asset brokers.” However, there is no way that this is a significant international brokerage as Glenrocks is not subject to the supervision of any financial agency and we are unsure of their specific addresses. The con artists’ offer isn’t even that alluring; accounts are outrageously overpriced, the high default leverage could not be altered, and there were some dubious terms attached to every campaign the broker runs. For additional information, read the review.

Regulation and financial security at Glenrocks

Glenrocks has listed a Belgian location but has not indicated that it holds a licence from the FCA, the country’s financial regulator. Additionally, we were unable to locate any information for the broker in the FCA database. Although forex trading is legal in Belgium, retail forex trading is prohibited, making it a less-than-typical site for a forex broker. Only professionals are permitted to trade, and some brokers won’t even take clients who are headquartered in Belgium.

Due to the fact that Glenrocks’s website only supported English and Russian, it is possible that Russian clients are the target of this fraud.

Since this broker is undoubtedly unlicensed, you would not be able to access any of the protections offered when trading with a registered UK, EU, or Australian broker. We would strongly advise you against trading with such nameless businesses. You won’t be able to ensure that you are being treated fairly because brokers like Glenrocks are not regulated by any financial authority. The owners of these businesses are essentially free to do whatever they want with their money.

Trading with a broker that is licenced by a strict regulatory body, such as the FCA (UK), CySEC (Cyprus), or ASIC (Australia), comes with a great degree of transparency and safety procedures designed to shield you as an investor from bad events or wrongdoings. Brokers must maintain a minimum capital of A$1 million in Australia and €730 000 in the UK and the EU to demonstrate their financial stability.

Client money must be stored in separate accounts, ensuring that the broker isn’t exploiting your money for personal gain. It is essential to have negative balance protection, which limits your losses to the funds in your account. Finally, brokers in the EU and UK are required to contribute to compensation programmes, so if your broker files for bankruptcy, you may be eligible for compensation of up to €20 000 in the EU and up to £85 000 in the UK. Such funds are not yet available in Australia.

Demanding that the broker you engage with be regulated is a wise and secure move. You can simply check to see if they are on the registers of the financial authority in charge of regulating brokers in the particular area.

Software for trading by Glenrocks

Glenrocks employs a basic web-based platform that lacks the capability and complexity of industry heavyweights MetaTrader 4 and MetaTrader 5. Even if you are a complete newbie, such a platform will certainly get old quickly.

There are several trustworthy brokers who offer one or both of the MT4 and MT5 trading platforms if you wish to trade with something as user-friendly and useful as those. You won’t regret it, so better check out a few of them. Amazing capabilities like automated Expert Advisors, virtual private servers, customisable signals you can establish (or pay a modest charge to subscribe to those set by other traders), opportunities to create unique scripts, etc. are all accessible through MT4 and MT5. As soon as possible, test out the MT software with one of these reputable brokers.

Trading conditions at Glenrocks

Glenrocks charges €250 just to register a Trial account, which has few options and only allows you to trade specific markets (“with low-margin products”). The broker claims that you can only trade FX if you open the next account in line for €2,000. Consider these brokers, who will gladly open an account for less than $100 without restricting your trading possibilities.

The spreads we received from Glenrocks were about 0.4 pips on EURUSD, which is excellent if it is real. Many con artists use platforms to deceive you into thinking their returns are fantastic and get you to deposit more money. Although the broker indicated charging “minimal commissions,” he did not identify the precise amount, which is extremely dubious. We anticipate that eventually, it will become clear that the broker is anything from affordable due to those vague commissions.

We received leverage of 1:100, which could not be altered remotely. Retail consumers cannot be offered any leverage on forex majors above 1:30 by legitimate brokers in the UK, the EU, or Australia. This restriction was put in place to prevent clients from suffering larger losses due to high leverage. Because of this, most brokers provide you discretion over your leverage settings and enable you to set leverage as low as 1:1 if you choose to. Glenrocks, however, does not. This broker cannot possibly be a real one given the enormous default leverage they provide.

Glenrocks METHODS FOR DEPOSIT AND WITHDRAWAL AND FEES

The broker asserts that it has customers in more than 196 nations. The town of Glenrocks is in Belgium. But is it genuine?

We investigated Glenrocks and came to the reliable conclusion that it is a sham broker. That is not just what we are saying; the Belgian financial regulator also came to the same conclusion. Here are some specifics.

FCA warning
The primary justification for this investigation is that Glenrocks has received a public warning from the Belgian financial authority FCA. Because Glenrocks is allegedly a Belgian corporation, the regulator’s declaration that it is a hoax tells you everything you need to know about it.

Glenrocks was added to a list of “fraudulent online trading platforms” by the FCA. People’s complaints about not being able to withdraw money from those sites or even contact them were the foundation for the creation of this list.

A common scam involves a broker hanging onto customers’ money. These frauds, which we have seen and assessed a lot of, constantly invent all kinds of justifications for why you can’t withdraw your money. They demand exorbitant withdrawal fees, fictitious taxes that you are expected to pay, etc.

The essential point is that you shouldn’t use Glenrocks because Glenrocks’ domestic regulator has declared it to be a fraudulent platform.

Fabrication of regulation

Glenrocks describes itself as a “conglomerate which incorporates global and regulated enterprises” on its official website. that is false. The broker’s presence on the FCA’s blacklist is proof that they are not even subject to domestic regulation, let alone regulation abroad.

It means that it cannot legally conduct business anywhere in the world. Because brokers must obtain authorizations and be regulated in practically every nation, You can confirm that Glenrocks is not permitted to offer its services by contacting the national financial regulator in your nation.

Glenrocks’ operation

Glenrocks is a straightforward investment fraud. When the broker has you make a deposit, everything will seem fine until you make your first withdrawal request. When they cease speaking, everything will be over.

What they display on your online trading account is never reliable. Any profits you see will be made with fictitious data. Your real money will be long gone, and everything will be made up.

Before anyone realises there is a problem with the business, these con artists rapidly transfer all client payments to their own accounts. You need to avoid it because of this. The broker gives you the choice of using a credit/debit card or Bitcoin to make a deposit, and there are allegedly no fees associated with either.

As such transactions are irreversible, the only way to retrieve your money back if you have deposited in such a way is for the recipient to send it back, we would encourage you to only send cryptocurrency to businesses and persons you are absolutely certain you can trust. Any con artist would not do this, as you can readily infer. However, if you paid the broker with a credit card, get in touch with the card company right once because you have 540 days to request a chargeback.

If your account has been validated, you can have more issues because the con artists could argue that you were aware of the risks associated with trading and that you lost money due to external factors rather than because they robbed you.

Additionally, Glenrocks provides bonuses, which are prohibited in the UK, Australia, and the EU. However, you would need to reach a significant turnover – 25 times the bonus money plus your deposit – in order to withdraw any funds from a bonus-credited account. Glenrocks is obviously not a real broker because no legitimate broker would ever demand that you attain a turnover before you get access to your own money. Never even think about trading with them.

HOW DOES THE FRAUD OCCUR?

Because these scams have grown to be a sizable industry in recent years, it’s crucial to understand how they operate in order to safeguard yourself from them.

Everything begins innocently enough when you come across an Internet broker advertisement that assures you of quick, secure returns and access to a life of luxury. Perhaps you’ve heard that trading can make you a month’s salary, so you decide to check out the website and open an account. After all, there is no harm in taking a look at the company’s offerings, especially since the promises are frequently very alluring.

When you give scammers your phone number or email, they will immediately start contacting you and attempting to get you to invest. Remember that these are skilled con artists who may pass for legitimate businesses. Once you’ve made your initial deposit, the con artists will continue to demand larger and larger amounts if they don’t quickly disappear with your money. And since you will undoubtedly be making money on a controlled platform, you will gladly transfer this money.

The broker will invent excuses as to why this cannot happen if you attempt to withdraw, such as hidden terms in the Terms and Conditions or additional taxes. You will eventually realise there is a problem, but the broker won’t be around to correct it. They won’t answer any of your calls, so don’t bank on it.

People cannot withdraw money from the bogus trading platform Glenrocks, which is a hoax. The national financial watchdog of Belgium, FCA, has validated this fact. Because of this, you must avoid working with this broker. We advise sticking with regulated brokers when trading in the stock market. They are always available for a free demo with fake money.

Before engaging in real money trading, you must be certain that you are aware of the hazards.

The Capital Co (www.thecapitalco.net) provides international financial fraud investigative measures aimed at helping victims of financial scams recover their money. The Capital Co (www.thecapitalco.net) was founded to protect and help victims of investment scams with the assistance of sophisticated asset recovery specialists globally.

To recover your money from Glenrocks, consult the asset recovery experts at The Capital Co (www.thecapitalco.net), with an excellent record in fund recovery, your case won’t be an exception. Contact The Capital Co (www.thecapitalco.net) now.