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People who are able to find a good and reliable brokerage in the first go are undoubtedly fortunate. Considering the massive number of companies that are offering their trading services these days, it has become a major challenge for anyone to find a brokerage. Each option you come across is making such tall promises that you are left confused at the end of the day. You also have to remember that it is not just the quality of services that can vary here; some companies are downright bogus and only in it to scam you. This Glenrocks review provides you with an example of such a platform.
Yet, this does not make it easy for people to find out the truth about a brokerage. Why? This is because at first glance, these brokers tick all the right boxes. They know just what to say to earn the trust of people and are able to draw them in quite well. This is why there are so many brokerage scams happening left and right, even though people are aware of their existence. The key to avoiding them is to not just fall for appearances and always look underneath to find out the truth.
You have to take this approach no matter how convincing a brokerage is because it is these mistakes that can cost you in the long run. You can see this in the case of Glenrocks, which claims to be a financial conglomerate that is globally renowned. It apparently encompasses various regulated entities that are operating as multi-asset brokerages. Plus, it claims to offer trading facilities and services to both professional and retail traders. As far as its location is concerned, they state they are based in Belgium and is offering a wide range of professional and award-winning platforms.
All of this sounds very appealing, but is it the truth? When you look beneath the surface, you can discover just how far from the truth it really is. Check out the details about Glenrocks below:
No legitimate license
The license of an online brokerage is how you can often distinguish a trustworthy firm from an untrustworthy one. A license is issued by the regulatory authority in the jurisdiction where the brokerage is based and this can offer a lot of protections to the traders, keeping them safe from getting scammed. Therefore, if you are looking for ways to find a reliable broker, it is best to sign up with one that has a license and Glenrocks does not seem to belong to this category.
As per their claims, Glenrocks is based in Schaerbeek, Belgium, but this does not appear to be the case at all. The company that owns and operates the brokerage is called Glenrock Pro Global LTD and it is based in the Marshall Islands. If it was truly operating from Belgium, it would need a license from the Financial Services and Markets Authority (FSMA), which it does not have. You can check the online registers of the authority and not find the brokerage or its parent company mentioned.
Most importantly, the fact that Glenrocks is based in the Marshall Islands is alarming because this is an offshore jurisdiction that does not monitor its forex industry. Hence, such areas are considered a safe haven for scammers because they can operate there without worrying about any accountability. This makes Glenrocks a brokerage to be avoided at all costs.
Remote desktop application
The fact that you are dealing with an unlicensed broker that is based in an offshore jurisdiction is enough to have warning bells setting off in your head. But, if you are looking for further confirmation that you are dealing with a scam, you can find a number of them on the Glenrocks website. It does not take you long to see that the broker plans on stealing money directly from your bank account. How can it do that?
You can go through the ‘Useful tools’ section of the Glenrocks website and this is when you will find that they are suggesting that you download and install the remote desktop application known as AnyDesk. The purpose of this application is to give users access to their home PC environment from anywhere, as long as they can access the internet.
The problem with scam brokers like Glenrocks is that they ask you to share the installation details with them and under this guise, they are able to access your PC and all the data stored on it, including your account details and password. Thus, they are able to steal money directly from your accounts without you realizing it.
Trading bonuses with conditions
The fact that there are trading bonuses available at Glenrocks is a bad sign in itself because this practice has been banned in most regulated jurisdictions. It is because these bonuses come with strings attached that are not in the interest of consumers, so regulatory authorities decided to impose a ban on them. Yet, Glenrocks appears to be offering them, despite claiming to be based in Belgium, where they are banned.
To make it worse, the bonuses come with the conditions because of which they were banned in the first place. Traders are required to achieve a minimum trading volume at Glenrocks before they are permitted to make a withdrawal. In fact, the brokerage can also change their policy at any time, which means they will ensure that you cannot make a withdrawal at all.
Lack of a reliable trading software
When you check their claims, you will find that Glenrocks promises a number of trading platforms, but their website is only offering you one web-based platform and that too an unproven one. It is a common offering of scammers because it does not have any basic functionalities that most of the renowned trading platforms in the market like the MT4 and the MT5 can offer to you.
All of these signs are enough for you to conclude that Glenrocks is a scam broker that is up to no good.