GARNET TRADE

GARNET TRADE Information

GARNET TRADE was established in 2010 and registered in Australia, GARNET TRADE is regulated by the Mwali International Services Authority (MISA) and the Australia Securities & Investment Commission(ASIC).

It offers a wide range of electronic trading products including forex, indices, stocks, and commodities. It also provides access to the MT5 trading platforms and supports demo accounts.

Pros and Cons

Is GARNET TRADE Legit?

GARNET TRADE is under the offshore regulation of the Mwali International Services Authority (MISA), holding License number T2023429.

GARNET TRADE is under the regulation of the Australia Securities & Investment Commission(ASIC), holding License number 001305577.

What Can I Trade on GARNET TRADE?

GARNET TRADE provides trading products including forex, indices, stocks, and commodities.

Forex: Spread from 0.5 pips and leverage up to 1:500.

Stocks: More than 5000 instruments.

Indices: Tight spreads, high execution speed, and synthetic indices trading.

Commodities: Including forex, indices, energy, metals, shares, futures.

Account Types

GARNET TRADE offers five types of accounts: Beginner Account, Standart Account, Prime Account, ECN Account and Zero Account( Islamic Forex accounts). It also offers demo account for traders.

All five accounts are commission-free.

However, the Junior account requires a minimum deposit of $100 and has a spread of 0.9 pips, while the Standard account requires a minimum deposit of $1,500 and has a spread of 0.7 pips. Standard accounts require a minimum deposit of $1,500 with a spread of 0.7 pips, Prime accounts require a minimum deposit of $5,000 with a spread of 0.5 pips, and ECN and Zero accounts require a minimum deposit of $10,000 with a spread of 0.1 pips.

To open an account, the user needs to fill in personal information on this page including name, birthday, country, address, gender, and password, email and phone number.

Then press the 'Continue 'button to complete the account creation process.

Then press the ‘REGISTER NOW’ button to complete the account creation process.

Leverage

The five account types offer different maximum leverage levels.

The Beginner Account provides a maximum leverage of 1:100, while the Standart and Prime Accounts offer a higher maximum leverage of 1:300.

The ECN Account and Zero Account, on the other hand, offer the highest maximum leverage among the five, which is 1:500.

GARNET TRADE Fees

ZERO Account does not charge swap fees, the other four accounts do.

All five accounts are commission-free.

Beginner Account has the highest spread at 0.9 pip, Standart Account has a slightly lower spread at 0.7 pip, Prime Account's spread is further reduced to 0.5 pip, while ECN Account and Zero Account both have a spread of 0.1 pip.

Trading Platform

GARNET TRADE offers MetaTrader 5 platforms.

Deposit & Withdrawal

For deposits, the platform supports a variety of convenient methods, including bank transfers, electronic transfers, SWIFT, credit cards and cryptocurrency transfers. The minimum deposit amount is $100.

For withdrawals, the platform allows withdrawal transactions on weekdays (five days a week) and is limited to one per day. Withdrawal requests are usually processed within half an hour or at most one hour. It is worth noting that there is no minimum amount limit set for withdrawal transactions, but the minimum amount for cryptocurrency transfers to crypto wallets is $10.