Garnet -Some important Details about This Broker

WikiFX | 2022-08-23 16:39

Abstract：Registered in Saint Vincent and the Grenadines, Garnet is forex broker offering its clients various trading instruments, such as currency pairs, stocks, and more. An acceptable minimum deposit of $100 is required to start trading with this broker, and leverage offered by this broker is a high amount, up to 1:500.

Since Garnet‘s official website (https://www.garnettrade.com/) is now down, we had to resort to scouring other websites for relevant information in order to construct a rough picture of this forex broker’s operations.

General Information

Registered in Saint Vincent and the Grenadines, Garnet is forex broker offering its clients various trading instruments, such as currency pairs, stocks, and more. An acceptable minimum deposit of $100 is required to start trading with this broker, and leverage offered by this broker is a high amount, up to 1:500.

As far as we can tell, Garnet is not governed by any regulatory authorities, thus that bit of data is settled. As a result, its regulatory status on WikiFX is classified as “No License” and it only manages a score of 1.68 out of 10 overall. Don't be oblivious to the potential danger.

Account Types

With the Garnet platform, three distinct trading accounts are available, namely Standard, Prime, and ECN accounts. To open a standard account, the minimum deposit is acceptable $100, reasonable for most regular traders.

However, this requirement for Prime and ECN accounts soars to $5,000 and $20,000, respectively.

Leverage

Problematically, Garnet allows traders to utilize leverage of up to 1:500, which is much above the levels considered appropriate by the vast majority of regulators. Offering high leverage is a typical tactic for offshore businesses, and the only reason this broker does is to attract additional clients.

Trading Platform

However, surprisingly, Garnet says it offers the leading MT5 trading platform, among the most popular around the world. Some outstanding features shared by Garnet include the robust charting package, the ability to use automated trading bots (Expert Advisors), and the flexibility of the interface.

Customer Support

With the Garnet platform, phone and email support can be reached by traders with any inquiries, or trading-related issues. Here are some contact details:

Phone: +1 647 8466572

Email: info@garnettrade.com

Detailed registered office address is not disclosed yet.

Risk Warning

There is a considerable degree of risk involved with online trading of leveraged Forex and CFD instruments, and as a result, it may not be appropriate for all investors.

Please keep in mind that the data presented in this article is meant to serve as a guideline only.

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