Overview of Garnet Trade
Garnet Limited, established in Australia in 2010, shares its trading experience in the interbank Forex liquidity market. Operating since 2018 with Turkish language support, Garnet Trade provides trade execution and clearing services globally, serving institutional, retail, and professional investors. With offices in Canada, Macedonia, and the UK, Garnet Trade operates in over 50 marketplaces, offering a wide range of electronically traded products including equities, CFDs, energies, metals, and forex. As a member of the Financial Commission, Garnet Trade ensures capital security up to €20,000 and provides direct compensation for disputes. The company also sponsors sports teams such as Portugal Braga Team, HONDA LCR in Moto GP races, and the Galatasaray women's volleyball team.
Trading Instruments:
Garnet Trade provides its clients with a wide range of trading instruments across various asset classes. Clients have access to the following market instruments:
Forex Currency Pairs: Trade over 70 currency pairs, including majors, minors, and exotic pairs. Competitive spreads start from 0 pips.
Indices: Gain exposure to a variety of indices, including popular ones like S&P 500, NASDAQ, DAX, and FTSE 100, among others.
Commodities: Trade commodities such as gold, silver, oil, and gas.
Futures Contracts: Access futures contracts on indices, energies, and metals.
Stocks: Enjoy access to more than 150 stocks from some of the largest companies globally, including Apple, Amazon, Google, and Facebook.
Please note that while Garnet Trade offers a diverse range of market instruments, there are some limitations such as the availability of exotic currency pairs and certain fees. customers should consider their specific trading preferences and requirements when evaluating the suitability of Garnet Trade's market instruments.
Account Types:
Garnet Trade offers a range of trading accounts with different features to accommodate traders of various experience levels. The available account types include the Beginner Account, Standard Account, Prime Account, ECN Account, and ZERO Account.
The Beginner Account has a minimum deposit requirement of $100 and supports base currencies such as USD, EUR, GBP, and AUD. It offers a maximum leverage of 1:100 and has spreads starting from 0.9 pips. This account type allows traders to implement any trading strategy and does not charge any commissions.
The Standard Account requires a minimum deposit of $1500 and offers similar features to the Beginner Account, including support for multiple base currencies, a maximum leverage of 1:300, spreads starting from 0.9 pips, and zero commissions.
The Prime Account has a higher minimum deposit of $5000 and a minimum balance requirement of $1000. It supports the same base currencies and offers a maximum leverage of 1:300. The spreads for this account type start from 0.5 pips, and like the previous accounts, it also has zero commissions.
For more experienced traders, Garnet Trade offers the ECN Account and ZERO Account. Both accounts require a minimum deposit of $10000 and a minimum balance of $5000. They support multiple base currencies and offer a higher maximum leverage of 1:500. The ECN Account provides spreads starting from 0.1 pips, while the ZERO Account offers the same low spreads and introduces commissions ranging from 0 to 10 USD.
These account types provide traders with flexibility in terms of deposit amounts, leverage options, spreads, and commissions, allowing them to choose the account that best suits their trading preferences and objectives.
How to Open an Account:
1. Visit the Garnet Trade website. Look for the “OPEN AN ACCOUNT” button on the homepage and click on it.
2. Fill in the required information, such as your name, email address, and phone number.
3. Review and accept the terms and conditions of the brokerage.
4. click on the “Continue” button.
5. Once your application is reviewed and approved, you will receive an email with your account details and login credentials.
6. Log in to your Garnet Trade account using the provided login credentials.
7. Make an initial deposit into your account to start trading.
Leverage
Garnet Trade provides leverage of up to 1:500, which is a pretty high level. It offers different leverage options across its account types. The leverage ratios provided are as follows:
Beginner Account: Up to 1:100
Standard Account: Up to 1:300
Prime Account: Up to 1:300
ECN Account: Up to 1:500
ZERO Account: Up to 1:500
Spreads and Commissions (Trading Fees)
The EUR/USD spread of Garnet Trade is said to be as low as 0.9 pips, and it is actually that low on the brokers MT5.
The commission fees vary for different account types in Garnet Trade：
Beginner Account: Zero Commission
Standard Account: Zero Commission
Prime Account: Zero Commission
ECN Account: Zero Commission
ZERO Account: Commission ranges from $0-10 USD per lot traded.
Below is a comparison table about spreads and commissions charged by different brokers:
Non-Trading Fees
Unfortunately, there is a lack of detailed information about specific non-trading fees offered by Garnet Trade. It is advisable for customers to contact Garnet Trade directly or refer to their official documentation to obtain accurate and up-to-date information regarding non-trading fees.
Trading Platforms
Garnet Trade supports the Metacustomer5 (MT5), which is a great choice of a platform. This platform is probably the best on the forex market. The latest MetaQuotes trading terminal has kept most of the features of its predecessor, the MT4, but is more technologically advanced and allows dealing in derivatives and exchange-traded stocks from one and the same account.
Deposit and Withdrawal Methods:
Garnet Trade provides over 15 funding options for clients to deposit funds into their accounts. Accepted payment methods include credit cards, e-wallets, bank wire transfers, and local transfers, ensuring convenience and ease of use for both deposits and withdrawals. At Garnet Trade, the process of depositing and withdrawing funds is designed to be straightforward and time-efficient.
Garnet Trade advertises account tiers that start from $100, and this is a common amount to start trading with.
Garnet Trade minimum deposit vs other brokers：
Customer Service:
Customer support is an essential service for any company handling peoples funds. Luckily, Garnet Trade has a reliable customer support system. They provide several numbers to call or message them.
Customers can contact the company through their Canada number, +1 647 846 6572, as well as their Australian line, +61 291919765, and England line, +44 20 38070029. Additionally, customers have the option to reach out to the company via text on WhatsApp using the numbers +1 905-510-9627 or +44 7376 500082.
For email correspondence, customers can reach out to the company at info-ca@garnettrade.com or info-au@garnettrade.com. However, it is worth noting that the live chat option provided by the company is currently not functional.
Educational Resources:
Garnet Trade offers valuable educational resources to its clients, including e-books and a forex glossary. The e-books cover various topics such as trading strategies, risk management, and technical analysis. They serve as comprehensive references to help customers make informed decisions. The forex glossary provides definitions for key terms, helping customers familiarize themselves with industry-specific terminology. These resources empower customers with knowledge and skills to navigate the forex market effectively.
User Experience and Additional Features:
The popular game concept offered by Garnet FX provides an exceptional forex e-learning experience. Garnet FX incorporates gamification tools throughout the registration and education process. Various rewards, such as points, achievement badges, or levels, are available in Garnet FX, offering numerous advantages for forex trading. A system of game rewards, in the form of points or rankings, is implemented, making trading more enjoyable.
Conclusion:
Garnet Trade offers a diverse range of trading instruments across different asset classes, providing opportunities for customers to explore various markets. With competitive spreads starting from 0.9 pips and access to popular indices, commodities, and stocks, Garnet Trade caters to the needs of different customers. However, it is important to consider factors such as the limited selection of exotic currency pairs, the lack of extensive educational resources, the absence of guaranteed stop-loss orders, the limited information on non-trading fees, and the absence of a social trading platform. customers should carefully assess their trading requirements and preferences, as well as consider the associated risks and costs, before choosing Garnet Trade as their trading platform.
FAQs:
Q: Is Garnet Trade a regulated broker？
A: No, Garnet Trade is not a regulated broker.
Q: What is the minimum deposit required to open an account with Garnet Trade？
A: The minimum deposit required varies based on the account type, starting from $100.
Q: What is the maximum leverage offered by Garnet Trade？
A: Garnet Trade offers a maximum leverage of 1:500.
Q: What trading platforms are available on Garnet Trade？
A: Garnet Trade supports the Metacustomer5 (MT5) trading platform.
Q: What are the deposit methods accepted by Garnet Trade？
A: Garnet Trade accepts credit cards, e-wallets, bank wire transfers, and local transfers for deposits.
2023-06-21 03:23
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