Garnet Trade Review
Garnet Trade is a company that has been in the market for over a year now. The company promises to be the best forex company and claims to offer its client’s transparency. The website has a few red flags, and it would be better to conduct better research and invest with reputable forex trading brokers.
Garnet Trade is a company that offers forex brokerage services. This platform allows you to trade CFDs, Indices, Stocks, Commodities, and Currency pairs. It is a company that has been in the market for a little over a year. The team behind it promise the highest level of transparency and professionalism.
Consequently, they believe to be the best forex broker in the market. The only problem is that all companies say that about themselves. It would be best if you did diligent research to ensure you are investing in a company with the best reputation. That is the best way to avoid losing your money to scammers in the market.
Moreover, you want to be investing in a company that has millions of traders. Such companies have the trust of the public. Garnet Trade is not very popular in the market. The website garnettrade.com ranks 2,669,923 in terms of web traffic.
Ensure you only invest with the top legitimate forex brokers in the market. You will save yourself some trouble, and your money will be safe. Moreover, such companies have been in the market long enough and have the trust of most traders.
Garnet Trade Review
Garnet Trade shows its commitment to customer needs by providing the MetaTrader 5 trading platform. This is one of the most popular trading platforms among seasoned traders. This is because it is very powerful and robust. It allows for one-click transactions and instant executions. As such, traders never miss out on profitable trades.
Further, this company supports its clients with a plethora of tools. It gets novice traders introduced to trading using video tutorials and an education section. Additionally, the company provides an economic calendar and some trading strategies. This helps traders make better price predictions in the market.
However, we are not sure about the education and the strategies they provide. It is hard to put a value on this information. This is because the company does not introduce us to any of its expert traders. It would be best if you never took trading advice from people with unidentifiable identities. That is a recipe for disaster. Moreover, the forex strategies link does not seem to work.
On a good note, though, there are a plethora of assets you can trade on this platform. You can trade multiple currency pairs, stocks, indices, cryptocurrencies, and commodities. This is very appealing to seasoned traders. This is because it allows traders to spread their risk across multiple assets.
There are three main account types on garnettrade.com. These include the Standard, Prime, and ECN accounts. These accounts differ depending on the amount of investment a client makes.
The Standard account accepts a minimum deposit of $100. However, there is no minimum balance limit on this account. This account gives you spreads from 0.9 pips and maximum leverage of 1:300. Additionally, the minimum trade volume stands at 0.01 lots.
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The Prime account accepts a minimum deposit of $5,000. However, the minimum balance for this account stands at $1,000. It gives clients spreads from 0.5 pips and maximum leverage of 1:300. The minimum trade volume also stands at 0.1 lots.
The final account is the ECN account. This accepts a minimum deposit of $20,000. The minimum balance for this account type stands at $10,000. Clients get spreads from 0.1 pips and maximum leverage of 1:300. Additionally, the minimum trading volume stands at 0.1 lots. Further, there is a commission on this account. The commission is 1 per side per $100 traded.
Garnet Trade Customer Support
Customer support is an essential service for any company handling people’s funds. Luckily, Garnet Trade has a reliable customer support system. They provide several numbers to call or message them.
You can reach the company through their Canada number +1 647 846 6572. You can also call them on their Australian line, +61 291919765, and England line, +44 20 38070029. Further, you can text the company on WhatsApp via +1 905-510-9627 or + 44 7376 500082.
Founders and Physical Location
The biggest problem with this company is that they are not fully transparent with clients. Garnettrade.com does not introduce us to any of the founders or team members. There is no way we can fully trust a company whose founders operate from the shadows. Moreover, they offer education, signals, and trading strategies. The least this company could do is introduce us to its expert traders.
In terms of physical location, this company has several offices. They have offices in Canada, Australia, and England. Their Canada offices’ address is Telsec Business Centres Inc. Address: 1 Yonge St #1801, Toronto, ON M5E 1W7, Canada.
In Australia, the company’s address is Clarence, Workplaces for Professionals – Premium Coworking and Serviced Offices Address: Level 21/133 Castlereagh St, Sydney NSW 2000, Australia.
Lastly, the England offices are at BE Offices Aldgate | Serviced Offices London. Address: 150 Minories, Tower, London EC3N 1LS, United Kingdom.
Interestingly, this company does not accept clients from the USA, Turkey, Japan, New Zealand, and Australia. This is despite the company having offices in Australia. Further, the company has a registration license in Saint Vincent and the Grenadines. This is a very shady jurisdiction, and we do not know why they choose this location.
Garnet Trade Regulation and Fund Safety
The most important detail to check about a company is its regulation. Regulatory bodies oversee company operations to ensure they are within legal confinements. Additionally, they provide companies have the right banking set up to protect investors’ funds. This includes having segregated accounts in tier-1 banks.
The regulation of Garnet Trade is a little shaky, saying the least. On the one hand, they are a subsidiary of a company regulated by ASIC. On the other hand, this company is registered in Saint Vincent and the Grenadines.
This is a jurisdiction that is a hotbed for illegitimate operations. This is because this jurisdiction has very loose laws. It is easy to register and run a criminal operation in this jurisdiction. Therefore, we cannot confirm that this company can assure you of your funds’ safety.
Moreover, there is no assurance that this platform has protection from hackers. We did not encounter an SSL certification on garnettrade.com. This means that your money may be at the risk of getting stolen by hackers.
While this company may be legit, there are a few loose ends that the team needs to address. First, they should introduce themselves to the public. This will help in gaining the trust of investors. Investors always want to know whose hands they are putting their money into.
Further, we are not sure of the security of funds this company provides. They should tell the public the software and hardware they are using to keep out hackers. In the meantime, we cannot fully recommend Garnet Trade to you. Moreover, the platform only has a little over a year in the market. It is better to wait it out before investing.
Luckily, there are legitimate forex brokers that you can readily invest in. Such companies have been in the market longer and are fully transparent.