Garnet Trade is a brokerage firm that provides trading services in forex, commodities, stocks, and indices for investors. The official website of Garnet Trade is https://garnet-trade.com/, and the site supports only the English language. According to the Whois query, the domain name for the company's official website was registered on November 21, 2022, and it has been just over 1 year since the registration.
Company Background:
Information on the official website indicates that the company is registered and established in Australia. The results from the Australian Securities and Investments Commission (ASIC) website confirm that the company's registration information is genuine. However, the Australian Business Register (ABN Lookup) website did not provide any relevant information about the company, indicating that the company does not hold an Australian Business Number (ABN), which may pose tax risks or restrictions on conducting business in Australia. Additionally, according to the Whois query, the domain name for the company's official website was registered just over 1 year ago.
Account Registration:
Garnet Trade's official website provides a registration link for investors to create real trading accounts. The registration process for a real account involves clicking on the "OPEN AN ACCOUNT" button at the top right of the website or the "Start Trading Now" button on the left side of the homepage. Users are then required to fill in information such as name, date of birth, country, phone number, email, password, etc., to complete real account registration. The registration page for real accounts is available in English and Turkish. However, the official website does not provide a registration link for demo accounts.
Account Types:
Garnet Trade offers five different types of trading accounts: Beginner Account, Standard Account, Prime Account, ECN Account, and ZERO Account. These accounts differ significantly in terms of the minimum deposit, minimum account balance, spreads, margin ratios, commissions, etc.
Trading Products:
The company provides trading services for forex, commodities, stocks, and indices. Garnet Trade's website not only lists specific trading products covering forex, commodities, stocks, and indices but also provides information on the spreads, contract sizes, and trading hours for these products.
Margin Ratios:
Garnet Trade's website displays the maximum margin ratios it provides for investors in the "Trading Products" and "Account Types" sections. However, the website does not provide information on the margin ratios for specific trading products in forex, commodities, stocks, and indices.
Trading Hours:
The website provides information on the trading hours for specific trading products in forex, commodities, stocks, and indices.
Deposits and Withdrawals:
Garnet Trade's website only shows the potentially supported channels for deposits and withdrawals, such as Neteller, VISA, MasterCard, Skrill, etc. It does not provide specific information on supported channels, currencies, fees, and deposit/withdrawal times.
Trading Software:
Garnet Trade provides MetaTrader5 (MT5) trading software, which supports desktop versions (Windows/MacOS), a web version, and mobile versions (IOS/Android). However, there may be issues with downloading and installing the Android version of the MT5 software in certain countries or regions.
Other Services:
The company offers educational training, trading tools, and other services. Educational training includes e-books related to investment trading and glossary explanations. Trading tools include an economic calendar, financial market holiday schedules, and trading calculators (such as profit calculators, margin calculators, etc.).
Regulatory Information:
Garnet Trade's website indicates that the company holds an Authorized Representative (AR) license from MGF CAPITAL PTY LTD (421246). Although the results from the ASIC website confirm the authenticity of this regulatory or authorization information, it is noted that the regulatory and investor protection standards of the AR license are relatively weak. Importantly, MGF CAPITAL PTY LTD has sold AR licenses to Garnet Trade Pty Ltd and over 20 similar companies. These companies have no relationship with MGF CAPITAL PTY LTD and are only using the AR licenses purchased from MGF CAPITAL PTY LTD for promotion, raising suspicions of fraud.
Furthermore, the website indicates that its affiliated company, Garnet Ltd, is regulated or authorized by the National Futures Association (NFA) and the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA). However, the results from the NFA website show that the company is not a registered member of the NFA and is not regulated or authorized by the NFA. Additionally, the SVGFSA website not only did not find any regulatory or authorization information related to the company but also stated that this regulatory authority does not regulate, monitor, authorize, or license business companies (BC) engaged in forex trading or brokerage.
Conclusion:
Garnet Trade raises suspicions of potential fraud. While the query results show that Garnet Trade has an MGF CAPITAL PTY LTD (421246) Authorized Representative (AR) license, the regulatory and investor protection standards of this AR license are weak. Importantly, MGF CAPITAL PTY LTD has sold AR licenses to Garnet Trade Pty Ltd and over 20 similar companies, indicating potential fraudulent activities.
Additionally, the affiliated company Garnet Ltd, being regulated or authorized by the National Futures Association (NFA) and the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA), is based on false information. The NFA website shows that the company is not a registered member of the NFA and is not regulated or authorized by the NFA. Furthermore, the SVGFSA website did not find any regulatory or authorization information related to the company, and this regulatory authority does not regulate, monitor, authorize, or license business companies (BC) engaged in forex trading or brokerage.
Based on these observations, there are concerns about potential fraud, and investors are advised to exercise caution when considering the services of this company. TraderKnows reminds you to be vigilant about the safety of your assets and to avoid falling into fraudulent traps.
