GARNETTRADE

Garnet Trade (GARNETTRADE) is a forex and CFD broker registered in North Macedonia, with its official domain at garnettrade.com. The company was founded on 26 July 2022 and is headquartered at Vasil Gjorgov No.19 Biding No.1 Apr.12, Skopje 1000, North Macedonia.

The broker offers trading services through its proprietary platform and MetaTrader 5 (MT5). Garnet Trade maintains a presence on social media platforms including Facebook, Instagram, and YouTube.

Garnet Trade holds a Forex Trading License (EP) from the MISA regulator in Comoros, with a status of 'Regulated'. It is important to note that the company's marketing materials claim an ASIC license, but our records confirm only the MISA registration. This discrepancy should be considered by traders.

The broker also states it is a member of The Financial Commission, which provides a compensation fund of up to €20,000 per case, though this is not a substitute for robust regulatory oversight.

Garnet Trade offers five account tiers designed to accommodate different trader profiles and capital levels. The Beginner account requires a minimum deposit of 100 USD and offers leverage up to 1:100. The Standart account requires 1,500 USD with leverage up to 1:300. The Prime account requires 5,000 USD and also offers 1:300 leverage.

For higher-volume traders, the ECN and Zero accounts both require a minimum deposit of 10,000 USD and offer maximum leverage of 1:500. These accounts likely provide tighter spreads and direct market access, though specific spreads are not confirmed by independent sources.

The broker offers a range of instruments including forex, equities, CFDs, energies, and metals. According to its website, traders can access 'multiple currency pairs' and 'online quotes for Major Exchange Stocks'. The exact number of instruments or specific asset lists are not disclosed publicly.

Garnet Trade promotes spreads from 0.5 pips on forex pairs and a No Dealing Desk (NDD) execution model, which aims to reduce conflict of interest.

Garnet Trade appears to target both retail and experienced traders through its tiered account structure. The Beginner account is aimed at newcomers with low capital, while the high-minimum ECN and Zero accounts cater to professional or high-net-worth individuals.

The broker's marketing emphasizes 'Forex for All' and highlights 24-hour customer support, suggesting a focus on accessibility and service. However, the high minimum deposits for premium accounts indicate a preference for serious traders.

While Garnet Trade claims membership in The Financial Commission and promotes capital protection, the primary regulation is from MISA (Comoros), which is not considered a major regulatory jurisdiction. The discrepancy between its claimed ASIC license and actual MISA registration raises questions about transparency.

Traders should be aware that the broker's FXCanary Scam Risk Score is 35 out of 100, indicating a 'Guarded' level of risk. This assessment reflects the offshore regulation and potential regulatory inconsistencies.