Garnet Trade

Garnet Trade is a broker that, by its own account, has been operating since 2010 and, with a Persian-language website, Persian support and direct acceptance of Iranian traders, has in recent years joined the list of options available to Iranian users. In this overview, we review Garnet Trade's licenses, trading accounts, platforms, deposit and withdrawal methods and risks based on Teagle's data.

What kind of broker is Garnet Trade?

Garnet Trade says it started operating in Sydney, Australia, and also has support offices in the United Kingdom and Macedonia; in its Teagle profile, the broker's country is listed as Macedonia. The broker offers trading in forex, stocks, CFDs, metals and energy to retail, professional and institutional traders, and alongside MetaTrader 5 it also has its proprietary Garnet Private platform and the Garnet Plus suite of analytical and educational tools. Scalping, hedging and news trading are also listed as allowed for this broker.

Garnet Trade licenses and credibility

According to Teagle's latest review, two active licenses are recorded for Garnet Trade:

• ASIC Australia with number ACN 695 227 699 (active);
• MISA Mohéli with number T2023429 (active).

Two points should be taken seriously. First, the number recorded for ASIC carries the ACN prefix, which is usually a company registration number and does not necessarily mean a financial services license; before trusting it, search this number in ASIC's official registry. Second, the MISA license is offshore and weak, and the Teagle team has also listed “lack of transparency about the company and the regulator overseeing Iranian users' accounts” as a drawback. To better understand this difference, read the article the difference between offshore and onshore brokers and the guide to broker regulation tiers .

According to the broker, membership in the Financial Commission provides compensation coverage of up to 20,000 euros; only if the company you contract with is covered by it.

Does Garnet Trade serve Iranians?

Yes. Teagle's data lists “services to Iran”, a Persian website, Persian support and instant verification for Garnet Trade, and Teagle's analyst also considers direct acceptance of Iranian traders one of its strengths. However, it is unclear which group company Iranians' accounts are opened with.

Garnet Trade trading accounts

Garnet Trade offers five account types on MetaTrader 5, all with floating spreads, a 50% stop-out and a 200% margin call, and no requotes are recorded for them:

• Beginner account: minimum deposit $100, spreads from 0.9 pips, no commission and leverage up to 1:100;
• Standard account: minimum deposit $1,500, spreads from 0.9 pips, no commission and leverage up to 1:300;
• Prime account: minimum deposit $5,000, spreads from 0.5 pips and leverage up to 1:300;
• Zero account: minimum deposit $10,000, spreads from 0.1 pips, variable commission depending on the symbol, leverage up to 1:500 and the only account with an Islamic version;
• ECN account: minimum deposit $10,000, spreads from 0.1 pips and leverage up to 1:1000.

The Beginner and Standard accounts have access to more than 200 symbols in forex, CFDs, indices and stocks, but the Zero and ECN accounts are limited to spot forex and precious metals. As the Teagle team has also noted, the minimum deposit for the professional accounts is very high. To choose between accounts, see the article the ECN account and how it compares with other accounts and, before using high leverage, the guide to leverage and leveraged trading .

Garnet Trade platforms and services

Trading at Garnet Trade takes place on MetaTrader 5 (Windows, Mac, Android and iOS) and the proprietary Garnet Private app (WebTrader, Android and iOS). Copy trading, social trading, expert advisors, a trading API, an IB program and bonuses are also on the list of services. If you want to benefit from others' experience, read the copy trading guide . Teagle has not recorded the details of this broker's bonus.

Deposits and withdrawals at Garnet Trade

Recorded payment methods include debit and credit cards, bank wire (EFT or SWIFT), local transfer, e-wallets and crypto transfer. The minimum deposit is $100 and the minimum withdrawal is $10. Crypto deposits are stated to be free, and no broker fee is recorded for withdrawals by any method. Internal processing of card and crypto withdrawals takes 30 to 60 minutes and bank withdrawals one to three business days; the FAQ section also states that withdrawal requests are registered on business days until 12:00 GMT+1.

Garnet Trade's rating and risk on Teagle

Garnet Trade's final rating on Teagle is 3.85 out of 5, derived from the average of two sources: Trustpilot 3.9 and WikiFX 3.8; no reviews from Teagle users have been submitted yet. The Teagle Eye risk index for this broker is 20 out of 100, in the “low risk” category, which is mostly due to its two active licenses and 16 years of history. This index does not measure the ambiguity about the contracting company. Follow the position of low-risk brokers in Teagle's low-risk broker ranking .

Pros and cons of Garnet Trade

• Pro: serves Iranians, Persian website and support
• Pro: a variety of accounts and a proprietary platform alongside MetaTrader 5
• Pro: fairly acceptable ratings on Trustpilot and WikiFX and withdrawals without broker fees
• Con: very high minimum deposit for Zero and ECN accounts
• Con: offshore license and ambiguity about the company and regulator overseeing Iranians' accounts
• Con: according to the product document, the broker can amend or cancel a trade in case of a pricing error

Who is Garnet Trade suitable for?

In the view of Teagle's analyst, Garnet Trade suits Iranian traders with moderate capital looking for an accessible broker with a track record; but it is not a good option for large investors and those who prioritize top-tier regulatory coverage and negative balance protection. Before deciding, put it side by side with an Iranian-friendly rival in the Garnet Trade vs. Amarkets comparison .

Conclusion

Garnet Trade is a notable option in terms of accessibility and Persian-language services, but its licensing status is not transparent for Iranian users. Start with a Beginner account and small capital, ask support which company you are contracting with, make a test withdrawal and check the latest warnings on the investment risk warning page .