What Account Types and Fees Does GARNETTRADE Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Beginner Account |
New traders |
Low minimum deposit, basic trading features |
Suitable for small-capital practice |
| Standard Account |
Casual traders |
Moderate spreads, user-friendly interface |
Accessible for most retail traders |
| Prime Account |
Experienced traders |
Lower spreads, enhanced trading tools |
Requires a higher deposit |
| ECN Account |
Professional traders |
Direct market access, tight spreads |
Higher minimum deposit and trading volume required |
| Zero Account |
Active traders |
No commission, low spreads |
Requires a substantial deposit |
| Demo Account |
All traders |
Practice trading without risk |
Used primarily for educational purposes |
Account Opening Process
To open an account with GARNETTRADE, traders will need to follow a straightforward process. First, they must submit personal information, including details related to their employment and financial status. Following that, identity verification is required, which includes providing a government-issued ID and proof of address. Additionally, account holders have the flexibility to upgrade their accounts later, such as moving from a Beginner to a Professional account as their trading experience and capital grow.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (Major Pairs) |
0.8 |
$0 |
Tight spreads for major currency pairs |
| Forex (Minor Pairs) |
1.2 |
$0 |
Wider spreads for less traded pairs |
| CFDs (Stocks) |
0.5 |
$0 |
Competitive pricing for stock CFDs |
| CFDs (Indices) |
1.0 |
$0 |
Low spreads for major indices |
| CFDs (Commodities) |
1.5 |
$0 |
Includes popular commodities like gold and oil |
| Cryptocurrencies (BTC/USD) |
1.0% |
0.1% |
Variable depending on market conditions |
Other Fees
In addition to trading fees, GARNETTRADE may charge various other fees. These include potential deposit and withdrawal fees, though specifics can vary based on the payment method used. There may also be inactivity fees for accounts that remain dormant for extended periods. Traders should be aware of any overnight interest (swap rates) that may apply to their positions, as well as currency conversion fees when trading in different currencies.
