Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighHolds only an offshore MISA licence and a wholesale-only ASIC appointment for a separate company, and Turkey's SPK has ordered its sites blocked.
Identity & transparency
7/10 · HighContracts through Garnet Trade Ltd, runs from a Skopje company, advertises an Australian affiliate and tells three founding stories; owners are not disclosed.
Withdrawals & conduct
5/10 · ModerateA few specific 2026 reports of cancelled profits and a delayed USD 5,000 withdrawal, with no reply from the company; some smaller withdrawals are paid.
Reputation
7/10 · HighNamed in Turkish regulator actions since 2022, and its review profiles show bursts of generic five-star posts beside unanswered one-star complaints.
Website claims
8/10 · CriticalClaims a 2010 Sydney founding, 350+ staff and over three million trades a day, and presents a wholesale-only ASIC appointment as protection for client funds.
Operational history
6/10 · HighThe brand can be traced only to late 2019, nine years later than claimed, and its domains were replaced after each Turkish block.
Who they are
A quick desk file on the company behind the brand.
- Brand: Garnet Trade (also Garnet FX, Garnet Private, Garnet Plus)
- Legal entity: Garnet Trade Ltd is named as the Company in the client agreement and holds MISA licence T2023429. The platform and apps are run by GARNET LIMITED D.O.O.E.L., Skopje.
- Registered: Bulevar 8-mi Septemvri 3/4-74, Karposh, 1000 Skopje, North Macedonia (address in the client agreement). The Australian affiliate GARNET FINANCE PTY LTD is at 15 Charles St, Canterbury NSW.
- Website: garnet-trade.com, with a Turkish copy at garnettr.net and a client area at web.garnetprivate.com. The older domains garnettrade.com and garnetfx.ca redirect to the main site.
- Only licence: MISA T2023429 (offshore, Comoros). ASIC 001319729 is an authorised-representative appointment for wholesale clients only, held by GARNET FINANCE PTY LTD.
- Offers: forex, index, commodity, share and crypto CFDs on MT5 and the Garnet Private app, with leverage up to 1:1000 and accounts from $100
- Not accepted: The site excludes Israel, the US, Iran, Russia, Myanmar and North Korea. The client agreement instead lists Brazil, Canada, Myanmar, North Korea, Israel and Iran.
- Age claim: The site says it was founded in Sydney in 2010. The earliest verifiable trace is November 2019.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Mwali International Services Authority (M.I.S.A.)
Australian Securities and Investments Commission (ASIC)
The Financial Commission (FINACOM PLC LTD)
State of North Macedonia (authorisation claimed in the client agreement)
Why we reached this verdict
How the evidence adds up.
We rate Garnet Trade a likely scam at 70%. A national regulator has acted against its websites, and its claims about regulation and history fail when checked against the registers.
- Regulator action: SPK Bulletin 2023/74 (22 November 2023) lists garnet-trade.com and my.garnetcrm.app among sites found to offer leveraged trading from abroad to Turkish residents. It orders them blocked under Article 99(4) of the Capital Markets Law. Bulletin 2022/69 did the same for garnetfx.ca, which now redirects to garnet-trade.com. Bulletin 2025/6 records criminal complaints against the content providers of the garnettrade websites, against people accused of letting bank accounts be used for the activity, and against two X accounts that promoted the sites.
- New domains after each block: garnettr.net was registered four days after the March 2023 order. garnetprivate.com, now the client login, was registered the day after garnet-trade.com was listed.
- ASIC status overstated: ASIC's register has shown GARNET FINANCE PTY LTD as an authorised representative only since 12 February 2026. The appointment is under AFSL 421246 of TRADE PRIME PTY LTD (formerly MGF Capital). That licence is limited to wholesale clients, and the representative has the same authorisations. The site still presents it under the line 'Your funds, protected by strong authorities' while selling $100 accounts.
- History claim unsupported: The site claims a Sydney founding in 2010. Garnet's first domain was registered on 19 November 2019, and its Financial Commission membership began on 5 December 2019. Earlier material from the firm says it was founded by asset managers in Switzerland.
- Unbacked authorisation: The client agreement says the firm operates under the authorization of the State of North Macedonia. North Macedonia's capital market regulator lists no Garnet entity.
- Reviews: Its Trustpilot profile is 93% five-star and 7% one-star, with nothing in between, and seven five-star posts appeared on a single day in July 2026. The one-star reviews are specific and unanswered.
- Age caveat: The brand dates to late 2019. We could not establish when Garnet Trade Ltd or GARNET LIMITED D.O.O.E.L. were incorporated. The only company in the group we could date, GARNET FINANCE PTY LTD, was formed in February 2026.
- Why not confirmed: SPK's actions concern unauthorised activity in Turkey, not a fraud ruling. Garnet holds a real, if weak, MISA licence and a real ASIC appointment, and some withdrawals are paid.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Bulletin 2023/74 of Turkey's Capital Markets Board (SPK), dated 22 November 2023, lists garnet-trade.com and my.garnetcrm.app among websites found to offer leveraged trading from abroad to people resident in Turkey. It orders legal steps to block access under Article 99(4) of the Capital Markets Law.
E2SPK Bulletin 2025/6 of 30 January 2025 records a decision to file a criminal complaint for unauthorised capital-market activity (Article 109/2). The complaint targets the content providers of the garnettrade websites, individuals accused of letting bank accounts be used for that activity, and the owners of two X accounts that steered people to leveraged trading on those sites.
E3Earlier SPK block orders name garnetfx.ca (Bulletin 2022/69, 9 December 2022), a domain that now redirects to garnet-trade.com, and garnetfx.trade (Bulletin 2023/14, 9 March 2023).
E4New domains followed the blocks. garnettr.net, the Turkish copy of the site, was registered on 13 March 2023, four days after the 9 March order. garnetprivate.com, now the client login, was registered on 23 November 2023, the day after garnet-trade.com was listed.
E5ASIC has listed GARNET FINANCE PTY LTD as authorised representative 001319729 since 12 February 2026. It has the same authorisations as AFSL 421246 of TRADE PRIME PTY LTD (formerly MGF Capital), whose conditions end with the words 'to wholesale clients'. The client agreement names a different company, Garnet Trade Ltd. Meanwhile the site sells $100 accounts under the line 'Your funds, protected by strong authorities'.
E6ABC News reported on 21 October 2026 that ASIC is investigating MGF Capital, the former name of the AFSL 421246 holder. The investigation concerns whether its authorised representatives sold retail services under a wholesale-only licence. Garnet is not named in the report.
ModerateABC News, 21 October 2026E7The site states that Garnet Trade was founded in Sydney in 2010. The oldest Garnet domain, garnettrade.com, was registered on 19 November 2019, and the Financial Commission membership began on 5 December 2019. The Australian companies date from 2023 and 2026.
E8Garnet's origin story changes with the audience. Its site says it was founded in Sydney. Its client agreement says it was founded by asset managers in Australia. Its 2022 MotoGP sponsorship material and its Trustpilot profile say it was founded by asset managers in Switzerland.
E9The client agreement says Garnet Trade operates under the authorization of the State of North Macedonia. None of the 12 registers kept by North Macedonia's Capital Market Supervision Commission lists a Garnet entity.
E10The client agreement lets the firm void profits from broadly defined toxic trading and close the account. It pays withdrawals from inactive accounts at the exchange rate of the last trade, and resets accounts to zero once there is no balance left for the bonus credit to support. It names no governing law.
ModerateGarnet Client AgreementE11Recent one-star reviews on the Trustpilot profile that Garnet links from its footer describe three problems. Profits were cancelled and MT5 account 241885 closed (October 2026). A USD 5,000 withdrawal was delayed and offered at the firm's own exchange rate (July 2026). Callers posing as brokers directed a client's trades into a loss of about USD 5,000 (June 2026). The company has not replied.
ModerateTrustpilot, garnetfx.caE12The same profile has 71 reviews: 93% five-star and 7% one-star, with nothing in between. They include seven five-star posts on 11 July 2026, several of them about game cheats. The older garnettrade.com profile holds nine positive posts, most of them from late April to mid-May 2020.
E13The site claims 350+ employees and 3,198,800 trades a day, while its Garnet Private Android app shows 1K+ downloads.
E14MISA licence T2023429, issued to Garnet Trade Ltd, was active on the Mwali register on 4 November 2026. It is an offshore licence with no investor compensation.
E15The Financial Commission lists Garnet Trade as an active member since 5 December 2019. That gives clients a free way to complain and cover of up to EUR 20,000 per client for unpaid awards.
ModerateFinancial Commission member pageE16Both app stores list GARNET LIMITED D.O.O.E.L. at the Skopje office address used on the site, and the MT5 server carries the same company name. A real trading operation sits behind the brand.
E17IOSCO's I-SCAN database of member-regulator alerts returns no warning matching garnet.
WeakIOSCO I-SCANE18A one-star reviewer confirms that a USD 495 withdrawal was paid in December 2024, after three days of back-and-forth.
E19The agency that arranged it confirms Garnet's 2022 sponsorship of the LCR Honda MotoGP team, which shows real marketing spend.
WeakRTR SportsE20ASIC records an earlier affiliate, GARNET TRADE PTY LTD (ACN 670 976 977), as authorised representative 001305577 under the same licence from 4 September 2023 until 24 May 2025.
The other side
The strongest case in this broker’s favour.
There is a real business behind Garnet Trade, and some of what looks bad has an innocent reading.
- It runs a live MT5 server under the name Garnet Limited Dooel Skopje. Its apps are published by GARNET LIMITED D.O.O.E.L. at the Skopje address shown on its site.
- MISA licence T2023429 and ASIC appointment 001319729 both exist and are current. Neither is borrowed from another firm, so this is not a clone.
- The Financial Commission has listed Garnet Trade as a member since 5 December 2019, which gives clients a free way to complain.
- SPK blocks the Turkish-facing sites of many offshore brokers, including some licensed elsewhere. A block shows trading offered in Turkey without SPK permission. On its own, it does not show that client money is taken.
- The client agreement allows profits from latency arbitrage and similar trading to be cancelled, so some cancelled-profit complaints may be contract disputes.
- One one-star reviewer in December 2024 confirms that a USD 495 withdrawal was paid, after three days.
- The agency that arranged it confirms Garnet's 2022 sponsorship of the LCR Honda MotoGP team.
- ASIC's investigation of MGF Capital (now Trade Prime) concerns the licensee and other representatives. Garnet is not named in the reporting.
What would change this
What we would need to see to revise the verdict.
These findings would move the verdict.
- SPK authorisation for Garnet's Turkish business, or Garnet ending its Turkish service and SPK's orders being resolved.
- A retail licence from a strong regulator for Garnet Trade Ltd, the company that signs client contracts.
- Company registry records showing a Garnet group company operating since 2010, or the claim being removed from the site.
- Independent, dated evidence of withdrawals paid in full and on time, and public answers to the cancelled-profit complaints.
- In the other direction, a court finding, further regulator warnings outside Turkey or a run of refused withdrawals would push the verdict to confirmed.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
SPK Bulletin 2023/74
Turkish regulator order listing garnet-trade.com for an access ban (page 4)
SPK Bulletin 2025/6
Criminal complaint over the garnettrade websites (page 5)
SPK Bulletin 2022/69
Earlier access-ban order naming garnetfx.ca
ASIC record: GARNET FINANCE PTY LTD
Authorised representative 001319729, current since 12 February 2026 (link published by Garnet)
ASIC record: AFSL 421246 TRADE PRIME PTY LTD
Licence conditions show wholesale clients only
MISA authorised brokerage companies
Offshore register listing licence T2023429 (link published by Garnet)
Financial Commission member page
Membership since 5 December 2019 and free complaint filing
North Macedonia capital market registers
Licensed market participants; no Garnet entity listed
Trustpilot: garnetfx.ca
Review profile Garnet links from its own footer
IOSCO I-SCAN search
International regulator alerts; no match for garnet
ABC News on the AFSL 421246 licensee
ASIC investigation of MGF Capital, now Trade Prime
Frequently asked questions
Quick answers about this broker’s safety.
Is Garnet Trade a scam?
We rate Garnet Trade a likely scam, at 70%. Turkey's Capital Markets Board has moved to block its websites and filed a criminal complaint over unauthorised activity. Its ASIC and founding claims do not match the registers. It does hold a real offshore licence, which is why we stop short of confirmed.
Is Garnet Trade a fraud?
We found no court ruling or regulator finding of fraud against Garnet Trade. Turkey's SPK has decided to file a criminal complaint over unauthorised capital-market activity linked to its websites. On the evidence, we assess the risk of fraud as high.
Is Garnet Trade regulated?
Only weakly. Garnet Trade Ltd, the company that signs client contracts, holds MISA licence T2023429 from Mwali in the Comoros, an offshore authority with no investor compensation. Its Australian affiliate is an ASIC authorised representative for wholesale clients only.
Is Garnet Trade regulated by ASIC?
Not for retail clients. Since 12 February 2026, GARNET FINANCE PTY LTD has been listed as ASIC authorised representative 001319729. It acts under AFSL 421246 of TRADE PRIME PTY LTD, and that licence is limited to wholesale clients. Garnet Trade Ltd, which holds client contracts, is not on ASIC's register.
What is the MISA licence worth?
Very little. MISA is the licensing authority of Mwali, one of the Comoros islands. It runs no compensation scheme and does not supervise client money in any meaningful way. A MISA licence shows that the firm exists, not that your deposit is safe.
Is Garnet Trade legal in Turkey?
No. SPK has listed garnet-trade.com, garnetfx.ca and garnetfx.trade among sites offering leveraged trading to Turkish residents without permission, and has moved to block them. In January 2025, it decided to file a criminal complaint over the garnettrade websites.
Can I withdraw my money from Garnet Trade?
Some clients report being paid, sometimes after delays. Others describe cancelled profits, a closed account, and a USD 5,000 withdrawal held up for days in 2026. The client agreement also lets the firm void profits and pay out inactive accounts at an old exchange rate. Withdraw in writing and keep every record.
Who owns Garnet Trade?
The owners are not disclosed. Client contracts name Garnet Trade Ltd. The platform and apps are run by GARNET LIMITED D.O.O.E.L. in Skopje, North Macedonia, and an Australian company, GARNET FINANCE PTY LTD, holds the ASIC appointment.
How old is Garnet Trade?
The site says it was founded in Sydney in 2010, but the brand cannot be traced before November 2019, when garnettrade.com was registered. Its Financial Commission membership dates from 5 December 2019, and its Australian companies from 2023 and 2026.
Is Garnet Trade a clone?
No. Garnet Trade does not copy another firm's name or licence; its MISA licence and ASIC appointment are its own. The problems are how it presents them and where it sells.
Does the Financial Commission protect my money?
Only in a limited way. The Financial Commission is a private dispute-resolution body, not a regulator. If it rules in your favour and the member does not pay, its fund can cover up to EUR 20,000 per client. It does not hold or supervise your deposit.
What should I do if I lost money with Garnet Trade?
Ask for your money in writing and keep all records. Complain to the Financial Commission and to SPK or your local regulator, and ask your bank about a chargeback. Avoid recovery firms that charge upfront fees.
What should I check before depositing with any broker?
Check the licence on the regulator's own register, and make sure it covers retail clients in your country. Confirm that the licensed company is the one named in your contract. Then search the regulator's warning lists for the broker's exact website.
What we recommend
The practical takeaway from everything above.
Do not open an account with Garnet Trade. If you already have one, act now and keep records.
- If you live in Turkey, know that SPK treats this service as unauthorised and has moved to block its websites.
- Do not rely on the ASIC claim. Open ASIC's records for representative 001319729 and licence 421246. They cover wholesale clients only, and a different company from the one in your contract.
- Request a full withdrawal in writing. Save your MT5 account number, statements, chat logs, e-mails and every payment receipt, including the bank account or wallet you paid into.
- If a withdrawal or profit is refused, file a free complaint with the Financial Commission and report it to SPK or your local regulator. Ask your bank or card issuer about a chargeback.
- Never pay a fee, tax or extra deposit to unlock a withdrawal, and ignore recovery services that ask for money upfront.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed November 4, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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