GT247 Minimum Deposit

Would you like to know about the GT247 minimum deposit?. It is not necessary to make a minimum deposit for GT247. Depositing any amount into a trading account is permitted. However, traders are strongly advised to ensure that their margin requirements can be covered before they open a trade. Furthermore, traders should keep an eye on the exchange rate between the US Dollar and the South Africa Rand.

To remain regulated, GT247 is required to ensure that client funds are kept apart from the broker’s account. Therefore, traders must withdraw these funds at any time, and these funds may not be used for any purpose besides trading.

Overview

In South Africa, Purple Group Limited, a company licensed by the Financial Sector Conduct Authority (FSCA), is the parent company and a legal representative of GT247. Purple Group Limited was found to be in compliance with the FSCA registry.

Its mission is to ensure fair treatment of customers and promote a stable financial market for the institutions it regulates. Moreover, GT247 holds the client’s money in separate bank accounts for each client. One of the broker’s leverage offerings is 1:80, and we found that to e rather random. There is no compelling reason to keep it that way.

We got a EUR/USD spread between 1.7-2.2 pips using the demo version of the platform, which is not beneficial to traders. However, it is possible that traders will get a totally different spread if they are using a live account. We can trade the following asset with a demo account: forex pairs, commodities, indices, and cryptocurrencies. Unfortunately, English is the only language available on the website.

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This package includes the MT5, which is a very welcome inclusion.

MetaTrader 5

Based on MT4, MT5 has improved features that make it more dynamic and professional. As well as its certification by many stock exchanges, MT5 allows traders to trade in centralized markets. Furthermore, on MT5, all MT4 features, including market indicators and trade bots, are present and fully functional.

In the demo account, EUR/USD spreads average between 1.7-2.2 pips as the leverage is capped at 1:80.

Buying and selling transactions are subject to a 0.10% Market Maker Profit Charge. Secondly, we are concerned about a fee charged when it comes to long trades in CFDs. Overnight interest is, therefore, paid by the trader on any open positions. As part of the deal, the broker provides a handy Cost Profile document that outlines all the fees (which are not excessive).

Platforms for every possible version are supported. It operates perfectly on the desktop, and Apple and Android devices are supported. On the resources tab, you can find a web trader, but it’s somewhat hidden for some reason.

GT247 minimum deposit

Minimum deposits are not required. Anyone can now try out a broker without risking a large sum of money by participating in this fantastic initiative.

An account can be maintained in only two currencies: USD and ZAR.

A deposit method depends upon the type of account, which is dictated by the base currency. For example, when opening a USD account, one can deposit funds via Swift or Bank Transfer.

Either a credit card or e-transfer can be used to open a ZAR account. Transferring funds electronically, also called an EFT, is the movement of funds from one account to another. Electronic funds transfer, or EFT, includes Wire Transfer and ACH, or Automatic Clearing House, an electronic network used by banks to settle financial transactions.

It is unknown when the deposit will be made. However, based on general guidelines, Crest Card transfer should take no longer than two hours, while Bank Transfer may take one to two days if local and five to seven days if international. Payments processed through Swift usually take between 24 and 48 hours.

We find very little evidence that cash or check payments are accepted on the website, even though the Terms and Conditions mention it a few times.

The fixed credit card deposit fee is R1.60, or $0.11, shouldn’t cause any problems. Nevertheless, you should watch out for the Credit Card administration fee of 2.3%. The fee for Bank Transfers is not indicated. Almost always the bank itself charges the broker a commission, even if the broker charges none.

Step by step guide to depositing the minimum amount

Traders can fund their accounts via their personal area of the website after the live trading account has been approved.

Before they can proceed, traders can choose the payment method they want to use, the amount they want to deposit, and the currency they wish to trade. If such instructions and/or prompts are provided, traders can finalize their deposits.

It may take several days for funds to reflect, depending on the payment method chosen. Traders should also make sure that the name used to register their trading account matches their account to make deposits.

The GT247 AML procedures prohibit GT247 from transferring funds to third parties. Additionally, traders must confirm whether or not their payment providers waive any fees.

No minimum deposit requirement

Since GT247 does not require a minimum deposit, you could start trading as soon as you have a few dollars. This is certainly a good thing and is in line with industry best practices – some big names such as FBS and IG do not require a minimum deposit.
The MetaTrader5 trading platform is available
In addition to the standard MetaTrader4 charting package, MetaTrader5 has a wealth of market indicators for use with algorithmic trading sessions and so-called Expert Advisors to ease the process.
Furthermore, MetaTrader5 allows traders to easily trade on multiple financial markets (including equities) from a single account.

Demo Account

On GT247’s website, it’s not made obvious that demo accounts are available. However, you’ll be able to sign up for a demo account using the same trade conditions as the main account. Upon the expiration of your current demo account, you can open a new one. Your current demo account lasts for 28 days and is then deleted.

Countries Accepted

There is no information available regarding which countries are accepted and which are excluded. However, if you want to know which countries are accepted or excluded, you can contact the support department.

GT247 withdrawal time and fees

Brokers do not give us a lot of information regarding withdrawals. The website is very sparse on withdrawal details, except for a single FAQ section.

During this discussion, we will be able to cover only two points.

All requests received after 2 pm will be processed the next business day.

In the second item listed, there is a clause that says withdrawals are permitted after 14 days. It’s odd to see such a rule, and there are usually similar clauses in unregulated brokerage contracts. However, it’s probably meant to protect investors.

It makes sense to assume that the withdrawal methods will be the same as those used for deposits and follow the same account structure.

No information about withdrawal times and fees has been provided. However, users will be able to access this information once they have been verified.

Inactive accounts that have been dormant for more than 12 consecutive months are charged $10 (R120) per month as an inactive fee.

Account types and Spreads

Spreads and account types are not adequately explained. However, a few details about trading conditions were provided.

Depending on the currency you deposit, there are two types of accounts. For example, there are ZAR accounts on MT5 as well as USD accounts on MT5.

Both types of accounts do not have a minimum deposit requirement. In addition, a reporting fee and a platform fee are also not charged.

No information is available regarding spreads and commissions. There is an obvious lack of transparency here.

Trading Platforms

A popular trading platform offered by GT247 is MetaTrader 5. Traders of foreign exchange markets and forex benefit from a wide variety of functions offered by MetaTrader 5:

A full range of trading orders for stocks, forex, options, and other financial instruments. An advanced technical analysis system with over 80 built-in indicators. Trading signals that let experienced traders automatically copy their trades.

Platforms can be downloaded to computers, iPhones, iPads, and Android devices. A web trading version of MT5 is available as well.

Trading Instruments

The broker offers a wide spectrum of instruments, including CFDs on equity, commodities, futures, and forex. There are no cryptocurrencies or stocks available.

Payment Methods

To fund your GT247.com account, you can use either of two (2) different deposit options.

A person transfers funds electronically to another bank account by instructing their bank to do so, usually through the online platform of their bank.

You can fund your GT247.com account with a credit card as well.

The payment is reflected immediately when you use a credit card, while fraud protection is included. The method is probably the most popular for making payments online.

How does the scam work?

Almost every forex trade is at risk for scams, especially if dealing with an unregulated broker. Therefore, we believe traders should learn about scamming methods. These are the typical scamming methods:

If you click an advertisement that promises fast money, you will be directed to a website such as Bitcoin Evolution or Crypto Cash, where you will be asked for your address, phone number, and email address.

If you share your personal information with brokers, you will likely receive calls from them urging you to invest with them. After listening to their pitches for a few minutes, you decide to deposit around $200-250. In a matter of seconds – the scammers are getting their commission.

Senior scammers begin negotiating with you to add even more money after they are done scamming you. They claim that this is their only means of profiting from even more trading. Then, when you make the mistake of investing, even more, you’ll want to withdraw your remaining funds.

The con-artists, unfortunately, are not interested in such things. So now they will try to convince you not to withdraw right away but wait it out. There is no hidden agenda here – traders have a restricted time frame for requesting a chargeback through their banks. “Recovery” will simply try to misdirect you into missing this crucial period, thereby destroying any chances you may have to get your money back.

What to do when scammed?

Unfortunately, fraud, as mentioned above, is quite common in the world of trading, and you might even fall victim to it. Nonetheless, you may still have some options available to you in such a situation.

Chargebacks can be filed by contacting your bank or credit card provider. Moreover, Visa and MasterCard have taken measures to sidestep scammers in forex trading due to the high numbers of fraud cases. As of right now, MasterCard has extended the time for filing a chargeback from six months to a year and a half.

In that case, immediately cancel your credit card if the broker has provided your card details.

If you have given your online banking password, you should change it as soon as possible!

Calls claiming to be from “recovery agencies” are to be avoided. In their search for restitution, they take advantage of scammed and vulnerable traders. You will have to pay an “up-front” fee before they can help you, but you won’t get any help after you have paid them!

Pros

Traders can use a demo account.
SMS notifications are free of charge
No minimum MMPM is required for trading.
Platform fees are charged monthly
Fee-free reporting
Margin earning zero interest

Cons

Fees charged for deposits and withdrawals using credit cards
There’s no transparency in fees.
Charges for inactivity are high
No Islamic accounts are available
Almost no information on spreads and fees

Bottom line

GT247 looks like an ordinary broker. However, traders should still feel safe to deposit and withdraw regardless of the information withheld. Nevertheless, traders should keep a watchful eye on the high transaction costs.

It is hard to make up a complete opinion about GT247 because there is not enough information available on their website to understand what they are offering or recommend them. So, it is up to you to decide if they are a good fit for you.

We hope you enjoy reading this GT247review. For help finding the brokerage that is right for you, check out other FX broker reviews.

Categories: Traders Blog | Author: Jason Morgan | Date: 2 January 2022

Jason Morgan

Jason Morgan is an experienced forex analyst and writer with a deep understanding of the financial markets. With over 15+ years of industry experience, he has honed his skills in analyzing and forecasting currency movements, providing valuable insights to traders and investors.

Forex Content Writer | Market Analyst

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