GT247 Broker Review
The company has been operating since 1998 and is one of the subsidiaries of Purple Group, Ltd., whose parent company is listed on the Johannesburg Stock Exchange (JSE) under the symbol PPE.
Traders have access to some of the most competitive trading conditions in the industry because the trading desk has accumulated over 100 years of experience.
Thanks to its efficient client support desk and modern infrastructure, traders expect trade execution speeds, reliability, and competitive spreads at GT247. In addition, the GT247 research team provides trading clients with regular fundamental and technical analysis and the latest market news.
You can find our transparent GT247 review below. Broker reviews are updated frequently!
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Pros / Cons
- FSCA Regulated
- Local Deposit Options
- Low Minimum Deposit
- Low Leverage
- Broker Not Verified
In South Africa, GT247 is a registered subsidiary of Purple Group Limited, which is authorised and regulated by the Financial Sector Conduct Authority (FSCA). Additionally, Purple Group, Ltd. has a Financial Services Provider license under license number 46315, enabling it to provide financial services, solutions, and products.
GT247, as a regulated broker, is required to verify the identities of all new clients under the Financial Intelligence Centre Act (FICA). New traders, therefore, must provide identification and proof of physical residence before they can register a trading account with a live broker.
GT247 also guarantees that all client funds are held in segregated accounts within Citibank, a financial institution in New York. This helps to ensure economic stability and prevents funds from being used for purposes other than trading.
GT247 is regulated by the (FSCA) and has been operating since 1998. GT247 is one of the subsidiaries of Purple Group, Ltd.
The broker is quite trustworthy when it comes to trust. Although there may have been some problems with the Forex broker in the past, as we have seen some angry reviews on various websites, awards and recognition indicate that the broker is well-known in the country. So it is not a bad deal by South African Forex broker standards. Furthermore, it is on its way to competing with larger regional brands, so we would say the brand is slightly above average.
Although, if you decide to sign up with them, you will have to learn more about their withdrawal system since there are no clear instructions.
GT247 provides traders with more than 250 financial instruments to trade. Traders can choose from the following:
- There are 154 equity CFDs available.
- CFDs on seven commodities.
- CFDs on 4 cryptocurrencies.
- CFDs on 69 forex pairs.
- Mini lots are available for 66 forex pairs.
- Index CFDs on 12 indices.
Traders can choose from two types of accounts offered by GT247: a ZAR account or a USD account. The basis account currency is all that differs between the two types of accounts. South Africans can open a ZAR account, while international traders can open a USD account to facilitate their trades with GT247.
In either the USD or ZAR account, traders have access to a maximum leverage ratio of 1:25.
Furthermore, while the account has specific details of the specific features, fees, spreads, commissions, etc., there is little information provided about what traders can expect, aside from the following:
- The first deposit does not require a minimum amount.
- Funding with an overnight rate of +2.50% according to the benchmark for South Africa.
- Short funding of -2.50% according to the benchmark overnight rate in South Africa.
- Interest earned on margin is zero.
- Platform fees are not charged monthly.
- Reporting fees are not charged.
- Each trade does not require a minimum MPM.
- SMS notifications are free of charge.
GT247 provides its traders with the opportunity to open a demo account and the account types it offers.
An account with a virtual balance of 100,000 ZAR is provided to traders. Before an account expires, it can be used for 28 days by the trader.
Muslims who do business according to Sharia Law have access to this account option. However, in GT247, Islamic traders are not able to convert their live accounts into Islamic ones.
Muslims trading with GT247 must close open positions before the day ends to avoid losing money.
Opening an account
GT247 traders can open a free account by visiting the homepage and selecting ‘open a free account.’ They can then follow the steps below:
- Give First and Last Name, email address, gender, mobile number, country and nationality, and country of residence.
- A user-selected password must be entered next, and it must be confirmed before traders can select ‘next.’
- After selecting the account type and hedging or netting preference, traders may then select their account preference. Before selecting ‘ register, ‘traders must confirm they have read and accepted all of the points described on the confirmation page.
- Trade fund balances, account numbers, and active groups will be made available.
- The traders can then provide address information, followed by their FICA/KYC information when they have provided more detailed information regarding their details.
Registration will not be completed without the provision of a government-issued ID and proof of address, as well as a complete economic profile. In addition, to ensure the safety and security of its traders, brokers are required to comply with anti-money laundering (AML) procedures such as ‘Know Your Client’ (KYC).
The GT347 broker offers an MT5 platform that has the following features:
GT247 provides only MetaTrader 5 (MT5) as its trading platform to its clients. To replace the previously well-established MT4 platform, its developer, Russian software company MetaQuotes Software Inc., created it in 2010. With its robust analytical tools and highly customisable interface, MT5 is an advanced trading platform that provides a superior online trading environment.
MT5 has some key features that we’ve listed below.
- It is possible to display up to 100 charts simultaneously.
- Up to 21 timeframes can be displayed on 3 chart styles.
- A plugin app can increase the number of indicators to an unlimited number. It comes preloaded with 38 technical indicators.
- The MQL5 programming language is used to create Expert Advisors (EAs) for automated strategies. It is based on the C++ programming language.
- It includes a Virtual Private Server (VPS).
- Investors can copy signals from other traders on the platform via social trading.
- In addition to integrating MetaTrader, it features a MetaTrader marketplace where traders can purchase EAs, indicators, and other tools to enhance their trading experience.
- A price alert notification can be sent via SMS, email, or platform pop-up.
GT247 offers 3 versions of the MT5 platform:
Desktop version of MT5
With MT5 desktop, you get the full functionality and capabilities of the platform and all the features, functionality, and capabilities of MT5. Among these features are automated trades and customised trading tools. In addition, it is possible to download and install MT5 on computers/laptops.
MetaTrader 5 WebTrader
In the MT5 WebTrader version, no additional software is needed to run the platform; it is built using HTML5 and runs right from the web browser without downloading. It runs on most modern web browsers, so it is a versatile version of MT5, but it does have some limitations compared to the MT5 desktop platform.
MetaTrader Mobile app
You can download the free MT5 mobile trading app from the respective app stores for iOS and Android devices. It is a popular choice for traders on the go who need access to their accounts and can trade.
Spreads and Commissions
Commissions are not available at GT247. Additionally, its website indicates that it offers variable spreads. However, it does not provide information about spreads on major currency pairs.
Average Standard Account Spreads on Majors
- EUR/USD: 1.0
- GBP/USD: 1.2
- USD/JPY: 1.1
- AUD/USD: 1.8
In addition to the fees that traders incur, another crucial consideration is evaluating a broker’s reputation. Trade and non-trade activities and actions may result in these fees.
On the GT247 website, you can see the breakdown of fees in a cost profile. Unfortunately, GT247 does not have a transparent fee schedule. However, trades should expect to pay the following fees:
- It is estimated that traders can expect Market Makers Profit, or MMPM, to be charged at 0.10% of the nominal value of each contract, regardless of whether they are buying or selling.
- If the trader holds a long position when trading CFDs, GT247 will charge +2.50%.
- 3% of the transaction value is charged as an administrative fee for accepting credit cards.
- The credit card transaction fee is R1.60 per transaction.
- Spreads start at 1 ZAR per point so that traders can trade markets with low spreads.
- An inactivity fee of 120 ZAR or 10 USD is charged if the account becomes dormant after 12 months.
Several brokers provide traders with leverage. Through leverage, traders can open larger positions, giving them greater exposure to the market regardless of their initial deposit.
There is only one leverage ratio available to GT247 traders: 1:25.
Concerning margin, it assists the broker in managing the trading of a trader’s account. Traders use margin to protect themselves against GT247 defaulting on their trades, calculated as a percentage of the nominal cash value of the trade.
GT247 must apply margin with this prime broker when transactions are hedged with the prime broker. However, since GT247 assumes the default risk on behalf of the trader, traders do not receive interest on this margin.
Deposit and withdrawal
Another imperative factor to consider when looking at brokers is how easy it is to deposit and withdraw funds.
A variety of deposit and withdrawal methods are not available to GT247 traders.
The following options are available to traders:
- EFT (Electronic Fund Transfer)
- Card (Credit/Debit)
In addition, traders should be aware that withdrawals and deposits can take some time to appear, depending on the chosen payment method. Furthermore, certain methods of payment may also be limited in terms of the minimum amount.
The only fees associated with deposits and withdrawals pertain to credit/debit card transactions. However, traders should confirm with their financial institution whether they may incur fees.
Education and research
Traders cannot find any educational materials, tools, or resources on GT247’s website. Traders can only learn how to trade by reading the FAQs.
Traders use research tools to enhance their skills in making informed trading decisions and enhance their activities. GT247 offers a limited number of news and analysis resources.
GT247 can be reached by telephone, mail, or by submitting a ticket via the website. In addition, the GT247 customer support team is available Monday through Thursday from 00:05 GMT to 23:45 GMT and Fridays from 21:55 GMT.
GT247 is regulated by the (FSCA) and has been operating since 1998. GT247 is one of the subsidiaries of Purple Group, Ltd.
Thinking of Trading with GT247?
What platforms does GT247 support?
The MetaTrader 5 platform.
How much leverage does GT247 offer?
Sure. Leverage is available up to 1:25 on GT247.
What spreads can I expect from GT247?
The spread starts at 1 ZAR per point.
Does GT247 charge a commission?
How regulated is GT247?
Definitely. The FSCA regulates GT247.
A legit forex broker, GT247 is regulated by the UK Financial Conduct Authority (FCA) and is a fully transparent and regulated organisation offering high operational standards, competitive trading fees, efficient customer service, and assisting investors to reach their financial goals. It is suitable for all types of traders, regardless of their experience level.
With over 250 financial instruments traded through MetaTrader 5, GT247 is a well-regulated broker that gives traders access to global markets. Trading accounts are available in two formats, namely a ZAR and a USD account, though both have a very limited set of features.
Trading with GT247 is free until the end of the trial period. While GT247 offers a demo account that can be opened, traders can try out the broker’s services, practice trading, and test strategies. The demo is only valid for 28 days.
GT247 offers a limited range of deposit options and currencies and charges for credit/debit card transactions.
GT247 warns prospective customers that Forex and CFDs trading contain substantial risks and may not suit all investors.
Before investing funds they cannot afford to lose, potential traders are advised to carefully consider their investment objectives, financial circumstances, needs, and level of experience before trading with GT247.
The GT247 warns that margin trading has both a potential for profit and potential for loss.
GT247 cannot guarantee a maximum loss that a trader will sustain due to fluctuating foreign exchange and commodities prices, according to research conducted in South Africa.
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Heinrich is a forex and CFD enthusiast with a passion for writing good informative quality content. He strives to showcase the best forex brokers in Africa. Join him on his Journey!
Content Writer | Market Analyst
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