GT247 only offers traders with the option between two account types, namely a ZAR and a USD account. Both accounts feature the same trading conditions and where the ZAR account is for South African traders, the USD caters for international clients.
| ZAR | USD | |
| 💰 Minimum first deposit | No Minimum | No Minimum |
| 📈 Interest on Margin | No interest earned | No interest earned |
| 💻 Platform | MetaTrader 5 | MetaTrader 5 |
Overall Rating
4.7/5
Rated #270 of
Recommended FX Brokers
Minimum Deposit
USD 0
Regulators
FSB
MetaTrader 5
Yes
65
Islamic Account
Yes
Trading Fees
Low
24 Hours
Choose your quick section of our GT247 Account Types below.
GT247 Account types – 9 key points quick overview:
GT247 Overview- GT247 Account Types
- GT247 Account Features
- GT247 Demo Account
- GT247 Islamic Account
- GT247 at a glance
- GT247 Pros and Cons
- Conclusion
- Frequently Asked Questions
Here is an overview of the GT247 Account types as well as the treading features and benefits offered for each account.
GT247 Overview
GT247 is a South African-based forex and CFD broker which is a subsidiary of Purple Group, Ltd. Purple Group, Ltd. is listed on the Johannesburg Stock Exchange under the symbol JSE: PPE along with offering a trading desk featuring more than 100 years combined experience in the facilitation of trading.
Purple Group, Ltd. is well-regulated by the Financial Sector Conduct Authority (FSCA) and has a FSP license in offering financial services, solutions, and products to consumers. The FSP license number is 46315 and in addition, GT247 is mandated by the Financial Intelligence Centre Act (FICA), requiring that all traders who register a live trading account submit proof of their ID and residential address.
Traders are offered with a choice in more than 250 financial instruments, including:
154 Equity CFDs.
7 Commodity CFDs.
4 Cryptocurrency CFDs.
69 forex CFDs.
66 forex pairs that can be traded in mini lots.
12 Index CFDs.
These financial instruments can be traded through MetaTrader 5, available across several devices including desktops, tablets, mobile phones, and all web browsers. MetaTrader 5 is a powerful, reliable, and flexible trading platform that offers seamless execution of trades.
GT247 offers traders with a client support desk which is dedicated, modern infrastructure, and reliable trade executions. In addition, traders also have access to the professional research team to provide them with the latest in market news and regular fundamental and technical analysis.
GT247 Account Types
GT247 only offers traders with the option between two account types, based on the account base currency, namely a ZAR and a USD account. Both accounts feature the same trading conditions and where the ZAR account is for South African traders, the USD caters for international clients.
Along with a choice between these two accounts, traders can register a demo account which can be used either to practice trading, test strategies, or explore the broker’s offering in a risk-free trading environment making use of virtual funds instead of the trader’s own capital.
Most brokers offer traders with a variety of trading accounts to cater for the varying individual needs and objectives that traders may have, the varying levels of experience, skills, and knowledge that traders have, and/or the different trading styles that each trader has.
GT247 Account Features
Both the ZAR and USD accounts feature the following:
There is no minimum first deposit required.
Long funding of +2.50% according to South African Benchmark overnight rates.
Short funding of -2.50% according to South African Benchmark overnight rates.
Zero interest earned on Margin.
No charges on monthly platform fees.
No charges on reporting fees.
No minimum MMPM per trade.
No charge on SMS notifications.
The use of MetaTrader 5 through which trades can be executed.
| ZAR | USD | |
| 💰 Minimum first deposit | No Minimum | No Minimum |
| 📈 Interest on Margin | No interest earned | No interest earned |
| 💻 Platform | MetaTrader 5 | MetaTrader 5 |
There are no other features indicated that could provide traders with a better idea of what to expect when they trade with GT247. Traders must confirm the features, fees, and charges that they can expect with the broker before they register for a live trading account.
There is no indication of the trading tools, resources, or materials that traders can expect except for the research team offering market news and fundamental and technical analysis, which is quite crucial when trading different markets.
GT247 Demo Account
Traders can register a demo account with GT247 by following these simple steps:
Select ‘open free account’ from the homepage.
Complete the basic account details such as First and Last Name, email address, gender, country calling code, mobile number, country of residence, and nationality followed by entering a user-selected password which must be confirmed in the next field.
Next, traders can select ‘next’ to be redirected to the next part of the application.
Traders can select their account preference followed by ‘Demo Account’ under account type. This will provide traders with access to demo trading of commodities, forex, indices, equities, and cryptocurrencies.
Traders must then read, and accept, the conditions listed, before selecting that they confirm and clicking ‘register’.
An email will be sent to the address that the trader provided. It will contain their login details and a link to download the MetaTrader 5 trading platform.
Once downloaded and installed, traders can use the credentials to log into their GT247 demo account to start using it. Alternatively, traders can log into the web trader from their browser to access their demo account.
Traders can make use of the demo account for 28 days until it expires. In addition, traders are also provided with 100,000 ZAR/USD in virtual funds, that they can use for any of the following purposes:
Beginners can use the demo account to practice their trading and thus increase their trading experience before they enter a live trading environment.
Traders can use the demo account to test and explore GT247’s offering in a risk-free environment.
Traders can use the demo account to test their trading strategies before applying them in a live trading environment where their capital may be at risk.
GT247 Islamic Account
The purpose of an Islamic Account is that it caters specifically for Muslim traders who follow the Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.
Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees, or interest, should they hold positions open for longer.
GT247 does not offer traders with the option of converting a live trading account into that of an Islamic Account. This means that Muslim traders will be subjected to either overnight swap credits or debits, depending on the position that they hold after the trading day has concluded, which is prohibited by the Sharia law.
To avoid this, Muslim traders must ensure that all positions are closed before the trading day concludes.
Brokers often offer this option to Muslim traders to ensure that they can hold positions for longer, without having to worry about being credited/debited with swaps. In addition, many of these brokers offer the benefit that there are no additional charges on such account options, which further attracts more Muslim traders in registering for an account.
GT247 at a glance
| 🔍 Broker's Name | GT247 |
| 📍 Headquartered | South Africa |
| 📅 Year Founded | 1998 |
| ⚖️ Regulating Authorities | FSCA |
| 🌐 Countries not accepted for trade | None indicated |
| ☪️ Islamic account (swap-free) | No |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:25 |
| 💰 Minimum Deposit | $0 |
| 💳 Deposit Options | Credit/Debit Card EFT Swift |
| 💳 Withdrawal Options | Credit/Debit Card EFT Swift |
| 💻 Platform Types | MetaTrader5 |
| 📈 Tradable assets offered | Equities Commodities Cryptocurrencies Forex Indices |
| 📱 OS Compatibility | Windows, Linux, MacOS, Android, iOS |
| 👨💼 Languages supported on Website | English |
| 👥 Customer Support Languages | English |
| 📆 Customer Service Hours | 24/5 |
| 👉 Open a account | Click Here |
Overall Rating
4.7/5
Rated #270 of
Recommended FX Brokers
Minimum Deposit
USD 0
Regulators
FSB
MetaTrader 5
Yes
65
Islamic Account
Yes
Trading Fees
Low
24 Hours
GT247 Pros and Cons
| ✔️ Pros | ❌ Cons |
| Market research as well as analysis offered | Fee schedule not transparent |
| MetaTrader 5 offered | Inactivity fees charged |
| More than 250 financial instruments offered | Limited account funding options |
| Regulated by the strict and reputable FSCA | Limited research resources |
| Live chat not available on the website | |
| MetaTrader 4 not offered | |
| No Education | |
| Only one trading platform offered | |
| Restricted leverage offered |
Conclusion
Traders who choose to use GT247 to facilitate their trades may not be offered with any bonuses, rewards, or promotions, but the broker still features a rich history in offering comprehensive trading solutions and services to both South African traders, and others from several other jurisdictions.
GT247 is well-regulated and guarantees the security of client funds in addition to offering MetaTrader 5, reliable execution speeds, and more.
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Frequently Asked Questions
Trading Environment
How many instruments can I trade with GT247?
You can trade any of the following:
- Equities
- Commodities
- Cryptocurrencies
- Forex
- Indices
Which platforms are supported by GT247?
MetaTrader 5.
Does GT247 offer leverage?
Yes. GT247 offers leverage up to 1:25.
What spreads can I expect with GT247?
You can expect spreads from 1 ZAR per point.
Does GT247 charge commission?
None indicated.
Is GT247 regulated?
Yes. GT247 is regulated by the FSCA.
Is GT247 a recommended forex trading broker for experts and beginners?
Yes. GT247 offers a suitable environment for beginners and experts.
What is the overall rating out of 10 for GT247?
6/10.
Accounts
What is the difference between a demo and live trading account?
A demo account is an account funded with virtual money that allows for risk-free trading while a live trading account requires actual capital.
With a demo account, traders can safely explore the broker’s offer, practice trading, or test out their trading strategies that they wish to use in a live trading environment.
Does GT247 offer a demo account?
Yes.
How long is the demo account valid?
28 days.
Which live trading accounts does GT247 offer?
GT247 offers traders with a choice between the following live trading accounts:
- ZAR Account
- USD Account
What are the available deposit currencies for a live trading account?
ZAR and USD.
Deposits and withdrawals
What is the minimum deposit for GT247?
GT247 does not have a minimum deposit requirement.
How do you make a deposit and withdrawal with GT247?
You can use any of the following:
- Credit/Debit Card
- EFT
- SWIFT
Does GT247 charge withdrawal fees?
Yes. Fees are charged on Debit/Credit Cards.
- Credit Card deposit admin fees of 2.3% of the transaction value.
- Credit card fixed charges of R1.60 per transaction.
How long does it take to make a withdrawal?
This depends on the payment method uses and can be anything from an instant withdrawal or it may take up to several days.
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