Overall GT247 can be described as a trustworthy broker and has an overall rating of 8 out of 10. GT247 offers a maximum leverage ratio of 1:25 with no minimum deposit amount required and is regulated by FSCA.
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
Choose your quick section of our GT247 review below.
GT247 Review – 17 key points quick overview:
GT247 Overview- GT247 Safety and Security
- GT247 Sign-up Bonus
- GT247 Minimum Deposit
- Step by step guide to deposit the minimum amount
- GT247 Account Types
- GT247 Account Features
- GT247 Demo Account Features
- How to set up a Demo Account – Step by Step
- GT247 Trading platforms
- GT247 Fees and Spreads
- GT247 vs FINAM FOREX vs Forex4you – A Comparison
- GT247 Current Popularity Trend
- GT247 Pros and Cons
- Conclusion
- Disclaimer
- Frequently Asked Questions
GT247 is a registered subsidiary of Purple Group, Ltd. is both authorized and regulated by South Africa’s regulatory entity namely the Financial Sector Conduct Authority (FSCA).
GT247 Overview
GT247 has been in operation since 1998 and is owned and operated by Purple Group, Ltd. as one of its subsidiaries, with the parent company listed on the Johannesburg Stock Exchange (JSE) under the symbol JSE: PPE. The trading desk has combined experience of more than 100 years in offering traders with some of the most competitive trading conditions in the industry.
GT247 has an efficient client support desk along with a modern infrastructure, ensuring that traders can expect trade execution speeds which are fast and reliable, and spreads that are competitive. GT247 also has a research team that offers traders with the latest market news and regular fundamental and technical analysis.
GT247 Safety and Security
GT247 is a registered subsidiary of Purple Group, Ltd. is both authorised and regulated by South Africa’s regulatory entity namely the Financial Sector Conduct Authority (FSCA). In addition, Purple Group, Ltd. is in possession of an FSP License to offer financial services, solutions, and products, under the license number 46315.
Thus, as a regulated broker, GT247 is mandated by the Financial Intelligence Centre Act (FICA), which requires that the identities of all new clients be verified. This means that all new traders who register a live trading account must provide proof of their identity and their physical residence.
In addition, GT247 guarantees that all client funds are held in segregated accounts which are maintained by Citibank in New York, US. This is to ensure economic stability and ensures that funds are not used for any other purpose other than trading activities.
GT247 Sign-up Bonus
GT247 does not offer a sign-up bonus.
Traders who register a real account with GT247 will not qualify for any of the following:
Sign-up bonus
Deposit bonus
Welcome bonus
These bonuses are often used as one of the best ways through which brokers can draw in, or appear more attractive to, new traders. Traders must ensure that they familiarise themselves with the terms and conditions which are associated with bonuses. Traders must also ensure that they qualify for the specific criteria tied to bonuses.
The bonuses which are offered in this category are not cash bonuses, they are credited to the trader’s account as trading credit which can be used towards trading activities, thus traders can take advantage of trading risk-free.
However, despite this, profits which are made from the trading credit can be withdrawn. Traders must also note that demo accounts are not eligible for these bonuses, unless otherwise specified by the broker.
GT247 Minimum Deposit
There is no minimum deposit requirement for GT247. Traders are free to deposit any amount into their trading account, however, they are urged to ensure that they can cover margin requirements before they open a trade. Traders are also advised to ensure that they keep updated with the exchange rate between the US Dollar and the South African Rand.
GT247 is a regulated broker that is required to ensure that client funds are kept in segregated accounts separate from the broker account. These funds may not be used towards any purposes apart from trading activities and traders must be able to withdraw them at any time.
Step by step guide to deposit the minimum amount
Step 1 – Log into your account
Log in your trading account to access your client area.
Step 2 – Select the Deposits option
Select the Deposits option under the ‘My Funds’ group.
Step 3 – Choose a deposit method
Choose your preferred deposit method and the amount to deposit.
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 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 Features
The demo account offered by GT247 is available for 28 days. Traders are offered with virtual funds of 100,000 ZAR/USD which can be used for demo trading in any of the following ways:
Practice account for beginners to build up their skills and experience before they start trading in a live environment.
Testing and back testing of trading strategies.
Exploring GT247’s offering.
How to set up a Demo Account – Step by Step
Setting up a demo account with GT247 is an easy and straightforward process which consists of the following steps:
Step 1 : Click on “open free account”
Click on the “open free account” option.
Step 2 : Fill out the form
Provide basic personal information requested.
GT247 Trading platforms
The trading platform is the software that traders use to execute their trades. Each broker reserves the right to offer their own preferred trading platform. Where some brokers offer a variety of third-party platforms, others prefer offering their own proprietary platforms, if they have one.
GT247 offers MetaTrader 5 which can be used to execute trades and it is a powerful trading platform that allows for diverse customisation. MetaTrader 5 is available for use with desktop PCs and mobile devices that run on either iOS or Android. Alternatively, traders can also use the trading platform from their web browser.
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 Fees and Spreads
The GT247 spread list starts from 1 ZAR per point. There is truly little information available on the fees, spreads, and commissions that traders can expect when trading with GT247. Traders must consult with the broker to obtain more information on the trading fees that they can expect.
Spreads and commissions will depend on the financial instrument being traded in addition to the market conditions on the day of trading. Traders can make use of the demo account to evaluate the fees and spreads that they may incur while trading with GT247, in a safe and risk-free environment where their own capital is not at risk.
GT247 vs FINAM FOREX vs Forex4you – A Comparison
| 🔎 Broker | 🥇 GT247 | 🥈 FINAM FOREX | 🥉 Forex4you |
| 💰 Minimum Deposit | None | None | None |
| 📝 Sign-Up Bonus | ☑️ No | ☑️ Yes | ☑️ Yes |
| ➕ Max. Leverage | 1:25 | 1: 40 | 1:1000 |
| 💵 Currency Pairs | 66 | 27 | 50 |
| 🚀 Open an Account | Click Here | Click Here | Click Here |
GT247 Current Popularity Trend
As According to Google Trends, here is an overview of how frequently the search term – “GT247” is entered into Google’s search engine over a given period of time.
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 | Inactivity fees charged |
| MetaTrader 5 offered | Limited account funding options |
| More than 250 financial instruments offered | Live chat not available on the website |
| Regulated by the strict and reputable FSCA | MetaTrader 4 not offered |
| Restricted leverage offered |
Conclusion
GT247 is a legit forex trading company and is a fully regulated and transparent broker with high operational standards, low trading fees, superior service delivery, helping investors reach their objectives. It caters for all types of traders with different levels of experience.
GT247 is a well-regulated broker that offers traders access to global market through its provision of more than 250 financial instruments which can be traded through MetaTrader 5. Traders are offered with two account types, namely a ZAR and USD account, however, truly little features are indicated on these accounts.
GT247 offers a demo account which can be opened, allowing traders to explore the broker’s offering, practice trading, or test strategies, however, the demo can only be used for 28 days until it expires. In addition, GT247 offers limited funding options and deposit currencies, with fees charged on credit/debit cards.
You might also like: GT247 Account Types Overview
You might also like: GT247 Demo Account – Step by Step
You might also like: GT247 Fees and Spreads
You might also like: GT247 Minimum Deposit
You might also like: GT247 Sign up Bonus
Disclaimer
GT247 warns potential customers that Forex and CFDs trading carries a substantial risk and may not be suitable for all investors. Before deciding to trade with GT247, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.
GT247 warns that margin trading involves the potential for profit as well as the risk of loss. Movements in the price of foreign exchange and commodities are very unpredictable, hence GT247 cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
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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