Minimum Deposit: $1
Maximum Leverage: N/A
My Score: 3.7
I am going to introduce GT247 today. GT247 is South African forex and CFD broker. GT247 (Pty) Ltd t/a GT247.com is a subsidiary and a juristic representative of Purple Group Limited.
The website of the broker gets estimated 30k visitors per month. Of course, the visitors are from South Africa mainly. There are also visitors from Morocco, USA, and Indonesia.
Let’s take a look at what questions I answered in this GT247 review: Is GT247 scam or not? What are the account types offered by the broker? What are the trading conditions such as spreads, minimum deposit and leverage? Is GT247 regulated?
Regulation of GT247
GT247 is authorized Financial Services Provider by the Financial Sector Conduct Authority (FSCA) of South Africa, FSP License No. 46315.
The broker is also a “financial institution” as defined in the Financial Institutions (Protection of Funds) Act 28 of 2001. Section 4 (5) of the Financial Institutions (Protection of Funds) Act provides that all trust money held by financial institutions as defined does not form part of the assets or funds of the financial institution concerned.
This regulation provides the following protections:
- GT247.com has no access to your funds.
- Your funds are segregated from GT247.com’s funds.
- Customer accounts are held in a local bank in ZAR, ensuring exceptional fund stability in the current economic climate.
Unfortunately, there is no more information about the regulation. It is a good advantage for having a license for this broker.
There are more reliable and reputable regulators around the world. For example CySEC. CySEC requires certain rules to forex brokers, for instance, minimum capital requirement. The main rules that CySEC-regulated brokers should adhere to:
Minimum Capital Requirement: The brokers must hold at least €730 000, which guarantees that the company is financial stability.
Client Account Segregation: Whenever clients deposit money in their trading accounts, it is kept separate from the broker’s operating funds. In this way, client’s money protected in the event of a bankruptcy.
Compensation Scheme: All brokers licensed in Cyprus are members of the Investor Compensation Fund, which covers the clients’ funds up to 20,000 EUR per person in the event of broker bankruptcy.
Account types and Spreads
There is a lack of information about account types and spreads. I received some information about the trading conditions.
There are two account types depends on currencies that you deposit. These are ZAR on MT5 and USD account on MT5.
There is no minimum deposit requirement for both account types. There is no reporting and platform fee also.
Unfortunately, no information about spreads and commission. It is a major disadvantage in terms of transparency.
GT247 offers one of the most popular trading platform MetaTrader 5. MetaTrader 5 offers a wide variety of functions for the modern forex and exchange market trader:
Full set of trading orders for flexible Forex, Stocks and other securities trading. Technical analysis with over 80 built-in technical indicators and analytical tools. Trading Signals allowing you to automatically copy deals of experienced traders.
You can download the platform on your desktop, iPhone&iPad, Android devices. You can use also the webtrader version of MT5.
The broker offers a wide spectrum of instruments, including Equity CFDs, Commodities, Futures and Forex. Cryptocurrencies and stocks are missing.
Depositing funds by EFT is one of two (2) different methods offered by GT247.com to fund your account.
Electronic Funds Transfer (EFT) is an action in which a person instructs his / her bank, usually via the online banking platform or facility of their bank, to transfer funds across to another bank account.
Depositing funds by Credit Card is another method offered by GT247.com to fund your account.
By using a credit card, payments are reflected immediately and there is built-in fraud protection. This is one of the most widely used online payment methods.
GT247 is a duly-regulated forex broker which requires no minimum deposit. There is lack of information about trading conditions about spreads, maximum leverage, and commissions.
You can find pros and cons of this broker, and if you are looking for a better broker, you can check out my top forex brokers list!