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Score

0123456789
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/10

GT247.com

South Africa|5-10 years|
Financial Service Corporate|MT5 Full License|Regional Brokers|Suspicious Overrun|Medium potential risk|

https://www.gt247.com/

Website

Rating Index

MT4/5 Identification

MT4/5

Full License

GT247-LIVE

South Africa
MT5
1

Influence

C

Influence index NO.1

South Africa 3.56

MT4/5 Identification

MT4/5 Identification

Full License

1
Server Name
GT247-LIVE MT5
Server Location South Africa

Influence

Influence

C

Influence index NO.1

South Africa 3.56

Surpassed 75.54% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+27 010 141 2201
supportdesk@gt247.com
https://www.gt247.com/
25 Owl Street 16th Floor Braamfontein Werf 2196

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+27 010 141 2201

Broker Information

More

Company Name

Purple Group Limited

Company Abbreviation

GT247.com

Platform registered country and region

South Africa

Company website
Twitter
Facebook
Linkedin

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2024-06-23
  • This broker exceeds the business scope regulated by South Africa FSCA(license number: 46315)National Futures Association-UNFX Non-Forex License. Please be aware of the risk!

WikiFX Verification

GT247.com · WikiFX Survey

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GT247.com · Company Summary

GT247.com Review Summary in 9 Points
Founded 2022
Registered Country/Region South Africa
Regulation FSCA (Exceeded)
Market Instruments Forex, Commodities, Indices
Demo Account Available
Leverage Up to 1:80
Trading Platforms MT5
Minimum Deposit 0
Customer Support Phone, address, support ticket, social media

What is GT247.com?

GT247.com is an international brokerage firm headquartered in South Africa who offers a diverse range of financial instruments, including Forex, Commodities and Indices. It is the juristic representative of the JSE listed Purple Group Limited. However, the broker's FSCA exceeded regulatory status raises concerns about its legitimacy and accountability.

GT247.com's homepage

In our upcoming article, we will present a comprehensive and well-structured evaluation of the broker's services and offerings. We encourage interested readers to delve further into the article for valuable insights. In conclusion, we will provide a concise summary that highlights the distinct characteristics of the broker for a clear understanding.

Pros & Cons

Pros Cons
• Demo account available • FSCA exceeded
• MT5 trading platform • Limited info on spreads/commission/payment methods
• No minimum deposit requirement

Pros:

  • Demo Account Available: GT247.com offers a demo account, providing traders with a risk-free environment to practice and familiarize themselves with the platform and trading strategies before committing real funds. This allows beginners to gain confidence and experienced traders to test new strategies without financial risk.

  • MT5 Trading Platform: The availability of the MetaTrader 5 (MT5) trading platform offers traders advanced charting tools, technical indicators, and expert advisors, enhancing their trading experience and capabilities.

  • No Minimum Deposit Requirement: GT247.com does not impose a minimum deposit requirement, allowing traders to start trading with any amount they are comfortable with. This flexibility makes trading accessible to traders of all levels and budgets, enabling more individuals to participate in the financial markets.

Cons:

  • FSCA Exceeded: GT247.com's regulatory status is listed as “FSCA exceeded,” which raises concerns among traders about the broker's compliance with regulatory standards and client protection measures.

  • Limited Info on Spreads/Commission/Payment Methods: The lack of comprehensive information on spreads, commissions, and payment methods cause inconvenience and uncertainty for traders. Without this information, traders will face challenges in assessing the overall cost of trading and selecting the most suitable payment method for their needs.

Is GT247.com Safe or Scam?

When considering the safety of a brokerage like GT247.com or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:

  • Regulatory sight: The fact that the broker exceeds Financial Sector Conduct Authority (FSCA) regulation with license no. 46315 raises concerns about the safety of trading with them.

exceeded FSCA license
  • User feedback: For a deeper insight into the brokerage, traders should read reviews and feedback from existing clients. These valuable inputs from users, available on trustworthy websites and discussion forums, can provide firsthand information about the company's operations.

  • Security measures: GT247.com implements a robust Anti-Money Laundering (AML) policy, employing stringent security measures to prevent illicit activities.

In the end, choosing whether or not to engage in trading with GT247.com is an individual decision. It is advised that you carefully balance the risks and returns before committing to any actual trading activities.

Market Instruments

GT247.com offers an extensive selection of market instruments tailored to traders' diverse preferences.

Withover 65 global currency pairsavailable for Forex trading, including major, minor, and exotic pairs, traders can capitalize on global currency movements with ease.

Additionally, the platform provides access to a wide range of commodities through Contracts for Difference (CFDs), covering major global commodities such as gold, silver, oil, and agricultural products. This diverse offering empowers traders to create well-rounded portfolios and seize opportunities in both the Forex and commodity markets, catering to their individual trading strategies and objectives effectively on GT247.com's intuitive trading platform.

Market Instruments

Accounts

GT247.com offers two main types of trading accounts: the demo account and the live account.

The demo account allows traders to practice and familiarize themselves with the platform and trading strategies without risking real money. It provides a risk-free environment for traders to hone their skills and test out different trading approaches.

On the other hand, the live account enables traders to trade with real money, allowing them to access the full range of features and products offered by GT247.com. With no minimum deposit requirement, traders have the flexibility to start trading with any amount they are comfortable with, making it accessible to traders of all levels and budgets.

trading conditions

How to Open an Account?

To open an account with GT247.com, you have to follow below steps:

  • Visit the GT247.com website, locate and click on the 'REGISTER'.

  • Fill in the necessary personal details required.

fill in required info
  • Complete any verification process for security purposes.

  • Once your account has been approved, you can set up your investment preferences and start trading.

Leverage

GT247.com offers leverage of up to 80:1, providing traders with the potential to amplify their trading positions significantly. While leverage can magnify potential profits, it also increases the level of risk, as losses can accumulate just as rapidly.

It's crucial for traders to fully understand the implications of utilizing high leverage ratios. Before trading with leverage, traders should assess their risk tolerance, implement robust risk management strategies, and only use leverage amounts that they can afford to lose.

Trading Platforms

GT247.com offers the MetaTrader 5 (MT5) trading platform, available across multiple devices and operating systems, including Windows, iOS, Android, and MacOS. This versatile platform provides traders with access to a wide range of trading instruments, advanced charting tools, technical indicators, and expert advisors, empowering them to execute trades and analyze market trends with precision and efficiency.

With its user-friendly interface, customizable features, and robust functionality, the MT5 platform is suitable for traders of all levels, from beginners to experienced professionals, facilitating rewarding trading experience

MT5

Fees

GT247.com offers transparent fee structures for both ZAR and USD accounts on the MT5 platform.

With no minimum first deposit requirements, traders have the flexibility to start trading with any amount they choose.

The bid/offer spread includes shading for all instruments except Equity CFDs, allowing traders to assess costs effectively.

Funding rates for both long and short positions are calculated based on relevant benchmarks, with a flat 2.50% adjustment.

There are no interest earnings on margin balances, and the platform incurs no monthly fees for usage or reporting.

Additionally,SMS notifications are provided at no extra cost, ensuring traders stay informed about their trading activities.

Fees

Customer Service

GT247.com offers comprehensive customer service through multiple channels including phone, address, support ticket, and social media such as Facebook, Twitter and LinkedIn. With prompt assistance and engagement across various platforms, they ensure efficient support for traders' inquiries and concerns.

Address: WeWork - Coworking & Office Space, 173 Oxford Road, Rosebank, Johannesburg,2196.

Postal Address: Postnet Suite 24,Private Bag X1, Melrose Arch, 2076.

Trading desk: +27 010 141 2201.

Help desk: +27 010 141 2207

contact details

Conclusion

In summary, GT247.com is an online brokerage firm registered in South Africa offering Forex, Commodities, Indices as market instruments to traders. However, it's crucial to note that GT247.com currently operates with an exceeded FSCA regulation status, raising concerns about its accountability and commitment to client safety.

Therefore, you should be cautious when deciding to trade with this broker and consider alternative brokers with established regulatory oversight to mitigate potential risks.

Frequently Asked Questions (FAQs)

Q 1: Is GT247.com regulated?
A 1: Yes, it's been confirmed that the broker exceeds Financial Sector Conduct Authority (FSCA) regulation with license no. 46315.
Q 2: Is GT247.com a good broker for beginners?
A 2: No, its a good broker because it exceeds FSCA regulation.
Q 3: Does GT247.com offer industry leading MT4 & MT5?
A 3: Yes, it offers MT5 on Windows, iOS, macOS and Android.
Q 4: Does GT247.com offer demo accounts?
A 4: Yes.
Q 5: What is the minimum deposit for GT247.com?
A 5: There's no minimum deposit requirement from the broker.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

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User Reviews

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星流
more than one year
This company doesn't have any reliable regulatory license... I don't think it's worth trading with it, no matter how good it is on the Internet. A regulatory license is the most basic requirement, isn't it?
2023-02-17 16:01
Reply
0
0
FX1211224704
more than one year
I used this broker one year ago, no minimum deposit, leverage up to 1:80. Everything was ok then, and one thing I have to say is that its MT5 trading platform always lost connection…
2023-02-16 17:35
Reply
0
0
FX1050626933
more than one year
Security is the most important thing when I choose a broker. What's the point of having other trade terms if you've been scammed out of your money? Therefore, I would not choose to trade with GT247.com, because wikifx shows that your license does not allow you to perform these financial services.
2022-11-27 11:10
Reply
0
0
杜佳伟
more than one year
Various fees are quite unfriendly for beginners although there is no minimum deposit requirement is very good. The EUR/USD spread was floating around 2.5 pips on demo accounts, which is uncompetitive, especially compared with other brokers who offer raw spreads. Also, a monthly fee of $10 for inactive accounts that have not traded within 12 months will be charged. For novices like us, it is very likely that we opened an account casually on a broker's platform and then changed to another broker f
2022-11-24 17:29
Reply
0
0
朱超
more than one year
This platform seems friendly to traders, with no minimum deposit required, no monthly fee, yet it is not strictly regulated, so I decide that I will not risk my money here.
2022-11-24 13:50
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0
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