GT247 Review

Alyaziah Hayat | March 28, 2022

GT247 is an online brokerage firm based in Johannesburg, South Africa. The broker specializes in online forex and CFD trading. They offer over 250 financial instruments for trading via the sophisticated and powerful MetaTrader 5 (MT5) trading platforms which are available on web, desktop and mobile devices.

Broker Pros / Cons
  • Regulated by the South African FSCA
  • Powerful & sophisticated MetaTrader 5 platforms
  • Market research & analysis
  • Over 250 trading instruments
  • Inactivity fees are charged
  • No instant web chat facility
  • Limited account funding options
  • No MetaTrader 4

Summary

GT247 is a South African forex and CFD broker that aims to make trading simple, focused and cost effective. It is a brand owned by ‘Purple Group Ltd’ which was founded in 1998 and is listed on the Johannesburg Stock Exchange as JSE:PPE.

The company has been serving South Africans since 2000 while its trading desk has a combined experience of over 100 years. The broker offers multiple instruments for trading on the MT5 trading platform.

GT247 Broker Features

GT247 Broker Features

GT247 boasts of an efficient client support desk and modern infrastructure that helps to ensure reliable trade execution speeds with competitive spreads. GT247 has a research team that presents the latest market news along with regular fundamental and technical analysis to its clientele.

Regulation

GT247 is a subsidiary of ‘Purple Group Ltd’; which is authorized and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa. It is a licensed financial service provider with the FSP license no. 46315.

As a regulated broker, GT247 is mandated by the Financial Intelligence Centre act (FICA) to verify the identities of all new clients. So, individual clients are required to provide ‘proof of identification’ and ‘proof of physical residential address’ documents.

GT247 states that all clients’ funds are held in segregated accounts maintained with CitiBank New York in USD. This is to ensure economic stability. The segregated funds should not be accessed by GT247 fpr any other purpose such as daily business running costs.

The broker does not offer its online trading services to residents of the USA.

Platforms

MetaTrader 5

The only trading platform provided by GT247 to its clients is the renowned MetaTrader 5 (MT5) trading platform. It was developed in 2010 by Russian software company MetaQuotes Software Inc. to replace the already well established MT4 platform. MT5 is a sophisticated trading platform that delivers a superior online trading environment with an abundance of analytical tools and fully customizable user-interface.

Here are some of the key features of the MT5 trading platform.

  • Up to 100 charts of different instruments can be displayed simultaneously.
  • It has 3 chart styles that can be displayed on up to 21 timeframes.
  • It comes preloaded with 38 technical indicators which can be increased to unlimited via plugin apps.
  • Supports the automation of strategies via Expert Advisors (EAs) scripted with the MQL5 programming language. The MQL5 language is C++ based.
  • It has built in Virtual Private Server (VPS).
  • The platform integrates social trading which allows investors to copy the signals of other traders.
  • It embeds the ‘MetaTrader market’ where traders can acquire EAs, indicators and some other trading tools to enhance their trading experience.
  • It can send price alert notifications via SMS, email and platform pop-ups.
GT247 MT5 Trading Platforms

GT247 MT5 Trading Platforms

GT247 presents the MT5 platform in 3 versions as follows:

MT5 Desktop

MT5 desktop is the flagship version of MT5 that contains the full features, functionality and capabilities of the platform. This includes automated traded and the addition of customised trading tools. The MT5 desktop platform can be downloaded and installed on computers/laptops.

MT5 WebTrader

MT5 WebTrader version is built with html5 and runs directly in the web browser without the user needing to download or install any additional software. The MT5 WebTrader is a versatile version because it runs in most modern web browsers but it does have some limitations compared to the MT5 desktop platform.

MT5 Mobile App

The MT5 mobile trading app is developed for iOS/Android devices and can be downloaded from the respective app stores free of charge. This is a popular choice for trader who need to access their account and trade whilst on the go.

Tools

Margin Calculator

This tool is available in .xls or .csv format and can be downloaded and opened with Microsoft Excel. This tool is useful for traders who wish to know the percentage margin required before embarking on a trade.

GT247 Margin Calculator

GT247 Margin Calculator

Economic Calendar

The calendar displays the upcoming economic events and their forecasted impacts on the markets. It is a fundamental analysis tool that can be customized to suit the trader’s preferences. It is embedded in one of the tabs on the MT5 trading platform and also available on the GT247 website.

GT247 Economic Calendar

GT247 Economic Calendar

MT5 Platform Tools

There are several tools available within the MT5 trading platform such as social trading, VPS, trading signals, economic calendar and more. The platform also gives access to the MQL5 market where traders can subscribe to trading signals and download various trading tools such as technical indicators and expert advisors to enhance their overall trading experience.

Market News

This section of the website gives financial market news from across the globe. However, it is not frequently updated.

Research Notes

This section focuses on market analysis as presented by the brokers research team. The research focuses on US Non-Farm Payrolls, technical analysis, US Federal Reserve interest rate decision and more. The research articles usually end with trading ideas which can help inspire potential trades to look out for.

GT247 Research Notes

GT247 Research Notes

Education

The education resources provided by GT247 are training articles available on the brokers website. There are lessons on a variety of trading topics including technical analysis, charting patterns and a few trading tips. However, the educational resources provided are not comprehensive enough to completely train a beginner trader.

GT247 Traders Education

GT247 Traders Education

Markets

GT247 offers the following instruments for trading on its platforms:

  • Over 65 forex currency pairs
  • 10 indices
  • 7 commodities
  • 201 stock CFDs
  • 5 cryptocurrencies

Accounts

GT247 offers 3 types of trading accounts to its clients which are as follows:

  • ZAR account: This account is denominated in South African Rand.
  • USD account: This account is targeted towards international clients as it is denominated in United States dollars.
  • Demo account: Demo accounts are freely available and it is preloaded with R 100, 000 in virtual funds. The demo account expires after 28 days.

The maximum leverage available is 1:80. Monthly inactivity fees of $10 are charged from dormant accounts that have not traded for up to 12 months. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.

Support

GT247 has a client support team that are available 24/5. They can be reached by telephone and email. The broker has an FAQ page that answers some of the most commonly asked questions by new traders and prospective clients. GT247 is on social media; Facebook, Twitter and LinkedIn. Unfortunately, there is no online live chat option provided by the broker at this time.

Funding

GT247 accepts electronic payments via bank transfers and credit/debit cards. Electronic payments can be local transfers between banks in South Africa or international wire transfers. All major local and international debit and credit cards are accepted for deposits and withdrawals. Transaction fees apply. The trading brokers review team consider GT247 to offer a limited choice of account funding options when compared to many other brokers who offer multiple eWallet payments such as PayPal, Neteller and Skrill.

Signup

To commence trading with GT247, just visit the official website and click on the button ‘open free account’ to display the form below:

GT247 Broker Registration Form

GT247 Broker Registration Form

Fill in your name, email, phone number, choose password and click ‘next’. The second page is the account selection page. Choose your accounting preference, account type and read the terms and conditions then click ‘Register’. At this juncture, you will receive a welcome email into your registered email address. You are also prompted to complete your profile and address information. Next is KYC verifications, deposit, download trading platform and commence trading.

Compare

Compare Broker (vs Our Top 3 Brokers)
Broker FeaturesAvaTradeIGIC Markets
Founded200619742007
RegulatedASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSAFCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFFASIC, CySEC, FSA, SCB
CountryAustralia, Ireland, South Africa, Japan, British Virgin IslandsAustralia, UK, USA, Switzerland, UAE, Singapore, JapanAustralia, Seychelles, Bahamas, Cyprus
Min. DepositMin $250 DepositMin $100 DepositMin $200 Deposit
CommissionFrom $0From $0From $0
SpreadsFixedVariableVariable
Leverage1:4001:2001:500
InstrumentsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFsForex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs
PlatformsMetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, MobileMetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, MobileMetaTrader 4, MetaTrader 5, cTrader, Web, Mobile
TypeMarket Maker, STPSTP, ECN, DMAECN
FundingWire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, SkrillWire Transfer, Credit/Debit Cards, PayPalWire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli
Visit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit Broker

Conclusion

GT247 is an established broker that is based in South Africa and regulated by the financial authority in South Africa (FSCA). The broker states that client funds are held in segregated accounts.

GT247 enables all clients to trade without restrictions as there is no minimum deposit required whilst they also support automated trading, scalping and hedging. The provided MT5 trading platform is powerful and abundant with trading tools and features.

However, the brokers trading instruments could be increased as there are only a few cryptos, commodities and indices available for trading online. The demo account could be unlimited instead of expiring after one month. They have limited account funding options with only card payments and bank transfers accepted and no eWallets.

Furthermore, the lack of the MetaTrader 4 platform is likely to deter some traders who have already become so accustomed to using it. The educational content could also be improved and market analysis could be conducted more frequently.

GT247 Logo

Min $1 Deposit

GT247 is a South African based online trading broker that offers over 250 Forex & CFD instruments for trading on the MetaTrader 5 platforms for web, desktop & mobile devices.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

About the Author

Alyaziah Hayat
I had previously been forex trading for about 2 years and I now mainly focus on writing forex-related content. I also deal with cryptocurrencies and other financial assets in this industry. I've dealt with several brokers, assets, EA robots, and everything that this industry has to offer.

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For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.

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