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.
GT247 Review, 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
In this detailed GT247 review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
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 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.
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. Some GT247 broker features and products mentioned within this GT247 review may not be available to traders from specific countries due to legal restrictions.
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 presents the MT5 platform in 3 versions as follows:
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 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.
GT247 Trading Tools
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.
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.
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.
This section of the website gives financial market news from across the globe. However, it is not frequently updated.
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.
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 offers the following instruments for trading on its platforms:
- Over 65 forex currency pairs
- 10 indices
- 7 commodities
- 201 stock CFDs
- 5 cryptocurrencies
GT247 Accounts & Fees
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.
As broker fees can vary and change, there may be additional fees that are not listed in this GT247 review. It is imperative to ensure that you check and understand all of the latest information before you open a GT247 account for online trading.
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.
GT247 Deposit & Withdrawal
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.
GT247: Account Opening
To commence trading with GT247, just visit the official website and click on the button ‘open free account’ to display the form below:
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.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
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.
Trading complex instruments can come with a high risk. You should consider whether you understand how investments and trading work and whether you can afford to take the high risk of losing all of your money.