GT247 Review is GT247.com a Legit or Scam Broker

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GT247 Review: is GT247.com a Legit or Scam Broker?

GT247.com Review: The GT247 is a brokerage that claims to give access to markets on the go. It uses a powerful MetaTrader 5 platform and allows for more than 65 currency pairs. There is an option for a Demo Account on the GT247.com. It advertises itself as having 6 award winning platforms and no minimum deposits. The market is open to Forex pair, indices, commodities, and cryptocurrencies.

GT247 has “clients from over 88 countries” according to the page and have been running for over 20 years. The trading desk is said to have up to 100 years of “cumulative market experience”. There are no monthly fees charged and this will allow traders make more profits with less cost. They focus on trading education and training with tools tailored to make a trader more successful and more informed.

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It is registered to GT247 (Pty) Ltd which is a subsidiary of Purple Group Limited. The parent company is registered and licensed by the Financial Sector Conduct Authority (FSCA) of South Africa.

Trading Platform

GT247 runs a trading software using the MT5, the latest model of the MetaTrader platform. the leverage offered by this brokerage is 1:80. The demo account can be registered for to check the spread and compare it to the industry average. It trades on Forex pair, indices, commodities, and cryptocurrencies, claiming to allow over 65 currency pairs.

Deposit and Withdrawal Methods

It is surprising that the website offers no information on the methods for making payments and withdrawing. All registered brokerages are to have this up to inform clients on which payment methods are licensed. The GT247 however provides information on deposit minimum, which is nothing. No charges are made as well.

This information means that clients can invest any little amount they can spare to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine if this is a legit brokerage or not.

Is GT247 licensed?

Yes, GT247 is a licensed broker by the FSCA of South Africa. This makes the parent company they are registered under liable to fines should there be breach in contracts.

Support

There are no means to contact a customer care representative of the GT247 published on the website. Clients are therefore left stranded with their questions.

Conclusion

One of the big-ups of the GT247 is that it holds a license from the South African regulatory body. This is a legit license that most scam outfits find difficult to obtain. Another is the provision of a demo account as well as the fact that no fees are charged for withdrawal and no minimum is placed on deposit. But, the GT247 is lacking in information dispensing and this should be improved upon for better reviews.

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Forex Brokers Lab

BROKERS with LOW SPREADS

ASIC REGULATED BROKERS

BROKERS with MINIMUM DEPOSIT

BEST FOREX BONUSES

GT247

Trust

Commissions and fees

Customer Service

Platform & Tools

Product Portfolio

  • MT5 supported
  • Regulated by FSCA
  • Lack info about trading conditions
  • Limited Payment Methods
  • Limited Trading Instruments

Regulators : FSCA

Minimum Deposit: $1

Maximum Leverage: N/A

Spreads: 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.

Trading Platforms

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.

Trading Instruments

The broker offers a wide spectrum of instruments, including Equity CFDs, Commodities, Futures and Forex. Cryptocurrencies and stocks are missing.

Payment Methods

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.

Conclusion

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!

GT247 Forex broker review

Minimum deposit

Bonus

Maximum leverage

Year founded

Regulation

Trading platform

The reputation of this broker is doubtful!

We do not trust this broker and do not recommend it to you.

Another South African Forex broker has hit our radar and attracted our attention. As with any other broker, we were very excited to dive right in to make this GT247 review, However there was a little bit of prejudice that we needed to take care of before we started reviewing it. Generally seeing numbers in brokers’ names is a signal of concern. But this could be just petty objections. In the end we decided to disregard those concerns and look at the broker from a clean slate.

How they market themselves

The general feeling of the broker was quite welcoming when we first visited them. The look and feel resemble eToro in a sence of trying to appear friendly and “new”. The way GT247 Forex broker markets itself could be called as boastfull, but they do indeed have the data to back it up.

You can easily see what their primary pros are. They don’t hide the fact that CFDs are their main trading asset, but you’ll also be able to find some solid deals with other assets as well. Just like any other Forex broker, we wanted to find out their regulators from the get go. Fortunately, the broker is indeed licensed by the FSB with the number of 46315.

GT247 minimum deposit

After searching vigorously through the broker’s features, we found out that there is indeed no minimum deposit on the platform. Just like JPMarkets, GT247 only suggests a starting R 2,000 (about $150) deposit for beginners. This is actually quite a nice starting amount which even rivals some of the best brokers out there. You’re not restricted with your deposits, so you can go for $50 if you so wish, which is a welcome feature.

In terms of fees, there’s not much to talk about either as the broker is more than happy to provide a significant amount of feeless services, including SMS notifications and monthly platform fees. However, like with any other broker, there are fees concerning long and short term trades. For example Long funding incurs a +2.5% of SA overnight rates and short funding is the opposite of -2.5%. In terms of services GT247 FX brokerage has some good offers. But these aren’t the only features you’ll be able to find with them.

Trading Platforms

For trading platforms, unfortunately you will some restrictions. Or better say, lack of variety. Even though the platform they offer is up to date and good in terms of functionality, some additions to the choice that the traders have would’ve been a welcome one.

The platform is GT247 MT5, which although a state of the art software, still unfamiliar for many traders. But the fact is that when downloading the software, the broker offers tutorials on how to use it, like how to place trades and etc. Those familiar with MetaTrader will be happy to be accomodated, but for cTrader fans there could be a learning curve.

GT247 Withdrawal System

The withdrawal system with this Forex broker is not something new or revolutionary, it’s your standard way of taking your profits. The only restriction is that you won’t be able to immediately withdraw after you have made a deposit. According to their website and support page, 14 business days need to pass before you’re alligible for a withdrawal of those funds. Which could actually be a big inhibition if you want a smooth and fast access to your profits.

Unfortunately however, there was no information indicated about the withdrawal fees and how long they may take. Sure we mentioned the 14 day wait, but the cost of GT247 withdrawals, were the main topic of our concerns. So in terms of transparency on this topic, it’s a minus for this broker.

Can GT247 be trusted?

When it comes to trust, the broker is quite legit. There may have been some problems in the past as we’ve seen some angry reviews on various websites, but in terms of awards and recognition, the Forex broker seems to be well regarded in the country. Is GT247 a scam? No, it definitely isn’t. Is it a good Forex broker to try out? For South African Forex brokers standards it’s not a bad deal. We would say that it is slightly above average, on its way to compete with larger brands operating in the region.

However, if you decide to register with them, you will definitely need to find out more about the withdrawal system as there is no clear infor about it.

The reputation of this broker is doubtful!

We do not trust this broker and do not recommend it to you.

GT247 review – 5 things you should know about Gt247.com

Beware! GT247 is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

GT247 is a Forex brokerage registered in South Africa. It provide the MT4 trading terminal, and a balanced leverage of up to 1:80. Furthermore, there is a wide range of trading products from which to choose, including crypto currencies and the brokerage does not require a minimum deposit which is quite favorable for traders.

GT247 regulation & safety of funds

According to the website the company behind the brokerage is registered in South Africa by the name GT247 (PTY) LTD and acts as an authorized representative of Purple Group Limited.

According to the website Purple Group Limited falls under the regulatory oversight of the local FSCA as an authorized financial services provider. After checking with the online registry of the South African regulator we can confirm the information to be true.

Even though the regulatory body in South Africa cannot compare with the UK’s FCA for example, it is still legitimate and a license by its does carry weight in Forex trading. We consider the license a big advantage for traders. The FSCA supports an online registry where traders may go to look up regulated entities, as well as ensures that authorized providers abide by regulatory rules. However, there is not financial mechanism available by which clients that have fallen victim to fraud or the brokers bankruptcy may be compensated for their losses.

That is why we always recommend readers trade only with brokerages regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.

GT247 trading software

Furthermore, the brokerage provides the MetaTrader 4 trading platform which we always consider a big plus since it is the foremost trading platform and preferred by more than 80 percent of traders. We were able to register for a demo account and have a look at the platform. Here is a screenshot:

Through a demo account we could see a spread of 2.2 which is quite unfavorable and above the industry average of a pip and a half. There are CFDS on crypto currencies which is always a welcome sight and the brokerage extends a generous but balanced leverage of up to 1:80. All brokerages registered in Europe have to comply with a leverage cap of 1:30 which on the other hand eliminates the possibility of losing more than your initial deposit – a big risk when trading with a high leverage. However, the biggest advantage of the broker is that it does not require a minimum deposit which means clients may start real-money trading with only risking a single dollar.

GT247 deposit/withdrawal methods and fees

Something quite strange for a regulated and legitimate brokerage – we couldn’t discover what the available payment methods are. Usually brokerages in Forex trading support Visa, MasterCard and bank transfer as available payment methods for clients. We could not find any disturbing withdrawal provisions on the brokerage’s website, as a matter of fact the broker states that there are no withdrawal fees.

However, due to the obscene amount of scamming in online Forex trading, we always advise traders to put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Unfortunately, the possibility of a scam looms over almost every trade in forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

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