Table of contents
Read this review of GT247 and see just what this brokerage firm offers to its potential clients.
GT247 is a subsidiarity and a juristic representative of Purple Group Limited, a company holding a license from South Africa’s Financial Sector Conduct Authority (FSCA). We checked the FSCA registry and got a positive search on Purple Group Limited.
The FSCA agency aims to promote fair customer treatment, but above all else to maintain a stable financial market for the institutions under its governance. Furthermore, GT247 holds the money of clients in segregated bank accounts.
The broker offers a leverage of 1:80, which is quite random if you ask us. We see no real reason for not making this value bigger.
The EUR/USD spread we got from the demo version of the trading platform was between 1.7-2.2 pips which is not favorable for traders. But then again, maybe with a live account traders will get a totally different spread.
Using the demo account, we got the following assets to trade with: Forex Pairs, Commodities, Indexes, and Cryptocurrencies.
The website is accessible in English only.
The MT5 has been included here, and is a very welcome addition.
MT5’s characteristics, that were built upon MT4, make it more professional and dynamic. Not to mention that MT5 allows for trades in centralized market, plus it’s certified by many stock exchanges. All features for MT4 are present and fully functioning on MT5, including market indicators and trading bots.
As mentioned the leverage is capped at 1:80, and the EUR/USD spread as derived from the demo account averages between 1.7-2.2 pips.
There is a 0.10% Market Maker Profit charge that is applied to each buy/sell transaction. The other fee that concerns us happens when a client enters into a long trade in CFDs. If such is the case then the trader pays an overnight interest on any open position. The broker has included a very handy Cost Profile document that reveals all its fees (of which there are not that many).
The platform is supported on every conceivable version. The desktop trader worlds perfectly, and the Android/Apple devices are supported. There is even a web-trader that is for some reason slightly concealed in the Resources tab.
GT247 MINIMUM DEPOSIT
There is no minimum deposit amount. This is a fantastic initiative that gives the opportunity for anyone to try out the broker without risking too much money.
There are only two currencies that a trader can hold his or her account in: USD and ZAR.
The depositing methods depend on the two account types which are determined by the two base currencies. If one wished to open a USD account then he/she can add funds by means of Swift or Bank Transfer.
To open a ZAR account you can use either a Credit Cards or EFT. EFT, or Electronic Funds Transfer, in short, is a transfer of money from one account to another. EFT includes Wire Transfer and ACH, or Automatic Clearing House which is an electronic network of used by banks to to process financial transactions.
Depositing times have not been revealed. Acting on general presumptions, Credit Card transfers should be immediate or take no more than 2 hours, while Bank Transfer can take up to 1-2 days if local, and 3-5 days if international. Swift is known to process payments in the time frame of 24-48 hours.
It’s worth a mention that the Terms and Conditions mention a few times that payments can be made in cash and check, but we see very little evidence of this on the website.
Credit card deposits have a fixed charge of R1.60, or $0.11, which shouldn’t trouble anyone. However, the Credit Card administration fee of 2.3% is the one to look out for. There is no information on Bank Transfer fees. Even if there are none on the side of the broker, there is almost always a commission charged by the banks themselves.
GT247 WITHDRAWAL TIME AND FEES
The broker gives us very little withdrawal information to work with. Apart from a single FAQ passage, the website is surprisingly empty on withdrawal details.
There are only two main points that we are able to cover.
The first one is that any request submitted after 2pm, will be processed the following day.
The second one is a clause found in the Terms and Condition claiming that withdrawals can be made after 14 days from the last deposit. The inclusion of such a rule is odd, and we’ve mostly encountered similar clauses with unregulated brokers. This is probably a safety precaution.
As for the methods of withdrawing, we have to assume that they are the same as the ones used for depositing, and that they follow the same account structure.
Any withdrawal times and fees have not been mentioned anywhere. We assume that this information will become available once a user is verified.
The inactive fee of $10 (R120) per month is activated if an account is dormant for more than 12 consecutive months.
GT247 might looms like an average brokers, because it is one. In spite of the information withholding, traders should feels safe enough to deposit and withdrawal. However, the high cost of trade is something to watch out for.
GT247 compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines