June 5, 2020

GT247 Review 2020 – Is GT247 Scam?

gt247 review

Regulators: FSCA

Cryptocurrencies: NO

Minimum Deposit: $1

Maximum Leverage: N/A

Spreads: N/A

My Score: 3.7

I will present GT247 today. GT247 is South African forex and CFD broker. GT247 (Pty) Ltd t/a GT247.com is just a subsidiary and also a juristic representative of Purple Group Limited.

The site of the broker becomes an estimated 30k traffic each month. Obviously, people are out of South Africa mainly. Additionally, there Are people from Morocco, USA, and Indonesia.

Let’s look at what questions I replied within this GT247 review: Is GT247 scam or not? What are the accounts types supplied by this broker? What are the trading requirements such as spreads, minimum leverage and deposit? Can it be GT247 regulated?

Regulation of GT247

GT247 is licensed Financial Services Provider by the Financial Sector Conduct Authority (FSCA) of South Africa, FSP License No. 46315.

The broker is 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 trust money held by banking institutions as defined doesn’t form part of their stocks or capital of the lender concerned.

This law provides the following protections:

  • GT247.com doesn’t have accessibility to capital.
  • Your capital will be segregated from GT247.com’s funding.
  • Customer balances have been stored at an area bank in ZAR, ensuring exemplary finance equilibrium in the present financial system.

Unfortunately, there’s not any longer info about the law. It’s a great convenience with a permit with this particular broker.

There tend to be more reliable and respectable labs round the globe. For instance CySEC. CySEC demands definite rules to forex brokers, for example, minimum funding demand. The principal rules which CySEC-regulated brokers should abide by:

Minimum Capital Requirement: The brokers must have partially 730 000, that guarantees that the provider is financial equilibrium.

Client Account Segregation: Whenever customers deposit the money within their trading account, it’s kept separate from the broker’s operating capital. This manner, client’s money shielded in case of a bankruptcy attorney.

Compensation Scheme: All brokers licensed in Cyprus are members of the Investor Compensation Fund, that insures the customers ‘ 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 trading conditions.

There are two account types depends on the 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 store 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 assets 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 security. 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 a lack of information about trading conditions about spreads, maximum leverage, and commissions.

GT247

4.9

Trust

5.0/10

Commissions and charges

4.5/10

Customer Service

5.0/10

Platform & Tools

4.5/10

Product Portfolio

5.5/10

Pros

  • MT5 endorsed
  • Regulated by FSCA

Cons

  • Limited Trading Instruments
  • Lack information concerning trading requirements
  • Limited Payment Methods