de | cn | ru

GT247 Review - is it scam or safe?

GT247 review - Is gt247.com scam or good forex broker?

RATING: 2.5 / 0 REVIEWS GT247
FIND BETTER FOREX BROKER

RECOMMENDED FOREX BROKERS


GT247 is a South African broker (regulated by the local Financial Sector Conduct Authority (FSCA), which offers a selection of forex pairs and other CFDs on the MetaTrader5 platform. For information about their trading conditions you can check the following review.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $1 1:80 2,4 pips, floating

 

GT247 Advantages:

 

Regulated in South Africa

 

The Financial Sector Conduct Authority (FSCA) of South Africa became the successor of the local Financial Services Board (FSB) back in 2018. It oversees the non banking financial sector and unlike some well known financial watchdogs like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) imposes relatively few limitations on the brokers it oversees. Still the South African regulator has a good reputation and that is the reason we accept GT247 as a reliable broker.

 

Actually GT247.com, which is run by the Johannesburg based GT247 (Pty) Ltd, is a subsidiary and a juristic representative of Purple Group Limited, which is an authorized Financial Services Provider by the Financial Sector Conduct Authority (FSCA) of South Africa. See for yourself:

 

 

Still one possible advantage to trade with a broker regulated in Europe for example is that your trading account will be insured and you will not lose your funds even in the unlikely case your broker happens to be insolvent. For example with a FCA regulated broker, that insurance will cover up to 85 000 GBP of your money, and this is a good reason to check our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<<

 

No minimum deposit requirement

 

GT247 has no minimum deposit requirement and that means you can start trading with just a few dollars or so. That is good news and is definitely in line with the best practices in the industry – some big names like FBS and IG do not have a minimum deposit requirement as well.

 

MetaTrader5 available

 

MetaTrader5 sports all the good features of the industry standard MetaTrader4 – it has a great charting package, numerous market indicators and the so called Expert Advisor trading robots with the help of which one can easily run algorithmic trading sessions.

 

 

On top of that MetaTrader5 allows traders to to execute trades on different financial markets (including exchange-traded stocks) through a single account. Here you may check our list of brokers supporting the platform:

 

>>MT5 Brokers<<

 

GT24 Disadvantages:

 

Relatively few forex pairs available with a demo account

 

Although the full list of trading instruments on the GT247 platform was truly impressive (with over 65 forex pairs), when we opened a demo account we were offered the opportunity to trade with just 20 currency pairs and some CFDs - on natural gas, gold, platinum, palladium, silver, 11 indices, Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ripple. 

 

Exotic or minor currencies were available only against the Euro and there were only 4 USD pairs. In any case if you are tempted to trade crypto assets or more exotic currencies here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

High spreads

 

As tested with a demo account the benchmark EURUSD spread floated about 2,3 pips – 2,4 pips and we find this about a pip higher than the levels traders would usually consider attractive with a demo account. Besides, here you may always check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conservative leverage

 

GT247 says to be offering leverage of up to 1:80. The leverage we were offered with the demo account however was just 1:50 and that seems a bit conservative. Still, in the light of the new regulations in Europe, where the maximum leverage allowed is capped at 1:30, a leverage of up to 1:50 as offered by  GT247 might be considered reasonable. 

 

If you are tempted to trade with higher leverage however, we may suggest that you check our list of brokers regulated in Australia – the last major regulatory destination, where leverage remains unrestricted:

 

>>Brokers regulated in Australia<<

 

Few payment methods

 

We understand that GT247 accepts bank wire transfers, as well as payments with credit and debit cards. No e-wallets like Neteller and Skrill are accepted however, and that is a disadvantage, because a bank wire transfer might prove expensive, especially if you do not deal directly with a South African bank.

 

Conclusion:

 

The South African license of GT247 is surely a certificate granting that your money will be safe. A positive point is also the availability of MetaTrader5, which as we noted is a highly reliable and user friendly platform. Talking about the trading conditions however, spreads definitely could be better and the leverage higher. 

Latest news about GT247
No news about GT247. Check back later.
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for GT247

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru