What is GT247.com？
GT247.com is an international brokerage firm headquartered in South Africa who offers a diverse range of financial instruments, including Forex, Commodities and Indices. It is the juristic representative of the JSE listed Purple Group Limited. However, the broker's FSCA exceeded regulatory status raises concerns about its legitimacy and accountability.
In our upcoming article, we will present a comprehensive and well-structured evaluation of the broker's services and offerings. We encourage interested readers to delve further into the article for valuable insights. In conclusion, we will provide a concise summary that highlights the distinct characteristics of the broker for a clear understanding.
Pros & Cons
Pros:
Demo Account Available: GT247.com offers a demo account, providing traders with a risk-free environment to practice and familiarize themselves with the platform and trading strategies before committing real funds. This allows beginners to gain confidence and experienced traders to test new strategies without financial risk.
MT5 Trading Platform: The availability of the MetaTrader 5 (MT5) trading platform offers traders advanced charting tools, technical indicators, and expert advisors, enhancing their trading experience and capabilities.
No Minimum Deposit Requirement: GT247.com does not impose a minimum deposit requirement, allowing traders to start trading with any amount they are comfortable with. This flexibility makes trading accessible to traders of all levels and budgets, enabling more individuals to participate in the financial markets.
Cons:
FSCA Exceeded: GT247.com's regulatory status is listed as “FSCA exceeded,” which raises concerns among traders about the broker's compliance with regulatory standards and client protection measures.
Limited Info on Spreads/Commission/Payment Methods: The lack of comprehensive information on spreads, commissions, and payment methods cause inconvenience and uncertainty for traders. Without this information, traders will face challenges in assessing the overall cost of trading and selecting the most suitable payment method for their needs.
Is GT247.com Safe or Scam？
When considering the safety of a brokerage like GT247.com or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
User feedback: For a deeper insight into the brokerage, traders should read reviews and feedback from existing clients. These valuable inputs from users, available on trustworthy websites and discussion forums, can provide firsthand information about the company's operations.
Security measures: GT247.com implements a robust Anti-Money Laundering (AML) policy, employing stringent security measures to prevent illicit activities.
In the end, choosing whether or not to engage in trading with GT247.com is an individual decision. It is advised that you carefully balance the risks and returns before committing to any actual trading activities.
Market Instruments
GT247.com offers an extensive selection of market instruments tailored to traders' diverse preferences.
Withover 65 global currency pairsavailable for Forex trading, including major, minor, and exotic pairs, traders can capitalize on global currency movements with ease.
Additionally, the platform provides access to a wide range of commodities through Contracts for Difference (CFDs), covering major global commodities such as gold, silver, oil, and agricultural products. This diverse offering empowers traders to create well-rounded portfolios and seize opportunities in both the Forex and commodity markets, catering to their individual trading strategies and objectives effectively on GT247.com's intuitive trading platform.
Accounts
GT247.com offers two main types of trading accounts: the demo account and the live account.
The demo account allows traders to practice and familiarize themselves with the platform and trading strategies without risking real money. It provides a risk-free environment for traders to hone their skills and test out different trading approaches.
On the other hand, the live account enables traders to trade with real money, allowing them to access the full range of features and products offered by GT247.com. With no minimum deposit requirement, traders have the flexibility to start trading with any amount they are comfortable with, making it accessible to traders of all levels and budgets.
How to Open an Account？
To open an account with GT247.com, you have to follow below steps:
Complete any verification process for security purposes.
Once your account has been approved, you can set up your investment preferences and start trading.
Leverage
GT247.com offers leverage of up to 80:1, providing traders with the potential to amplify their trading positions significantly. While leverage can magnify potential profits, it also increases the level of risk, as losses can accumulate just as rapidly.
It's crucial for traders to fully understand the implications of utilizing high leverage ratios. Before trading with leverage, traders should assess their risk tolerance, implement robust risk management strategies, and only use leverage amounts that they can afford to lose.
Trading Platforms
GT247.com offers the MetaTrader 5 (MT5) trading platform, available across multiple devices and operating systems, including Windows, iOS, Android, and MacOS. This versatile platform provides traders with access to a wide range of trading instruments, advanced charting tools, technical indicators, and expert advisors, empowering them to execute trades and analyze market trends with precision and efficiency.
With its user-friendly interface, customizable features, and robust functionality, the MT5 platform is suitable for traders of all levels, from beginners to experienced professionals, facilitating rewarding trading experience
Fees
GT247.com offers transparent fee structures for both ZAR and USD accounts on the MT5 platform.
With no minimum first deposit requirements, traders have the flexibility to start trading with any amount they choose.
The bid/offer spread includes shading for all instruments except Equity CFDs, allowing traders to assess costs effectively.
Funding rates for both long and short positions are calculated based on relevant benchmarks, with a flat 2.50% adjustment.
There are no interest earnings on margin balances, and the platform incurs no monthly fees for usage or reporting.
Additionally,SMS notifications are provided at no extra cost, ensuring traders stay informed about their trading activities.
Customer Service
GT247.com offers comprehensive customer service through multiple channels including phone, address, support ticket, and social media such as Facebook, Twitter and LinkedIn. With prompt assistance and engagement across various platforms, they ensure efficient support for traders' inquiries and concerns.
Address: WeWork - Coworking & Office Space, 173 Oxford Road, Rosebank, Johannesburg,2196.
Postal Address: Postnet Suite 24,Private Bag X1, Melrose Arch, 2076.
Trading desk: +27 010 141 2201.
Help desk: +27 010 141 2207
Conclusion
In summary, GT247.com is an online brokerage firm registered in South Africa offering Forex, Commodities, Indices as market instruments to traders. However, it's crucial to note that GT247.com currently operates with an exceeded FSCA regulation status, raising concerns about its accountability and commitment to client safety.
Therefore, you should be cautious when deciding to trade with this broker and consider alternative brokers with established regulatory oversight to mitigate potential risks.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
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