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GT247 Account types

GT247 Account Types

 

Overall Rating

4.7/5

Rated #270 of 
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FSB

📱 Trading Desk

MetaTrader 5

Crypto

Yes

📈 Total Pairs

65

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

GT247 appears to offer only a single account type and no option for an Islamic Account. Features of this account include no deposit limits, no platform fees, and an exciting trading environment.

GT247 is a forex broker company based in South Africa that was established in 2000. The broker provides traders access to one or more platforms that will allow them to buy and sell foreign currencies on financial markets. Retail currency traders use these broker companies to gain access to the 24-hour currency market for speculation purposes.

Forex broker services can also be provided for institutional clients and large companies such as investment banks.

GT247 is a subsidiary and a juristic representative of the Purple Group Limited, a company that is listed on the Johannesburg Stock Exchange. The broker is authorized as a Financial Services Provider and is operating under the Financial Sector Conduct Authority (FSCA) of South Africa with FSP License No. 46315.

The brokerage has been operating for more than 20 years and now has a trading desk with more than 100 years of cumulative market experience.

GT247 describes itself as the pioneer of CFD trading in South Africa and is currently seen as South Africa’s top online stockbroker that makes trading easy and affordable to traders, with no monthly fees, fewer costs, and more profits.

GT247 claims to offer the ultimate trading experience and client service with daily market updates, good technical and fundamental research, blogs, podcasts, educational notes, and weekly trade ideas as just some of the many value-added services offered to traders.

Their facilities are said to make the trading experience simple, focused, cost-effective, and efficient. They also offer a wide spectrum of trading instruments, including Equity CFDs, Futures, and Forex.

At GT247 they pride themselves on client service and support with an experienced trading desk to assist in all daily trading activities as well as a support team to assist in any platform issues a trader may encounter.

GT247 has accumulated several following awards during its years of service to traders, including the following:

  • South Africa’s Top Stockbroker in 2015
  • South Africa’s Best Tax-Free Savings Account for 2015
  • Runner up for “Best Broker for the Active Day Trader” in 2014
  • Third place for “SA’s Top Retail Stockbroker for 2014”
  • “Best Broker for the Young Saver” for 2014.

 

GT247 Account Types

GT247 appears to offer only a single account type and no option for an Islamic Account. There is however mention that the account can either be opened as a USD account or a ZAR account.

The website does not indicate much about the trading conditions of this account, though the following features could be ascertained:

  • Leverage of up to 1:80 can be used
  • Minimum trade sizes of 0.01 are allowed
  • Multiple tradable assets are available on each account
  • A single trading platform that provides an exciting trading environment
  • No deposit limits are set
  • No platform fees are charged
  • Low spreads are applicable

 

GT247 Account Features

Apart from the above, the following features are also available:

  • Copy trading is allowed
  • Hedging is allowed
  • Scalping is allowed
  • There is no monthly platform fee charged
  • There is no charge for reporting fee
  • There is no charge for SMS notifications
  • There is no minimum deposit required to open an account.

 

Islamic Account

GT247 does not offer Muslim traders who follow Sharia law the option of an Islamic Account.

 

Overall Rating

4.7/5

Rated #270 of 
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FSB

📱 Trading Desk

MetaTrader 5

Crypto

Yes

📈 Total Pairs

65

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

GT247 Demo Account

GT247 offers traders the option of opening a Demo Account which can be utilized in several ways, including, but not limited to the following:

  • A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
  • Traders who are evaluating and comparing brokers who would like to explore GT247’s trading conditions in a risk-free environment.
  • Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

Traders can sign up for such a demo account to use parallel trading conditions to what the main accounts would provide. A specific demo account can be used for 28 days and is then deleted, but as soon as it has expired, a trader can open a new one to continue with practice runs.

 

The Islamic Account

The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

Brokers offer their Islamic Account only to Muslim traders who follow Sharia law. Traders must, however, take note that there are certain features indicated on the Islamic account which differ vastly from the individual account such as minimum deposit, spreads, and more.

Traders who are interested in registering for an Islamic account must contact GT247’ customer support to verify the availability of such an account as conditions may have changed from the time of writing.

 

GT247 Pros and Cons

✔️PROS ❌CONS
Accounts can be opened for USD or ZAR Customer service not multilingual or 24/7
MT5 as a trading platform provided High leverage ratios not allowed
No monthly charges No Islamic account option
Platform available in several options, including web and mobile devices Only one trading platform
Regulated by FSCA Only one type of account

 

You might also like: GT247 Minimum Deposit

You might also like: GT247 Demo Account

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You might also like: GT247 Sign up Bonus

 

GT247 at a Glance

Broker’s name GT247
Headquarters South Africa
Year founded 2000
Regulating authorities Financial Sector Conduct Authority (FSCA) of South Africa
Countries not accepted for trade USA
Demo account Yes
Islamic account (swap-free) No
Institutional accounts Yes
Managed accounts Yes
Maximum leverage 1:80
Minimum deposit $0
Deposit options Wire transfer, debit or credit cards, Skrill
Withdrawal options Wire transfer, debit or credit cards, Skrill
Platform(s) provided MT5
OS compatibility Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad.
Tradable assets offered Pairs 65, 10 Indices, 7 commodities, 201 stock CFDs, 5 cryptocurrencies
Languages supported on the website English
Customer support languages English
Customer service hours 24 hours per day, five days per week.

 

FAQ

 

Trading Environment

 

How many instruments can I trade with GT247?

You can trade several different instruments with GT247, which include the following:

  • 65 FX Pairs
  • 10 Indices
  • 7 commodities
  • 201 stock CFDs
  • 5 cryptocurrencies

 

Which platforms are supported by GT247?

GT247 provides only the popular MT5 trading platform, but available for use on PC, Mac, Web, and all mobile devices.

 

Does GT247 offer leverage?

Yes, GT247 offers a maximum leverage of up to 1: 80

 

What spreads can I expect with GT247?

GT247 seems to offer a spread from 2.2 pips. Since details on the website are not clear enough, more information should be obtained from the customer support service before opening an account.

 

Does GT247 charge commission?

No information on commissions is available but may become clear after opening an account or can be obtained from the customer support service.

 

Are there additional charges on the Islamic account?

Some brokers charge extra fees on Islamic accounts – are either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees. GT247 does not offer an Islamic Account.

 

Is GT247 regulated and by whom?

GT247 is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa.

 

Is GT247 a recommended forex trading broker for experts and beginners?

GT247 offers a fair-trading environment for beginners and more experienced traders.

 

What is the overall rating out of 10 for GT247?

6/10.

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account as is offered by broker companies like GT247 is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features, before setting up a real account that needs to be funded with the customers own real money.

 

Does GT247 offer a demo account?

Yes, traders can open demo accounts.

 

How long is the demo account valid?

The demo account can be used for 28 days, after which it will be deleted. A new one can however be opened as soon as a previous one has expired.

 

Which live trading accounts does GT247 offer?

  • ZAR account
  • USD Account

 

Does GT247 offer an Islamic Account?

No.

 

What are the available deposit currencies for a live trading account?

ZAR and USD.

 

Deposits and Withdrawals

 

What is the minimum deposit required to open an account with GT247?

There are no minimum deposit requirements set.

 

How do you make a deposit and withdraw money with GT247?

GT247 offers the following deposit and withdrawal methods:

  • Visa
  • MasterCard
  • Bank transfer

 

Does GT247 charge withdrawal fees?

No withdrawal fees are charged, but fees from financial institutions may be applicable on certain methods.

 

How long does it take to make a withdrawal?

Card withdrawals usually take between 1 and 5 business days and bank transfers normally take between 3 and 5 business days. Depending on the financial institution a trader banks with, it may take a few more days for the money to be available in the original bank account.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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