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GT247 Review



Finding a reputable GT247 review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth review regarding GT247 to help you make an informed decision before opening your account or trading on their platform.




GT247 is a forex broker company since 2000.

A Forex broker like GT247 provides traders access to one or more platforms that will allow them to buy and sell foreign currencies. 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 Purple Group Limited, which is listed on the Johannesburg Stock Exchange. The broker is an authorised Financial Services Provider operating under the Financial Sector Conduct Authority (FSCA) of South Africa with FSP License No. 46315.

The brokerage has been operating for about 20 years and has a trading desk with over 100 years of cumulative market experience.



In the world of forex broker companies being honoured with awards from esteemed organisations or publications, count much for the company’s reputation. Such awards are usually mentioned with pride on the company website.

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

  • 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.



A forex account is a trading account held by a trader with a company like GT247, that is issued with the primary purpose of trading through its platforms. Usually, the number and type of accounts that a trader can open with a broker company differs according to the country in which the brokerage operates, the country of residence of the trader and the regulation authorities under whose jurisdiction it operates.

Accounts usually differ in the way spreads or commissions are applied, what minimum deposit is needed to open that type of account and certain services or advantages that account holders may get access to.

In the case of Muslim customers, special Islamic accounts, which is swap free accounts, are offered that mirror the other account types, but which operate in accordance with Shariah law. GT247 does not offer an Islamic Account.



GT247 appears to offer only a single account type, although such an account can be opened as either a ZAR account or a USD Account. The website does not indicate much about the trading conditions of this account, the following features could be ascertained:

  • Leverage of up to 1:80
  • minimum trade sizes of 0.01
  • Multiple tradable assets
  • A single trading platform
  • No deposit limits
  • No platform charges
  • Low spreads

Demo accounts are available from GT247. You can sign up to use parallel trading conditions to what the main accounts would use. These demo accounts can be used for 28 days and are then deleted, but you can open a new one once a current one ends.



GT247 does not specify a set minimum deposit, but when starting an account, it can be recommended to deposit at least $500 as this allows a trader to use proper risk management and gives more potential for profits.

A trader that wishes to deposit USD into an account will need to use a bank wire transfer as it is the only method available. Should a trader wish to use ZAR, the person can use a credit or debit card. The broker does not disclose any information regarding bank transfer fees on the website, but a fixed credit or debit card fee of $0.11 and a fee of 2.3% on top of that, are payable.

Information on withdrawals times and processing times is not clear except that requests made after 14:00 will only be processed the next day, and traders should note that withdrawal requests can only be made more than 14 days after the most recent deposit, so be sure not to need your funds quickly. This could be a big drawback if you want smooth and fast access to profits.

Once payments are processed, card withdrawals take between 1 and 5 business days and bank transfers normally between 3 and 5 business days.



Cost of trading depends on varied factors like commissions, spread and margins.

The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your account.

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.

Execution-only brokers, who do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.

While contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, its trading on shares will incur commission. CFD trades on other markets has no commission but do wrap a spread around the market price of a certain instrument.

GT247 does not give concrete information regarding its trading costs. There is no real mention of what their spreads are, there is also no mention of commissions so actual trading costs is not clear. The demo account offers spreads around 1.7 to 2.2 pips on the EUR/USD pair which may be an indication. There are swaps involved, charged, or awarded for holding trades overnight.

An account that is left dormant for more than 12 months, will incur a fee of $10 per month to the balance until a trade is made or the balance reaches 0.



Leveraged product trading magnifies a trader’s potential profit – but of course also increase the potential loss. This facility that enables traders to get a larger exposure to the market than the amount they deposited to open a trade, is called leverage.

The amount of leverage is expressed as a ratio, for instance 50:1, 100:1, or 500:1. If a trader has $1 000 in a trading account and is trading ticket sizes of 100 000 USD/JPY, that leverage will equate 100:1.

Traders should always keep in mind that, although a high leverage offered may be a plus point for the brokerage but trading at such a high leverage should only be attempted by experienced traders that know how to prevent big losses.

GT247 allows its traders to use a maximum leverage ratio of up to 1:80. Leverage can range from between 1:1 as a low up to 1:80. This can be selected when opening a new account.



Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.

The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader.

Hence, although no deposit bonuses are a fantastic way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.

The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers to provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution, or sale of a CFD, thus ruling out the offering of such bonuses.

According to the company website and other sources GT247 does not offer any promotions or bonuses currently. This does not mean that there will not be in the future so traders may keep an eye out if they are interested in joining GT247.



The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

Some companies provide an own proprietary platform, which may benefit traders due to specific characteristics developed by specialists employed by the broker, while others prefer to provide the better-known platforms that were tried and tested through time. If there is a choice, the trader should keep in mind what he would like to trade and find the platform that suits his needs best.

GT247 offers multiple versions of a single platform, MetaTrader 5. These versions are designed for different platforms such as desktop or iOS devices.

MetaTrader 5 (MT5) is the younger version of MetaTrader 4 (MT4) and is used by millions due to plenty of trading and analysis features to aid in trading. Additional services like built-in trading robots, the Freelance database of strategy developers, Copy Trading, and the Virtual Hosting service (Forex VPS), expand the functionality of the platform almost limitless.

MetaTrader 5 is also accessible as a desktop download, application for iOS and Android devices and even as a WebTrader with which you can trade from within your internet browser.



Most brokers offer all or some of the following market instruments for trading:


Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies and financial institutions exchange currencies for one another at floating rates.


As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.


Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes which measures the value of a specific section of a stock market.

Precious metals:

This involves the trading of gold, silver and other precious metals as hard commodities that are contract-based tradable.


The high volatility of energy prices due to political, environmental and several other factors, is a typical feature of this product, making it a popular trading choice.


Tradable cryptocurrencies include the following:

Bitcoin (BTC) is the digital currency with the largest market capitalisation and price levels and dominates 50% of the total crypto market cap.

Litecoin (LTC) is like Bitcoin but differs in terms of scalability.

Ethereum (ETH) is the second largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.

Ripple (RPL) is popular among big banks with the Ripple network a next generation real-time gross settlement system.

Bitcoin Cash (BCH) was created as an updated version of the blockchain with different rules.

GT247 offers over 65 FX pairs, indices, commodities, and crypto (five currencies) to trade.




Before deciding to join a brokerage company to start trading, a potential trader needs to establish whether a broker like GT247 is safe and secure to trade with. One of the most reliable benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watching and overseeing its actions and whether the company complies with those regulations.

In general, a so-called “offshore” broker tends to have a less favourable reputation and potential traders should think carefully before investing with them.

Secondly, the safety or clients’ funds should be guaranteed and in the case of the company defaulting or going bankrupts, a safety net of some sorts would come in handy to prevent customers of taking more losses.

According to the website the company behind the brokerage is registered by the name GT247 (PTY) LTD and acts as an authorised representative of Purple Group Limited.

The Financial Sector Conduct Authority (FSCA) of South Africa is the successor of the local Financial Services Board (FSB) and oversees the non-banking financial sector.

This South African regulator features a good reputation, however, there is not financial mechanism available by which clients that have fallen victim to fraud or a broker’s bankruptcy may be compensated for losses.



Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it. The ease with which such support teams can be contacted, may also play a role when choosing a broker.

The customer support team of GT247 can be reached 5 days a week and are closed at the same time as the markets over the weekend.

Traders can get in touch directly using a couple of different phone numbers depending on the department they want to contact, via a postal address or an email address.



Before starting to trade, potential GT247 clients should arm themselves with all information and trading skills needed to be successful in the world of forex and commodity trading. If GT247 ’s website itself does not provide enough means, a trader should explore other informative sources to obtain that skills and knowledge.

GT247 does offer an educational series to help teach traders about certain aspects of trading such as their “Mastering the Fibonacci Retracement” or “Know Your Candlesticks and Candlestick Patterns”.



Potential traders need to be enabled to do as much research as possible about speculative trading before commencing to do it and while trading with a specific brokerage. Trading successfully relies heavily on knowledge and understanding of the markets and the platforms offered by a broker, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.

GT247 offers research options like market news where traders can get information about what is happening in the markets. There are also research notes on different topics and a basic economic calendar.



GT247 boasts an attractive website, but one without enough information to make up a complete opinion. While the provided information sounds promising, is remains difficult to fully understand the service that is being offered.



GT247 warns potential traders that Forex and CFDs trading always carries a prominent level of risk, therefore may not be suitable for all investors.

Before clients decide to trade the products offered by GT247, they are advised to contemplate their investment objectives, financial situation, needs and level of experience carefully before investing money that they cannot afford to lose.

Especially when traders use GT247 ’s leveraged accounts, they should make sure to maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin and using a higher than necessary leverage can be either beneficial or detrimental to a trader. It is always possible to sustain a loss of some or all an initial investment.

While GT247 promises to make all efforts to fill a trade at the requested price, trading on-line does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.




Broker’s name GT247
Headquarters South Africa
Year founded 2000
Regulating authorities FSCA
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 Number of FX Pairs 65, 10 Indices, 7 commodities, 201 stock CFDs, 5 cryptocurrencies
Customer support languages English
Customer service hours 24/5





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 the popular MT5 trading platform

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 spread from 2.2 pips. Since details on the website are not clear enough, more information should be obtained from the customer support service.

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 FSCA.

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

GT247 offers a fair-trading environment for most types of traders.

What is the overall rating out of 10 for GT247?




What is the difference between a demo and 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 which needs to be funded with the customers own real money.

Does GT247 offer a demo account?


How long is the demo account valid?

The demo account can be used for 28 days, after which a new one can be opened.

Which live trading accounts does GT247 offer?

  • ZAR account
  • USD Account

Does GT247 offer an Islamic Account


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

ZAR and USD.



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

$ 0.

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, but fees from financial institutions may be applicable.

How long does it take to make a withdrawal?

Card withdrawals take between 1 and 5 business days and bank transfers normally between 3 and 5 business days.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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