GT247.com is a forex and Contract for Difference (CFD) broker established on May 5, 2017, in South Africa, mainly providing investors with trading services on forex, commodities, and indices among other CFDs, with its headquarters located in Johannesburg, South Africa. This broker does not provide services to jurisdictions where it could constitute a violation of local laws or regulations.
Corporate Registration and Regulatory Information:
According to the official website of GT247.com, the registered entity in South Africa is GT247 (Pty) Ltd, with the detailed address at Coworking & Office Space, 173 Oxford Road, Rosebank, Johannesburg 2196. GT247 (Pty) Ltd is one of the subsidiaries of Purple Group Limited. The broker's website claims that GT247 (Pty) Ltd is authorized and regulated by the Financial Sector Conduct Authority (FSCA) of South Africa.
Upon verification, a registered entity named GT247 (Pty) Ltd does exist in South Africa and is indeed a subsidiary of Purple Group Limited. Although Purple Group Limited is authorized and regulated by the FSCA, GT247 (Pty) Ltd is not listed under FSCA, which means that this broker is not regulated by the FSCA and is suspected of false advertising, misleading users. According to the Whois information, the domain name of the broker's official website was registered on April 17, 2000.
Account Opening:
To open an account with GT247.com: Visit the broker's official website and click on "OPEN FREE ACCOUNT" on the homepage or at the top right corner of the page to enter the registration interface. Fill in the personal information as required and submit the form. After multiple attempts, it was not possible to open an account successfully, and the broker did not indicate what the problem might be.
Account Types:
The official website of GT247.com does not mention the types of accounts offered to users, spreads, trading leverage, maximum/minimum trading volume, maximum position size, trading commission, etc.
Trading Platform:
GT247.com offers the MT5 trading platform to its users, provided by GT247 (Pty) Ltd servers. It allows only the connection to existing trading accounts and does not permit the creation of new demo or real trading accounts.
Deposits and Withdrawals:
GT247.com does not mention the deposit and withdrawal methods supported by its website, nor does it explain issues such as whether there are any fees associated with deposits and withdrawals.
Summary:
Traderknows reminds investors that GT247.com is an unregulated forex broker, suspected of false advertising and misleading users. Traderknows advises investors to preferably choose brokers that are transparent in information, strongly regulated, and have a good reputation for investment trading activities, to avoid unnecessary financial losses.
Currently, this broker is marked as 'Suspected of Fraud' on Traderknows.
