The Financial Markets Act, 2012 Regulations distinguishes between a ‘client’ and a ‘counterparty’.
A ‘client’ in relation to an OTC derivative provider is a person other than a counterparty, with whom an OTC derivative provider (i), executes an OTC derivative transaction; or (ii) enters into a relationship with the intention of executing OTC derivative transactions.
A ‘counterparty’ is a party acting in the capacity of an (i) OTC derivative provider, (ii) financial services provider, (ii) person conducting the business of a bank or insurance business (iii) administrator of a collective investment scheme, (iv) a private equity fund, (v) foreign entities acting in a similar capacity to the above, with whom an OTC derivative provider executes an OTC derivative transaction or enters into a relationship with the intention of executing OTC derivative transactions.
You are not a counterparty therefore; you are considered to be a client.
For clients or potential clients who would like a more in-depth analysis of client and counterparty, the definitions for and regulations applicable to client and counterparty can be found here (hyperlink).
GT247 only trades with clients and does not allow clients to re-categorise themselves as counterparties.