Finding the list of the Best Forex Brokers in Ghana and worldwide can be a difficult process, especially finding a list of trustworthy brokers who accept Ghanaian traders and who allow these traders to invest in their currency, the Ghanaian cedi (GH¢).
In this article we will share tips and list the best Forex trading platforms and sites that allow Ghana traders to trade in Stocks, Shares, Indices, Binary Options, CDFs, ETFs, Forex and cryptocurrencies like Bitcoin and Ethereum.
Here are our Best Handpicked Forex Brokers in Ghana
Forex trading in Ghana has become much easier to get involved in during the last decade, which has resulted in strong economic growth and rising disposable incomes for many Ghanaians.
What you need to look out for the most:
- Spreads – The difference between SELL and BUY price in points (pips) anything over 3 Pips for the most liquid EUR/USD is usually too much and you should avoid. Spreads can be variable or fixed, it usually depends on the account type.
- Swaps – the fee you pay in order to keep the contract open over night. There are Islamic accounts with some brokers with swap-free options.
- Commissions per lot traded – usually charged with ECN and STP accounts where spreads are fixed.
- Respected regulation authority such as DFSA, FCA UK, Cysec
- Segregated accounts for your trading funds (meaning that your money is kept separately from the company’s finances)
- Satisfactory reviews from real forex traders from Ghana and around the globe
- Various payment methods with fast deposit and withdrawal options
- Low spreads and outstanding trading features
- Reputable trading platform such as Metatrader 4
- High quality customer support via chat email and phone
How do we rank and review?
Our team consists of traders with more than 15 years experience in forex. We have collected, reviewed, ranked and test driven more than 300 online international forex brokers and have created a full 2023 Forex Broker Review guide for our visitors.
Account Types Reviews
Online broker might offer various account types with different trading terms and features, starting from cent trading, for example, micro lots, spreads, maximum leverage and support. Newbies should definitely start with micro or mini accounts if possible to practice their way up to larger investing opportunities.
Is forex trading illegal in Ghana?
“No forex broker can legally onboard Ghanan clients into any entity without an online forex license issued by the CMA. EGM Securities fully understands the concern of the CMA, and as the first regulated broker in the Region, we will continue to serve our community.”
How can I trade Forex in Ghana?
You can trade forex in Ghana through any Dealing or Non-Dealing Broker or Money Manager licensed by the CMA. For this, the broker will usually charge you a commission or spread. The spread of a broker is measured in percentage points or ‘pips’.
Cryptocurrencies in Ghana
Cryptocurrency markets in Ghana are relatively new and their availability are subject to local financial regulation. Because Cryptocurrency works on decentralised assets in Ghana things like interest rate changes and political instability do not affect cryptocurrencies as much as the currency markets in Ghana for example.
Due to a large young population in Ghana with growing income levels and wide spread adaptation of online technology cryptocurrency trading volume is increasing greatly in Ghana. $6 billion USD worth of Bitcoin is traded daily around the world.
Ghana Trading Challenges
Even though Ghana is one of the richest countries in the continent, there are certain challenges that may come across traders as significant obstacles. In terms of ease of doing business it is ranked 114th in the world and World Bank has positioned Ghana 108th for starting a business. These rankings indicate a challenging environment in the country.
World Bank further ranks Ghana at 73rd and 99th for getting credit and protecting minority investors respectively.
Ghana also frequently faces exchange and interest rate fluctuations. The high inflation is a real challenge for traders and an unstable environment means borrowing money could be risky.
FAQ’s
Is forex trading legal in Ghana?
Yes, it is
Is forex trading a gamble in Ghana?
Forex trading anywhere is always a gamble.
How many forex traders are there in Ghana?
The estimate is around 150 000 monthly forex traders.
Do Forex Traders Pay Tax in Ghana?
Once a traders profits reach a level where the income on the Forex trading can be taxed in Ghana the trader should make sure all taxes owed for a financial year are paid. Ghana taxes should be filed even if there were losses on the year. If Trading losses cannot be claimed against personal income taxes. A trader should file them with the proper government agency in Ghana. You should seek advice with a Ghana tax professional to ensure they are abiding by all proper tax laws in Ghana. In Ghana Islamic accounts do not have additional restrictions on trades.
What makes a good online broker
Now that you know the top 5, you are probably curious how we came up with this list. Let’s go through a few points quickly. What is an online broker? Why do we think these brokers are safe? What are the most important factors when selecting the best online brokers?
What is an online broker?
Thirty years ago, if you wanted to buy a stock, you had to pick up the phone and call your broker, who executed the transaction in return for a commission. Brokers were like characters in the movie ‘Wolf of Wall Street’. They were constantly monitoring stock prices while holding the phone and shouting. The Internet changed all that. Nowadays, if you want to invest in Apple shares, you open an online account, deposit money, and set up an order on the brokers’ online platform. These platforms are the online brokers. Online brokers help you buy and sell securities like stocks and ETFs. After creating your order, the online broker executes it immediately. It all takes place online.
Are these brokers safe?
We consider each broker on our list safe. You can be sure none of them is a scam. All the brokers featured on ForexExplore are regulated by at least one authority.
However, brokerage companies can still go bust. Remember the collapse of Lehman Brothers? In such cases, it is important to know what happens with your securities and cash. Your funds are usually held in segregated accounts, so even if your broker goes bankrupt, your funds are safe.
If all goes wrong, and for example, the broker steals your assets, then you have a last resort: the compensation fund of the country where the broker is regulated.
In conclusion
There are thousands of Forex brokers around the world, and South African residents can register and trade with each of them. Traders are advised to stick to brokers regulated by the FSCA – Financial Services Conduct Authority of Ghana formerly known as the FSB.
Many Forex brokers may appear similar but there are understated differences that make each broker uniquely suitable for a different type of trader.
While Ghana does not rank high among safe places to do business, some opportunities still exist. Traders also have some comfort in knowing that Ghana’s financial institutions and stockbrokers are regulated by its central bank, although high market volatility, inflation and interest rates remain concerns for traders and businesses alike.
When a trader needs an online broker to trade through, they should make sure a firm has a decent range of asset classes to trade, a fast and easy to use trading platform, is overseen by a reputable financial regulator, and will be secure enough for them to give a margin deposit to.
