Forex Brokers in Ghana - A beginners guide
Forex trading has become a more popular and alternative investment venture for many Ghanaian residents due to the influx of international brokers opening their doors to more African countries.
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Forex trading has predominantly always been seen as the playing field for banks, large corporations, and people who have substantial amounts of capital that they can afford to invest, but this has changed significantly in recent years. Forex trading is now something that can be done by anyone, from anywhere in the world, and a substantial amount of capital is not necessary in order to enter the Forex Market.
The Forex Market is one of the more easily accessible financial markets and offers traders with ample opportunity for great gains and profits, given that there are some risks involved that traders should acknowledge and attempt to minimize.
Traders need to ensure that they have adequate risk management protocols in place and that they make use of the risk management tools provided by brokers. Beginner traders need to ensure that they use education sources to learn about Forex before entering a live trading environment along with making use of demo accounts which allow for trading practice in a risk-free environment. Before registering a live account with a Forex broker, it is imperative for Ghanaian traders to verify the exchange rate along with the deposit, withdrawal and account base currencies supported.
All currency conversions performed in this article have been done between the US Dollar and the Ghana cedi at the current exchange rate on the day and at the time that this article was written. Below are Best Forex Brokers recommended for Ghanaian traders
1.IG
IG is a reputable broker which was established in 1974 and is strictly regulated by ASIC. IG currently boasts with a trader client-base of over 178,000 and offers the trade of Forex, indices, stocks, cryptocurrencies, commodities, and ETFs.
When opening an account, Ghanaian traders can expect a minimum required deposit of ¢0 unless they use Credit/Debit Cards and PayPal, in which case there is a minimum deposit of ¢300.
When opening an account with IG, traders can expect typical spreads of 0.6 pips when trading EUR/USD with commissions which depend on the account and the type of instrument being traded.
IG offers the use of MetaTrader 4, Web Trader and mobile trading along with supporting Bank Wire Transfer, Credit/Debit Cards, and Paypal when depositing and withdrawing funds.
2.Xtb
Xtb is a UK-based broker which was established in 2002 and is strictly regulated by the FCA, ACPR, BaFin, CNMV, IFSC, and KNF. Xtb offers traders with access to Forex, indices, stocks, cryptocurrency, commodities, and ETFs.
The minimum requirement when opening an account with Xtb is ¢1,447.50 which provides traders with ample leverage of up to 1:200, typical spreads from 0.2 pips when trading EUR/USD, and use of MetaTrader 4, Web Trader, and mobile trading.
In addition, Xtb charges significantly low commissions on trades and traders can make use of a variety of supported payment methods when depositing or withdrawing funds.
3. AvATrade
AvATrade is based in Ireland and holds multiple regulations through the ASIC, BVI, CBI, FFAJ, FSA, and FSCA in providing online trading of forex, commodities, cryptocurrency, stocks, and an array other financial instruments. When opening an account with AvATrade, Ghanaian traders can expect a minimum required deposit of ¢579.00, commission free trading, spreads which start from 0.6 pips when trading EUR/USD and leverage up to 1:200.
AvATrade offers the use of both MetaTrader 4 and MetaTrader 5 which can be used on desktop, web browsers, and mobile devices. Deposits and withdrawals can be made through either Credit/Debit Cards, Bank Wire Transfer, and various other methods.
4. Plus500
Plus500 is an Israeli-based broker with multiple regulations through FCA, ASIC, CySEC, MAS, FMA, and FSCA in providing online trading of CFDs on Forex, commodities, cryptocurrency, stocks, shares, and many other financial instruments.
The minimum deposit required in opening an account is ¢579.00 and provides Ghanaian traders with access to leverage of up to 1:30, spreads from 0.60% when trading EUR/USD, and commission free trading.
Plus500 offers its own proprietary trading platform which can be used on web and mobile, and when deposits and withdrawals are made, traders can use either Bank Wire Transfer, Credit/Debit Cards, Skrill, or Paypal.
5. eToro
eToro is a Cyprus-based broker which is regulated and authorised by strict and demanding regulatory entities such as ASIC, FCA, and CySEC, and it offers trade in numerous instruments which includes Forex, commodities, stocks, shares, and more.
Ghanaian traders can expect a minimum deposit requirement of ¢1,158 when opening a live trading account. eToro’s offer includes leverage of up to 1:400, spreads that start form 3.0 pips when trading EUR/USD, and zero commission trading.
eToro offers traders the use of its proprietary trading platform on web and features its own mobile application. Deposits and withdrawals can be made through a variety of payment methods including Bank Wire Transfer, Credit/Debit Cards, and more.
6. XM
XM is an Australian-based broker with regulation and authorization through IFSC, CySEC, and ASIC in providing online trading services in facilitating the trade of Forex, indices, stocks, commodities, cryptocurrency, shares, indices, and more. When opening a live trading account, Ghanaian traders can expect a minimum required deposit of ¢28.95 which provides them with leverage of up to 1:880, variable spreads from 0.0 pips when trading EUR/USD, and low commission charges on trades.
XM provides the use of MetaTrader 4 and MetaTrader 5 which can be accessed through web, desktop, and mobile devices. Deposit and withdrawal payment methods include Bank Wire Transfer, Credit/Debit Cards, Neteller, Skrill, and several others.
7. City Index
City Index is a UK-based online Forex Broker which is strictly regulated by ASIC, FCA, and MAS, and facilitates the trading of Forex, commodities, cryptocurrency, stocks, shares, CFDs, ETFs, and more. City Index also offers spread betting options to traders.
Ghanaian traders can expect minimum deposit requirements of ¢579.00 when opening a live account and can expect leverage of up to 1:500 along with spreads that start from 0.7 pips when trading EUR/USD and the advantage of zero commission trading.
City Index supports the use of MetaTrader 4 and MetaTrader 5, amidst others, and deposits and withdrawals can be done through Bank Wire Transfer, and Credit/Debit Cards.
8. EasyMarkets
EasyMarkets has headquarters in Cyprus and Australia, and is strictly regulated by both CySEC and ASIC, respectively. EasyMarkets facilitates the trading of Forex, commodities, cryptocurrencies, stocks, shares, indices, metals, and numerous other instruments.
When opening an account with EasyMarkets, Ghanaian traders can expect minimum deposit requirements of ¢579.00, leverage of up to 1:400, fixed spreads which start from 1.8 pips when trading EUR/USD, and commission free trading.
EasyMarkets supports the use of MetaTrader 4 which can be used either on desktop PCs, web browsers, and mobile devices. Deposits and withdrawals can be made through a variety of payment methods such as Bank Wire Transfer, Skrill, Neteller, and more.
Final Thoughts
These brokers are some of the best which cater specifically, and welcome, Ghanaian traders despite their varying levels of experience, knowledge, and skill. These brokers make provision for a variety of educational and research tools to aid traders. The minimum required deposits are average and similar when comparing brokers to one another, and the trading conditions provided are favourable, reasonable, and attractive.
Ghanaian traders have access to adequate leverage when using these brokers to facilitate trading in addition to being offered tight and competitive spreads and, in many cases, commission free trading.
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