10 Best
Forex Trading Platforms and Brokers in
Ghana

In Ghana, The Banking Act of 2007 has helped to lay a solid foundation for positive change in the country’s financial services industry. In Ghana, there has been a lot of activity on the Forex market in recent years.  Forex trading may be a relatively new phenomenon for the community in Ghana, previously only made available to large financial institutions who were depositing certain funds to the market in an attempt to gain profit. More recently, the Forex market has become wide-spread and available to all Ghanaians. Furthermore, currency trading has received more promotion and encouragement from the government than ever before. For these reasons more and more Forex brokers from Ghana are appearing on the Forex market.

Forex trading is one of the best proven ways to make a profit from as little as $5 to start. Traders must however keep in mind that large profits can and will only be made and achieved through thorough education and training which is widely and freely available on the web. These educational programmes will teach an aspirant trader how to thoroughly analyse markets technically.

What Is Forex?

Forex is an international market trading in currency pairs which has become an additional source of income for many traders in Ghana.  The Forex Market works around the clock, except for weekends and national holidays, which is possible because the marketplaces of the currency market are located in different time zones. 

There are 4 trading sessions: Pacific, Asian, European and North-American. There are multiple different versions of trading platforms available: some require installation on a PC or a mobile device, but there are also web platforms that only need Internet access to work with.

What Are The Basics Of Forex?

Before a trader starts trading on Forex, they should make a conscious decision to devote their time to learn the basics of Forex. For a trader to make their trades profitable they must learn what ask, spread and currency pairs are and understand what their function is.

There is a vast number of websites and resources related to Forex trading available and relevant training material is easily accessible. 

Is Forex Trading Legal In Ghana?

Yes! It is completely legal to trade on the Forex market in Ghana plus it is highly rewarding. But, traders need to take note that they cannot participate in trading without having a broker who will act as a ‚Äėgo between‚Äô on their behalf. Therefore, traders must find a trustworthy, regulated broker.¬†

Fortunately, unlike many other African countries like Uganda, Ghana has an officially established regulatory association which is responsible for controlling financial institutions like Ghana FX brokers which means that the government itself is interested in making the Forex market in its country as transparent, safe and attractive as possible. 

Forex trading generates massive profits that can not only benefit the underprivileged population but also be taxed. Hence, that is a win-win situation. 

Finding The Right Forex Broker For A Traders Specific Trading Needs.

Brokers are basically the ‚Äėmiddleman‚Äô or ‚Äėgo-between‚Äô for the trader and the market. If a trader is looking to succeed on Forex, it is important to choose a reliable brokerage. When choosing a broker, the following points are very important to take into account:

  • License: Traders need to pay particular attention to where the company is registered and whether it has a license.
  • Trading terms: Traders should take note of the trading terms provided by the company provides including leverage, spread, commission size, minimum deposit requirements.
  • Software: Traders should choose a broker who offers a Trading platform for various devices with advanced functionality, as this will help traders to profit on the go.
  • Support: ¬† High-quality customer support is an integral component of a reliable forex broker. Start by asking their support team a multitude of questions and if they take their time or ignore any questions ‚Äď this broker is not the best choice.

The Best Forex Trading Platforms and Brokers in Ghana

FBS

FBS

FBS offers traders a choice of four accounts and all accounts offer market execution and the chance to trade in micro lots in Cent accounts for more precise risk management.

Account type

Minimum deposit

Minimum trade size

Maximum leverage

Spreads

Cent

$1

0.01 lot

1:1000

from 1 pip

Standard

$100

0.01 lot

1:3000

from 0.5 pips

Zero Spread

$500

0.01 lot

1:3000

0 pips + $20/lot

Micro

$5

0.01 lot

1:3000

fixed, from 3 pips

ECN

$1000

0.1 lot

1:500

from -1 pip + $6/lot

FBS is a popular international broker and offers clients competitive trading conditions, a wide range of trading accounts, payment methods, a choice of fixed and variable spreads, Metatrader 4 and MetaTrader 5, as well as various promotions.  An account with FBS can be opened for just $1.

The activities of FBS are regulated by the International Financial Services Commission.

alpari

Alpari

Alpari is a great choice for Forex and CFD traders who are looking to leverage the power of MetaTrader platforms due to its established brand history, multiple offices, and range of account types and diverse managed account offering for investors.  The Alpari brand offers traders access to nearly 50 forex pairs and 30 CFDs on indices, commodities, precious metals, and on Bitcoin.

Feature

Alpari

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

48

CFDs – Total Offered

16

Social Trading / Copy-Trading

Yes

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

Yes

The commissions and fees at Alpari vary depending on the account type and platform used native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer.

Exinity Limited which is the business name of Alpari International is regulated by the Finacial Services Commission (FSC) of the Republic of Mauritius.

XM Group

XM Group

The XM Group provides the entire suite of MetaTrader platforms and over 1300 tradeable instruments, was Founded in 2009, and is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it an average-risk for forex and CFDs trading.

XM Group’s research offering is above the industry standard, and pricing at XM Group varies by account type.

Feature

XM Group

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

57

CFDs – Total Offered

1247

Social Trading / Copy-Trading

Yes

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

No

XM Group is a MetaTrader-only broker and offers the standard experience, including both MT4 and MT5, iOS and Android versions of the MT4 and MT5 mobile apps come standard and are both available for download from the Apple iTunes store and Android Play store, respectively.

XM is authorised and regulated in 3 countries: Australia (ASIC), Cyprus (CySec) and the United Kingdon (FCA). 

HotForex

HotForex

HotForex offers traders a variety of account types to choose from including fixed and floating spreads, commission-free trading (in Micro, Premium and Fixed accounts) or tighter spreads, involving commission fees. Beginner traders can sign up for Micro accounts with a minimum deposit of as little as $5, and micro lots are available for trade on all accounts.

An Auto Account, which enables traders to subscribe to free and paid Trading Signals from the MQL5 Community and a HF Social account, which provides trading powered by FxStat is also on offer.

HotForex is a retail forex broker, offering attractive conditions for trading in a wide range of instruments, including Forex, Spot Metals and CFDs on commodities, indices and popular shares such as Google, Apple and Facebook.

HotForex is regulated by the St. Vincent & the Grenadines regulatory authority, the CySEC in Cyprus, and the FSC of the Republic of Mauritius under the HF Markets moniker.

ic markets

IC Markets

IC Markets was founded in 2007 and International Capital Markets Pty Ltd (IC Markets) was established in Sydney and acquired an Australian Financial Services License (AFSL) with the Australian Securities and Investment Commission (ASIC) in 2009 and is considered average-risk.

Feature

IC Markets

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

63

CFDs – Total Offered

41

Social Trading / Copy-Trading

Yes

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

Yes

IC Markets offers three account types in which trading costs vary from commission-free on the Standard account to commission-based pricing on the True ECN and cTrader accounts and IC Markets provides a mobile version of all the platforms it offers, including MetaTrader 4 and MetaTrader 5 and cTrader, all of which come standard for iOS and Android.

IC Markets is authorised and regulated by the Financial Services Authority (FSA) of Seychelles.

fx pro

FXPro

FXPro is an online broker founded which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies trading.  FXPro is a global broker and has a head office located in the UK.

FXPro provide traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.

What can be traded with FXPro?

  • Over 250 instruments
  • Over 70 currency pairs

FXPro is one of the few brokers in the market who offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.

FXPro Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument and the broker offers support in a very wide range of languages including Arabic, Chinese, English, French, German, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Vietnamese.

FxPro holds an international license from the CySEC.

OctaFX

OctaFX

OctaFX is one of the very few forex brokers which offers Nigerian traders Metatrader and cTrader.

OctaFX offer Market execution with all their platforms and allows scalping & hedging, Expert Advisors and custom indicators.

VPS service is also available with their MT4 platform.

OctaFX Key Features:

  • Supports:¬†MT4, MT5 & cTrader for desktop, web & mobile
  • Minimum deposit:¬†$100 (‚ā¶36,000)
  • Max. Leverage:¬†1:500 (variable based on account type)

Trading Instruments: 28 currency pairs, 3 Cryptocurrencies, CFDs on Indices, metals

OctaFX is regulated by the British Financial Conduct Authority (FCA), one of the strictest forms of regulation in the Forex industry.

Forex.com

Forex.com

Forex.com is an online broker which was founded in 1999 and offers Forex, Indices, Commodities, Equities and Cryptocurrencies trading with a minimum deposit of $500 needed to make a start.

Traders can trade in:

  • Over 4500 instruments
  • Over 80 currency pairs

Forex.com Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Guaranteed stop loss
  • Offers Negative Balance Protection

Forex.com Trading Accounts on offer include:

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

With Forex.com, the minimum and maximum trade requirements vary depending on the trader and the instrument and all accounts support a wide range of languages including English, Chinese, Arabic to name but a few.

Forex.com is regulated by the FCA and adheres to their strict regulatory guidelines.

Markets.com

Markets.com

Markets.com is an online broker which founded in 2008 and offers Forex, CFDs and Spread Bets. Spread Bets are only available to UK customers trading and Markets.com is a global broker with a head office situated in Cyprus.

New traders will need to make a minimum deposit of $100 and a¬†demo account¬†is available for those who wants to try before they ‚Äėbuy‚Äô in.

Traders can trade in a wide variety of instruments and currency pairs

  • Over 100 instruments
  • Over 80 currency pairs

Markets.com offers both of the MetaTrader platforms; MT4 and MT5. plus, mobile apps for Android and iOS.

Markets.com Trading benefits:

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

Markets.com Trading Accounts on Offer include:

  • Demo account
  • Mini account
  • Standard account
  • Islamic account

Markets.com support a wide range of languages including Arabic, Chinese, Dutch, English, French, German, Italian, Japanese, Norwegian, Polish, Romanian, Russian, Spanish, and Turkish.

Markets.com is¬†regulated¬†by the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority of South Africa (FSCA), the Australian Securities and Investments Commission (ASIC) and the UK’s Financial Conduct Authority (FCA).

pepperstone best broker

Pepperstone

Pepperstone¬†is a global online broker which was founded in 2010 and offers Forex, CFDs and Social Trading.¬† ¬†Pepperstone¬†is regulated by regulated¬†by two top-tier financial authorities, the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) with a head office based in Australia.

With Pepperstone new traders will need a minimum deposit of $200 to open an account and the option is available to sign up for a demo account to familiarize themselves with the Pepperstone platform.  Pepperstone can accommodate various levels of traders whether a trader is experienced or just starting off in the trade.  Traders have the option to trade in over 100 instruments and over 70 currency pairs.

Pepperstone is one of the few brokers available that offer traders both of the MetaTrader platforms; MT4 and MT5 coupled with cTrader. Pepperstone also offer traders mobile apps for Android and iOS for the complete package.

Pepperstone benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

Pepperstone allows traders to execute a minimum trade of 0.01 Lot and supports a wide range of languages including English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic.

Before we go any further ‚Äď Here are 5 more mention worthy Top Forex Trading Platforms and Brokers in Ghana for good measure!

BDSwiss

BDSwiss

BDSwiss is a well regulated by CySEC that offers 3 types of accounts РBasic, Raw, and Black VIP. These accounts come with a minimum deposit of $100 accept the Raw account which has a monthly subscription fee of between $1 and $79.

BDSwiss offers both full demo and Islamic accounts are available and traders can fund their account through wire transfer deposits as well as through credit card and deposits which are fee free in most cases. Trading with the broker takes place through MT4, MT5, and WebTrader.

BDSwiss is a fully regulated CYSEC broker.

alpari

Alpari

Alpari is a great choice for Forex and CFD traders who are looking to leverage the power of MetaTrader platforms due to its established brand history, multiple offices, and range of account types and diverse managed account offering for investors.  The Alpari brand offers traders access to nearly 50 forex pairs and 30 CFDs on indices, commodities, precious metals, and on Bitcoin.

Feature

Alpari

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

48

CFDs – Total Offered

16

Social Trading / Copy-Trading

Yes

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

Yes

The commissions and fees at Alpari vary depending on the account type and platform used native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer.

Exinity Limited which is the business name of Alpari International is regulated by the Finacial Services Commission (FSC) of the Republic of Mauritius.

NordFX

NordFX

NordFX is an online broker which was founded in 2008 and offer Forex trading with a head office situated in Mauritius.  To make a start with NordFX traders will need to make a minimum deposit of at least $1 and can sign up for a demo account if needed.

NordFX has won numerous industry awards over the past 12 years and does charge commission on CFD instruments.  NordFX offers both of the MetaTrader platforms; MT4 and MT5 plus mobile apps for Android and iOS.

NordFX Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

NordFX Trading Accounts on Offer include:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • ECN account
  • STP account
  • Islamic account

NordFX supports a wide range of languages including Indian, Chinese, Arabic, Brazilian, English, Spanish, Russian.

The broker is a brand name of NFX Capital VU Inc and holds a financial regulatory licence from the Vanuatu Financial Services Commission of Vanuatu.

vantagefx

Vantage FX

Vantage FX was founded in 2009 and offers retail forex and CFD traders the Metatrader platform suite, ChartIQ, as well as auto trading on ZuluTrade and Myfxbook and is considered average-risk.  Vantage FX is mainly a MetaTrader broker and offers traders the popular platform suite developed by MetaQuotes Software Corporation, which includes MetaTrader4 (MT4) and MetaTrader 5 (MT5).

Feature

Vantage FX

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

38

CFDs – Total Offered

24

Social Trading / Copy-Trading

Yes

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

Yes

Regardless of the platform a trader chooses to use, the trading cost at Vantage FX depends on the account opened and seeing that Vantage FX is a MetaTrader broker, iOS and Android versions of the MT4 app come standard and are both available for download from the Apple iTunes store and Google Playstore, respectively.

VantageFX is an international Forex broker, that is licensed and regulated by ASIC Australia and CIMA in the Cayman Islands.

HYCM

HYCM

HYCM is an online broker which was founded in 1977 and offers Forex and CFDs trading on the popular MT4 forex trading platform plus mobile apps for Android and iOS.

Traders starting off with HYCM will need to make a minimum deposit of at least $100 and have the choice to sign up for a demo account perfect for various levels of traders, experienced or novice.

a wide variety of instruments and currency pairs are available for trade:

  • Over 100 instruments
  • Over 40 currency pairs

HYCM Trading benefits:

  • Allows scalping
  • Allows hedging
  • Low min deposit

HYCM Trading Accounts on offer include Demo, Micro, Mini, Standard and Islamic and the minimum and maximum trade requirements will vary depending on the trader and the instrument.

HYCM Ltd is regulated under CIMA, reference number 1442313.

Start Trading!

Once a trader has picked a broker, step one should be starting off with a demo account. This is a good way to gain trading skills and get better acquainted with the Forex market without taking the risk with actual currency.  For those who want to take a look at some educational resources before making a start, it is no surprise that there are some great educational resources which focusses on teaching beginners how to trade accurately and what mistakes to avoid. 

These educational resources provide Forex trading training and courses that are aimed to provide Ghanaians with powerful tools for Forex trading which will ensure that the overall economy of the country is developing positively. Apart from education, these organizations offer advisory services that include financial and investment advice at affordable fees to both individuals and financial companies.

The programmes of Forex education on offer by different institutions are diversified depending on the level of experience and traders may find programmes for beginners, intermediates, as well as professionals on offer.

In Conclusion

As with assessing any service provider, finding a suitable, trustworthy online broker is no different.  Whether the trader is a newbie or a seasoned active trader, they should without a doubt do their homework before committing to any account. For a beginner, the right brokerage account is so much more than a simple platform for placing trades. It can help traders build a solid investing foundation.

Traders should put their trust in brokers who offer a reasonable investment minimum, high-quality trading tools, robust access to customer service and no hidden account fees.  Setting up a forex account is a simple process.  Traders can typically complete an application online in a few minutes, but finding the right broker to suit their individual trading needs will take time, due diligence and patience.  There are multiple types of forex accounts available in the market but which one is right for a trader will depend on their investing goals and more.