Forex trading in Ghana is a developing sector, but Ghana has excellent infrastructure supporting explosive growth as a leading African digital services economy, and the government has ambitious plans to go yet further. My comprehensive Forex Brokers in Ghana review provides beginner traders with a guide on how to start Forex trading in Ghana. It also identifies the most competitive brokers for the trading strategies most suitable for the Ghanain market.
FXTM
In Summary Best all-around broker with high floating leverage and fast executionFXTM takes the top spot amongst Forex Brokers in Ghana, as it supports the Ghana Cedi as a transaction currency without adding additional fees. It also offers one of the cheapest cost structures, industry-wide with raw spreads from 0.0 pips and a commission ticket fee between $0.80 and $4.00 per 1.0 lot. Traders benefit from excellent order execution with an average execution time of 0.072 seconds resulting in an average price improvement of 0.29 pips or $2.90 per lot.
FXTM offers its FXTM Pivot Points Trading Strategy as an MT4 plugin, manual traders can rely on actionable trading signals, and beginners get access to high quality education.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- No cryptocurrencies and limited choice of commodities
FP Markets
In Summary ECN trading with leverage up to 1:500The twelve-plugin upgrade package and Autochartist for the MT4/MT5 trading platforms offer manual traders a cutting-edge trading environment. Algorithmic traders receive VPS hosting for low latency, 24/5 market access, NDD (No dealing desk) order processing, no requotes, high leverage, and deep liquidity. FP Markets, which ranks among the leading Forex Brokers in Ghana, maintains a competitive cost structure with spreads from 0.0 pips and a commission of $6.00 per round lot.
Besides the embedded MT4/MT5 copy trading services, FP Markets deploys its proprietary FP Markets Copy Trading solution and Myfxbook Autotrade. It also supports managed account services via MAM/PAMM accounts. Quality research, including actionable trading signals and education, caters to beginner traders. Cryptocurrency deposits and several low-cost payment processors ensure frictionless transactions.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade belongs in the list of the leading Forex Brokers in Ghana due to its wide choice of trading platforms and reasonably priced spreads. Traders may use the proprietary web based AvaTrade WebTrader, AvaOptions, and mobile app AvaTradeGO. The Trading Central plugin upgrades MT4/MT5, while the MT4 Guardian Angel plugin provides an extra layer of protection and analysis. It can send custom alerts and assist with risk management and post-trade analysis data.
Copy traders can use the proprietary Ava Social service, embedded MT4/MT5 solutions, ZuluTrade, and DupliTrade. Beginners benefit from the spun-out SharpTrader Academy, one of the most in-depth educational resources industry wide. AvaTrade also has a competitive cryptocurrency trading environment. Passive income seekers can take advantage of the excellent partnership program that serves 70,000+ partners from 150+ counties and has made 250M+ commission payouts.
Pros & Cons
- High-quality educational offering via SharpTrader
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
BlackBull Markets
In Summary Best ECN trading environment, with scalping and hedgingBlackBull Markets impresses with its superior trading infrastructure, which includes FIX API trading. It upgrades MT4/MT5 with the Autochartist plugin and connects to the active TradingView community with 30M+ traders. Copy traders can diversify via MT4/MT5 embedded services, BlackBull Social, ZuluTrade, and Myfxbook Autotrade. A fee-based research service exists, and BlackBull Markets rightly ranks among the leading Forex Brokers in Ghana.
The ECN Standard account has no minimum deposit requirement and features a reasonably priced spread cost structure. More active clients require the ECN Prime alternative for all trading services, which requires a $2,000 minimum deposit. Algorithmic traders get VPS hosting, and since the Chinese Yuan is a common currency, Ghanaians benefit from China Union Pay as a payment processor.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
Eightcap
In Summary Competitive pricing + excellent daily videosForex traders at Eightcap benefit from a rare cutting-edge trading tool unique in the market, Capitalise AI. It enables the automation of strategies in a code-free environment, and only very few brokers offer it. Eightcap upgrades MT4/MT5 with the Amazing Trader plugin, ensuring manual traders have a competitive edge, making Eightcap one of the leading Forex Brokers in Ghana. It also offers China Union Pay.
The commission-based cost structure features raw spreads from 0.0 pips for a ticket fee of $7.00 per round lot. VPS hosting, deep liquidity, high leverage, and excellent order execution statistics all support algorithmic traders. Eightcap connects clients to the TradingView community, and licensed account managers can get the MAM/PAMM module. Cryptocurrency traders have access to 250+ CFDs and Cryptocrusher, a dedicated cryptocurrency solution.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
- FXTM, Best all-around broker with high floating leverage and fast execution.
- FP Markets, ECN trading with leverage up to 1:500.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
- Eightcap, Competitive pricing + excellent daily videos.
Best Ghana Brokers Comparison
| | | | | |
Regulators | CMA, CySEC, FCA, FSC Mauritius, FSCA | ASIC, CySEC, FSCA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | FMA, FSA | ASIC, CySEC, FCA, SCB |
Year Established | 2011 | 2005 | 2006 | 2014 | 2009 |
Execution Type(s) | ECN/STP, Market Maker | ECN/STP | Market Maker | ECN/STP, No Dealing Desk | ECN/STP, Market Maker |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 0.1 pips | 1.1 pips | 0.9 pips | 1.3 pips | 1.0 pips |
Average Trading Cost GBP/USD | 0.2 pips | 1.4 pips | 1.5 pips | 2.0 pips | 1.2 pips |
Average Trading Cost Gold | $0.18 | $0.21 | $0.29 | $0.90 | $0.12 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | Other, MetaTrader 4, MetaTrader 5, Web-based+ | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, Trading View |
Islamic Account | |||||
Negative Balance Protection | |||||
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
Intro to Forex Trading in Ghana
Ghana is an emerging digital economy with ambitious plans to become a developed country by 2029 and a newly industrialized one by 2039, joining South Africa on the continent as a major player. The average salary is only $120, but it’s rising steadily, and the growing middle class adds to its financial prosperity as a country
Ghana is also a leader in digital financial services, aiming for 85% inclusion rate by 2024, while the Ghana stock exchange is the fifth largest in Africa. Therefore, the infrastructure for Forex trading in Ghana already exists. The retail trader sector lags other African nations, but it continues to expand as Ghanaians improve their financial sophistication and strengthen their economic capabilities.
The Ghana Cedi is the local currency, but very few brokers support it as a deposit and withdrawal currency. Ghana has close ties to China and the Chinese Yuan and began circulating it in state-owned banks in 2013 as a reserve currency. There are no domestic Forex Brokers in Ghana catering to retail traders, a sector that the Bank of Ghana does not regulate. A list of dedicated Forex Bureaus exists, and 400 entities have licenses, while six international Forex brokers have approval from the Bank of Ghana for physical Forex trading.
Forex Regulations in Ghana
The central bank of Ghana, the Bank of Ghana, regulates the broader Forex market. It has a few dedicated Forex Bureaus and presently lists 400 licensed entities. Since the retail margin broker space uses derivatives, rather than physical settlement this activity remains unregulated as a sector by the Bank of Ghana. There are no domestic online Forex retail margin trading brokers in Ghana. The Bank of Ghana notes that per Section 3.13.1 of the Ghana Interbank Forex Market Conduct Act, “local and International FX Brokers who want to operate in Ghana’s Forex market are required to obtain prior approval from the Bank of Ghana at the beginning of every calendar year.” The most recent report only lists six licensed Forex brokers, but the Bank of Ghana rules only apply to physical Forex trading.
International Forex brokers cater to the growing demand for speculative trading, retail Forex trading in Ghana is certainly not prohibited, possibly as it’s a relatively small sector of the market. Our review did not uncover any restrictions on Forex Trading in Ghana with international Forex brokers, and all accept Forex traders from Ghana.
Getting Started with Forex in Ghana
Ways to get started with Forex trading in Ghana differ based on individual circumstances, but it always includes several core steps, as outlined below.
Beginners should consider the following steps to minimize the chance of avoidable mistakes:
1. As with any high-skilled profession, Forex trading requires comprehensive education, which many ignore despite the information being readily available and often free. Education also matters to copy traders and managed account services, as it allows them to better spot scams and frauds.
2. Trading with brokers from our in-depth Forex Brokers in Ghana review ensures traders have a secure trading provider and a potential competitive edge.
3. Forex traders must have a suitable strategy that they execute in line with set objectives with an appropriate risk management approach and realistic expectations. It is another example of why and how education lies at the core of Forex trading in Ghana.
4. Part of the educational process and a fact for every trader at any level are trading losses in live accounts, beginners should view taking losses as part of the price of their education. Traders to succeed must master trading psychology and understand the importance of leverage and its relationship to risk management these factors and the trader’s approach to them will define their trading approach.
5. Profitable traders often follow market events, which can create price action, it will help in understanding the factors behind market moves and assist with portfolio risk management. Forex traders in Ghana should never trust third-party signal providers without conducting due diligence and testing them for a sufficient time in demo accounts. Traders who prefer copy trading or managed account services must ensure their providers use strategies and risk profiles that align with their risk-taking preferences.
6. Successful manual traders understand that they must place take profit and stop loss orders within the initial order ticket before entering open positions and avoid adjusting them as the trade unfolds. It should be an instance where traders are emotionless.
How to Choose a Forex Broker in Ghana
I used the below 12-point checklist to determine whom are the leading Forex Brokers in Ghana, and traders may use it to find the most suitable broker for their Forex trading strategies.
Forex traders in Ghana should evaluate the following characteristics:
- Regulation - A regulated Forex broker offers negative balance protection and segregates client deposits from corporate funds. It also reduces the risk of scams and fraud if there is a clean operational track record spanning over a decade ideally.
- Local-currency accounts - Most international Forex brokers do not support the Ghana Cedi, making the US Dollar a logical choice, as 80%+ of daily Forex transactions include it as either the base or quote currency
- Local payment methods - Online payment processors and cryptocurrencies enable low-cost, fast, and secure financial transactions between traders and brokers.
- Spread sizes - During the most liquid trading periods, major currency pairs should not exceed spreads above 0.1 pips in commission-based account and 0.7 pips in commission-free spread based cost structures.
- Fees - Leading Forex brokers cap commissions at $6.00 per 1.0 standard lot and offer volume-based rebate programs for the most active high-volume traders.
- Products - A competitive Forex asset selection consists of 60+ currency pairs. It grants Forex traders a balanced market coverage, supports portfolio diversification, and enables different strategies.
- Asset diversity - Commodities, index CFDs, and cryptocurrencies are the primary asset classes for Forex traders to achieve cross-asset diversification.
- Customer service in native language - The official language of Ghana is English, making customer service in a native language a non-issue.
- Account type diversity - Most Forex brokers in Ghana offer spread based commission-free and ticket fee commission-based accounts, while some have also sub-account options. Some maintain dedicated account types for investors, copy traders, or managed account services.
- Demo account - Beginner traders can evaluate trading conditions in demo accounts. Seasoned traders can test new strategies, copy traders check signal providers, and algorithmic traders may require unlimited demo accounts to bug-fix trading solutions and test EAs.
- Mobile trading - Ghana has a very high mobile penetration of rate, suggesting mobile trading is highly popular, which Forex brokers support via MT4/MT5 mobile apps or proprietary alternatives.
- Deposits/Withdrawals - Deposits are usually frees, but withdrawals often incur fees, internal and third-party payment processor costs, and potential currency conversion fees, can apply.
The Pros & Cons of Forex Trading in Ghana
Forex trading in Ghana can offer tremendous opportunities, but before trading with one of the leading Forex brokers in Ghana, traders should consider the pros and cons.
The pros of Forex trading in Ghana include:
- Forex requires less capital versus other assets, making it accessible to all traders
- Traders can use mobile apps for copy trading or managed account services and placing trades can be quick and easy to do.
- The Forex market operates 24/5, is decentralized, and allows traders the freedom to trade when they prefer
- Full support for algorithmic trading, with some brokers offering API for advanced traders and VPS for low-latency 24/5 market access
- Passive income opportunities exist, allowing traders to earn from the Forex market without trading by introducing their clients to brokers
- Frictionless financial transactions due to low-cost deposit and withdrawal methods, including cryptocurrencies make trading very accessible
- Quality education is available for free
The cons of Forex trading in Ghana include:
- Beginners sometimes ignore basic education and fall victim to scams and fraud
- The lack of in-depth education can result in a fundamental misunderstanding of Forex trading, its risks, and possibilities
- Failure to respect Forex trading as a high-skilled profession can lead to a destructive trading mentality
- Unrealistic expectations and insufficient capital result in overtrading, frustration, and inefficient trading
- Inadequate hardware, no quiet place to trade, or using mobile apps only for Forex trading
- Questionable, often unregulated Forex brokers and affiliates may promote unrealistic trading services and performance
- The absence of adequate risk management and misunderstanding of leverage in relation to position size can lead to leveraged trading losses
- Beginner traders fall for the demo trap as an educational tool, which lacks exposure to trading psychology, and creates a false sense of accomplishment
Bottom Line
Retail Forex trading in Ghana remains a frontier market and is relatively small. It has tremendous growth potential but trails other African countries, despite having a more developed digital infrastructure. The young and tech-savvy population is becoming increasingly sophisticated financially and given the spread of the digital economy in Ghana, Forex trading provides a new opportunity for this group to generate returns.
Since the Bank of Ghana does not actively regulate online margin Forex trading using derivatives and coupled with the absence of domestic Forex Brokers in Ghana, the retail sector relies on well-trusted international Forex brokers. The most suitable Forex strategies for Ghana are copy trading and managed account services, given the high mobile penetration and lack of experienced traders with limited capital. They often require portfolio and risk management rather than trade analysis and placement, effectively done via mobile apps.
The low levels of trading education, which is largely available for free, presents the most significant obstacle to Forex trading in Ghana, like other emerging Forex markets.
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