December 03, 2021

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

Regulated BrokerRatingDemoLeverageBonusPlatformsRegulationMin DepositPayments
OctaFX9yes1:500up to 50%MetaTrader 4, Metatrader 5, cTraderFCA UK50Neteller, Skrill, Fasapay, Visa, Mastercard, Malaysian, Vietnamese, Indian, Indonesian, Bangladeshi local banks, Bitcoin, Unionpay
Trade Nation8yes1:30; 1:200in-house web-based platform, Metatrader 4 MT4FCA in the UK, the ASIC in Australia, the FSCA in South Africa and the SCB in the Bahamas1Credit Card, Srill
LiteFinance 7yes1:50030% + 15%Metatrader 4, Metatrader 5, WebTerminalCySEC, Marshal Islands Business Corporation Act.10 Skrill, Webmoney, Bitcoin, Advcash, Credit Card
InstaForex 7yes1:1,000$100 No Deposit BonusMetaTrader 4, Metatrader 5, WebtraderRAFMM1Some local Bank transfers, PayCo, AstroPay, Cryptocurrency
XM7yes1:888$30 no depositMetaTrader 4, Metatrader 5, XM WebtraderCySEC, ASIC Australia, IFSC Belize5Credit/Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer
AvaTrade 6yes1:400100% AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptionsCentral Bank of Ireland, ASIC, Financial Services Commission of British Virgin Island100Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney
Anzo Capital6yes1:1000MetaTrader 4yes100Webmoney, Skrill, Neteller, Credit Cards
FxPro5yes1:500up to $1,000FxPro cTrader, FxPro cTrader Web, MT4 Client Terminal, MT4 MultiTerminal, MT4 WebTrader, MT4 Premium FCA, CySEC100Credit/Debit Card, Bank Wire, PayPal, Neteller, Skrill
FXCM5yes1:200-Trading Station II, MetaTrader 4, Active Trader, Forex System Selector UK Financial Conduct Authority, AFSL 250Credit/Debit card, Online Check, Bank Wire, Paper Check
Plus5005yes1:20030%Plus500Israel Securities Authority500Skrill, Credit Cards, Wire Transfer
IronFX5yes1:50040%Metatrader 4ASIC, CySEC, DFSA, FCA UK, FSB, UCRFIN, CRFIN, Member of Eurex Exchange, Consob, BaFIN100credit cards, Fasapay, neteller, qiwi, skrill, webmoney, wire transfer
Dukascopy4yes1:500-DukascopyKPMG ARIF250Wire, Bank Guarantee, Standby letter of Credit Segregated Accounts
Forex.com4yes1:200-ForexTrader platform (in-house), MetaTrader 4CFTC, NFA, FCA (UK), ASIC (Australia), ILLROC (Canada), SFC (Hong Kong), FFAJ (Japan)50wire transfer, Credit/Debit Card, Check
HYCM4yes1:40025% up to $5,000Metatrader 4FCA UK, CySEC, SFC100credit cards, wire transfer, Skrill, webmoney
AdvancedMarkets4yes1:50-Advanced Trader/Pro/Prime, Fortex FX Australian AFSL, ASIC500Wire, Check
CMTrading4yes1:40015% matchMetaTrader 4, SirixFinancial Services Board (FSB) South Africa200credit/debit cards, Wire transfer, CashU ,Skrill
Blueberry Markets4yes1:500MetaTrader 4ASIC100credit cards, wire transfer, POLi, Skrill
Priorfx4yes1:200Metatrader 4, Webtrader, AutotradeCySEC, FCA UK, MiFID250wire transfer, credit cards, Skrill, Neteller, PriorFX prepaid card, Yandex, Webmoney, Qiwi, UnionPay
FXDD3yes1:200-MetaTrader4, FXDD Trader, Power Trader, FXDD Auto, MTXtremeMalta Financial Services Authority (MFSA)100Wire, PayPal, Check, BPS
Tallinex3yes1:1,000Metatrader 4FSA of St. Vincent and The Grenadines100credit cards, wire transfer, Skrill, Neteller
Oanda3yes1:50Metatrader 4, FXtradeNFA1check, Credit cards, PayPal, Wire transfer
iFOREX3yes1:400-FXnet TraderHFSA in Hungary, CySEC100credit cards, wire transfer
FP Markets3yes1:50010% credit bonusMetaTrader 4 (MT4), IRESS, Mobile tradingASIC200credit cards, UnionPay, Neteller, Skrill (3% fee), Wire transfer, BPay and broker-to-broker transfer
DFMarkets3yes1:20010% Trading Credit Promotion up to $1,000DFTrader, DF WebTrader, DF MobileFCA100Bank wire, Credit/Debit cards
Tickmill3yes1:500-MetaTrader 4, WebtraderFCA UK, FSA Seychelles100wire transfer (commission are charged), credit/debit cards, Skrill, Neteller, FasaPay, UnionPay and WebMoney
TenkoFX3yes1:500MetaTrader 4, WebtraderInternational Financial Services Commission of Belize10Skrill, Neteller, FasaPay, Webmoney, Yandex Money, Qiwi
Z.com Trade3yes1:200 Z.com trader web, Z.com trader pro (demo account only)FCA UK1credit cards, wire transfer, china unionpay, skrill
Freshforex3yes1:1000+5% to each cryptocurrency deposit; get 300% for each depositMetatrader 4KROUFR1WebMoney, ePayService, Skrill , FasaPay, ADVCash, Perfect Money, Neteller, OnlineNaira NGN/USD, E-wallets for the Philippines, Visa/Mastercard/Maestro USD/EUR, Local Depositors, Bitcoin, Internet Banking
Pepperstone3yes1:500100% Match BonusMetatrader 4, Metatrader 5, cTrader, cAlgo, cMirrorASIC, FCA UK200bPay, credit cards, Paypal
TradeFW3yes1:30https://www.forexexplore.com/forex-brokers/tradefw-reviewCysec0Bank wire, Credit/Debit Card.
CMCMarkets2yes500:1-Next Generation web-basedFCA1Credit cards, Wire Transfer
ActivTrades2yes1:400Metatrader 4, ActivtraderFCA100Credit Card, Wire transfer, neteller, skrill, sofort
Saxo Bank2yes1:100n/aSaxoTraderDanish Financial Services Authority and operates in the UAE5000Wire
Blackwell Global2yes1:200-MetaTrader 4, Blackwell Pro, MobileFinancial Conduct Authority2000redit/debit cards, Neteller, Skrill, Wire transfer
AAAfx2yes1:200up to 30%ZTP, MetaTrader 4, Binary options webtrader, ZulutradeHCMC (Greece)300Wire, Credit Card, Skrill, Neteller, giropay, EPS, directpay24, teleingreso, ideal, qiwi, Bitcoin
XTB2yes1:200Metatrader 4, xStation, xMobileCNMV (Spain), FCA (UK), FSA (Poland)250Credit cards, Neteller, Paypal, Skrill, Wire transfer
EasyMarkets2yes1:100Metatrader 4, EasyMarkets web-based platformASIC (Australia), CySEC (Cyprus)100credit cards, neteller, Skrill, Webmney, wire transfer
CityIndex2yes1:400-MT4 (MetaTrader 4), Advantage Web, Advantage Trader, iPhone, Android, Windows Phone App, iPad and Tablet AppTrademark of GAIN Capital UK Ltd - Regulated by FCA100Credit/Debit Cards
Markets.com2yes1:200up to $2,000Meta Trader 4,MarketTrader, Market WebTrader, Market Java Trader, Market Mobile Trader, Market WAP Trader, Market iTrader, Market AutoTraderCySEC, FSCA South Africa 100Credit/Debit Cards, Wire Transfer, Webmoney, Local Payments
eToro 1yes1:30; 1:1 for Crypto Currencies-eToro PlatformCySec, NFA200Credit Cards, Debit Cards, Paypal, Neteller, Skrill, Webmoney, Wire Transfer
Tifia1yes1:1,000Metatrader 4, webtraderVanuatu Financial Services Commission VFSC10wire transfer, credit cards, skrill, neteller, perfect money, fasapay, okpay
FXOpen1yes1:500$100MetaTrader 4ASIC, FCA UK, Financial Dispute Resolution Scheme1Wire, WebMoney, AlertPay, CashU, c-gold, PerfectMoney
House of Borse1yes1:100MetaTrader 4FCA UK50000credit cards, wire transfer
Igofx1yes1:1,000Metatrader 4Republic of Vanuatu Finance Service Commission1wire transfer, credit cards, perfect money
Fort Financial Services1yes1:1,000MetaTrader 4, CQG, Ninja trader, binary optionsIFSC5Credit cards, webmoney, Skrill, Neteller, perfect money, fasapay, wire transfer
TraderTrust1yes1:200100% upto $5,000SmartForexCySec, VFCS100Skrill, Credit Cards
MEX Exchange1yes1:500Metatrader 4ASIC25Neteller, Skrill, Fasapay, UnionPay, Credit Cards, Wire Transfer
FBS1yesup to 1:3,000$123 Welcome BonusMetaTrader 4, Metatrader 5, WebtradingIFSC; Cysec1credit cards, fasapay, Indonesia local banks, Neteller, okpay, perfectmoney, Skrill, Webmoney, wire transfer, Thai local banks, Exchangers, Malaysian banks and Bitcoin by Skrill
Forexer1yes1:500Forexer platform (Metatrader 5 version)FMA200wire transfer
Synergy FX1yes1:500MetaTrader 4ASIC, AFSL500credit cards, skrill, wire transfer
FCI Markets1yes1:100Currenex, FCI NetStation, MetaTrader 4FCA250credit cards, neteller, skrill, wire transfer
Fortrade1yes1:200FortraderFCA500wire transfer, credit cards, skrill, neteller
FXGiants1yes1:500MetaTrader 4FCA500credit cards, neteller, paypal, skrill, unionpay, Webmoney, Wire Transfer
FXGlobe1yes1:500MetaTrader 4CySEC250Credit cards, Neteller, Skrill, Wire transfer
FXlider1yes1:200MetaTrader 4, Sirix, ZuluTrade, FXlider mobile, FXlider Copy Trader, FXlider TraderFCA100wire transfer, credit cards, neteller, skrill
FXoro1yes1:400Metatrader 4CySEC200credit cards, wire transfer, skrill, neteller, ecoPayz, CashU
FXprimus1yes1:500Metatrader 4Cysec100Bitcoin, China UnionPay, FasaPay, Neteller, Skrill, Wire Transfer
Infinox1yes1:300Metatrader 4FCA UK100credit cards, wire transfer, skrill, neteller, china unionpay
Itrader1yes1:500MetaTrader 4, Webtrader (in-house), MobileCySEC250wire transfer, credit cards
JCMFX1yes1:1,000MetaTrader 4FSA10credit cards, FasaPay, Wire Transfer, Neteller, Skrill
Larson&Holz1yes1:500Metatrader 4, Web TraderFMRRC, NAFD100credit cards, wire transfer, neteller, paypal, Yandex, liqpay, alfa click, beeline, mtc, perfect money
LCG1yes1:500MetaTrader 4, LCG Trader (web-based, ECN accounts only)FCA UK1wire transfer, debit/credit cards, Skrill
Mahi FX1yes1:100Metatrader 4, MahiFXFCA UK, ASIC, FMA1wire transfer, credit cards
Pricemarkets1yes1:400MetaTrader 4 ECN, Currenex ECN, Integral FX, Liquid-x, Hotspot FXFCA UK500wire transfer, credit cards
Rallytade1yes1;1,000Metatrader 4, xStation (web-based), xSocial, xOptionsFinaCOM100credit cards, neteller, skrill, Interswitch, Pocketmoni, etraszact, perfectMoney, WebMoney, VoguePay
Range Markets 1yes1:500Metatrader 4FSA of St. Vincent and the Grenadines100Neteller, Credit Cards, wire transfer
Rekuten Securities1yes1:50MarketSpeed FX, Trading Station (inherited from FXCM)SFC1wire transfer, checks, ATM (only for local residents)
Roboforex1yes1:500MetaTrader 4, cTraderCysec, IFSC, FSP, FSCL1credit cards, QIWI wallet, webmoney, Yandex.money, RBK money, Skrill, FasaPay, CashU, Payoneer, China UnionPay, Neteller, Perfect Money
Templefx1yes1:400MetaTrader 4, TempleFX Trader (web-based)FCA UK50Wire transfer, credit cards, Skrill, Sofort, Neteller, UnionPay
Tradeo1yescredit cards, wire transfer, Skrill and Neteller20%Tradeo webtrader, Metatrader 4CySEC250
Trading2121yes1:200Trading212FCA UK100wire transfers, credit and debit cards, PayPal, Dotpay, Giropay, SafetyPay, Carte Bleue, Mister Cash, Direct eBanking, CashU and UnionPay
AGEA0yes1:500$5 no-deposit bonusStreamster, MetaTrader 4no1Credit Cards, Wire, Skrill, Webmoney, e-Dinar, Neteller, FasaPay, Perfect Money
Oinvest0yes1:200Samsung Galaxy, iPhoneMetatrader 4yes200Skrill, Neteller, Credit Cards
TrioMarkets0yes1:300-MetaTrader 4, Sirix WebtraderCySEC100Credit Card, Wire, Skrill, Neteller, Paypal and CashU
Orbex0yes1:500MetaTrader 4CySEC500Skrill, Neteller, Wire Transfer, Credit Cards, CashU, Webmoney
GrandCapital0yes500:1$500 no depositMetaTrader 4, WebTraderFinancial Commission FinaCom, EDR Hong Kong external dispute resolution organization10Credit card, Neteller, Webmoney, CashU, Fasapay, Scrill, Webmoney
10Markets0yes1:200n/aMetaTrader 4, 10Markets WebTrader200Debit/Credit Cards, Wire Transfer
AlfaTrade0yes200:1-MetaTrader4, WebtraderAFM, BaFin, CONSOB, FCA, FI, NBS500Wire Transfer, Credit Cards, Skrill, Neteller
Squared Financial0yes300:1-MetaTrader 4, mobileCentral Bank of Ireland500wire Transfer, CashU, Credit Card, PayPal
Alvexo0yes400:1-MetaTrader 4, WebTrader, MobileCySEC5000Cash-U, Credit Card, Webmoney, Wire Transfer
NSFX0yes200:1Metatrader 4, Webtrader, NSFX Jforex platformMFSA300credit cards, Skrill, CashU and wire transfer
Juno Markets0yes1:400-MetaTrader 4FinaCom500neteller, skrill, credit cards, wire transfer
KGIeworld0yes1:50-MetaTrader 4MAS1000Wire Transfer, Check
Abshire-Smith0yes1:200Vertex fx, Metatrader 4, straticatorFCA500CashU, Neteller, Skrill, Wire Transfer
Alfa Financial0yes1:100MetaTrader 4, AX1TraderCentral Bank UAE10000yes
BlitzBrokers (IB for AxiTrader)0yes1:500MetaTrader 4FCA UK1Credit cards, Neteller, Skrill
Citypoint Trading0yes1:100MetaTrader 4, VertexFCA20credit cards, wire transfer
Darwinex0yes1:200MetaTrader 4, cTraderFCA500Bank Wire, Credit Cards, UnionPay
Eightcup0yes1:500Metatrader 4ASIC100
ETX Capital0yes1:200 ETX Trader Pro, Metatrader 4, ETX binaryFCA100credit cards, wire transfer, firopay, neteller, skrill, sofort, china unionpay
Swissmarkets0yes1:500Metatrader 4, WebtraderCySEC, MiFID200credit cards, wire transfer, neteller, skrill, iDEAL, giropay
Trade3600yes1:1,00035%, $60 no deposit for real accountTrade360CySEC100credit cards, skrill, neteller, wire transfer
ForexMart0yes1:1,000$150 no deposit neededMetatrader 4CySEC1credit cards, Neteller, Skrill, Paypal, Paxum? Bitcoin
AETOS0yes1:200MetaTrader 4FCA UK250Bank wire transfer, Credit cards, Debit cards, Skrill, ZOTAPAY
LH-Crypto0yes1:500Metatrader 4, Metatrader 5yes10Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, DASH, Ripple, NEO, Visa, MasterCard, Web Money, QIWI, wire transfer
1Market0yes1:400Webtrader, Metatrader 5Cysec250credit cards, bank wire transfers, Neteller, Skrill, Sofort, Rapid, PaySafe Card and Volt
PlusMarkets0yes1:30Metatrader 4, PlusMarkets TraderCySec0cards, wire transfers, and some alternative payment methods, which aren’t specified
HonorFX0yes1:500Metatrader 5FSA100Credit Cards, Neteller, Skrill, Paypal, Bitpay, Fasapay, Perfect Money
Tiger Brokers0Up to 4x (day trade), Up to 2x (next day)Tiger TradeUS Securities and Exchange Commission, Australian Securities & Investments Commission (ASIC) 0Bank Wire Transfer, FAST, DDA, PayNow
MarketBull0yes10001:1000100% match the depositMetatrader 4jurisdiction of the UK1000Credit Cards, Neteller, Skrill, Bank Wire Transfer
CedarFX0yes1:500MetaTrader 4 50Credit Card, Bank Wire, Bitcoin
GCI Trading0yes1:40050% on depositMetaTrader 4, ActTraderIFSC500Bank Wire Transfer, Credit Card, Neteller, Skrill
Axi0yes1:400Metatrader 4ASIC, FCA, Financial Services Authority in Saint Vincent and the Grenadines200Debit and Credit Cards (Visa, Master, Maestro, JCB) Neteller Skrill/Moneybookers Global Collect (only for Australian clients) BPAY (only for Australian Clients) China Union Pay (only for Chinese residents) Bank Transfer Broker to Broker Transfer

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 2021 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.