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 Broker||Rating||Demo||Leverage||Bonus||Platforms||Regulation||Min Deposit||Payments|
|OctaFX||9||yes||1:500||up to 50%||MetaTrader 4, Metatrader 5, cTrader||FCA UK||50||Neteller, Skrill, Fasapay, Visa, Mastercard, Malaysian, Vietnamese, Indian, Indonesian, Bangladeshi local banks, Bitcoin, Unionpay|
|LiteFinance||8||yes||1:500||30% + 15%||Metatrader 4, Metatrader 5, WebTerminal||CySEC, Marshal Islands Business Corporation Act.||10||Skrill, Webmoney, Bitcoin, Advcash, Credit Card|
|XM||8||yes||1:888||$30 no deposit||MetaTrader 4, Metatrader 5, XM Webtrader||CySEC, ASIC Australia, IFSC Belize||5||Credit/Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer|
|AvaTrade||7||yes||1:400||100%||AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptions||Central Bank of Ireland, ASIC, Financial Services Commission of British Virgin Island||100||Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney|
|InstaForex||7||yes||1:1,000||$100 No Deposit Bonus||MetaTrader 4, Metatrader 5, Webtrader||RAFMM||1||Some local Bank transfers, PayCo, AstroPay, Cryptocurrency|
|FxPro||5||yes||1:500||up to $1,000||FxPro cTrader, FxPro cTrader Web, MT4 Client Terminal, MT4 MultiTerminal, MT4 WebTrader, MT4 Premium||FCA, CySEC||100||Credit/Debit Card, Bank Wire, PayPal, Neteller, Skrill|
|FXCM||5||yes||1:200||-||Trading Station II, MetaTrader 4, Active Trader, Forex System Selector||UK Financial Conduct Authority, AFSL||250||Credit/Debit card, Online Check, Bank Wire, Paper Check|
|Plus500||5||yes||1:200||30%||Plus500||Israel Securities Authority||500||Skrill, Credit Cards, Wire Transfer|
|Dukascopy||4||yes||1:500||-||Dukascopy||KPMG ARIF||250||Wire, Bank Guarantee, Standby letter of Credit Segregated Accounts|
|Forex.com||4||yes||1:200||-||ForexTrader platform (in-house), MetaTrader 4||CFTC, NFA, FCA (UK), ASIC (Australia), ILLROC (Canada), SFC (Hong Kong), FFAJ (Japan)||50||wire transfer, Credit/Debit Card, Check|
|HYCM||4||yes||1:400||25% up to $5,000||Metatrader 4||FCA UK, CySEC, SFC||100||credit cards, wire transfer, Skrill, webmoney|
|IronFX||4||yes||1:500||40%||Metatrader 4||ASIC, CySEC, DFSA, FCA UK, FSB, UCRFIN, CRFIN, Member of Eurex Exchange, Consob, BaFIN||100||credit cards, Fasapay, neteller, qiwi, skrill, webmoney, wire transfer|
|CMTrading||4||yes||1:400||15% match||MetaTrader 4, Sirix||Financial Services Board (FSB) South Africa||200||credit/debit cards, Wire transfer, CashU ,Skrill|
|Blueberry Markets||4||yes||1:500||MetaTrader 4||ASIC||100||credit cards, wire transfer, POLi, Skrill|
|Trade Nation||4||yes||1:30; 1:200||in-house web-based platform, Metatrader 4 MT4||FCA in the UK, the ASIC in Australia, the FSCA in South Africa and the SCB in the Bahamas||1||Credit Card, Srill|
|FXDD||3||yes||1:200||-||MetaTrader4, FXDD Trader, Power Trader, FXDD Auto, MTXtreme||Malta Financial Services Authority (MFSA)||100||Wire, PayPal, Check, BPS|
|Oanda||3||yes||1:50||Metatrader 4, FXtrade||NFA||1||check, Credit cards, PayPal, Wire transfer|
|iFOREX||3||yes||1:400||-||FXnet Trader||HFSA in Hungary, CySEC||100||credit cards, wire transfer|
|AdvancedMarkets||3||yes||1:50||-||Advanced Trader/Pro/Prime, Fortex FX||Australian AFSL, ASIC||500||Wire, Check|
|FP Markets||3||yes||1:500||10% credit bonus||MetaTrader 4 (MT4), IRESS, Mobile trading||ASIC||200||credit cards, UnionPay, Neteller, Skrill (3% fee), Wire transfer, BPay and broker-to-broker transfer|
|DFMarkets||3||yes||1:200||10% Trading Credit Promotion up to $1,000||DFTrader, DF WebTrader, DF Mobile||FCA||100||Bank wire, Credit/Debit cards|
|Tickmill||3||yes||1:500||-||MetaTrader 4, Webtrader||FCA UK, FSA Seychelles||100||wire transfer (commission are charged), credit/debit cards, Skrill, Neteller, FasaPay, UnionPay and WebMoney|
|TenkoFX||3||yes||1:500||MetaTrader 4, Webtrader||International Financial Services Commission of Belize||10||Skrill, Neteller, FasaPay, Webmoney, Yandex Money, Qiwi|
|Z.com Trade||3||yes||1:200||Z.com trader web, Z.com trader pro (demo account only)||FCA UK||1||credit cards, wire transfer, china unionpay, skrill|
|Freshforex||3||yes||1:1000||+5% to each cryptocurrency deposit; get 300% for each deposit||Metatrader 4||KROUFR||1||WebMoney, 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|
|Pepperstone||3||yes||1:500||100% Match Bonus||Metatrader 4, Metatrader 5, cTrader, cAlgo, cMirror||ASIC, FCA UK||200||bPay, credit cards, Paypal|
|TradeFW||3||yes||1:30||https://www.forexexplore.com/forex-brokers/tradefw-review||Cysec||0||Bank wire, Credit/Debit Card.|
|CMCMarkets||2||yes||500:1||-||Next Generation web-based||FCA||1||Credit cards, Wire Transfer|
|ActivTrades||2||yes||1:400||Metatrader 4, Activtrader||FCA||100||Credit Card, Wire transfer, neteller, skrill, sofort|
|Saxo Bank||2||yes||1:100||n/a||SaxoTrader||Danish Financial Services Authority and operates in the UAE||5000||Wire|
|Blackwell Global||2||yes||1:200||-||MetaTrader 4, Blackwell Pro, Mobile||Financial Conduct Authority||2000||redit/debit cards, Neteller, Skrill, Wire transfer|
|AAAfx||2||yes||1:200||up to 30%||ZTP, MetaTrader 4, Binary options webtrader, Zulutrade||HCMC (Greece)||300||Wire, Credit Card, Skrill, Neteller, giropay, EPS, directpay24, teleingreso, ideal, qiwi, Bitcoin|
|XTB||2||yes||1:200||Metatrader 4, xStation, xMobile||CNMV (Spain), FCA (UK), FSA (Poland)||250||Credit cards, Neteller, Paypal, Skrill, Wire transfer|
|Anzo Capital||2||yes||1:1000||MetaTrader 4||yes||100||Webmoney, Skrill, Neteller, Credit Cards|
|EasyMarkets||2||yes||1:100||Metatrader 4, EasyMarkets web-based platform||ASIC (Australia), CySEC (Cyprus)||100||credit cards, neteller, Skrill, Webmney, wire transfer|
|CityIndex||2||yes||1:400||-||MT4 (MetaTrader 4), Advantage Web, Advantage Trader, iPhone, Android, Windows Phone App, iPad and Tablet App||Trademark of GAIN Capital UK Ltd - Regulated by FCA||100||Credit/Debit Cards|
|Markets.com||2||yes||1:200||up to $2,000||Meta Trader 4,MarketTrader, Market WebTrader, Market Java Trader, Market Mobile Trader, Market WAP Trader, Market iTrader, Market AutoTrader||CySEC, FSCA South Africa||100||Credit/Debit Cards, Wire Transfer, Webmoney, Local Payments|
|eToro||1||yes||1:30; 1:1 for Crypto Currencies||-||eToro Platform||CySec, NFA||200||Credit Cards, Debit Cards, Paypal, Neteller, Skrill, Webmoney, Wire Transfer|
|Tifia||1||yes||1:1,000||Metatrader 4, webtrader||Vanuatu Financial Services Commission VFSC||10||wire transfer, credit cards, skrill, neteller, perfect money, fasapay, okpay|
|FXOpen||1||yes||1:500||$100||MetaTrader 4||ASIC, FCA UK, Financial Dispute Resolution Scheme||1||Wire, WebMoney, AlertPay, CashU, c-gold, PerfectMoney|
|House of Borse||1||yes||1:100||MetaTrader 4||FCA UK||50000||credit cards, wire transfer|
|Fort Financial Services||1||yes||1:1,000||MetaTrader 4, CQG, Ninja trader, binary options||IFSC||5||Credit cards, webmoney, Skrill, Neteller, perfect money, fasapay, wire transfer|
|TraderTrust||1||yes||1:200||100% upto $5,000||SmartForex||CySec, VFCS||100||Skrill, Credit Cards|
|MEX Exchange||1||yes||1:500||Metatrader 4||ASIC||25||Neteller, Skrill, Fasapay, UnionPay, Credit Cards, Wire Transfer|
|FBS||1||yes||up to 1:3,000||$123 Welcome Bonus||MetaTrader 4, Metatrader 5, Webtrading||IFSC; Cysec||1||credit cards, fasapay, Indonesia local banks, Neteller, okpay, perfectmoney, Skrill, Webmoney, wire transfer, Thai local banks, Exchangers, Malaysian banks and Bitcoin by Skrill|
|Synergy FX||1||yes||1:500||MetaTrader 4||ASIC, AFSL||500||credit cards, skrill, wire transfer|
|FCI Markets||1||yes||1:100||Currenex, FCI NetStation, MetaTrader 4||FCA||250||credit cards, neteller, skrill, wire transfer|
|Fortrade||1||yes||1:200||Fortrader||FCA||500||wire transfer, credit cards, skrill, neteller|
|FXGiants||1||yes||1:500||MetaTrader 4||FCA||500||credit cards, neteller, paypal, skrill, unionpay, Webmoney, Wire Transfer|
|FXGlobe||1||yes||1:500||MetaTrader 4||CySEC||250||Credit cards, Neteller, Skrill, Wire transfer|
|FXoro||1||yes||1:400||Metatrader 4||CySEC||200||credit cards, wire transfer, skrill, neteller, ecoPayz, CashU|
|FXprimus||1||yes||1:500||Metatrader 4||Cysec||100||Bitcoin, China UnionPay, FasaPay, Neteller, Skrill, Wire Transfer|
|Infinox||1||yes||1:300||Metatrader 4||FCA UK||100||credit cards, wire transfer, skrill, neteller, china unionpay|
|JCMFX||1||yes||1:1,000||MetaTrader 4||FSA||10||credit cards, FasaPay, Wire Transfer, Neteller, Skrill|
|Larson&Holz||1||yes||1:500||Metatrader 4, Web Trader||FMRRC, NAFD||100||credit cards, wire transfer, neteller, paypal, Yandex, liqpay, alfa click, beeline, mtc, perfect money|
|LCG||1||yes||1:500||MetaTrader 4, LCG Trader (web-based, ECN accounts only)||FCA UK||1||wire transfer, debit/credit cards, Skrill|
|Mahi FX||1||yes||1:100||Metatrader 4, MahiFX||FCA UK, ASIC, FMA||1||wire transfer, credit cards|
|Pricemarkets||1||yes||1:400||MetaTrader 4 ECN, Currenex ECN, Integral FX, Liquid-x, Hotspot FX||FCA UK||500||wire transfer, credit cards|
|Rallytade||1||yes||1;1,000||Metatrader 4, xStation (web-based), xSocial, xOptions||FinaCOM||100||credit cards, neteller, skrill, Interswitch, Pocketmoni, etraszact, perfectMoney, WebMoney, VoguePay|
|Range Markets||1||yes||1:500||Metatrader 4||FSA of St. Vincent and the Grenadines||100||Neteller, Credit Cards, wire transfer|
|Rekuten Securities||1||yes||1:50||MarketSpeed FX, Trading Station (inherited from FXCM)||SFC||1||wire transfer, checks, ATM (only for local residents)|
|Roboforex||1||yes||1:500||MetaTrader 4, cTrader||Cysec, IFSC, FSP, FSCL||1||credit cards, QIWI wallet, webmoney, Yandex.money, RBK money, Skrill, FasaPay, CashU, Payoneer, China UnionPay, Neteller, Perfect Money|
|Trading212||1||yes||1:200||Trading212||FCA UK||100||wire transfers, credit and debit cards, PayPal, Dotpay, Giropay, SafetyPay, Carte Bleue, Mister Cash, Direct eBanking, CashU and UnionPay|
|AGEA||0||yes||1:500||$5 no-deposit bonus||Streamster, MetaTrader 4||no||1||Credit Cards, Wire, Skrill, Webmoney, e-Dinar, Neteller, FasaPay, Perfect Money|
|Oinvest||0||yes||1:200||Samsung Galaxy, iPhone||Metatrader 4||yes||200||Skrill, Neteller, Credit Cards|
|TrioMarkets||0||yes||1:300||-||MetaTrader 4, Sirix Webtrader||CySEC||100||Credit Card, Wire, Skrill, Neteller, Paypal and CashU|
|Orbex||0||yes||1:500||MetaTrader 4||CySEC||500||Skrill, Neteller, Wire Transfer, Credit Cards, CashU, Webmoney|
|GrandCapital||0||yes||500:1||$500 no deposit||MetaTrader 4, WebTrader||Financial Commission FinaCom, EDR Hong Kong external dispute resolution organization||10||Credit card, Neteller, Webmoney, CashU, Fasapay, Scrill, Webmoney|
|Alvexo||0||yes||400:1||-||MetaTrader 4, WebTrader, Mobile||CySEC||5000||Cash-U, Credit Card, Webmoney, Wire Transfer|
|NSFX||0||yes||200:1||Metatrader 4, Webtrader, NSFX Jforex platform||MFSA||300||credit cards, Skrill, CashU and wire transfer|
|Juno Markets||0||yes||1:400||-||MetaTrader 4||FinaCom||500||neteller, skrill, credit cards, wire transfer|
|KGIeworld||0||yes||1:50||-||MetaTrader 4||MAS||1000||Wire Transfer, Check|
|Abshire-Smith||0||yes||1:200||Vertex fx, Metatrader 4, straticator||FCA||500||CashU, Neteller, Skrill, Wire Transfer|
|Alfa Financial||0||yes||1:100||MetaTrader 4, AX1Trader||Central Bank UAE||10000||yes|
|Darwinex||0||yes||1:200||MetaTrader 4, cTrader||FCA||500||Bank Wire, Credit Cards, UnionPay|
|ETX Capital||0||yes||1:200||ETX Trader Pro, Metatrader 4, ETX binary||FCA||100||credit cards, wire transfer, firopay, neteller, skrill, sofort, china unionpay|
|Swissmarkets||0||yes||1:500||Metatrader 4, Webtrader||CySEC, MiFID||200||credit cards, wire transfer, neteller, skrill, iDEAL, giropay|
|Trade360||0||yes||1:1,000||35%, $60 no deposit for real account||Trade360||CySEC||100||credit cards, skrill, neteller, wire transfer|
|ForexMart||0||yes||1:1,000||$150 no deposit needed||Metatrader 4||CySEC||1||credit cards, Neteller, Skrill, Paypal, Paxum? Bitcoin|
|AETOS||0||yes||1:200||MetaTrader 4||FCA UK||250||Bank wire transfer, Credit cards, Debit cards, Skrill, ZOTAPAY|
|LH-Crypto||0||yes||1:500||Metatrader 4, Metatrader 5||yes||10||Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, DASH, Ripple, NEO, Visa, MasterCard, Web Money, QIWI, wire transfer|
|1Market||0||yes||1:400||Webtrader, Metatrader 5||Cysec||250||credit cards, bank wire transfers, Neteller, Skrill, Sofort, Rapid, PaySafe Card and Volt|
|PlusMarkets||0||yes||1:30||Metatrader 4, PlusMarkets Trader||CySec||0||cards, wire transfers, and some alternative payment methods, which aren’t specified|
|HonorFX||0||yes||1:500||Metatrader 5||FSA||100||Credit Cards, Neteller, Skrill, Paypal, Bitpay, Fasapay, Perfect Money|
|Tiger Brokers||0||Up to 4x (day trade), Up to 2x (next day)||Tiger Trade||US Securities and Exchange Commission, Australian Securities & Investments Commission (ASIC)||0||Bank Wire Transfer, FAST, DDA, PayNow|
|MarketBull||0||yes1000||1:1000||100% match the deposit||Metatrader 4||jurisdiction of the UK||1000||Credit Cards, Neteller, Skrill, Bank Wire Transfer|
|CedarFX||0||yes||1:500||MetaTrader 4||50||Credit Card, Bank Wire, Bitcoin|
|GCI Trading||0||yes||1:400||50% on deposit||MetaTrader 4, ActTrader||IFSC||500||Bank Wire Transfer, Credit Card, Neteller, Skrill|
|Axi||0||yes||1:400||Metatrader 4||ASIC, FCA, Financial Services Authority in Saint Vincent and the Grenadines||200||Debit 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 2022 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?
How can I trade Forex in Ghana?
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.
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.
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.