Explore the elite group of Ghana-friendly forex brokers for forex traders that have earned their spot in the top 10 rankings. In this comprehensive guide, you’ll gain a deep understanding of their offerings and master the art of forex trading within Ghana, all while benefiting from real-world examples and insights.
10 Best Forex Brokers in Ghana for 2023
- 🥇 Exness – The Overall Best Forex Broker in Ghana.
- 🥈 AvaTrade – Approved by the Bank of Ghana.
- 🥉 Trade Nation – Earns High Ghanaian Trust.
- 🏅 Markets.com – Offers a User-Friendly Trading Experience.
- 🏅 OctaFX – Competitive Forex Fees, Spreads, and Commission.
- 🏅 Pepperstone – Known for the Lowest GH₵ Cost.
- 🏅 Vantage FX – Impressive All-Around Offering.
- 🏅 XM – Award-Winning Broker in West Africa.
- 🏅 AXI – The Best Globally Regulated Broker.
- 🏅 FBS – One of The Most Used Broker in Ghana.
Exness
Exness can be described as a dependable and worthwhile broker, known for its strong trustworthiness and competitive trading fees, particularly when dealing with major currency pairs.
Main Features of Exness
💰 Minimum Deposit: $10 USD
📈 Publicly Traded: No
📈 Used by: Over 145,500 Traders
🗺️ CMA Regulated: Yes
🎉 Bonus Program: Standard +10%
☪️ Islamic Account: Yes
💳 Demo Trading Account: Yes
💱 Forex Pairs: 110
💰 Spreads: As low as 0.1 pips
Advantages of Exness
- Strictly Regulated
- Negative Balance Protection Offered
- MT4 and MT5
Disadvantages of Exness
- No US Clients
- Limited Tradeable Financial Instruments
AvaTrade
Avatrade can be characterized as a reliable and secure broker known for its user-friendly copy trading platform. With a commendable trust rating score of 94 out of 99, the company also stands out for offering 0% commission to its users.
Main Features of AvaTrade
✅ CMA Regulated: Yes
✅ Sign Up Bonus: Available
❌ Publicly Traded: No
🔥 Trust Score: 94%
🔥 Live Support: 24/5
✅ MetaTrader 4 (MT4): Supported
✅ MetaTrader 5 (MT5): Supported
✅ Islamic Account: Offered
💰 Spreads: As low as 0.9 pips
💰 Leverage: Up to 400:1
✅ Demo Account: Available
✔️ Scalping: Supported
✅ Hedging: Supported
Advantages of AvaTrade
- Strictly regulated.
- Negative balance protection is offered.
- Multiple awards obtained.
Disadvantages of AvaTrade
- No US clients.
- No variable spreads.
- Only one account type offered to retail traders.
Trade Nation
Trade Nation is often classified as a broker with a relatively low-to-medium risk profile, boasting an overall trust score of 79 out of 99. Its reputation is built on trustworthiness and reliability, mainly due to its robust regulation and licensing by authoritative bodies such as the FCA, ASIC, FSCA, and SCB, earning it a high level of trust among traders.
Main Features of Trade Nation
💰 Minimum Deposit: None
📝 Regulation: FCA / FSCA
🆓 Demo Account: Available
☪️ Islamic Account: Not Available
➕ Max Leverage: 1:30
💻 Trading Platforms: MetaTrader 4 / CoreTrader2
📈 Institutional Accounts: Offered
📉 Managed Accounts: Available
Advantages of Trade Nation
- Cashback rewards
- Excellent resources
- Good customer support
- There is no minimum deposit
Disadvantages of Trade Nation
- High forex fees
- No Account Tiers
- No Crypto Trading
Markets.com
Markets.com is indeed regarded as a low-risk and highly trustworthy and reliable broker. It boasts an exceptional trust score of 97 out of 99. Furthermore, its operation by Finalto (South Africa) (Pty) Limited ensures regulatory oversight by the FSCA (Financial Sector Conduct Authority), further solidifying its reputation for security and trustworthiness in the eyes of traders.
Main Features of Markets.com
⚖️ Regulating Authorities: FSCA, FCA, ASIC, CySEC, FSC
☪️ Islamic Account (Swap-free): Available 👍
Demo Account: Offered
📊 Institutional Accounts: Not Available
📊 Managed Accounts: Available
📈 Maximum Leverage: 1:300
💰 Minimum Deposit: $100
Advantages of Markets.com
- Segregate client funds
- Well Regulated
- Minimum Deposit is 100 USD
Disadvantages of Markets.com
- Doesn’t offer VPS
- Inactivity fee
- Limited range of instruments
OctaFX
OctaFX is a reliable and valuable broker with a commendable trust score of 90 out of 99. Notably, OctaFX stands out for its competitive trading fees, characterized by low spreads, making it a compelling choice for traders seeking a trustworthy and cost-effective brokerage.
Main Features of OctaFX
📍 Headquartered: Kingstown, St Vincent, and the Grenadines
📅 Year Founded: 2011
⚖️ Regulating Authorities: SVGFSA
🌐 Countries not accepted for trade: The United States, Canada, Belgium, and others outside Europe
☪️ Islamic Account (Swap-free): Available
👍 Demo Account: Offered
📊 Institutional Accounts: Not Available
📊 Managed Accounts: Not Available
📈 Maximum Leverage: 1:500
💰 Minimum Deposit: $5 USD
💳 Deposit Options: Visa, Bitcoin, Skrill, Neteller
💳 Withdrawal Options: Visa, Bitcoin, Skrill, Neteller
💻 Platform Types: MetaTrader 4, MetaTrader 5, cTrader
📱 OS Compatibility: Desktop, iOS, and Android
📈 Tradable Assets Offered: Forex, metals, stock indices, cryptocurrencies, and energies
👨💼 Languages Supported on Website: English, Indonesian, Malay, Hindi, Urdu, Thai, and Vietnamese
👥 Customer Support Languages: English, Indonesian, Malay, Hindi, Urdu, Thai, and Vietnamese
📆 Customer Service Hours: 24/7
Advantages of OcatFX
- unlimited demo accounts
- Very advanced technology and a beautiful interface.
- Offers more tradeable instruments
Disadvantages of OctaFX
- Low crypto coverage
- no VPS
- No education tools on forex
- No clients from USA, Canada, Belgium
Pepperstone
Pepperstone is a well-regarded and dependable broker with a reputation for credibility and trustworthiness. It falls within the low-to-medium-risk category and is known for its competitive trading fees and narrow pip spreads. With an impressive overall trust score of 92 out of 99, Pepperstone stands out as a reliable choice for traders.
Main Features of Pepperstone
👍 Demo Account: Available
💰 Minimum Deposit: $10 USD
📎 Bonus: Not Offered
☪️ Islamic Account: Available
📈 Maximum Leverage: Ranges from 1:200 to 1:400
Advantages of Pepperstone
- Segregates client funds
Disadvantages of Pepperstone
- Limited range of instruments
Vantage Markets
Vantage FX is a reputable and trusted broker known for its credibility. It excels in offering highly competitive trading fees, particularly for major currency pairs, and boasts very low spreads. With an overall trust score of 79 out of 99, Vantage FX is a noteworthy choice for traders seeking a reliable and cost-effective brokerage.
Main Features of Vantage Markets
💰 Minimum Deposit: $200 USD
📊 Forex Pairs: 40+
💻 Accounts: Multiple
📈 Leverage: Up to 1:500
🔁 Spreads: Starting from 0.0 Pips
🖥️ Trading Platforms: MT4 / MT5
Advantages of Vantage Markets
- ASIC-Regulated in Australia
- Attractive set of promotions
- Has indemnity insurance
Disadvantages of Vantage Markets
- Restrictive leverage
- Small range of tradable instruments
XM
XM is indeed viewed as a reliable broker with a moderate level of risk associated with its services. Notably, it offers competitive spreads as low as 0.6 pips, making it an attractive choice for traders. With an above-average trust score of 84 out of 99, XM earns its reputation for trustworthiness. Additionally, despite not being publicly traded, it holds authorization from two tier-1 regulators, which signifies a high level of trust in the industry.
Main Features of XM
📝 Regulation: IFSC, CySEC, ASIC
💻 Trading Platform: MetaTrader 4
₿ Crypto: Available
💰 Total Currency Pairs: 55
☪️ Islamic: Available
💳 Trading Fees: Low
Advantages of XM
- Low stock CFD and withdrawal fees
- Easy and fast account opening
- Great educational tools
Disadvantages of XM
- Limited product portfolio
- No investor protection for non-EU clients
Axi
Axi, formerly known as AxiTrader, is indeed a low-risk and highly reputable broker. Its trustworthiness and reliability are well-established. Axi is regulated by the top-tier regulatory authorities, including the DFSA, FCA, and ASIC, ensuring a high level of security and oversight.
Moreover, Axi’s top-rated status is reflected in its impressive ranking at #17 out of 981 platforms, with a remarkable rating of 8.4/10, making it a standout choice among traders.
Main Features of Axi
📝 Regulation: FCA, ASIC
👍 Demo Account: Available
📊 Institutional Accounts: Offered
📊 Managed Accounts: Available
☪️ Islamic Account: Available
📈 Maximum Leverage: Up to 1:400
Advantages of Axi
- Fully regulated and authorized
- Low trading fees
- No deposit or withdrawal fees
Disadvantages of Axi
- Only offers trading in Forex and CFDs
- Limited research tools
- Limited Withdrawal Options
FBS
FBS is a reputable broker with a strong reputation. It offers a wide range of trading options, including Contracts for Difference (CFDs), on shares, forex, commodities, cryptocurrencies, ETFs, options, and indices, to a global market.
FBS is known for providing quality educational resources, trader-friendly trading conditions, and useful research tools, making it an attractive choice for traders seeking a reliable and comprehensive trading experience.
Main Features of FBS
💰 Minimum Deposit: $1 USD
📝 Regulation: FSCA, CySEC
🎉 Welcome Bonus: Available
☪️ Islamic Account: Available
🆓 Demo Account: Offered
➕ Max Leverage: Up to 1:3000
🔁 Spreads: Starting from 0 Pips
☑️ Spread Type: Fixed, Floating
📈 Copy Trading: Supported
🛑 Inactivity Fee: None
💻 Trading Platforms: MT4, MT5
⚙️ Trading Instruments: 100+
Advantages of FBS
- Negative balance protection
- Good regulations
Disadvantages of FBS
- Limited tradeable assets
- limited trading platforms
Is Trading Legal in Ghana?
Absolutely, trading with forex brokers is legal in Ghana. The Securities and Exchange Commission (SEC) of Ghana serves as the regulatory authority overseeing the forex industry within the country. To ensure a secure trading environment, the SEC has granted authorization to numerous licensed forex brokers to operate in Ghana.
It’s worth emphasizing that not all forex brokers hold licenses from the SEC. Therefore, it is vital for traders to exercise caution and only engage with brokers who are duly licensed by the regulatory authority. Trading with unlicensed brokers can expose traders to unnecessary risks, potentially jeopardizing their investments and financial security.
Which Forex Broker is most used by Traders in Ghana
In our comprehensive review of the best forex brokers in Ghana, it becomes evident that Exness stands out as the preferred choice among Ghanaian traders.