The Ghana brokers or Ghanaian brokers are profoundly expert and very much regulated although the World Bank is ranked as poor. The Ghana Stock Exchange is an approved stock
exchange in the nation and part of the African Securities Exchanges Association (ASEA). It has a market capital of around 63,000 million credits, and that is the national currency of the nation.
The Ghana monetary markets and Ghana brokers are regulated through the Bank of Ghana, which, for the most part, manages stock, Forex, and CFD exchanging activities in the nation. The Central Bank of Ghana focuses on guaranteeing investors’ assets are protected and secured when they are trading in the monetary organizations. It upholds guidelines and promotes reasonable rivalry in the forex market. It seems the payment process of traders is proficient on the platform of Ghana brokers.
Traders should trade with authorized Ghana brokers, and if a beginner trader opens multiple demo accounts with a couple of brokers to acquire some experience trading the nation’s monetary markets, trading platforms, and comprehend investment procedures while trading Forex, stocks, CFDs, or commodities.
Is Forex Regulated in Ghana?
The Forex industry is probably the greatest industry globally. It was set up back in the century and is spreading all through the whole world gradually. Numerous nations have just adopted the industry to their own advantage, while others are as yet learning, and for them, even it is brand new. One of those nations is Ghana. The forex market in Ghana is still extremely new, and in this manner, not that numerous individuals comprehend what to look forward to from the advancement of the market. There are only a few individuals who really know how forex trading functions.
The Forex industry is a gigantic industry, and there are numerous key considerations that should be thought of while trading. Also, the brokers are one of the principal performers in the forex market. In regard to the Ghana market is still new and not completely customized to the native needs and necessities, there are numerous brokers existent. Nonetheless, it is not a positive thing, as many of them are working illegally and scam greatly of local people.
Top 10 Forex Brokers in Ghana
Searching the rundown of the Best Forex Brokers in Ghana and worldwide can be a troublesome procedure, particularly finding a checklist of dependable brokers who acknowledge Ghanaian traders and who permit these traders to put funds into their currency, the Ghanaian cedi.
In this article, we came up with the list of top 10 Forex trading platforms and websites that permit Ghana traders to trade Shares, Stocks, Indices, Binary Options, ETFs, CDFs, Forex, and cryptocurrencies like Ethereum and Bitcoin.
1. Interactive Brokers
Interactive Brokers had its beginning in 1978 and is one of the greatest US-based discount brokers managed through a few financial administrations over the world, including top-level ones like the UK’s Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).
Furthermore, Interactive Brokers draws the attention of active traders with low per-share pricing, a leading trading platform, an enormous choice of tradable securities — including external stocks — and absurdly low margin rates. Its new contribution, IBKR Lite, offers without commission trades of ETFs and stocks.
Pros
- Wide range of instruments
- Many great experiment tools
- Regulated by various authorities
Cons
- High inactivity fee
- Extremely complicated desktop trading platform
- Complicated account opening procedure
2. Oanda
OANDA is viewed as low-risk, with a general Trust Score of 89 out of 99. OANDA isn’t traded on an open market(publicly) and doesn’t operate a bank. OANDA is authorized by six tier-1 controllers (high trust), zero tier-2 controllers (normal trust), and zero tier-3 controllers (low trust). OANDA is regulated by the accompanying tier-1 authorities: Australian Securities and Investment Commission (ASIC), Investment Industry Regulatory Organization of Canada (IIROC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC).
Pros
- Ordinarily minimal fees
- Easy web trading platform
- Simple and digital account opening
Cons
- Only Forex and a few CFDs
- Bad customer service
- High fees on bank withdrawal
3. City Index
City Index is an online forex broker, established in 1983 and offered CFDs, Forex, and Spread Betting trading and traders can exchange more than 12,500 instruments and in the excess of 100 forex pairs on the well known MT4 forex trading platform. City Index additionally offers mobile applications for Android and iOS.
City Index is a global broker and has an administrative office situated in the UK. Novice traders need to make a base deposit of $25 to make a beginning.
Pros
- Low trading fees
- Fast and smooth account opening
- Diverse research instruments
Cons
- Limited instruments portfolio
- High fees on stock CFD
- Desktop platform is Non-user-friendly
4. Tradestation
Tradestation is a U.S.-based stockbroker established in 1982 and is approved by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Tradestation customers are qualified for up to $500,000 (money up to $250,000) investor assurance per account.
Tradestation is suggested for traders focusing on U.S. markets and purchase and-hold investing.
Pros
- Best mobile and web trading platform
- Fees are low on stock and ETF fees
- High-quality educational instruments
Cons
- Deposit and withdrawal not so user-friendly
- No forex trading
- Bad customer service
5. XTB
XTB is an online forex broker that was established in 2002 and offers CFDs, Forex trading, and Cryptocurrency trading. XTB is a global broker, its administrative office located in Poland. Furthermore, XTB has won various industry awards over the 18 years that they have been working as a financial broker, and traders can come to the decision to exchange a wide assortment of instruments, in excess of n 1,500 instruments and more than 50 forex pairs indeed. XTB offers traders the famous MT4 forex trading platform close to the trophy-winning Xstation5.
Furthermore, XTB viewed as low-risk, with a general Trust count of 92 out of 99. XTB is traded in an open market(publicly) association that is approved by one tier-1 authority (high trust), one tier-2 authority (normal trust), and one tier-3 authority (low trust). XTB is approved by the accompanying tier-1 authority: Financial Conduct Authority (FCA).
6. IG
Back in 1974, IG founded in the UK. It is one of the globally famous CFD brokers. It is authorized by a few bodies around the world, along with the top-tier regulators like the UK’s Financial Conduct Authority (FCA) and Germany’s Federal Financial Supervisory Authority (BaFin). IG Group is also listed on the London Stock Exchange.
IG is viewed as protected due to the fact that it is enlisted on a stock exchange, discloses its financials, and is monitored by top-tier authorities.
7. AvaTrade
Established in 2006, AvaTrade is highly regulated. AvaTrade isn’t traded on an open market(publicly) and doesn’t manage a bank. AvaTrade is regulated through three tier-1 regulators (high trust), four tier-2 regulators (normal trust), and one tier-3 regulator (low trust). The accompanying tier-1 regulators approve AvaTrade: Australian Securities and Investment Commission (ASIC) and the Japanese Financial Services Authority (JFSA) and by Friedberg Direct, with the Investment Industry Regulatory Organization of Canada (IIROC).
Besides MetaTrader, AvaTrade offers its exclusive platforms, just as ZuluTrade and DupliTrade, for social copy trading. The assortment of platform alternatives makes AvaTrade combative in this zone.
8. Plus500
Plus500 was established in 2008 with surpassing 300,000 dynamic clients to date and is a pioneer in the CFD trading industry with an effortless trading platform and engaging trading conditions.
Furthermore, Plus500 is traded on an open market (publicly) and doesn’t manage a bank. Plus500 is authorized by three tier-1 authorities (high trust), four tier-2 authority (normal trust), and zero tier-3 authority (low trust). Plus500 is controlled by the accompanying tier-1 authorities: Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), and the Monetary Authority of Singapore (MAS).
9. eToro
eToro is an online forex broker that was established in 2006 and offered CFDs and Social Trading, with an administrative office located in Cyprus, UK. eToro provides traders two different ways to trade: CFDs, Social Trading, and eToro traders should make a base store of $200, and the platform is able to compromise different levels of brokers from novice to professional.
In addition, eToro is regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in action for surpassing 14 years.
10. ForexTime (FXTM)
ForexTime (FXTM) grants Local NGN Funding, a grant that most online brokers do not offer which expands trade expenses of forex trading. ForexTime grants NGN accounts depositing via Neteller or bank wire transfer with a base deposit of $100 for a standard forex account for ForexTime. This permits traders to begin trading the extent of forex markets while decreasing the trade costs while moving NGN currency to a standard base currency.
Conclusion
Are these forex brokers Legit? Yes – Traders can rest guarantee none of them referenced on our rundown is a scam. All of the ten listed Brokers are authorized by top-tier regulatory bodies, some listed on an exchange, and some have a banking foundation. Traders additionally have the added solace in realizing that Ghana’s monetary organizations and stockbrokers are controlled through its national bank.
At the point, a trader is searching for an online broker to trade forex through, they should be assured that the broker provides an incredible extent of instrument classes to exchange, a quick, simple approach to utilize the trading platform, and is authorized by a trustworthy financial controller.
