Here is everything you need to know about Forex trading in Ghana

Contents

1 What are the best Forex brokers in Ghana?
2 What is the main regulatory body of Ghana?
3 What is the national currency of Ghana?
4 Should you start Forex trading in Ghana?

Not that long ago, if you wanted to become a Forex trader, the only choice you had was to call your broker directly via your mobile phone and ask them to take any action or place an order. Since then, however, the world has changed significantly and with it, so did the whole field of Forex.

With the development of modern technology, Forex trading became available for everyone with an internet connection. Even in countries with a very poor internet connection, people are able to invest in this very diverse and popular field, and even make a living.

More and more countries are coming up with regulations that can help the field of Forex to further develop. One of the countries where Forex trading is becoming more and more popular is Ghana. The Republic of Ghana, is a country in West Africa, with over 31 million population.

Ghana is a country with an emerging economy, it is a country that fights to become one of the most successful countries in the region. According to the Ghana Vision 2020, the country and to become the first developed country between 2020 and 2029, and between 2030 and 2039, according to its plan, it will become an industrialized country.

Because of all this, Ghana is one of the greatest places for Forex trading in the field. So, if you are looking for the best Forex brokers in Ghana, follow our tips carefully and find out everything that you need to know.

What are the best Forex brokers in Ghana?

Finding the best Forex broker is not an easy thing since it takes a lot of time and energy that you need to put into research. There are many things that you need to consider before you start Forex trading, and to make your job a lot easier, we have come up with a list of the best Forex brokers that you can access right now.

While working on this list, we made sure to take into consideration everything that makes a Forex broker the best one. Including, regulations, payment methods, and everything else that is important for every trader.

XM

Min. Depo

Licences

FCA, CySEC, IFSC, ASIC, DFSA

Leverage

1:888

1:400

Platforms

MT4, WebTrader

What is the main regulatory body of Ghana?

As in many other countries of Ghana, the Central Bank of the country is the main regulatory body of the financial sector in Ghana. Forex traidng still represents a new idea for those living in Ghana, however, it has quickly become an alternative investment opportunity for many. Originally, Forex traidng was something for large companies or banks, but right now, it has become something that everyone has access to thanks to newer regulations that the government put in place.

In addition, unlike many other countries, there is another body that is responsible to oversee the financial industry, including Forex brokers, Securities And Exchange Commission, SEC. SEC is responsible to protect investors and maintain the integrity of the securities market.

However, to make sure that you can stay safe, there are a number of things you can do. There are a number of international Forex brokers in Ghana that are authorized by some of the top regulatory bodies on the market, including FCA of the UK and the CySEC of Cyprus.

Why are regulations so important?

Regulations are something that is very important for a successful and safe Forex trading experience, there are a number of brokers on the market that are authorized by official regulatory bodies and trading with them is a lot safer. To make sure that you can stay safe, a great thing to do is to check the website of the regulatory body, in most cases, they have a page dedicated to the regulated Forex brokers.

In case there is not such a list, you can always contact the regulator directly, and they will give you the information that you want very easily.

Is traidng Forex in Ghana safe?

Because of the regulations that are in place, you can feel considerably safer than you would in other countries of the region. In addition, to make sure that you are a lot safer, you can always start trading with internationally regulated Forex brokers, that also own authorization from local regulators.

What is the national currency of Ghana?

Ghanaian cedi is the national currency of the country, with a code of GHS, it represents the only current legal tender in the country. The Cedi is regulated and issued by the Bank of Ghana, which controls the amount of money in the country. It also takes care of the whole financial sector and sets out the monetary policy of the country.

In most cases, people try to avoid traidng with exotic currency pairs, however, as a Ghanian Forex trader, you might want to only start Forex trading with a broker that accepts payments in this currency to avoid huge numbers of fees on currency transactions. Most of the Forex traders prefer to use major currency pairs since they are a lot easier to trade with, especially for beginners.

The market is full of different FX brokers, some of them accept local currency payments, some not. Below, you can see some of our favorite FX brokers in Ghana, and every single one of them offers you something that you will not find on any other platform.

Our Top Rated Broker

Licences

FCA, CySEC, IFSC, ASIC, DFSA

Min. depo

Should you start Forex trading in Ghana?

Ghana is one of the countries which has the ability to become a hub of Forex traidng on the continent. There are a number of well-developed FX brokers that are already offering services to the traders of Ghana, and the number of them is rising every day. Forex trading is a field that needs a stable financial situation, and Ghana is doing everything to make sure to create that for traders in the country.