Best forex trading brokers

Other factors that influence the ghanaian cedi and ghanaian financial markets include the price of key strategic commodities like oil, of which ghana is a net importer, as well as that of ghana’s major exports like gold, timber, cocoa, tuna, bauxite, aluminium, diamonds, manganese ore and horticultural produce. 82% of retail investor accounts lose money when trading cfds with this provider.

Free forex bonuses

Compare Brokers In Ghana, best forex trading brokers.

Compare brokers in ghana

For our ghana comparison, we found 23 brokers that are suitable and accept traders from ukraine.

We found 23 broker accounts (out of 147) that are suitable for ghana.

Forex.Com

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About forex.Com

Platforms

Funding methods

79% of retail investor accounts lose money when trading cfds with this provider

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About IG

Platforms

Funding methods

76% of retail investor accounts lose money when trading spread bets and cfds with this provider

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About XTB

Platforms

Funding methods

82% of retail investor accounts lose money when trading cfds with this provider.

Avatrade

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About avatrade

Platforms

Funding methods

79% of retail investor accounts lose money when trading cfds with this provider.

Plus500

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About plus500

Platforms

Funding methods

76.4% of retail CFD accounts lose money

Axitrader

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About axitrader

Platforms

Funding methods

68.5% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

Etoro

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About etoro

Platforms

Funding methods

71% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you can afford to take the high risk of losing your money.

XM group

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About XM group

Platforms

Funding methods

78.04% of retail investors lose money when trading spread bets and cfds with this provider.

City index

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About city index

Platforms

Funding methods

73% of retail investor accounts lose money when trading cfds with this provider

Easymarkets

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About easymarkets

Platforms

Funding methods

83% of retail investor accounts lose money when trading cfds with this provider.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

The ultimate guide to

The ghanaian financial market

After almost two decades of planning and hard work, the ghana stock exchange (GSE) finally opened it doors as a a uthorized stock exchange in october 1990. Based in accra and a member of the african securities exchanges association (ASEA) , as of january 2019 the exchange has an approximate market capitalisation of 62,918 million ghanaian cedi (9.9 billion GBP).

While the exchange remains fairly small overall with respect to assets traded and participants, the ghana stock exchange acts as the primary secondary market for the stock of ghanaian companies and has shown undulating real returns since the early 1990’s. The ghana stock exchange composite or GSE-CI is as the primary stock market index in ghana and tracks the performance of all companies traded on the GSE.

In general, ghanaian financial markets and the ghanaian cedi benefit from ghana’s economic strength, although they can come under pressure when geopolitical events create an uncertain investment or trade environment. Furthermore, ghana remains a net importer when it comes to goods and services, with imports making up 25 percent of GDP as of 2005.

The financial markets in the republic of ghana include relatively small bond, equity, forex and derivative markets. Money markets can therefore tend to dominate as a result of their relative stability compared to the high volatility seen in the country’s capital markets.

Trading in ghana

The bank of ghana acts as the primary financial regulator in ghana responsible for overseeing forex and contract for difference (CFD) trading activities and financial institutions. When it comes to regulation, the central bank has the mandate to make sure that depositors’ funds are safe, banks’ solvency, assets, liquidity and profitability are maintained, enforce adherence to statutory and regulatory requirements, promote fair competition among banks, and maintain an efficient payment system.

With respect to stocks, traders will want to open an account with a licensed dealer or stockbroker that operates on the ghana stock exchange. While no minimum deposit is usually required, an account needs to be funded to execute a transaction. Furthermore, fees and commissions will cost around 2.5 percent of the transaction value. A central securities depository account also needs to be set up for a trader to keep a record of their ghanaian stock holdings.

Those looking to trade speculatively on the ghanaian financial market have a number options available through online brokers that let clients operate using their trading platforms. In general, traders will want to choose well-regulated brokers that have a good reputation with customers and that seem trustworthy enough to place a margin deposit with.

Forex trading: exchanging one currency for another forms the basis of forex trading. Exchange rates fluctuate as one currency rises or falls relative to another in particular currency pair. The popularity of forex trading has expanded greatly once online trading became possible. The forex market is the most liquid and largest financial market globally and had a daily turnover of $5.1 trillion/day in april 2016 , according to data compiled by the bank for international settlements (BIS).

CFD trading: making transactions in derivative financial instruments known as contracts for difference (cfds) allows traders to speculate on the future of their underlying assets. Such assets can consist of a currency pair, commodity, stock, stock index or other financial instruments.

Demo accounts: funded with virtual money, these accounts can be used to practice trading, test a strategy or check out a broker’s services and platform. Find out more on opening demo accounts here .

Islamic accounts: these are suitable for traders who wish to trade in an account that conforms to sharia law. Find out more on trading with an islamic account .

Opportunities of trading in ghana

In ghana, the banking act of 2007 helped lay a solid foundation for favourable change in the country’s financial services industry. Also, the ghanaian oil and gas sector has been growing strongly and telecom companies have expanded infrastructure construction projects to improve phone communication quality and service across the country. An expansion of road construction projects throughout the country was also notably funded in the ghanaian government budget for 2019.

Challenges of trading in ghana

Ghana was only ranked 114th for the ease of doing business by the world bank . Furthermore, the country came in 108 th for starting a business, 73 rd for getting credit and 99 th for protecting minority investors, so this indicates a rather challenging environment for traders.

Interest and exchange rate fluctuations and high inflation rates have made it challenging for traders to predict the direction of financial markets in ghana, thereby also making it difficult to participate or borrow money in this unstable environment. In addition, a lack of stringent regulation means higher investment and inflation risks. While off its peak slightly, ghana’s government debt also remains very high at 70.5 percent of GDP in 2017.

Summary

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.

Why choose forex.Com
for ghana?

Forex.Com scored best in our review of the top brokers for ghana, which takes into account 120+ factors across eight categories. Here are some areas where forex.Com scored highly in:

19+ years in business

Offers 300+ instruments

A range of platform inc. MT4, web trader, ninjatrader, tablet & mobile apps

Forex.Com offers one way to tradeforex. If you wanted to trade EURUSD

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

Fxdailyreport.Com

Over the last few years, cryptocurrency trading has become one of the most attractive niches in forex trading. Other than it being extremely profitable, the lack of regulation is its biggest appeal. Still, cryptocurrencies like bitcoin, ethereum ripple, dash, and litecoin are dynamic, unstable instruments that need to be handled cautiously and in the most optimal way. To achieve this, you need to choose a trustworthy, well-established broker to carry out your cryptocurrency trading.

This is crucial to getting on the right track from the beginning when trading cryptocurrencies. When choosing a broker, it is important to note that not all are the same. A broker that meets the needs of another trader may not meet yours. Here are a few tips to help you choose the best forex broker for cryptocurrency trading:

Regulation and reputation

To avoid dealing with an unprofessional broker and being scammed, you need to make sure all your crypto trades are made solely with a regulated broker. When choosing a forex broker to work with, make sure they are regulated within your jurisdiction to legally offer you their services. Regulated forex brokers are under constant supervision of the regulatory body. If you are in the UK, make sure to trade with a broker that is regulated by the FCA. If in europe, ensure they are regulated by the cysec. In case you are in australia, they should be regulated by the ASIC.

An efficient trading platform

It is important to note that cryptocurrency trading is more volatile than forex. Therefore, it demands that the platform is superbly responsive to be able to make moves in time. A good broker’s platform should be efficient to use. To beat the competition, the best cryptocurrency brokers work to attract clients by creating an intuitive trading platform that is suitable for both experienced and new traders. They offer technical analysis tools and basic risk management features like take profit or stop loss. Other sites also offer additional features, including price alerts, social trading networks or advanced educational centers. The crypto trading platform should allow you to trade in the market manage your accounts, perform technical analysis, and receive the latest news on all cryptocurrencies.

Top recommended crypto forex brokers in 2021

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: 0 spread: non-spread, fee 0.1% per trade leverage: non-leverage regulation: -	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker

Transparent fees and commissions

All brokers, whether trading crypto coins or forex, charge commissions and offer margin accounts to traders. A reliable forex broker for crypto coins should inform you precisely the type of fees and commissions they charge as well as the risks involved. The common fees and charges made by brokers include:

• wallet fees
• transaction fees
• trading fees

Competitive technology

The last thing you want as a crypto trader is to get margin called simply because you could not log in to close an order. The cryptocurrency trading market is a 24/7 global market. The prices keep moving and are not limited to your time zone. Hence, when choosing a broker, you need to choose one whose platform offers full-time access.

For instance, when trading cryptocurrencies, mobile apps are a necessity as you may need to make or break deal-critical decisions throughout the day. If possible, consider using a reputable broker with a mobile app so that you are able to make successful trading decisions even while in transit.

Access to crowd wisdom

Today, there are some broker platforms that let you leverage the wisdom of seasoned cryptocurrency traders. This feature can go a long way in improving your returns on investment. Such a trading platform lets you observe the hottest trading trends of other seasoned and successful traders in the market.

Digital currencies trading keeps growing in popularity by the day. More and more people, be it speculators or beginner traders want to be able to make key decisions on time, every minute. Therefore, they need to have a setup ready as soon as they are verified by a broker. When choosing a cryptocurrency broker to trade with, consider one that can quickly get you started so that you can begin trading with minimal downtime.

User-friendly platform

This is one of the most important features to consider when choosing a trading platform to trade with. Digital money trading can be unclear, especially when a technical language is used. Also, because digital money works a little bit differently from any traditional money system. A good broker should be able to understand blockchain and cryptography terms. They should make an effort to explain it in their platform to make it easy to understand by a layman.

They should include clear notifications about the spreads offers, leverage available, deposit methods, the minimum cryptocurrency deposit to trade and the least amount that can be placed in a trade. Make sure you are able to establish all these details before registering with a broker.

High-quality customer service

Cryptocurrency trading occurs 24/7. This demands the need for round the clock customer support. Better still, live support is highly preferred over auto attendants taking into consideration the intricacies involved in trading digital currencies.

Deposits and withdrawals

Make sure to choose a broker that allows deposits and withdrawals through multiple platforms such as wire transfer, credit/debit card e-payment among others.

Good financial backing

A good FX broker for cryptocurrency should have a sound financial backing. This ensures that your digital coins are safe and that the forex broker will not go bankrupt soon after signing up with them.

Cryptocurrency trading is a risky investment. New and fraudulent forex brokers for cryptocurrency trading are emerging every month, launching with crafty marketing campaigns intended to prey on an innocent investor. Therefore, ensure you proceed with caution. Cryptocurrencies are extremely volatile instruments to trade. So, ensure you are in the know of any breaking news, regulatory matters, and rumors which all dictate the market behavior. Above all, make sure you are working with a reputable, reliable and experienced broker.

While it would be easier to point a finger and tell you the best crypto broker, we know and understand that each client has different preferences. Be knowledgeable about all your options and think about how you can spot a broker that is safe now, and in the long-run.

Top 10 best forex brokers in india for 2021

Top rated:

So you are a forex trader, or a new trading looking to break into the forex trading world in india? You have likely considered the global and indian forex market very carefully.

When thinking about which of the top forex brokers offer to take up on opening an account, you may or may not have considered brokers in india, or at least those that are available for indian citizens. If that is the case, then you find yourself in the perfect place.

Here we have taken at the foreign exchange market for indian citizens and compiled a listing of the best forex brokers in india just for you.

Is forex trading illegal in india?

For indian citizens, this is the key question when getting involved in forex trading. The simple answer here is no. This however comes with some complexities for indian forex traders that we will explain.

Forex trading in india is regulated by SEBI (securities and exchange board of india) similarly to the way in which foreign exchange and trading is regulated in other countries. The difference comes though with the fact that the RBI (reserve bank of india) has made trading with some other currencies and the indian rupee illegal for fear of devaluing the indian currency.

With that in mind then, the only forex trading acceptable for indian forex traders to participate in is that of INR based pairs with major currency the USD, EUR, GBP, and JPY. The indian government have recently relaxed the rules to allow the introduction of trading on other major foreign currency pairs such as EUR/USD, GBP/USD, and USD/JPY. Other pairs are currently not available.

When it comes to online forex brokers and the indian forex market, it is however illegal for indian forex traders to use any online forex trading platform that is not regulated by SEBI. If you are reading this review as an indian citizen based abroad, then you typically have more freedom from these regulations and you can follow the regulations of your local area.

Disclaimer: the following top 10 illustrates international forex brokers that offer forex trading services in india. However, we couldn’t find any information regarding their SEBI compliances (except from alpari). If you’re based in india, and you want to open an account with them, contact local experts before taking any further action.

Top 10 of the best forex brokers in india today

1. Alpari

The first broker we will take a look at for indian forex trading is alpari. This is the only international broker that is considered a SEBI compliant forex broker for indian traders. As an indian forex trader or any other, we would recommend that you display some degree of caution in your forex trading here. This is due to the revocation of many of their top-tier regulations due to 2015 bankruptcy.

The broker is still regulated offshore by the FSC (C113012295). For indian citizens you can check up on the companies regulatory licensing through SEBI with the following registration numbers:

INE271381233
INE231376935
INE261383637

With alpari, there are no INR currency pairs available, though the other permitted pairs for indian traders are certainly available. The spreads with this broker start from 0 pips with the ECN accounts.

There are a total of 3 retail accounts available for indian traders. The standard account, ECN account, and micro account. The alpari minimum deposit starts from $5 for the micro account, $100 for a standard account, and $500 for ECN account holders. You can deposit indian rupee through a local bank transfer or neteller. This may incur some fees.

Fxdailyreport.Com

Regulation and reputation

An efficient trading platform

Top recommended crypto forex brokers in 2021

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: 0 spread: non-spread, fee 0.1% per trade leverage: non-leverage regulation: -	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker

Transparent fees and commissions

• wallet fees
• transaction fees
• trading fees

Competitive technology

Access to crowd wisdom

User-friendly platform

High-quality customer service

Deposits and withdrawals

Make sure to choose a broker that allows deposits and withdrawals through multiple platforms such as wire transfer, credit/debit card e-payment among others.

Good financial backing

Best forex brokers

Luke jacobi

Contributor, benzinga

Want to jump straight to the answer? The best forex broker for most people is definitely FOREX.Com

Forex trading is arguably one of the easiest financial markets to begin trading in. To get started, you just need to open and fund an account with a regulated online broker. Choosing the best forex broker to trade forex does require some initial research to find the one most suitable for your trading needs and experience level.

Best forex brokers right now:

Best overall forex broker: FOREX.Com

Best for ultra-low spreads: cedarfx

Best for beginner traders: etoro

Best for non-US traders: HYCM

Best for commodities: avatrade

Best for intermediate traders: pepperstone

Best for advanced forex traders: interactive brokers

Best for mobile traders: plus500

Best forex platform: IG markets

Table of contents [ hide ]

The best forex brokers

Benzinga’s picks for the best forex brokers in 6 key categories appear below along with details about each broker and a screenshot of their trading platforms.

Account minimum

Pairs offered

Minimum trade size

Spread

Commisions

1. Best overall forex broker: FOREX.Com

FOREX.Com is a subsidiary of GAIN capital holdings (NYSE: GCAP) and ranks as the best overall forex broker.

You will only need $50 to open up an account to start trading up to 80 currency pairs on FOREX.Com’s advanced trading platforms, which include metatrader for non-U.S. Residents.

This broker accepts U.S. Clients and is regulated in the U.S. By the commodities futures trading commission (CFTC) and the national futures association (NFA). FOREX.Com also has oversight from regulators in 6 major world jurisdictions through its subsidiaries.

You can check out benzinga’s FOREX.Com review for more information about this excellent broker.

Account minimum

Pairs offered

Commisions

2. Best for ultra-low spreads: cedarfx

Cedarfx believes in combining the finest market conditions with excellent pricing and technology so clients can grow their accounts. A low spread generally indicates that volatility is low and liquidity is high and cedarfx prides itself

Cedarfx offers 2 account types: 0% commission accounts and eco accounts.

You get access to direct access to global financial markets, with over 170+ tradable assets available through metatrader4. Trade forex, crypto pairs, stocks, indices and commodities through a single platform!

You can practice your strategy and get familiar with the MT4 platform before trading using deposited funds through the free demo account.

Account minimum

Pairs offered

Minimum trade size

Spread

Commisions

3. Best for beginner traders: etoro

Etoro specializes in social trading, which is ideal for beginners since you can follow the trades of expert traders with a proven track record. In addition to its world-class social trading network, etoro has excellent educational resources for forex beginners. Etoro’s intuitive multi-asset trading and social trading platforms and apps can be used by anyone immediately. Unfortunately, etoro does not support the metatrader 4 and 5 (MT4 and MT5) trading platforms.

The broker lets you trade over 2,000 different assets and has a minimum deposit of $50. Etoro currently accepts clients from most U.S. States where it is registered with the U.S. Financial crimes enforcement network (fincen) as a money services business, instead of with the NFA and CFTC as an online broker. The company is also regulated in australia, the U.K. And cyprus in the EU.

Account minimum

Pairs offered

Minimum trade size

Spread

Commisions

4. Best for non-US traders: HYCM

Highly regulated HYCM offers stocks, forex, indices, cryptocurrencies, commodities and etfs. The company also offers excellent trading conditions and great liquidity.

HYCM uses metatrader 4 to trade the markets and adds in technical analysis, flexible trading systems and expert advisors (eas).

You’ll also encounter low spreads and low-cost trading, which includes 3 spread levels: fixed spreads, variable spreads and raw spreads:

You can access up to 500:1 leverage through HYCM, depending on where you live and which currency pair you’re trading.

Account minimums with HYCM may vary depending on your base currency and the type of account you open. You should have at least $100 to $200 ready to go before you open an account.

You can customize your account levels with varying fee structures to fit your risk tolerance and trade frequency.

HYCM even offers swap-free accounts that do not accrue interest for each of its fee types to allow islamic investors to trade freely without worrying about being in conflict with religious laws.

You’ll also find a range of education and research tools for endless education opportunities through HYCM.

Account minimum

Pairs offered

Minimum trade size

Spread

Commisions

5. Best for commodities: avatrade

Avatrade, one of the most secure brokers in the industry, carries 7 regulations across 6 continents (europe, australia, japan, british virgin islands, UAE and south africa). You’ll be pleasantly surprised by its asset availability, leading platforms and generous trading conditions (you can leverage your positions up to 400:1).

Avatrade offers an exceptionally user-oriented perspective, including a 24-hour multilingual support desk for a broad range of instruments, platforms and services for every level of trader. Instruments include:

Forex

Stocks

Commodities

Cryptocurrencies

Indices

You’ll find a range of automated trading platforms, including desktop, tablet, mobile and web-based trading with metatrader 4, metatrader 5, its proprietary webtrader, avaoptions and the award-winning avatradego. Client funds are held in segregated accounts for increased security and fast profits withdrawal.

Avatrade’s innovative technology and cutting-edge trading features also include 1-on-1 training sessions with a dedicated account manager.

Commissions

Account minimum

6. Best for intermediate traders: pepperstone

U.K.-based pepperstone gets our vote for best broker for intermediate traders. It has regulatory oversight in the U.K. And australia, although it does not currently accept U.S. Clients. The broker lets you trade in 61 major, minor and exotic currency pairs and requires a minimum deposit of $200. Pepperstone provides support for the metatrader 4 and 5 and ctrader platforms.

In addition to forex, pepperstone offers trading in cryptocurrencies, energy, metals, commodities and stock index contracts for difference (cfds). Customer balances are maintained in segregated accounts for safety in the australian national bank and barclays U.K.

Pricing

Account minimum

7. Best for advanced forex traders: interactive brokers

Interactive brokers offers some of the lowest costs in the business, including a $0 commission on U.S.-listed stocks and exchange-traded funds (etfs). Because of interactive’s world-class brokerage services in 33 countries that cover 134 markets worldwide, the company has oversight from most of the world’s largest financial regulators, including the U.S. SEC, CFTC and NFA. Interactive also submits to regulatory oversight in the U.K., australia and canada, and it has agencies in japan, hong kong, india and luxembourg.

Interactive brokers offers trading in 23 different currencies and their pairs, and the broker requires a $10,000 minimum margin deposit that is applied to commissions for the first 8 months, followed by a $2,000 minimum starting on the 9th month.

Minimum commissions apply, as well as maintenance fees and charges for inactivity, so interactive brokers would be best for advanced, active and well-funded professional traders. Interactive’s proprietary trading platforms, including its client portal, desktop trader workstation (TWS) and mobile application have been rated as some of the best in the business.

8. Best for mobile traders: plus500

U.K.- based plus500 has oversight from the FCA and is a leading provider of CFD trading on over 1,000 tradable assets including forex currency pairs, stock shares, cryptocurrencies, etfs, options and indices. The company keeps your money in segregated accounts but does not offer services to U.S.-based clients.

Plus500 offers trading in 70 currency pairs featuring competitive spreads on its forex cfds and leverage of up to 300:1. The intuitive interface featured on both the plus500 desktop and mobile trading platforms can be accessed immediately by novices and professionals, which makes plus500 our pick for mobile traders.

Commissions

Account minimum

9. Best forex platform: IG markets

IG markets gives clients access to trade cfds in more than 17,000 different markets including forex, shares, indices, commodities, bonds, etfs, options and short-term interest rate cfds. You can trade up to 80 different currency pairs through IG and the broker requires a $250 minimum deposit.

IG accepts U.S.-based clients due to oversight from the CFTC and NFA. IG holds your money in segregated accounts under trustee arrangements for added security. In addition to its proprietary trading platform, IG offers support for 3rd-party forex platforms such as metatrader 4 and prorealtime. It also allows application programming interface (API) trading.

Forex market explained

In the forex market, traders agree to exchange 1 currency for another to make a transaction in that currency pair at a particular level known as the exchange rate. Like stock prices, this exchange rate fluctuates based on supply and demand factors, as well as on the forex market’s overall expectations of future events.

Forex traders can make money on a currency transaction in 2 ways. First, if they buy or go long a currency and it goes up in value versus the sold currency, then they earn a profit. Second, if they sell or go short a currency and it goes down versus the bought currency, then they also profit.

Many currency pairs quoted in the forex market show substantial volatility or fluctuations, which can result in gains or losses for traders. The daily candlestick chart below shows changes in the exchange rate of the EUR/USD currency pair, which is the european union’s euro quoted in terms of the U.S. Dollar from november 2018 until april 2020.

Risk and reward in forex trading

Rewards are generated in forex trading when you take a long or short position in a currency pair that subsequently appreciates in value. The risk in doing a forex transaction is when the market doesn’t perform as expected once you have done a forex trade.

Many brokers allow traders to magnify the gains or losses they take on a position via the use of leverage. Leverage is typically expressed as the ratio of the size of a position you can control by placing one unit of base currency on deposit as margin. Hence, a 500:1 leverage ratio would mean that you can control a $500 position with a $1 margin deposit.

Furthermore, most successful traders have a minimum risk/reward ratio for a trade before they will consider taking it, such as 1:2 or 1:3. For example, if you think the chances of a trade making 20 pips is around the same as the chances of it losing 10 pips, then your risk/reward ratio of that trade is 1:2. If that meets your risk/reward ratio criteria, then you might consider that trade worthy of executing.

Choose your broker wisely

Since your forex broker will be your primary trading partner, you want to choose one carefully to make sure they are reputable and will fit your requirements as a trader. Open a demo account with an online broker you’re thinking of using to see whether it is a good fit. Demo account trading can also help prevent potentially costly errors that might arise from you being unfamiliar with the broker’s trading platform.

Methodology

These top brokers were chosen for this review for various reasons depending on the specific category in which we felt they excelled. Baseline requirements included the strength of their regulatory environment, their generally good overall reputation with clients earned over an extended period and a substantial number of currency pairs available for trading.

Compare brokers in ghana

For our ghana comparison, we found 23 brokers that are suitable and accept traders from ukraine.

We found 23 broker accounts (out of 147) that are suitable for ghana.

Forex.Com

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About forex.Com

Platforms

Funding methods

79% of retail investor accounts lose money when trading cfds with this provider

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About IG

Platforms

Funding methods

76% of retail investor accounts lose money when trading spread bets and cfds with this provider

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About XTB

Platforms

Funding methods

82% of retail investor accounts lose money when trading cfds with this provider.

Avatrade

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About avatrade

Platforms

Funding methods

79% of retail investor accounts lose money when trading cfds with this provider.

Plus500

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About plus500

Platforms

Funding methods

76.4% of retail CFD accounts lose money

Axitrader

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About axitrader

Platforms

Funding methods

Etoro

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About etoro

Platforms

Funding methods

71% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you can afford to take the high risk of losing your money.

XM group

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About XM group

Platforms

Funding methods

78.04% of retail investors lose money when trading spread bets and cfds with this provider.

City index

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About city index

Platforms

Funding methods

73% of retail investor accounts lose money when trading cfds with this provider

Easymarkets

Spreads from

What can you trade?

Forex

Crypto currencies

Indices

Commodities

Stocks

Etfs

About easymarkets

Platforms

Funding methods

83% of retail investor accounts lose money when trading cfds with this provider.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

The ultimate guide to

The ghanaian financial market

Trading in ghana

Forex trading: exchanging one currency for another forms the basis of forex trading. Exchange rates fluctuate as one currency rises or falls relative to another in particular currency pair. The popularity of forex trading has expanded greatly once online trading became possible. The forex market is the most liquid and largest financial market globally and had a daily turnover of $5.1 trillion/day in april 2016 , according to data compiled by the bank for international settlements (BIS).

CFD trading: making transactions in derivative financial instruments known as contracts for difference (cfds) allows traders to speculate on the future of their underlying assets. Such assets can consist of a currency pair, commodity, stock, stock index or other financial instruments.

Demo accounts: funded with virtual money, these accounts can be used to practice trading, test a strategy or check out a broker’s services and platform. Find out more on opening demo accounts here .

Islamic accounts: these are suitable for traders who wish to trade in an account that conforms to sharia law. Find out more on trading with an islamic account .

Opportunities of trading in ghana

Challenges of trading in ghana

Summary

Why choose forex.Com
for ghana?

Forex.Com scored best in our review of the top brokers for ghana, which takes into account 120+ factors across eight categories. Here are some areas where forex.Com scored highly in:

19+ years in business

Offers 300+ instruments

A range of platform inc. MT4, web trader, ninjatrader, tablet & mobile apps

Forex.Com offers one way to tradeforex. If you wanted to trade EURUSD

Best forex brokers with ZAR accounts 2021

We researched 10+ forex brokers that offer ZAR trading accounts, and have listed the best in terms of fees & features.

ZAR forex trading accounts are quite useful for traders in south africa. This will help you avoid losses in fees during the conversion of currency on deposits or withdrawals.

Having a ZAR account implies that all your funds with the broker will be kept in rand. In most cases, this would mean the broker likely has local bank account so you can access quick and convenient withdrawals and deposits through bank transfer.

However, only a few forex brokers in south africa offer ZAR trading accounts. Most of them claim to provide more or less similar trading environment and features. So choosing the best ZAR account broker is not easy.

7 best SA forex brokers that offer ZAR accounts

Hotforex – best ZAR account forex broker in south africa

Exness – ZAR account forex broker with low minimum deposit

XM – low spread ZAR account broker

Plus500 – good forex trading platform with ZAR account

Fxpro – trusted ZAR account broker

Marketsx – overall good ZAR base currency account

Blackstone futures – FSCA regulated

For this guide, we have done extensive research of 10+ forex brokers offering ZAR accounts to help you out. Then, we have chosen only the highly regulated and reliable brokers working in the south african market.

For the safety of your funds, even if your consideration is ZAR base currency account, you must still trade with only brokers that are well regulated with FSCA or other top tier regulators like FCA, ASIC.

Best forex brokers with ZAR account

Bour research offers a comparison of the top regulated forex brokers offering ZAR trading accounts. This includes overall fees (spread +commissions), trading conditions, platforms, and local support.

1. Hotforex – best ZAR account forex broker

Overall rating 9.1/10

Trading fees (USD/ZAR): 90 pips on average for USD/ZAR with premium account .

Minimum deposit: R75

Regulation: FSCA, FCA

Bonus offer: 100% deposit bonus for new first time signups ($250+ or ZAR 40,000+ approx. Deposit required)

Ranked #1 ZAR account forex broker in south africa

Hotforex is one of the best ZAR account forex broker for traders in south africa. They are locally regulated with the south africa financial security conduct authority – FSCA (FSP no.46632). Plus, they have been regulated by 2 other tier-1 regulators FCA and CYSEC. Thus we consider HF markets safe for traders in south africa.

Hotforex offers direct marker access being an STP broker. This means your orders get straight-through processing with no dealing desk. Orders are placed directly with their liquidity providers. Therefore conflict of interest is absent.

Fees: we compared their fees and found the cost to be quite fair (though not the lowest). In terms of fees for trading, hotforex has the lowest spread with the zero account. There is no fee for deposits or withdrawals.

The average USDZAR spread with the HF premium account is around 90 (variable as per market conditions). For a zero account, it is usually around 45 pips. Premium account is a commission-free spread only. Zero account has a spread of + $6 per 100,000 units (1 standard lot).

Fair trading conditions: hotforex offers you 50 currency pairs including exotic, minors, and majors. Its trading instruments also include cfds on 56 shares, 4 cryptocurrencies, leading 11 indices globally, 8 commodities, 3 top global bonds, energies such as crude and brent oil, US natural gas, and spot metals – silver and gold. HF offers trading on the latest MT4 and MT5 platforms for all devices.

The minimum balance for opening an account is ZAR 76 approx. & there are no deposit or withdrawal fees. The max. Leverage offered is up to 1:1000 and the speed of order execution is fair. HF also allows scalping, hedging, eas, and swap-free accounts.

Good support: hotforex has a local phone number in south africa (+27-10-443-9924, 0-800-999-265). The live chat support is quick and helpful available 24X5 on weekdays. We did not experience a hold time of above 1 minute while connecting anytime.

Regulated with FSCA in south africa & FCA in the UK

Spread for premium and micro account is quite competitive. With zero account it is low.

New accounts can avail 100% deposit bonus

Very good customer support

No fees for deposit or withdrawals.

Customer support not available during weekends.

2. Exness – ZAR account broker with low minimum deposit

Overall rating 9.0/10

Trading fees (USD/ZAR): 194 pips on average for USD/ZAR . 1 pips for EUR/USD.

Minimum deposit: $1 (R15)

Regulation: FCA, FSCA, cysec

Ranked #2 ZAR account forex broker

Exness is one of the largest forex broker in terms of average daily trading volume. Exness is licensed by 3 top tier regulations i.E. FSCA, FCA & cysec, so it is considered a safe broker.

Fees: the trading fees at exness is very low compared to other forex brokers. With their standard account the average spread is 1 pips for major pair EURUSD, and the spread is much lower with pro account.

Wide trading instruments & features: exness offers over 100+ currency pairs, and cfds on 100+ metals, crptos, stocks & indices

The highest leverage at exness is 1:2000. Exness offers MT4 & MT5 trading platforms.

Good support: customer support at exness is very good. They offer support via email, live chat & phone support as well.

4. Plus500 – good forex trading platform with ZAR account

Overall rating 8.9/10

Trading fees (USD/ZAR): 160 pips on average for USD/ZAR . 0.8 pips for EUR/USD.

Minimum deposit: R1500

Regulation: FCA, cysec, ASIC

Bonus offer: 100% deposit bonus for new first time signups ($250+ or ZAR 40,000+ approx. Deposit required)

Ranked #4 ZAR account forex broker

Plus500 is one of the leading forex trading platform. They are well regulated with multiple top tier regulators including with ASIC, FCA & cysec. Moreover, their company is also listed on the london stock exchange and is thus considered a relatively safe broker for traders in SA.

Fees: plus500 offers competitive spread to the traders – as low as 0.6 pips for the benchmark EUR/USD. They also do not charge any fees for withdrawals or deposits.

Moreover, there is no other volume/lot based commission on forex trade. The only fees that it charges are the spread.

Trading conditions & features: there is only a single account type for retail traders at plus500. The minimum deposit is ZAR 1500 and the max. Leverage is 1:300 for SA traders. The broker also provides protection for the negative balance and assured stop-loss protection. This is without charging any additional fees.

Traders can choose from 71 currency pairs, 1000+ cfds on stocks. The other asset classes include 8 commodities, 7 cryptocurrencies, 8 indices, 6 energies, and 4 precious metals.

Plus500 offers you its proprietary trading platforms for web and mobile trading. On the downside, this platform is not accessible in desktop.

Decent support: customer support is available through live chat, email & whatsapp. There is also a decent faqs section for self-help.

Live chat support can be accessed only when logged in. It is necessary to fill contact form for availing e-mail support. On testing, we received a response within 1 hour on a weekday.

Regulated with 2 tier 1 regulators FCA and ASIC.

Competitive spread for forex majors and crypto cfds.

Their platform provides access to 15 crypto cfds.

No charges for withdrawals and deposits.

Good mobile platform/app.

Good risk management features including guaranteed stop loss protection & negative balance protection.

Plus500 proprietary platform for trading is not accessible on desktop.

Third party popular metatrader or ctrader platforms are not available.

Account options are limited.

Education section for traders is very limited.

Why choose a ZAR account forex broker?

There are a few advantages to trading with a broker that offers ZAR base currency accounts.

A. Depends on your mostly traded trading instrument:
this is if your account is funded through the most frequently traded quote currency. For instance, if you mostly trade south african rand pairs with quote currency in ZAR such as USDZAR, EURZAR, GBPZAR, then there may be certain advantages to opening ZAR account.

If your account is funded in ZAR, then your account balance will be in rand, and all your profits too will by default be converted into ZAR (rand) once you close the trade. In case you are trading mostly ZAR quote currency pairs, then a conversion transaction will not be required. You will also save the commissions if your broker charges commission for the transaction to convert.

It is preferred if your account currency is the same as the quote currency of your most traded pairs. If not, you will lose during the re-conversion of funds to your funding currency each time you trade. You may have to pay an extra commission each time you trade if the broker charges for conversion. This could add up to much eventually.

B. Conversion charges during withdrawal (by your bank and/or the broker):
once you decide on the withdrawal, you will want to get withdrawal from your broker in your south african bank account.

In case you hold a ZAR account, the broker can directly send your withdrawal in rand. Instead consider a case where you request the withdrawal in USD (if your base currency is US dollar), then your bank, broker (or both) may charge you fees for the USD wire transfer to your SA based bank account.

Here, the currency conversion fees/spread on exchange rates of anywhere from 2%-6% could be charged by your bank. If the USD/ZAR exchange rate is 19, your bank will charge its fees on the exchange rate and offer you around 18.6. Your broker and bank may also levy wire charges for receipt of USD payments.

But in case of ZAR account, it is very likely that the rand withdrawal transfer by broker be from the broker’s local bank account in south africa.

This will save you the fees for withdrawal that can incur for your wire withdrawals.

Comparison of forex brokers with ZAR accounts

Below comparison table shows the features, fees of SA forex brokers that offer ZAR accounts.

ZAR forex broker	regulation	average spread (EUR/USD)	leverage	minimum deposit	visit website
hotforex ZAR account	FSCA, FCA, cysec	1.2 pips with premium account	up to 1:1000	$5 (

Frequently asked questions: ZAR account forex brokers

Which is the best forex broker that offers ZAR trading accounts?

According to our comparison these 3 brokers offer ZAR base currency option & are better than most other brokers out there for similar features:

FSCA regulated & offers ZAR account: hotforex

Good trading app: plus500

Low spread: XM broker

Are there any advantages to opening a ZAR trading account?

Yes, there are some benefits but it mostly depends on your choice.

If you mostly trade on rand pairs like USD/ZAR then it is preferred to open a ZAR account with the broker. As you could save on the conversion losses.

Moreover, another plus point to creating ZAR account over USD or EUR, is that you can make deposits & withdrawals in rand. In this case, there will be no losses on exchange rates or transfer fees that would be charged by your bank (or broker) if you were to say make transfer to your broker in USD.

Which ZAR base currency account forex brokers are regulated with FSCA?

As per our research, there are about 10 FSCA regulated forex brokers that offer ZAR accounts. We have listed 3 such brokers here in our list (last updated in august 2020): hotforex, fxpro & blackstone futures. We will add more ZAR account offering brokers in this list once we have compared their features & fees.

In terms of fees (USDZAR benchmark) – hotforex has 90 pips spread on average with their premium account (1.2 pips for EURUSD). Blackstone futures has spread as low as 10 points (variable) for USD/ZAR currency pair.

ZAR account brokers comparison summary

Here are our 2020's 3 recommended best forex brokers with ZAR account.

Trading cfds is risky. Your capital is at risk.
Disclosure: we earn a commission if you sign up with a broker through referral links in this review. This helps us cover the expenses for running the website.

Hotforex is the #1 ZAR account broker

Forexbrokers.Co.Za is a broker comparison & education website for south africans. We aim to help traders in south africa find the best forex brokers. Read more..

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Risk disclaimer

Risk warning: trading leveraged instruments such as forex & cfds are risky and can result in lose of your capital. Read full risk disclaimer..

So, let's see, what was the most valuable thing of this article: which brokers are safe to trade online with in ghana? Compare the best online brokers for trading forex, cryptocurrencies, stocks, commodities & indices that also accept traders from ghana. This up-to-date comparison was last updated in february 2021. At best forex trading brokers