As such online Forex trading in Ghana is risky and should be avoided until there is proper regulation because it puts you at a higher risk of falling prey to scams
However, there are some forex brokers like Exness that are properly licensed and regulated in other countries and accept traders from Ghana.
Quick List of Best Forex Brokers in Ghana
- Exness – The Best Forex Broker in Ghana Overall
- FXTM – Best Online Forex Broker for Local GHS Deposits & Withdrawals
- Hotforex (HF Markets) – Best Online Forex Broker with Forex Calculator& Cent Account
- XM Broker – Best Online Forex Broker for Beginners
- AvaTrade – Best Online Forex Broker with Forex Demo Account
- FxPro – Best Online Forex Broker for Day Traders
- Tickmill – Best Forex Broker in Ghana for MT4 & No Deposit Bonus
- Octafx – Best Forex Broker in Ghana for Swap-free Trading
Comparison of Best Forex Brokersin Ghana
Please note that the EUR/USD spread in the table is the average spread for Standard Accounts only (meaning those accounts that charge only spread and no commissions).
| 💼Broker | ⚖Supervisory Authority | 💵 Starting Deposit | 🚀 Leverage | 💵 EUR/USD spread | 💵 Inactivity fee | 📝How to register |
Exness
|
FCA, CMA, CYSEC, FSC, FSA, FSC BVI | $10 | Unlimited | 1 pips
|
$0 | Register with email |
| FXTM
|
CMA, FCA, FSC Mauritius, FSCA, CYSEC | $200 | 1:2000 | 2.1 pips
|
$5 | Register with email |
| Hotforex(HFM)
|
FCA, DIFC, FSCA, CMA, FSA Seychelles | $5 | 1:2000 | 1.6 pips
|
$5 | Register with email |
| XM broker
|
FSC Belize, CYSEC | $5 | 1:1000 | 1.6 pips | $5 | Register with email |
| AvaTrade
|
PFSA, ASIC, FSC BVI, FSA Japan, FSCA, FRSA, ISA, | $100 | 1:400 | 0.9 pips | $50 | Register with email |
| FxPro
|
FCA, FSCA | $100 | 1:200 | 1.47 Pips | $5 | Register with email |
| Tickmill
|
FCA, FSCA | $100 | 1:500 | 1.6 pips | $0 | Register with email |
| Octafx
|
MISA | $25 | 1:500 | 0.9 pips | $0 | Register with email |
1. Exness – The Best Forex Broker in Ghana Overall
| 💡Specifications | Starting deposit: $10 Leverage: 1: unlimitedEUR/USD Spread: 1 pip Commission: $3.50 Inactivity fee: $0Forex Pairs: 100+ |
| 📛 Beginner Account | Standard Account |
| 💰 Base currency | GHS, USD, EUR, GBP, CAD, KES, NGN, ZAR |
| 🛒Instruments | Forex, Stocks, Crypto, Indices, Commodities |
| 💻Platforms | MT4, MT5, and Exness Trading App |
| 🧰 Trading Tools | VPS Server, Economic calendar, Investment calculator, Currency converter, News by FX Street, Tick history |
| ✔Best Features | Extended swap free trading, Exness mobile app with over 10M downloads |
| ✖Missing features | Autochartist, MetaTrader Plugins |
Exness Regulations
Exness (SC) LTD is a good forex broker for Ghana traders. It is regulated abroad, holding licenses from regulatory bodies like FCA UK, CMA Kenya, FSC Mauritius, FSA Seychelles, FSC BVI, FSCA South Africa, and CBN or Curacao and Sint Maarten.
Exness Features for Beginners
You can practice trading and test your strategies on a demo account with virtual funds on MT4 or MT5 platforms.
Through Exness Social Trading, beginners can copy the trading strategies of professional traders and share profit based on an agreed formula.
Exness Standard Cent Account(with GHS base currency option)is best for beginners, with a minimum deposit of $10.Cent Account spread starts from 0.2 pips& beginners can trade only Forex &Metals.
To learn more about Exness Accounts for beginners, read our detailed Exness review.
Exness Features for Experienced Traders
Pro Account, Zero Account, and Raw Spread Account are Exness Professional Accounts which can be opened in GHS base currency.
The minimum deposit for these accounts is $500, and the spread on the Zero and Raw Spread Accounts starts from 0.0pip while for the Pro account, the spread starts from 0.1 pip.
Pro Accounts have no commission. However, for the Zero Account commissions start at $0.05 per side per lot. While the Raw spread account can has a commission as high as $3.50 per side per lot.
You can also apply for Exness VPS hosting to enable you to run automated trades, and sign up for Exness Social Trading Account as a strategy provider.
Exness Customer Support Review
Exness customer service is available 24/7 through live chat, email, and Phone Calls through an international number.
Pros & Cons
|
👍 Pros |
● Exness has GHS base currency ● FCA UK tier 1 regulation ● Swap-free trading is available ● Low minimum deposit for Standard Accounts ● Customer service is available 24/7. ● A demo account & Cent Account |
| 👎Cons | ● High minimum deposit for Professional Accounts
|
Click here to learn more about Exness
2. FXTM – Best Online Forex Broker for Local GHS Deposits & Withdrawals
| 💡Specifications | Starting deposit: $200Leverage: 1:2000 EUR/USD spread: 2.1 pips
Commission: $2 Inactivity fee: $5 Forex pairs: 60+ |
| 📛 Beginner Account | Advantage Plus Account |
| 🛒Instruments | Forex, Stocks, Crypto, Indices, Commodities |
| 💻Platforms | MT4, MT5 |
| 🧰 Trading Tools | PIP calculator, Profit calculators, and Margin calculator |
| ✔Best Features | FXTM Invest Copy Trading, Calculators, Swap –free Trading |
| ✖Missing features | Autochartist, TradingView, MetaTrader Plugins |
Regulation
FXTM is considered a good broker for Forex Traders in Ghana. However, FXTM is only the trading name for Exinity Limited.
Exinity Limited is licensed and regulated by the CMA Kenya, FCA UK, FSC Mauritius, FSCA South Africa, and CYSEC.
FXTM Features for Beginners
You can practice on the FXTM demo account. Their official Website also contains educational materials.
FXTM also offers copy trading, allowing you to copy trades from professionals and share profits.
The Advantage Plus Account minimum deposit in Ghana is $200 & offers commission-free trade. However, the spread is higher on this account as it starts from 2.1 pips. This account also has swap-free features for major forex pairs & Gold.
FXTM Features for Experienced Traders
Experienced traders are likely to want to use trading robots & advanced strategies so FXTMs Advantage Account charges raw spreads from 0 pips which is suitable for algorithmic trading.
The Advantage Account also charges a commission up to $2/side in exchange for the raw spread. FXTM also offers various calculators & swap-free trading (for forex) on the Advantage Account.
FXTM Customer Support Review
Contact FXTM via WhatsApp, Telegram, Live Chat, and International phone number. Response time is below 1 minute, and support staff are knowledgeable.
Pros & cons
|
👍Pros |
● Tier 1 regulation ● Calculator tools ● FXTM Demo Account ● FXTM accepts GHS deposits from Ghanaian Banks& Mobile Money ● FXTM offers swap-free trading in Ghana ● FXTM offers Copy Trading in Ghana ● Education for beginners
|
|
👎Cons |
● Customer support is not available 24/7
● No GHS Account base currency ● No MT4/5 tools ● No Cent Account |
Visit FXTM website to learn more
3. HF Markets (Hotforex)– Best Online Forex Broker with Forex Calculator& Cent Account
| 💡Specifications | Starting deposit: $5 Leverage: 1: 2000 EUR/USD Spread: 1.4 pip Commission: $3 Inactivity fee: $5 Forex Pairs: 50+ |
| 📛 Beginner Account | HFM Premium Account |
| 🛒Instruments | Forex, Stocks, Indices, ETFs, Bonds, Crypto, & Commodities |
| 💻Platforms | MT4, MT5, and HFM App |
| 🧰 Trading Tools | VPS Server, Economic calendar, Trading calculator, Advanced Insight, Auto chartist |
| ✔Best Features | Trading calculator, and swap-free instruments |
| ✖Missing features | TradingView, Web Trader |
Regulation
HF Markets (SV) LTD are regulated by the FCA UK, DFSA, FSCA South Africa, FSA Seychelles, CMA Kenya as such, HFM is considered a good broker in Ghana.
HFMarkets Features for Beginners
HFM’s Cent & Premium Accounts are beginner-friendly, with $5 minimum deposit, spread from 1.2 pip, swap fees, & commission when trading assets outside forex.
HFM Demo Accounts are available to practice trading strategies and copy trading is also available for beginners to copy trades of experienced traders.
Beginners will also find HFM’s trading calculators useful. They include
- Position Size Calculator
- Pip Value Calculator
- Swaps calculator
- Risk percentage calculator
- Multi target Calculator
- Pivot Points, Risk& Reward, & Fibonacci Calculators
Read more about HF Markets trading conditions for beginners in our in-depth HF Markets Review
HFMarkets Features for Experienced Traders
Experienced traders willing to start trading with big capital can open HF Markets $100 minimum deposit Pro Account so they can access lower spreads from 0.6 pips.
Experienced traders wanting raw spreads can open the $5 minimum deposit Zero Account for spreads starting from 0.0 pips but must pay up to $3/side commissions on all instruments.
HFM offers advanced trading tools like Autochartist, and advanced Insight, you can profit from being a strategy provider through HFM copy trading. You can also use HFM VPS hosting to run expert advisors.
HF Markets Customer Support Review
When you open an account, you will be assigned a personal account manager to contact when you have concerns.
You can contact HFM customer service via phone, email, and live chat 24/5. We tested their response time, and they responded in less than 1 minute on live chat. There is no language barrier on phone calls as they speak English.
HF Markets Pros & Cons
|
👍 Pros |
● Tier 1 regulation
● Smart trading calculators ● Swap-free instruments ● Diverse trading instruments ● Copy trading ● Affordable $5 minimum deposit ● Education ● Demo account ● Cent Account |
|
👎 Cons |
● No GHS Account base currency
● Customer support is not available 24/7 ● $5 Inactivity fee
|
Visit HFM official website to learn more
4. XM Broker– Best Online Forex Broker for Beginners
| 💡Specifications | Starting deposit: $5 Leverage: 1:1000 EUR/USD spread: 1.6 pip Commission: $0 Inactivity fee: $5 Forex pairs: 50+ |
| 📛 Beginner Account | Ultra Low Account |
| 🛒Instruments | Forex, Stocks, Indices, Crypto, & Commodities |
| 💻Platforms | MT4 and MT5 |
| 🧰 Trading Tools | Calculators, XM Exclusive Technical Indicators |
| ✔Best Features | Ultra Low Account, Copy Trading |
| ✖Missing features | Raw Spread Account, Autochartist, TradingView |
Regulation
XM is a legit broker &is regulated by the Financial Service Commission of Belize and Cyprus Securities and Exchange Commission as XM Global Limited.
XM Features for Beginners
XM’s Micro account is more suitable for traders who trade small volumes as such, beginners can start their trading journey with it.
TheMicro Account slashes your trade size from 100,000 to 1,000 units per lot thus reducing your exposure, is commission-free, and the spread starts from 1 pip.
XM offers a demo account for practice, a copy trading feature, and a learning center.XM also has forex calculator tools beginners will find useful
XM Features for Experienced Traders
Experienced traders in XM can register as strategy providers on HFM copy trading, XM VPS hosting is available 24/7 for running expert advisors.
Experienced traders running software-aided trading strategies will find XM’s exclusive set of technical indicators useful.
If you intend to trade with robots, XM can deliver MQL5 trading signals directly to your MT4/5 platform and if you’re trading with the XM mobile app, the MQL5 signals could also be delivered to the app.
XM Broker Customer Support Review
XM customer support is available 24/7 through email, live chat, and Phone calls. From our test observations, their live chat response in about 30 seconds.
XM Broker Pros & cons
|
👍 Pros |
● Advanced trading tools are available
● XM prioritizes education ● Customer support is 24/7 ● Demo account is available ● Micro account for beginners ● Stiff regulation from CySEC ● XM platforms work well on Tablets ● Low minimum deposit |
|
👎 Cons |
● No GHS account base currency
● No ECN spread accounts ● XM inactivity fee of $5 |
Click here to learn more about XM
5. AvaTrade – Best Online Forex Broker with Demo Account
| 💡Specifications | Starting deposit: $100 Leverage: 1:400 EUR/USD spread: 0.9 pip
Commission: $0 Inactivity fee: $50 Forex pairs: 50+ |
| 📛 Beginner Account | Standard Account |
| 🛒Instruments | FX, Stocks, Indices, ETFs, Bonds, FX Options, Crypto, & Commodities |
| 💻Platforms | MT4, MT5, AvaTradeGo, AvaOptions, AvaSocial |
| 🧰 Trading Tools | AvaProtect, AvaTrade Guardian Angel Add-on |
| ✔Best Features | Demo Account, AvaProtect, Guardian Angel MT4 Plugin |
| ✖Missing features | Autochartist, TradingView, Swap-free trading |
Regulation
AvaTrade Markets LTD is a licensed broker. It is regulated by the ASIC, PFS, FSC BVI, FSA Japan, FSCA, FRS, and ISA
AvaTrade Features for Beginners
Beginners on AvaTrade are given a welcome bonus, and can immediately start practicing on the AvaTrade Demo Account using virtual money.
Live trading required opening a $100 minimum deposit Standard Account with leverage limited to 1:400. AvaTrade spreads are fixed so beginners could like this as you don’t have to worry about spreads fluctuating.
Beginners will also find the AvaTrade Guardian Angel MT4 plugin useful as it serves to guide beginners and detect risky trades while in the market.
Other beginner focused features are copy trading, and the AvaTrade Online Learning Academy.
AvaTrade Features for Experienced Traders
Experienced traders will find AvaProtect- a feature that reimburses you for money lost during trading, a useful tool.
They also offer VPS hosting for running expert advisors &a unique trading platform for trading options called AvaOptions.
AvaTrade Customer Support Review
AvaTrade customer service is available 24/5 through WhatsApp, live chat, phone calls, and email. No designated number for Ghanaian, so you will have to call an international line, however, they respond in about a minute through live chat.
|
👍 Pros |
● AvaTrade ASIC regulation is tier 1
● Multiple trading software platforms ● Copy trading ● Demo Account ● Educational materials for beginners ● AvaProtect reimbursement feature when you lose during trading (you subscribe to this feature) ● Guardian Angel MT4 add-on ● Competitive spreads ● Customer service channels are very responsive |
|
👎 Cons |
● High initial deposit
● No GHS base currency ● AvaTrade does not offer multiple account types ● Inactivity fee of $50 |
Learn more about Avatrade here
6. FxPro – Best Online Forex Broker for Day Traders
| 💡Specifications | Starting deposit: $25 Leverage: 1:200 EUR/USD spread: 1.47 pip
Commission: $3.5 Inactivity fee: $5 Forex pairs: 70+ |
| 📛 Beginner Account | Standard Account |
| 🛒Instruments | FX, Stocks, Indices, Commodities, Crypto |
| 💻Platforms | MT4, MT5, cTrader, FxPro App |
| 🧰 Trading Tools | Calculators, VPS, MT4 add-ons |
| ✔Best Features | cTrader, TradingView, Back testing |
| ✖Missing features | Autochartist, Copy trading, Swap-free trading |
Regulation
FxPro is considered a good broker and are regulated by CYSEC, FSCA South Africa, FCA UK, &SC Bahamas.
FxPro Features for Beginners
No Cent or Micro account for beginners. However, they offer other account types like the FxPro Standard Account. No commission on this account, and the spread starts from 1.2 pip for major pairs.
FxPro offers floating and fixed spreads, and the floating average spread for EUR/USDfor MT4 users is 1.47 pip; however, the fixed spread for the same account is 1.88 pip. MT5 average floating spread is 1.28 pip.
Other beginner friendly features include a Demo Account, Education
FxPro Features for Experienced Traders
For Professionals, FxPro has Pro, Raw+, & Elite Accounts. Spread on each account starts from 0.6 pip, 0 pip, and 0 pip, respectively.However, the Raw+ and Elite Accounts charge a commission of Raw + $3.5 per side.
You can also trade using the FxPro cTrader mobile app, or the FxPro self-designed mobile app with inbuilt TradingView Terminal.
MetaTrader support is also on hand with free FxPro MT4/5 Expert Advisor plugins available for download.
FxPro Customer Support Review
Customer support is available 24/7 through email, international Phone calls number, and live chat with a response time of about 30 seconds on live chat.
|
👍 Pros |
● Tier 1 regulation
● MT4 add-ons ● cTrader ● Demo account ● Raw spreads
|
|
👎Cons |
● Inactivity fee
● No GHS base currency ● High starting deposit
|
Visit FxPro website to learn more
How we chose the best forex brokers in Ghana
Regulation
Although online Forex trading is not regulated in Ghana we ensure to select only brokers who have verifiable license in other jurisdictions.
Customer Support
We reached out to each broker through all of their customers’ support channels.
We tested their social media, website, and platform live chat for response time, tested email support for response time during trading days and trading hours, we also tested their phone call support for hold time and language barrier.
Fees
We considered brokers who offer accounts for beginners, like the Cent and Micro accounts, as these accounts do not usually charge commission, and beginners may struggle with calculating commission.
However, such accounts charge slightly higher average spread.
For professionals who understand how commission works, we considered brokers with professional accounts that charge tight spreads and little or no commission.
How to Start Forex Trading in Ghana
Get a Trading Device
To start trading Forex, you will need a trading device with a good internet connection and can view charts properly. A strong internet connection is important because
Choose a Broker
Before choosing a broker, verify their license with their regulators. For example Exness is regulated by the FSCA in South Africa so you can visit the FSCA website to search their list of Financial Service Providers.
After deciding on a broker, you can go ahead to download their trading app or visit their web trading platform to open an account. To avoid scams, download the trading app from the broker’s website.
Fund Your Trading Account
Check for the brokers minimum deposit figure and deposit that amount into your trading account. You also want to consider using funding methods that support GHS, like local bank transfers.
Choose an Instrument to trade
Forex brokers offer a variety of forex pairs, plus other assets such as Stocks, Indices etc. but remember you don’t own these assets you are only speculating on the price direction.
Open a Trade and Monitor It
On your trading account, you can open a trade using a market order or pending order. Ensure to use risk management tools like stop loss and monitor the trade to know when to make adjustments.
Frequently Asked Questions – Best Forex Brokers in Ghana
What is a broker in forex?
A Forex broker is a financial firm that acts as an intermediary between traders and liquidity providers, to enable traders to buy and sell currencies.
Forex brokers also provide account and trading platforms for the buying and selling of currencies.
Can you trade forex in Ghana?
Yes you can trade forex in Ghana. Although forex trading is unregulated in Ghana, it is not illegal to trade forex using foreign forex brokers but you do so at your own risk.
Who is the best forex broker online in Ghana?
Exness is the best Forex broker online in Ghana, because they have strong regulations and features for both beginners and professional traders.Other Forex trading brokers in Ghana include HFM, FxPro, AvaTrade, XM, and FXTM.
Who is the best forex broker for beginners in Ghana?
XM broker is the best Forex broker for beginners in Ghana because they have a Micro Account, charge a low minimum deposit, and do not charge commission on trades.
Which forex broker has the lowest spread in forex?
Exness is the best Forex broker with a low spread. Spread in the Cent account starts at 0.2 pip, despite not charging a commission.
Which forex broker offers a welcome bonus in forex?
HF Marketsoffer a Top-up bonus on deposits for new traders, AvaTrade also offers a 20% welcome bonus.
Which forex brokers accept mobile money in Ghana?
FXTM, Exness, & HF Markets accept mobile money transactions in Ghana
Which forex broker has GHS base currency in Ghana?
Exness as GHS base currency trading accounts for Ghanaian traders. Learn more about Exness base currency by reading our Exness Review.
What is the cheapest forex broker in Ghana and why?
The cheapest forex broker in Ghana is Exness because they have
- A low $10 minimum deposit at Exness Ghana
- No overnight fees on forex, Indices, Crypto, & Gold trades at Exness Ghana
- EUR/USD average spread is 1.0 pip on Standard Accounts
- They don’t charge inactivity fees at Exness Ghana
- No withdrawal fees at Exness Ghana
What is the best broker for both Forex & Stock I can use in Ghana?
HF Markets & FxPro are good forex brokers that have forex & also stock CFDs. But when you trade stocks you don’t own the underlying stock you only speculate on the price movement.
HF Markets & FxPro have stock CFDs for various companies even not so popular ones meaning you can short sell these unpopular stocks.
