Ghana Forex brokers list: everything you need to know

Ghana has its own Forex market regulator – the Securities and Exchange Commission of Ghana (SEC Ghana) overseeing the local securities market, licensing the financial institutions, investigating fraudulent cases, and setting the market standards which Forex brokers have to follow. The Securities Industry Act enforced by the government in 2016 guards the local traders and protects their funds’ security, as well as the safety of traders’ rights.

Forex traders in Ghana pay the Capital gains tax only if their total taxable net income from trading Forex exceeds GHC50. In such a case, the capital gains tax payable is 15-25% of the net gains earned through trading currency pairs. For those individuals who fall into the category of the higher tax rate, there is an opportunity to lower the tax liability by choosing a flat rate of 15% tax.

Some of the top Forex brokers in Ghana accept deposits in the local currency, Ghanaian Cedi. The currency itself is not a popular Forex asset and you would hardly manage to find it among the exotic currency pairs. Moreover, Ghanaian traders have access to the diverse list of payment options that include globally accepted payment solutions, such as Skrill and PayPal, as well as the region’s favorite payment methods like M-Pesa.

List of the Best Forex brokers in Ghana

There is a common misconception that traders should look for local brokerage companies. On the contrary, some of the best brokers will usually be international firms that are recognized in multiple jurisdictions. The multinational Forex brokers will often hold several licenses from various regulatory bodies that make them much more attractive than local options. Especially in Ghana, where the regulatory framework is not as strong and advanced to guarantee the excellence of local brokerage companies. It is strongly recommended that Ghanaian traders choose international Forex brokers instead. Below is the list of the internationally recognized brokers that work with the traders from Ghana.

XM Group

XM Forex Review

Minimum deposit

5$

Regulation

CySEC, FCA, ASIC

Bonus

30$, 50%+20%

Maximum leverage

1:1000

Year founded

2009

Trading platform

MT4, MT5, WebTrader

AvaTrade

Review of AvaTrade – Broker with over 15 years of experience

Minimum deposit

$100

Regulation

CySEC, CBI, FSA, FFAJ, BVI FSC, FSCA, FSRA

Bonus

Maximum leverage

1:400

Year founded

2006

Trading platform

MT4, MT5, WebTrader, AvaTradeGO

SAXO Bank

SAXO Bank Forex Review

Minimum deposit

USD 5,000

Regulation

FINMA, FCA, ASIC, FSA, MAS, AFM

Bonus

N/A

Maximum leverage

1:30

Year founded

1992

Trading platform

SaxoTraderGo, SaxoTraderPro

HotForex

HotForex Review – Trade 1,000+ of Symbols with this Broker

Minimum deposit

$5

Regulation

SVGFSA, FCA, DFSA, FSCA, FSA

Bonus

From 30% to 100%

Maximum leverage

1:1000

Year founded

2010

Trading platform

MT4, MT5

ForexMart

ForexMart Review – High-class trading experience

Minimum deposit

15

Regulation

CySEC

Bonus

30%

Maximum leverage

1:500

Year founded

2015

Trading platform

MT4, WebTrader

CM Trading

CM Trading FX broker review – Is it legit?

Minimum deposit

$250

Regulation

FSCA

Bonus

Maximum leverage

1:200

Year founded

2012

Trading platform

MT4, WebTrader

Plus500

Plus500 Review

Minimum deposit

100$

Regulation

FCA

Bonus

N/A

Maximum leverage

30:1

Year founded

2008

Trading platform

Custom

IQ Option

An in-depth IQ Option Review of fees, opportunities and more

Minimum deposit

$10

Regulation

Risk Warning: YOUR CAPITAL MIGHT BE AT RISK

Bonus

N/A

Maximum leverage

1:1000

Year founded

2013

Trading platform

Proprietary

Exness

Exness Broker Review – Should You Trade With It?

Minimum deposit

10 USD

Regulation

FCA, CySEC, FSA

Bonus

N/A

Maximum leverage

1:Unlimited

Year founded

2008

Trading platform

MT4, MT5, WebTerminal

OspreyFX

OspreyFX review – regulations, features and possibility of OspreyFX scam

Minimum deposit

$10

Regulation

N/A

Bonus

N/A

Maximum leverage

1:500

Year founded

2019

Trading platform

MT4, custom

EagleFX

EagleFX review – Start trading with safe and secure broker

Minimum deposit

$10

Regulation

Bonus

Maximum leverage

1:500

Year founded

Trading platform

MT4

Forex.com

Forex.com Review

Minimum deposit

250$

Regulation

FCA, NFA

Bonus

N/A

Maximum leverage

200:1

Year founded

1999

Trading platform

MT4

easyMarkets

Can You Trust easyMarkets? There Are Things You Need To Know

Minimum deposit

$25

Regulation

ASIC, CySEC, FSA, BVI

Bonus

50%

Maximum leverage

1:400

Year founded

2001

Trading platform

WebTrader, MT4, TradingView

HYCM

Can you trust HYCM Forex broker? What you need to know?

Minimum deposit

100

Regulation

FCA, CySEC, DIFC, CIMA

Bonus

N/A

Maximum leverage

500:1

Year founded

1977

Trading platform

MT4, MT5

FPMarkets

Is FPMarkets reliable broker? Is it licensed to trade?

Minimum deposit

$100 AUD

Regulation

ASIC

Bonus

N/A

Maximum leverage

500:1

Year founded

2005

Trading platform

WebTrader, MT4, MT5, IRESS

Pepperstone

Pepperstone FX Broker – Everything You Need To Know About This Broker?

Minimum deposit

AUD$200

Regulation

ASIC, SCB, CMA, CySEC, FCA, BaFin and DFSA

Bonus

N/A

Maximum leverage

1:400

Year founded

2010

Trading platform

MT4, MT5, cTrader, TradingView

FXRoad

Review of FXRoad – Broker with Superior Islamic Accounts

Minimum deposit

250 EUR

Regulation

FSA (Seychelles)

Bonus

None

Maximum leverage

1:200

Year founded

2023

Trading platform

FXRoad web & mobile platforms

IMGFX

IMGFX Broker Review – Your Best Trading Experience

Minimum deposit

$50

Regulation

N/A

Bonus

N/A

Maximum leverage

1:500

Year founded

2015

Trading platform

MT4

FXOpen

FXOpen Review – The most experienced broker

Minimum deposit

1 USD

Regulation

ASIC, FCA

Bonus

10 USD

Maximum leverage

1:500

Year founded

2005

Trading platform

MT4, MT5, WebTrader

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Who regulates Forex brokers in Ghana?

Forex trading brokers GhanaAs mentioned above, Ghana has a separate regulatory institution that is responsible for checking the Forex brokerage companies in Ghana, ensuring that all business operations are legal and the company is transparent in the end. Such a governmental body is the Securities and Exchange Commission of Ghana. The government itself is interested in making the Forex market in its country as reliable, safe, and attractive as possible. Why is that? Simply because there is nothing new in fact that Forex trading generates huge profits that can not only benefit the population but also be taxed. Therefore, that is a win-win situation: people are happy, as well as the government. The fact that the government is trying to develop Forex trading in Ghana is also great for foreign traders, as they are receiving competitive trading conditions of the market.

Just like any other regulatory body, the SEC of Ghana is working on making Forex trading as transparent and clean as possible. That, in turn, is done in order to develop the economy of the country and provide the overall health of financial transactions within it. The institution operates in compliance with the Securities Industry Act of 2016 which provides guidance on establishing the competitive trading environment in the country, encouraging the investors to get involved in the industry, and rewarding any forms of participation. The SEC of Ghana does not impose strict rules that would limit the freedom of the traders or Ghanaian best Forex broker. For example, there are no caps on maximum leverages provided by the brokers and no limitation on types of trading assets acquired by the investors.

However, since the SEC is a relatively new institution and has a lot of responsibilities, the overall trading scene in Uganda still has a lot of room for growth. That is why you will not find a leading offshore brokerage company having SEC of Uganda regulation. On the other hand, most of the best brokers in Uganda will have a license from the Financial Sector Conduct Authority of South Africa (FSCA). The FSCA has relatively more experience in the Forex industry and has been renowned as one of the advanced and reliable regulatory organizations globally.

Trade with FSCA-regulated broker AvaTrade

How is Forex trading Taxed in Ghana?

All earnings generated through trading currency pairs online are taxed as Capital gains in Ghana. The amount of the Capital gains tax depends on the size of the annual income of a person. There are several rules for exemption, as well. The Forex traders in Ghana are exempt from paying the Capital gains tax if:

  • Their trading gains do not exceed GHC 50
  • If they reinvest the entire amount of their earnings in another property or asst within the same fiscal year
  • If they have transferred the ownership of the asset (not possible in Forex)

If none of the exemption conditions are present, then a Forex trader is liable to pay 15-25% of the total net income as a Capital Gains tax. Since the Capital Gain is usually taxed at the highest marginal rate, some individuals might fall in the higher tax rate category. But, the government gives them the opportunity to opt for a flat tax rate of 15 percent.

All residents of Ghana are required to submit a Capital Gain Tax Return form to the Ghana Revenue Authority. The form should include the list of all the chargeable assets and the summary of payable taxes on capital gains.

Local currency pairs in Ghana

ghana best forex brokerAt the moment of writing this review, we could not find any best Forex broker online Ghana offering Ghanaian Cedi among the exotic currency pairs. The reason is that GHC is not an attractive option for Forex traders currently and therefore, due to low interest, brokers avoid including the currency within their trading portfolios. However, there are several regional currencies available as Forex trading assets, such as South African Rand (ZAR). Forex brokers from our list above in the paragraph, such as XM broker, AvaTrade, and HotForex offer some of the exotic currencies with the South African Rand. Two of the most popular currency pairs with ZAR are USD/ZAR and EUR/ZAR.

The conditions with exotic currency pairs differ from those with popular currency pairs. The reason is that the interest for exotic currency pairs is much lower, therefore, the cost of trading them is higher. You could find USD/ZAR and EUR/ZAR pairs with a fixed spread of 200 pips.

Trade ZAR currency pairs with AvaTrade

Is there a cap on leverage for Ghana Forex brokers?

Leverage is often thought of as a burrowed funds from the broker. It is extremely useful when traders do not have that much cash balance available and would like to enhance their trading positions. Especially, since the price change in the Forex market is relatively small, leverage is used to generate greater profit. However, leverage can also impose a great risk of financial losses if the trades are unsuccessful. Therefore, traders have to be always careful when choosing the best brokers online Ghana with sky-high leverages.

Some of the countries, especially the European Union impose multiple restrictions on leverages. For instance, it would not be rare to come across a cap on leverage limiting it up to 1:30. However, in most African countries there are no caps on leverage, including Nigeria, Uganda and Kenya. In Ghana, brokers can freely offer leverages up to 1:500, or even up to 1:2000. But, Ghanaian traders still have to take into account that when trading with international regulated Forex brokers the brokers might be limited in offering the maximum leverage by their respective market regulators. Remember to always use leverages carefully while trading Forex.

What Payment systems are available in Ghana?

best forex broker ghanaAnother pleasing aspect that needs to be mentioned is that there are plenty of payment methods available for Ghanian traders. The payment options vary from one broker to another. But some of the most popular payment methods are all accepted by Forex brokers in Ghana. The list includes Access, United Bank for Africa, Zenith, Groupe Bank of Africa Ghana, Fidelity Bank, Skrill, and PayPal. Thus, you have quite an impressive choice when it comes to depositing or withdrawing funds from your account balance. One of the most popular choices in African regions is the M-Pesa payment system which is supported by all leading brokerage companies.

The international brokers operating in Ghana do not have any limits on withdrawals and deposits. You can easily find a broker with a minimum deposit requirement from 5 USD up to 250 USD according to the benefits of trading accounts. Furthermore, any amount can be withdrawn from the account at any moment by the traders with the payment methods mentioned above.

What should you look out for when trading Forex in Ghana?

Unfortunately, throughout the past few years, there have been multiple cases of frauds and scams recorded in the country. In general, scams are common in every corner of the globe, however, the African region is especially vulnerable to them due to loose regulatory frameworks. In other regions, the regulatory organs and authorities are actively investigating the cases of frauds and punishing the scam companies. Despite the fact that there is an official institution in Ghana, the SEC, the single authority cannot monitor the whole market, especially when there is an abundance of international brokers that claim to be the best Forex brokers online Ghana.

In order to avoid scams in the Forex industry, one has to conduct thorough research on brokers before actually starting to trade with them. The research should reveal the nature of the brokerage company, the regulations, and licenses that it owns, the terms and conditions of trading, and the safety or security measures implemented by the broker. For your safety, it is always better to trade with regulated Forex brokers and double-check the information regarding the licenses within the databases of the regulators themselves.

FAQs about Ghana Forex brokers

Is Forex trading legal in Ghana?

Yes, it is completely legal to trade on the Forex market in Ghana. Fortunately, unlike many other African countries, Ghana has an officially established regulatory organization that is responsible for controlling financial institutions. A few years ago, the Securities and Exchange Commission, or SEC was formed which regulates the securities market in the country and oversees the operations of the best Forex brokers Ghana.

Do Forex traders pay tax in Ghana?

Forex traders in Ghana have to pay capital gains tax on their annual incomes from trading Forex. However, if their net income from Forex trading is less thanGHC50, they are exempt from the capital gains tax. The Capital gains tax applicable to chargeable incomes is 15-25% of the net income. However, the traders have an opportunity to lower their tax liability to 15% tax by filing the special form to the revenue authority.

What types of Forex brokers are available in Ghana?

The best brokers Ghana come usually in types of Dealing Desk (DD) brokers, No Dealing Desk (NDD) brokers, Electronic Communication Network (ECN) brokers, Straight Through Processing (STP) brokers and Multilateral Trading Facilities (MTF) brokers. Dealing Desk brokers are described as market makers, meaning that they are the ones who decide the width of spreads and prices of bids. NDD brokers, however, in turn, are not allowed to change the prices. ECN brokers are usually profiting from commissions charged on traded volume. STP brokers exclude brokers from trading, as all transactions are immediately projected on the interbank market. Finally, Multilateral Trading Facilities brokers allow traders to access those instruments that may not have an official market. They operate on electronic systems that match certain trading asset buyers with sellers.

Where can I learn Forex trading in Ghana?

Ghana has a special education organization – the Certified Institute of Forex traders Ghana. The center provides Forex trading training and courses that are aimed to provide Ghanaians with powerful tools for Forex trading that would ensure that the overall economy of the country is developing as well. Apart from that, the organization is offering advisory services that include financial and investment advice at affordable fees to both individuals and financial companies. The programs of Forex education are diversified depending on the level of experience. Thus, you may find programs for beginners, intermediates, as well as professionals.