Ghana FX Review
Forex trading is a relatively new idea for those who live in Ghana. It has quickly become an alternative investment for many, which has subsequently led to an increase in Forex brokers looking to set up a base of operations in the country. It was originally an investment for banks and large financial institutions, but more and more individuals are coming on board. One important thing to bear in mind if you are looking to invest in foreign currency trading is to find the right kind of broker. You won’t be able to participate without one. And you need to pick the best one you can, or risk losing all your capital. Reading reviews is a great way to get a feel for different brokers and we’ll be as honest as possible when we write ours. Regulation of financial service providers is still very much in the early stages for a number of countries, and many experts would consider Ghana to be one of them. The regulatory body in the country is the Securities and Exchange Commission of Ghana.
The broker we’re reviewing here is called Ghana FX and states that it is regulated by the SEC. However, at the time of writing this review, we were unable to check this information as the website was undergoing construction. We would advise anyone considering Ghana FX as their broker to contact the SEC direct, either by telephone or email. So what can Ghana FX offer to individuals who want to trade foreign currency pairs?
Choose between a practice and a live account from Ghana FX
If you want to sign up with Ghana FX there are two options regarding a trading account. The first option is a practice account which will be an opportunity to have a go at trading without any kind of risk. You’ll also be able to get a real feel for the broker’s service without having to make a deposit. Reading reviews is a great way to get an idea about a broker, but there’s nothing to match real life experience.
Ghana FX believes in providing a service that is the same across the board, whether you’re investing $500 or $50,000. The company believes in helping African traders to trade under the best trading conditions available and offer The One Account for all investors.
The One Account offers the following:
- Minimum deposit requirement $50
- Spreads as low as 2 pips
- No commission
- ECN execution
- Micro lots from 0.01
- Leverage up to 1:500
- More than 50 trading instruments including Forex, indices, Gold, Silver, oil and single share CFDs
Funding a trading account is very simple and flexible. And it doesn’t matter what currency you deposit or where you live. The following methods are accepted:
- United Bank for Africa
- Groupe Bank of Africa Ghana
- Fidelity Bank
And a number of other local payment methods. Full details can be found in the funding sections of the broker’s website.
With Ghana FX you trade using the MetaTrader 4 trading platform
There are many different trading platforms available for traders to use when making trades and managing their trading accounts. However, there is one that has become an industry favorite. Metatrader 4 is the trading platform of choice for traders and brokers alike and is the platform used by Ghana FX. If you’re new to Forex trading you may not know what it is about MT4 that has made it so successful. So let’s give you a few details. It allows traders to trade a wide range of instruments including Forex, futures and commodities. All the necessary tools and resources are included in the software package to enable traders to analyze price dynamics, make transactions and trades, use automated trading packages and create their own. It’s an all in one package that is so user-friendly, even a complete novice will soon get to grips with how it all works and be trading like a pro.
Trading on the go isn’t a problem either, as Ghana FX has a mobile solution that will keep you connected to the Forex market wherever you might be. Download the MetaTrader 4 mobile app from your usual app store and select Ghana FX as your broker and you’ll be ready to trade before you know it. Using the MT4 mobile app you’ll be able to place trades quickly. Open positions will be plotted on live charts. You’ll be able to keep track of your trading account and access reports. There are 30 technical indicators alongside live interactive charting. And you’ll also be able to create a watchlist and set rate alerts with an audible alarm.
Customer education and support with Ghana FX
There is a link on the Ghana FX website that should take you to a section where you can watch and participate in some interactive videos. However, at the time of writing this review, we were unable to access the page to see what was on offer. The website itself is well laid out and informative, but we are unable to comment of the educational material that is available. Not a huge negative as there are plenty of other places to visit online for Forex training. But we do like to see something in the way of training, as it shows a level of commitment to the broker’s clients.
If you need to get in touch with customer support it is possible to do so by telephone or email. There is also an instant chat service, but we struggled to get through, which means it definitely wasn’t instant.