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Ghana is a county in the subregion of wast Africa, it is one of the countries from the region that is actively involved in the developments around the world. Ghana is also trying actively to further develop the field of Forex by adopting new regulations frequently. There is a number of well-developed Forex brokers in Ghana, though the field got available to the public just a few years ago, it has already managed to be very popular among the citizens of the country.
For many years, Forex was something that was enjoyed by only commercial banks in Ghana, but in recent years, with the hard work and dedication of officials, citizens of countries also were able to enjoy the offerings of the field of Forex. If you are looking forward to learning more about the market in the country carefully read this definitive guide that we have worked very hard on, we made sure that we could give you as much information about the field of Forex in Ghana as possible with this guide.
The main regulatory body of the sector in the country is the Bank of Ghana, the national bank is working very hard to control the field and there were some cases reported over the last few years about some unauthorized and illegal brokers being closed down in the country. With the new regulations, everyone who wishes to offer the citizens of the country the ability to trade Forex has to have official authorization from the Bank of Ghana which should be renewed every year.
Forex trading is very popular around the world and as time goes, more people from different corners of the globe have access to the huge market of Forex. To understand the basics of Forex, it basically means buying and selling two different currencies at the same time. The currencies that you are selling are called pairs, and there are several different ones.
There are many international Forex brokers in Ghana, but if you do not really have time for research and want to start trading right now, we would recommend XM. This Forex broker is famous for amazing offerings and platform that it has, to learn everything about XM, follow the button below!
How to find the best Forex broker in Ghana?
To be able to find the best Forex broker in the country there are some things that you need to know. First of all, try to learn as much as you can about the economics of Ghana. Learn more about what you can do with the FX brokers, look up the regulations, check the websites of regulatory bodies to have a better understanding of them, and try to connect with the people who have experience trading in the country.
A great thing also would be to check out different types of reviews before you choose the broker you decide to trust your funds with. Forex is one of those fields where knowledge is very important, so take advantage of the learning offerings that the brokers might have and make the best of it!
What are the regulations and why are they so important?
Regulations are the way for the government to make sure the safety of your funds. There are many people who are saying that there is no need for regulations and all it does is that it hurts the field and prevents it from future development. However, regulations are vital when it comes to fields like Forex; when you trust a company with your funds you need to be sure that they can be safe and regulations can help with that.
The main regulatory body in Ghana is the Bank of Ghana which gives out the authorizations and licenses to Forex brokers in the country. However, the licenses are only given for one year and annually everyone has to renew it. The approval should be obtained by a broker at the beginning of every calendar year.
Another body that is responsible for ensuring that the brokers are authorized is the Securities and Exchange Commission (SEC) Ghana. Once you have found the broker that is regulated by the governing body, do not settle there – you should always double-check the information that was provided by the broker with the regulatory bodies. In Ghana, for example, you can check the list of the brokers that got the authorization for a certain year. The information regarding the regulated brokers is published by the Bank of Ghana every year.
Forex is already a very risky business so you should not be taking additional risks. It is always a good idea to go with the broker that is authorized by the regulatory bodies. In addition to the local Forex brokers in Ghana, there are many internationally well-known brokers that offer their services to the citizens of the country.
One of the brokers that stands out from the crowd with the amazing offerings that they have for their clients is the XM which stands to be one of the best FX brokers on the market. They offer their services to the citizens of Ghana and there are many people who enjoy the amazing offerings that you can take a look right now by clicking a button below.
Claim $30 trading bonus with XM
What are the payment methods available in Ghana?
There are many different types of options when it comes to funding a Forex trading account in Ghana. You can use everything from Mobile payments, which is very popular in Africa, to Card payments. Some brokers also accept wire transfers, even though this is not so much of a popular way of payment, there still are some people who are using it actively.
When it comes to card payments, Visa and American Express are the ones that you can see frequently. On the other hand, there are not so many people who are using MasterCard. In general, due to the fraud, using Card is limited in the country. Mostly, the cards are used in high-level restaurants and hotels.
Mobile Payment systems are something that is very actively used in the country. It represents something that is safe, convenient, fast, and very easy to use. There are many online payment systems in Ghana and most of them can be enjoyed by those who trade with the licensed Forex brokers in Ghana.
What is Ghana’s national currency and how actively is it used in trading pairs?
The national currency of the country is Ghanaian cedi, it represents the fourth historical and only legal tender in the country. One cedi is divided into one hundred different pesewas. Ghanaian cedi is not something that is very actively trader around the world, and we would recommend that if you are a beginner, try to avoid trading it for some time.
In general, there are three different types of trading pairs available in the field of Forex. These include Majors, Minors, and Exotic. Major currency pairs are the ones that include USD as one of the currency in the pair, and almost 85 percent of the trading volume is traded in the major pairs. There are seven major currency pairs and they include EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CHF, NZD/USD, and USD/CAD.
The thing about Majors is that since most of the traders are using them, they are very highly liquid and it is very easy with them to have higher profits. Also, it is a lot easier to understand them so it is always a good idea to start trading with them and then go with the currencies that are not traded so frequently.
The minors are basically cross currency pairs that contain every single currency from major pairs, except the USD. Exotic currencies are those of emerging economies, like South Africa, Brazil, Mexico, etc.
Exotic pairs are one of the hardest ones to trade, because of that, we would like to recommend for every beginner to start trading with the Majors to learn more about the trading and get only then start trading with the currency pairs that you like!
What are the educational opportunities with top Forex brokers in Ghana?
Knowledge and education about the field of Forex are one of the most important things when it comes to being successful. Before you start trading, try to look for the E-Books or webinars. There are many licensed forex brokers in Ghana that offer a list of educational opportunities for their clients.
There are many institutions in Ghana that are offering classes for those who are starting out in the field, do not hesitate to look them up. The knowledge and experience that you have is the key when it comes to FX trading.
What are the best platforms for trading?
There are many different platforms and Softwares available for FX traders in Ghana. Some of the brokers have developed their own Softwares, while others are using those that are very popular around the world. One of the first ones that come to mind is the MetaTrader. Both MT4 and MT5 are very popular since they offer a great trading experience. MetaTrader is very easy to use and many traders are using them actively.
The great thing about both of them is that they can be used with different devices. They can be used on computers, tablets, or even phones. Being able to use a trading platform on your smartphone can be very helpful, especially if you have to travel a lot. This is a great opportunity to stay in touch with the market and always have access to one of the biggest financial markets in the world.
If you are using a computer, the platforms are available for free download for every trader and if you do not want to download it, you can also access it through your web browser.
Even though MT5 is the newer version of the MT4, both of them still remain to be very popular among traders. Probably one of the main reasons behind the popularity of MT4 is that there is a huge community of traders who are using the platform, so in case of an emergency, you can always find someone who can help you!
There are many other platforms available on the market but MetaTrader stands to be one of the best ones out of them.
How much money do you need to start trading in Ghana?
The amount of money that you might need to start trading in the country fully depends on the FX broker that you are trading with. There are many brokers who technically do not demand any amount of payments from traders for starting out trading, however, there are also some that require hundreds of dollars for registration.
Something that we want you to always remember that the deposits that you are making on your trading account are in no way a payment. Rather, look at it as an investment. The money that you pay on your account is something that you will be able to benefit from in the future, so do not look at it as payment!
Why should you start trading with FX brokers in Ghana?
Forex is one of the fastest-growing fields in the world, there are many people who are interested in it and the number of traders is only rising every day. Forex in Ghana has become very popular over the years and it gave the people of the country the ability to make a living by trading. Once a field that was only available for commercial banks, now can be accessed by every citizen of the country who has a connection with the internet.
There are many great offerings in the country, to make the field even more successful, tens of different Ghanian FX brokers are offering their clients online classes and different types of educational opportunities. While trading in Ghana, you will also have a chance to try out the demo accounts, which are very useful for those who are just starting out with trading. These accounts will give you the ability to trade without having to risk your own money, with this, you will be able a lot more about the field and focus more on your trading strategies!
