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Best Forex Brokers In Ghana 2024

Written By

Michael MacKenzie

Written By

Michael MacKenzie

Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.

» Michael MacKenzie Profile Page

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Updated

Apr 6, 2024

Forex trading in Ghana has become increasingly popular. Yet while the country’s Securities & Exchange Commission and Bank of Ghana does license some ‘Broker Dealers’, many Ghanaians turn to established international brokers for their superior trading conditions.

We’ve compiled a list of the best forex brokers in Ghana. All our recommended platforms have been vetted by our forex experts to ensure they provide superb platforms, excellent pricing, a great range of currency pairs, and local payment methods, such as M-Pesa.

5 Top Forex Brokers In Ghana

These are the 5 highest-rated forex trading platforms that accept traders from Ghana based on our in-depth tests and personal observations:

1. XM - XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.
2. Exness - An impressive range of around 100 forex pairs are available, more than most other brands. Spreads on major pairs are also tight, from 0.1 pips. Additionally, the broker offers an excellent suite of forex analysis tools, including market news by FXStreet.
3. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
4. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
5. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.

Best Forex Brokers In Ghana 2024 Comparison

Best Forex Brokers In Ghana 2024 Comparison

Broker	Forex Assets	EUR/USD Spread	Forex App Rating	Minimum Deposit	Regulator	Visit
	55+	1.6	4.7 / 5	$5	ASIC, CySEC, DFSA, FSC, FSCA	Visit
	97	0.0	4.4 / 5	$10	FSA, CySEC, FCA, FSCA, FSC, CBCS	Visit
	55+	0.0	4 / 5	$50	FCA, ASIC, FSCA, VFSC	Visit
	50+	0.9	4.3 / 5	$100	ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM	Visit
	100+	0.1	4.7 / 5	$0	FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB	Visit
	50+	0.0	3.6 / 5	$100	ASIC, FCA, xCySEC, SCB	Visit
	45+	Variable	3 / 5	$0	-	Visit
	60+	14 pips	4.5 / 5	$10	-	Visit
	80+	0.8	4.9 / 5	$0	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA	Visit
	50+	1.2	4 / 5	$10	FSC, FSA	Visit
	70+	1.58 pips (Ave)	2.5 / 5	$100	FCA, CySEC, FSCA, SCB, FSC	Visit
	70+	0.2	3.4 / 5	$0	CySEC	Visit
	70+	1.0	4.8 / 5	$0	FCA, CySEC, KNF, CNMV, DFSA, FSC	Visit
	60+	0.6	5 / 5	$100	FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA	Visit
	67	0.70 pips (var)	3.9 / 5	$100	FCA, CySEC, ASIC, FSCA, FSC	Visit

#1 - XM

Visit

Review

Why We Chose XM

XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

- DayTrading Review Team

• GBPUSD Spread: 1.9
• EURUSD Spread: 1.6
• EURGBP Spread: 1.8
• Total Assets: 55+
• Leverage: 1:1000
• Platforms: MT4, MT5

About XM

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC. 100% deposit bonus + further offers up to 4500$

Pros

• XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
• Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins
• Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools

Cons

• There's $5 inactivity fee after only 3 months, though this won't affect active traders
• PayPal deposits are not supported
• There is weak regulatory oversight through the global entity

Visit XM

#2 - Exness

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Review

Why We Chose Exness

An impressive range of around 100 forex pairs are available, more than most other brands. Spreads on major pairs are also tight, from 0.1 pips. Additionally, the broker offers an excellent suite of forex analysis tools, including market news by FXStreet.

"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."

- DayTrading Review Team

• GBPUSD Spread: 0.1
• EURUSD Spread: 0.0
• EURGBP Spread: 0.4
• Total Assets: 97
• Leverage: 1:2000
• Platforms: Exness Trade App, MT4, MT5, TradingCentral

About Exness

Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 260,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.

Pros

• Highly competitive spreads are available from 0.1 pips and low commissions from $3.50 per side
• There's excellent 24/7 multilingual customer support via telephone, email and live chat
• There's a strong range of account types for all experience levels and requirements, including Cent, Pro and Raw spread solutions

Cons

• Unlike most competitors, Exness doesn't provide its own education section
• There are no promotional deals or loyalty schemes for high-volume day traders
• There are several regional restrictions for retail traders including the USA, Europe and the UK

Visit Exness

#3 - Vantage

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Review

Why We Chose Vantage

Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

- DayTrading Review Team

• GBPUSD Spread: 0.5
• EURUSD Spread: 0.0
• EURGBP Spread: 0.5
• Total Assets: 55+
• Leverage: 1:500
• Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade

About Vantage

Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

Pros

• It’s quick and easy to open a live account – taking less than 2 minutes
• The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
• The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities

Cons

• It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
• The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
• A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side

Visit Vantage

#4 - AvaTrade

Visit

Review

Why We Chose AvaTrade

AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

- DayTrading Review Team

• GBPUSD Spread: 1.5
• EURUSD Spread: 0.9
• EURGBP Spread: 1.5
• Total Assets: 50+
• Leverage: 1:30 (Retail) 1:400 (Pro)
• Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

About AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.

Pros

• Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
• AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
• There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill

Cons

• It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
• There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
• There is no ECN account with raw spreads

Visit AvaTrade

#5 - Pepperstone

Visit

Review

Why We Chose Pepperstone

Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

- DayTrading Review Team

• GBPUSD Spread: 0.4
• EURUSD Spread: 0.1
• EURGBP Spread: 0.4
• Total Assets: 100+
• Leverage: 1:30 (Retail), 1:500 (Pro)
• Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade

About Pepperstone

Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.

Pros

• Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
• Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
• There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.

Cons

• Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
• Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
• There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.

Visit Pepperstone

How We Rate Forex Brokers In Ghana

To find the best forex brokers in Ghana, we identified all the platforms that accept Ghanian traders and then ranked them based on their overall rating, which focuses on key areas:

Trust

Ghana’s SEC has warned of fraudulent investment schemes promoted to the “unsuspecting general public through various media forms including electronic, outdoor and mass media advertising”, with some offering extremely unrealistic annual returns of up to 840%. This is why we prioritize trust.

After years of testing and using forex brokers that accept traders from Ghana, we’ve found that the most reliable brands have regulation from one or more ‘Green-Tier’ authority.

Since Ghana’s SEC is not a very active regulator and doesn’t license many forex brokers, we recommend platforms that are regulated by respected bodies like the FSCA in South Africa.

I’ve observed that even many trusted forex brokers onboard Ghanaian traders through offshore entities with fewer safeguards, including no access to compensation in the event of broker insolvency. Consequently, only risk what you can afford to lose.

Michael MacKenzie

Author

Forex Markets

Short-term traders in Ghana will benefit from access to a wide selection of currency pairs, providing exposure to fluctuations in African currencies and beyond.

That said, we’ve found trading the Ghanaian Cedis in currency pairs like the USD/GHS and EUR/GHS is not widely available.

After testing around 500 forex trading platforms, we’ve set a benchmark of 50+ currency pairs as a standard for a good brokerage. Exceptional brokers will provide 80+ currency pairs, including all the majors plus a wide selection of minors and exotics.

Pricing

Low fees will give Ghanaian forex traders a better chance to make profits, especially active day traders, so we rate the competitiveness of spreads and/or commissions.

Crucially, we weigh all the fees, including non-trading costs like conversion charges for depositing in Ghanaian Cedis, with the overall forex trading environment, considering charting tools and features like regional news feeds and economic calendars with key dates from Ghana and its neighbours.

Forex Platform

A powerful, flexible platform with great charting tools is critical, especially for short-term traders, so it’s one of our priorities when reviewing forex brokers.

Our top-rated forex brokers in Ghana all offer at least one excellent platform based on our hands-on tests. This is often one or both of the classic MetaTrader 4 or MetaTrader 5 platforms, which are favored by many experienced forex traders for their algorithmic trading capabilities and charting power.

However, we increasingly look for newer options with more intuitive contemporary designs that appeal to the new generation of forex traders – whether that’s a popular third-party option like TradingView or a proprietary platform.

Funding & Account Minimums

Being able to securely fund your account is essential for a smooth trading experience, so we rate Ghanaian forex brokers based on their payment options.

Our analysis of nearly 500 forex trading platforms shows that very few offer accounts denominated in Ghanaian Cedis (GHS), however many support USD or ZAR with low or no conversion fees.

Digital payment methods are expected to increase by nearly 15% annually in Ghana, so we also favor forex brokers that support popular regional options like M-Pesa.

Our top list of forex trading platforms in Ghana also only includes platforms with accessible account minimums of <250 USD, around <3,200 GHS, so there’s a destination for forex traders of all budgets.

FAQ

Is Forex Trading Legal In Ghana?

Forex trading is not banned in Ghana so traders can open an account with an online broker to speculate on the value of currencies.

Still, we recommend keeping abreast of any developments from the country’s Securities & Exchange Commission and Bank of Ghana.

It’s also important to understand the tax implications of forex trading from the Ghana Revenue Authority.

Who Regulates Forex Trading In Ghana?

The Ghanian Securities and Exchange Commission is the main financial regulator in the country, but it doesn’t play a particularly active role in overseeing forex brokers and only has a select list of platforms on its books.

As a result, many forex traders in Ghana choose to register with trusted brokers that are based and regulated elsewhere, for example South Africa with the FSCA.

How Much Money Do I Need To Start Trading Forex In Ghana?

The minimum amount you need to start trading forex depends on the broker you choose. Our findings show that most accept currency traders from Ghana with <250 USD, around <3,200 GHS.

That said, Pepperstone and XTB stand out with no minimum deposit, catering to budget traders.