GHANAFX

About company:

GhanaFX is an online broker based in Africa. The company offers trading in 50 currency pairs, indices, gold, oil, silver on world markets.

 

Company. Fund security

GhanaFX is owned by GFX Brokers Limited, based in Ghana. More importantly, the company is subject to regulation by the local Securities and Exchange Commission.

 

Broker regulation is the most important factor when comparing brokers as traders risk their money. Unregulated companies in bankruptcy do not give any guarantees of refund to their clients. That is why we do not recommend contacting such companies. But on the other hand, most countries have separate specialized institutions for monitoring the financial services sector. In Ghana, these functions are performed by the Securities and Exchange Commission. The Commission has an anti-money laundering policy, but there is no additional information regarding interactions with Forex brokers.

 

By comparison, in the UK, the FCA (one of the most reputable in the world) requires regular reports on financial transactions from controlled companies in the UK, and regulated brokers must keep client funds in segregated bank accounts. This prevents the broker from using clients' investments for their own purposes.

 

Essentially, client funds should be protected by the Ghana Securities and Exchange Commission, but the level of regulation is below the standards set by some of the best financial watchers.

 

Trading conditions

GhanaFX provides a single account for all clients.

 

Minimum initial deposit

The minimum deposit at GhanaFX is $ 50. This is a low deposit level. But there are companies in which trading is available to almost everyone who wants to try, they offer a minimum deposit of $ 1.

 

Spreads and commissions

In GhanaFX, spreads start from 2 pips. Most brokers offer spreads in the range of 1.0-1.5 pips on EUR / USD. If you think this is too high a value, then we advise you to find a suitable broker in our rating.

 

Leverage

GhanaFX offers a maximum leverage ratio of 1: 100. A year ago, the broker allowed its clients to use a leverage of 1: 500. Such changes are most likely due to the fact that the broker is trying to limit the risks of clients.

 

Trading platforms

Traders can trade on MetaTrader4 (MT4). This is not a surprise as this is the most popular platform in the industry and has stood the test of time. Traders use this terminal for several reasons: a variety of custom add-ons, a graphics package, charts for any instrument, indicators and automated trading systems, applications for PC and mobile devices.

 

Promotions

There is no information on the promotions on the company's website. We can only hope that GhanaFX will make changes to the company's policy.

 

additional services

GhanaFX has a whole online school where you can participate in seminars. Both beginners and experienced traders can participate in them. The website has a calendar with upcoming webinars and a registration link.

 

Support service

If you need to contact support, this can be done by phone or email. There is also a chat service.

 

The website is available in English.

 

Ways of payment

GhanaFX offers popular ways to fund your account: bank transfer, electronic payment systems: Skrill, Pay, M Pesa, Slydepay, PayPal.

 

Pros:

 

low minimum deposit; MT4 is available; training webinars are held.

 

Minuses:

 

the level of financial regulation is below world standards; does not offer credit cards for account funding.