About the company:
GhanaFX is an online broker located in Africa. The company offers trading with 50 currency pairs, indices, gold, oil, silver on global platforms.
About the company. Security of funds
GhanaFX belongs to GFX Brokers Limited founded in Ghana. More importantly, the company is regulated by the local Securities and Exchange Commission.
Broker's regulation is the most important factor when it comes to comparing brokers since traders risk their funds. In case of bankruptcy, unregulated companies give no guarantees of returning funds to their customers. That's why we do not recommend addressing such companies. But on the other hand, there are special authorities for monitoring the financial services sector. In Ghana, these functions are handled by the Securities and Exchange Commission. The commission implements a policy to combat money laundering, but there is no additional information about the cooperation with forex brokers.
In comparison, in Great Britain the FCA supervisory authority (one of the most reputable in the world) requires regular reports on financial transactions from subcompanies. Also, regulated brokers should keep customers' funds in segregated accounts at a bank. It does not allow the broker to use investments of the clients for its own benefit.
In fact, customers' funds should be protected with a help of the Securities and Exchange Commission of Ghana, but the level of regulation is below the standards established by some of the best financial observers.
GhanaFX provides all clients with a united account.
Minimum initial deposit
The minimum deposit in GhanaFX equals $50. This is a low level of deposit. But there are companies where trading is available to almost everyone who wants to try, they offer a minimum deposit of $1.
Spreads and commissions
At GhanaFX, spreads start from 2 pips. Most brokers offer spreads in the range of 1.0-1.5 pips on EUR/USD. If you consider it to be an extremely high value, then we recommend you to find a suitable broker in our rating.
GhanaFX renders the maximum leverage level of 1:100. A year ago, the broker used to allow its customers to use a leverage of 1:500. These changes probably relate to the fact that the broker attempts to limit risks for the clients.
Traders can work on the MetaTrader4 trading platform (MT4). This is not a surprise because it is the most popular platform in the industry which has survived through the times. Traders use the platform for several reasons: a large number of user add-ons, a graphical package, charts for any instruments, indicators and automated trading systems, applications for PC and mobile devices.
There is no information about campaigns being held on the company's website. One can only hope that GhanaFX will introduce changes to the company policy.
GhanaFX has a whole online school where you can participate in regular seminars. Both beginners and experienced traders can take part in them. There is a calendar of upcoming webinars and a reference to registration on the website.
If you need to contact the customer service, you can use a telephone or email. There is also a chat service.
The website is accessible in the English language.
GhanaFX offers popular ways to finance an account: bank wire, electronic payment systems such as Skrill, Pay, M Pesa, Slydepay, and PayPal.
GhanaFX 1/10 (votes 2191)