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GhanaFX review

GhanaFX


On-line since: 2011
Country of origin: Ghana
Regulation: -
Payment options: options: bank wire, electronic payment systems
Minimum account size: $50
Minimum lot size: 0.01 lot
Leverage: up to 1:100
Spreads: from 2 pips

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.

Trading conditions

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.

Leverage

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.

Trading platforms

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.

Special offers

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.

Additional services

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.

Support service

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.

Payment options

GhanaFX offers popular ways to finance an account: bank wire, electronic payment systems such as Skrill, Pay, M Pesa, Slydepay, and PayPal.

Advantages:

  • little minimum deposit;
  • MT4;
  • training web-based seminars are organized.

Disadvantages:

  • the level of financial regulation is below world standards;
  • the company does not provide credit cards for financing an account.

GhanaFX 1/10 (votes 2191)
Author of GhanaFX: IronPips | Date 2021-02-22
GhanaFX is dreadful broker. I was deposited $850, and when I wanted to withdraw my money, their finance department did not process my request. Their support team was not answering my emails or calls. I had made profit though but now it seems they are absolutely scam and I wasted my hard earned money. So take my suggestion if you want to keep your money safe, don't trade with GhanaFX broker.
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Author of GhanaFX: Orionpip | Date 2020-12-16
Starting an account at GhanaFX is easy. I appreciate how friendly the customer representative that I spoke with was. She really walked me through the process and assisted me until I got my account verified. Their trading fees are low which is great for scalpers. They also offer various trading instruments so the clients really have a choice.
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