Forex Brokers in Ghana
Forex trading in Ghana is popular amongst residents who are looking to buy and sell currencies to speculate on the fluctuating currency market prices. Whilst international forex brokers can accept traders in Ghana as clients, forex brokers in Ghana are required to become authorised by the Ghana Securities and Exchange Commission (SEC). Section 3.13. 1 of the Ghana Interbank Forex Market Conduct act stipulates; “local and International FX Brokers who want to operate in Ghana’s forex market are required to obtain prior approval from the Bank of Ghana at the beginning of every calendar year.”
Best forex brokers Ghana
To find the best forex brokers in Ghana, we created a list of all the forex brokers that accept traders in Ghana and then ranked them based on our overall rating. You can see our list of our top forex brokers for Ghana below.
ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA
SEC forex brokers in Ghana
If you are looking to start trading forex in Ghana you will have to identify a suitable broker. Choosing a broker will depend on a number of factors and your forex trading requirements. It is important for traders to do their own comprehensive research and choose a forex broker that meets their requirements.
Top of many forex traders list would be a SEC regulated forex broker although there is a very limited choice which is why traders and investors in Ghana often consider international brokers as an alternative. There are plenty of regulated forex brokers that can serve clients in Ghana including those with top tier regulation from the FCA, ASIC and CySEC.
The Securities and Exchange Commission (SEC) of Ghana is established by the Securities Industry Act, 2016 (Act 929) (‘the Act’) with the object to regulate and promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.
To achieve the object of the commission, the commission shall:
- Advise the Minister on matters relating to the securities industry.
- Maintain surveillance over activities in securities to ensure orderly, fair and equitable dealings in securities.
- Register, licence, authorize or regulate, in accordance with the Act or the Regulations, the establishment of securities exchanges, commodities and futures exchanges, securities depositories, clearing and settlement institutions, credit rating agencies, fund managers, investment advisers, unit trusts, mutual funds, hedge funds, private equity funds, venture capital funds, nominees, underwriters, issuing houses, registrars, custodians, trustees, primary dealers, broker-dealers the mode of conduct of securities businesses, issues concerning Accounts and Audits, the establishment of fidelity funds and trading in securities.
- Formulate principles for the guidance of the industry.
- Monitor the solvency of licence holders and take measures to protect the interest of customers where the solvency of a licence holder is in doubt.
How to verify SEC regulated brokers in Ghana
You can find an authorised broker’s license number from the disclosure text at the bottom of their homepage. You can then look up the authorisation number on the SEC website to confirm if the forex broker is regulated in Ghana to provide online forex trading products and services.
Some Ghana forex brokers are regulated in more than one jurisdiction so that they can offer a different range of trading accounts and conditions depending on the location of the trader and regulated entity that they choose to open a forex trading account with.
Is forex trading legal in Ghana?
Ghana allows for legal forex trading. Despite being relatively new to the nation, it has grown to be extremely common. Forex trading is still relatively uncommon in many African nations, but it is quite common in Ghana, where The Bank of Ghana, a unique, separate regulatory body, also controls the industry.
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