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GhanaFX Review - is it scam or safe?

Ghana FX Review - Is ghanafx.com scam or a safe broker?

RATING: 2 / 0 REVIEWS
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Trading Accounts

Account type   Minimum deposit Maximum leverage Spread
Standard $50 1:500 From 2.0 pips


GhanaFX is a forex broker, which targets African clients. The company offers a single account type, as they define their mission as offering everybody access to the global markets on equal terms.


 
The Company. Security of Funds


 

Company Country  Regulation
GFX Brokers Limited Ghana SEC Ghana


GhanaFX is owned by GFX Brokers Limited. As their name would suggest, they are based in Ghana. More importantly they fall under the regulation of the local Securities and Exchange Commission.



As we mention in most of our reviews, financial regulation is probably the most important factor when comparing brokers. Counterparty risk (i.e. the risk of you not getting paid by your broker) is very prevalent with unregulated companies. This is why we don’t recommend dealing with such entities. On the other hand, most countries have some dedicated agencies to monitor the financial services sector. In Gana, the Securities and Exchange Commission does that. As far as we know the Commission enforces anti-money laundering policies, but there is no further specifics about the treatment of forex brokers.



As a comparison the UK’s Financial Conduct Authority (FCA), one of the most reputable watchdogs, requires frequent reporting from the companies registered with it. Additionally and more importantly in terms of the security of your funds, brokers must keep clients’ deposits in the so called “segregated accounts”. These are special bank accounts, which can’t be freely accessed. This prevents your broker from stealing your investment. On top of that all FCA-regulated brokers participate in the Financial Services Compensation Scheme (FSCS). This is a collective pool, which collects payments from brokers and later serves as a guarantee, if one of them goes bankrupt. The Scheme covers claims up to £50,000 per account.



In essence, your funds should be relatively secure at GhanaFX, but the level of regulatory stringency is below the standards set by some of the best financial watchdogs.



Trading Conditions


 
Minimum Initial Deposit

There minimum deposit at GhanaFX is $50. This is a very low level, which goes in-line with the company’s overall strategy to provide access to everybody. That being the case, other companies offer even lower levels, like the FCA-regulated industry leaders at IG, where you can create a new account with as little money as you want.



 
Average spreads & Commissions
Spreads at GhanaFX start from 2 pips. When compared to the industry, as a whole, this is a relatively wide level, as most brokers offer something in the 1.0-1.5 pip range on EUR/USD. If you want a more detailed comparison, you can always check our spread comparison page.



Leverage
GhanaFX offers a maximum leverage ratio of 1:500. This may appear to be an insane level to people who are used to trading other asset classes. However, multiple forex brokers provide such leverage.



That being said, trading with high leverage is one of the key reasons, why beginners lose money. Be sure to realize all the risks involved in margin trading before participating.



Trading Platforms


 
 The trading platform provided by GhanaFX is MetaTrader4 (MT4). This shouldn’t come as a surprise to those of you who are familiar with forex trading. This is the most popular solution in the industry, which is preferred for several reasons. First and foremost it has stood the test of time, while developing a new platform from scratch is always risky. Additionally a lot of traders are already familiar with it and love it. This is due to its supreme charting package, the fact it’s relatively light on the hardware and the plethora of custom add-ons available.



You can get newly developed technical indicators and automated trading systems for MT4, at the MQL marketplace. The coolest feature is that since a lot of brokers offer this platform, you can easily migrate them if you decide to change (or diversify) companies. We have reviewed some of the commercially available automate4d systems (or Expert Advisors) here.



GhanaFX does not offer a free download of their platform at this point in time. Sadly we also had an issue, when creating a new account, so we can’t show you a preview. Hopefully all of these issues are only temporary.




Methods of Payment


 
There is no information about the methods of payment provided at GhanaFX. While this isn’t a major issue, it would have still be nice to know all the options in advance, given the fact a lot of people prefer using e-wallets, such as Skril and Neteller.


 
Conclusion


 
GhanaFX is a forex broker based in Ghana. The company is overseen by the local SEC. While this watchdog is probably not as strict as some of the established agencies, this is still preferable to no regulation. Trading conditions are nothing special, with spreads being slightly wider than the current industry average. Here are this broker’s pros and cons:

 

Pros Cons
Ghana SEC regulation Slightly wider than average spreads
MetaTrader4 available MT4 not freely downloadable on the website
  Problems with the account creation process

 

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Spread

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for GhanaFX

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