On-line since: 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:
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For about 1 year I've been trading with Ghana FX, everything quite good. But nothing exciting.
I opened an account at GhanaFx with $50 as an initial deposit. I trade every day with them, the platform has a good quality. They also provide seminars for beginner traders. So far, all my transactions are processed well and on time. I have made two withdrawals already from my account at GhanaFx and both are transferred within just two days using Skrill. The overall trading experience is also amazing.
I've found the worst order execution on the GhanaFX’s MT4 Platform and always it makes some trouble in the trading time. As I got a huge slippage and the position far from my demanding positions, also my pending orders didn't execute too. So I've almost lost $320 so far. Now I am disappointed with my investment at GhanaFX Brokers.
It's always been pleasant trading with GhanaFX. I'm so pleased with their excellent services, especially their support team. I'm trading with them for a year, and I still found good executions for my orders. Their platform is working correctly with useful tools. Spread is low, and leverage is competitive. I use SL and TP, and it's always working properly. Trading with them is also profitable since I joined them, I already made a profit of around $2000 and easy to withdraw. I suggest all traders join and trading with GhanaFX.
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.
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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