Spurred on by greater internet accessibility, more investment knowledge, and proliferation of forex brokers, online Forex trading has risen in popularity in recent years in Africa, with more and more traders emerging day-in-day-out. To trade the forex market online, choosing the best forex broker, and one you can trust, is a vital first step, as your broker will form a critical part of your trading equation, and essentially be your business partner. Online forex trading is gaining traction and momentum in Africa as a whole, and Ghana in particular, and the challenge many beginner traders are faced with, is finding a legitimate broker they can trust; one who is not only reliable but also within arm’s reach; as close and real as can be.
Forex brokers are an integral part of the forex trading equation, and a trader’s aim should be to find the best forex broker available. If you’re new to forex trading, you may get confused by the flood of advertisements from different firms. That is why we have simplified it, helping you take the guesswork out of your search for the best forex broker to trade with. A forex broker is an entity that acts as an intermediary between institutional or individual clients and the global forex market. In addition, the forex broker’s job is to ensure your orders are executed. The forex broker market is saturated with many options, and it has become necessary to apply certain metrics in choosing the right forex broker to attend to your needs. Not all forex trading brokers are regulated, and it’s very important to be wary of unregulated firms, to avoid being scammed or your trading capital being done away with. Take your time to find a reliable forex broker to ensure your money and trades will be handled appropriately and to best industry practices.
REGULATORY COMPLIANCE
Simply, is the broker licensed and regulated by a reputable regulatory authority. As obvious as this may be, you will be surprised at how many unlicensed and unregulated forex brokers there are. The best forex brokers in Africa are licensed and regulated by industry regulators to grant professional and retail clients the ability to trade foreign currencies by offering them a secure online trading platform. Due to concerns regarding the integrity of a broker, and the safety of clients’ funds, accounts should be opened only with brokers who are duly licensed. Choosing a broker who is licensed to offer the services you need, helps you avoid potential scams, and reduces the risk of losing your money should the broker go bankrupt. Being a dominantly virtual industry, many people do not really know who they are dealing with, because everything is conducted digitally. You should evaluate a broker’s license and compliance with industry regulations, and not pay too much attention to glitzy websites. We advise you to stay away from forex brokerage firms that do not display their regulatory license numbers openly, as this may be a red flag.
Many forex brokers these days also tend to show license numbers that are not theirs, hence, to be completely sure, you should visit the regulatory authority’s website to check if the said license number is true, and belongs to who they claim it belongs to. If you’re in Ghana or Africa, you can find a trustworthy broker licensed and regulated by either one of the following: CYSEC-Cyprus (As an EU member state, CySEC’s financial regulations and operations comply with the European MiFID financial harmonization law), the FSC-South Africa, ASIC-Australia, or the FCA-United Kingdom. Forex trading companies in Ghana are most likely to be regulated by any of these reputable industry regulators, any of which can render confidence that your broker is legit. As a globally recognized brand, regulated in the most advanced capital market jurisdictions across the globe, Geldex Invest is not only licensed, but also offers you the ultimate package of an excellent trading experience, and exceptional customer responsiveness. We are licensed and regulated by many of the leading financial regulatory authorities for international brokerage firms CHOICE OF DIFFERENT ACCOUNT TYPES It’s a plus when a broker offers you a variety of accounts to choose from for online forex trading. This means they can cater to traders with different financial abilities, needs, and aspirations. The best forex trading companies in Africa recognize the power of choice goes a long way.
Closely related to the above, is the offer of Demo Accounts. Trading on a demo account is essential before trading on a live account. Trading on a demo account gives you the opportunity to trade in real conditions, but with virtual money. This means it’s absolutely risk-free. The main purpose of the Demo Account is to know the ins and outs of trading, put your strategy to the test, and discover your strengths and weaknesses before you go into a live account. We encourage beginners to trade on demo accounts for only so long; enough to get your feet wet and move to the live account.
VARIETY OF TRADING INSTRUMENTS
The more tradable instruments a broker offers, the more opportunities are unveiled for you. When choosing a forex broker, go with one that doesn’t only offer the major currency pairs, but also the Minors and Exotics, as well as precious metals and other commodities, for the purpose of diversifying your portfolio. Seeing as trading comes with risks, it’s important to manage them in an adequate manner. The best Forex Trading companies in Africa give you the opportunity to diversify your portfolio this way, so as to manage risk in the most effective manner possible. Gold, for instance over the years, has proven to be a very popular trading instrument during times of political and economic instability, such as is currently being experienced globally. If you find yourself in one of the largest gold-producing countries in the world and own a smartphone, you have no excuse not to learn to trade gold on the forex market.
TRADING PLATFORM
These include:
- More chart frames and charting options than the Meta Trader 4
- Multi-Asset trading on multiple CFDs
- Access to trading account history
- Daily Account Statements
- Automated Trading with EAs
- Simultaneous display of charts
- More than 80 technical indicators along with 40+ analytical objects
- MQL5 development environment, and more
Although Africa’s best online trading platforms will offer either of the two, the decision is up to you to choose which best suits your needs and also offers you an upper hand over others as you trade. The MT5 is a single all-inclusive platform for online trading; Forex, Stocks, and Futures, and comes with the most up-to-date functionalities on the market, including resources such as indicators and charting tools. It also boasts of advanced functionalities to improve the trading experience, with enhanced trading tools and better compatibility with different internet browsers. If you’re looking for the best stock broker platform in Ghana, look no further than the Meta Trader 5 platform, which gives you an exceptionally rich stock trading experience.
Although some brokers also offer proprietary platforms, we advise that extra vigilance is required before trading with brokers who use proprietary trading platforms.
RESOURCES AND EDUCATION
Education is a key player in the Forex industry and that is why the best Forex brokers in Africa will focus on delivering extensive educational resources to their clients. If a broker genuinely has your interest at heart, they will be willing to help you either as a beginner wanting to know how deep the waters are before you launch your boat or as an experienced trader seeking to keep your abilities up-to-date in this most dynamic business. Continuous education and knowledge acquisition are essential for successful investing, as you’re unlikely to make money out of something you do not understand. In our previous article, we discussed extensively, the need to get an education before trading Forex online. Many of the good forex trading companies in Ghana offer educational services, and Geldex Invest offers you a variety of resources to improve your trading skills and help you make smarter decisions; a comprehensive and regularly updated educational academy comprising video tutorials, frequent webinars, chart analysis, trading strategies, and articles to keep you updated on industry happenings. We complement this with a Demo account, where you can gain experience trading in real market conditions without risking your money.
TRADING CONDITIONS
Trading conditions refer to the terms within which you will be trading your preferred financial asset on the market, and your chances of trading profitably are increased with good trading conditions.
FEES & LOW SPREADS
To refresh our memory, a Spread refers to the difference between a Bid price and an Ask price of a currency pair. If the spreads offered by a forex broker are high, this signals a red flag. Opt for a forex broker with low spreads, as many brokers profit unduly at your expense from high spreads. It’s also important to be wary of hidden fees, including withdrawal or inactivity fees.
FAST EXECUTION
In a fast-paced market like the forex market, another important metric to apply when choosing a forex broker is to go with one that can execute your trade orders in a fast and efficient manner. This is because delays in execution can cause you to lose hugely.
PAYMENT SOLUTIONS
You will need to deposit funds into your account before you can start online forex trading. For your convenience and benefit, it’s advised that you choose a broker with multiple, quick, and easy means of deposits and withdrawals. To take advantage of opportunities that arise suddenly in the market, and support your trading position, for instance, quick deposit options come in very handy. When the time comes to withdraw your funds when you want to, withdrawals should also be simple and fast, not having to wait several days to get your money. The best forex brokers in Africa make sure to give you hassle-free deposit and withdrawal options. This is why Geldex not only accepts bank wire transfers, but also deposits through debit/credit cards, and e-wallets like Skrill, Neteller, and mobile money (MTN MoMo, Vodafone cash)
CUSTOMER SUPPORT
Online forex trading is typically done with the help of a trusted and reliable forex broker who grants you a trading platform and is the link between the market and you. There’s usually very little to no personal interaction with the people at the brokerage, but when there comes a time when you need assistance, you want a living, breathing being you can speak with, not just a chatbot. It’s on this premise that Geldex has revamped our customer service department, with round-the-clock support and dedicated contact numbers that connect to real humans for prompt assistance.
To conclude, the Forex broker you choose, is, in reality, the biggest trade you’ll ever make; it could make the difference between making a profit and losing money. You’ll be entrusting your capital to an entity with the expectation that you’ll be able to trade with it and withdraw it when the time comes to take your profits. Choose a broker who offers good customer service, is honest and reliable, follows the rules, has a track record of good trading practices, and is likely to stay in business for a long time. Choose the broker that will provide you with the best possible environment to succeed in. Above all, a broker you can trust.
So, whether you’re a new, intermediate, or professional expert trader, this might be the time to re-evaluate your choice of forex broker. If the worse comes to, you want to be able to walk up to your brokerage firm for a discussion about your hard-earned money, or simply a hand to hold on to when the market is being mercilessly bearish.
Brought to You By Geldex Invest on behalf of Growell Capital