Choosing the best forex broker to trade with

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, with Ghanaians not having been left out of it, 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.


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 anywhere in
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 which extend their services to the Ghanaian populace 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. Geldex is licensed and
regulated by many of the leading financial regulatory authorities for international brokerage firms worldwide.


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 market 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 online forex trading, put your
strategy to test, and discover your strengths and weaknesses before you go unto a live account. We encourage beginners to trade on demo accounts for only so long; enough to get your feet wet and move to a live account.


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 these risks 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 platforms serve as your entry point into the forex market, enabling you to buy and sell whatever instruments you wish to. As a forex trader; either a beginner or professional, you should ensure that the trading platform available to you comes with all the technical and central analytics tools you will need to trade profitably. The best forex trading platforms in Ghana operate the very
popular ones – Meta Trader 4 (MT4) and Meta Trader 5 (MT5). While Meta Trader 4 is the more popular platform, Meta Trader 5 is the most advanced, containing all the features that Meta Trader 4 has, with an additional array of features unique to this 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 so much 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 Trader5platform, 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.


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. Geldex Invest, on behalf of our Parent Company and Partners, 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.

These are complemented with the offer of a Demo account, where you can
gain experience trading in real market conditions without risking your money.


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. A few discussed here include the execution rate and fees.


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.