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Is ghanafx.com good for you or you should stay away?

Its a bit apprehensive when placing a trade for the first time. So, just imagine how doing that online would make some feel more frightened. But ghanafx.com has provided a safe platform for online trading in Ghana and around the African continent.

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Ghana FX review

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Online trading

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Platforms such as ghanafx.com which serve as a hub with multiple tools for the trader. Online trading platforms are open to the public and anyone who wishes to trade can use them to try and make money. A wide variety of products is provided by internet based brokers. Products such as Forex, Commodities, Equities, Mutual funds, Shares and Indices. Forex trading has gained popularity over other financial products such as buying and selling commodities like gold and silver. So, is GhanaFX good for you or you should stay away from it?

Ghana FX is an internet based broker based in African owned by GFX Brokers Limited. Through their online platform, their clients have access to trade in over 50 Currency pairs, Oil, Stock indices from around the world, Gold and Silver. An independent broker committed to serving the needs of the African trader.  They are regulated by the local Securities and Exchange Commission of Ghana.

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Before you open an account on GhanaFX, they have packages suited for your level of expertise. The first group of people are called Explorers. These are beginners who need complete guidance to kick-off the learning process in the financial market. A basic and simple interface with helpful content to ease them into the world of trading. The next groups are the Learners. These are people who know the basics but would like to improve upon their financial knowledge. The use of free practice account to boost learning and zero risk. We then move on to the last group known as Pro Trader. GhanaFX provides this group of people with access to real market prices from multiple liquidity providers to trade on. Gives you all the leverage to manage your own account and put your strategies to test

Online forex trading has mutual benefits for both the trader and the broker. To boost trading over online platforms, brokers provide lower commissions on trades placed online as an incentive for people. As opposed to trades placed over the phone.  These lower fees have also make the financial market accessible to all, as a lot of people were unable to afford the services of a personal advisor/broker. Brokers also benefit from saving cost which could have been invested into human representatives. So as the trades are dealt online fewer workers are needed. The speed at which an online trade is processed is also a welcomed advantage. Because there is no need for paper documents to be filed, copied and entered into electronic format as they were initial entered as such.

How does an online trading work? When a trade is placed online, the order is place in a data base. The database searches all the market exchange that trades in the investors preferred currency for the best price. The match with the best price is made with a seller. A confirmation is then sent to both the buyer and seller’s brokers.

It is also the responsibility of a trader to conduct some checks on broker and online platform before opening an online trading account. The risk of you not being paid by your broker (known as counterparty risk) is very possible. The Securities and Exchange Commission is one of the agencies in dedicated monitor the financial service sector in Ghana. This agency requires brokers to keep their clients deposits in “segregated accounts”. Segregated accounts are special accounts which cannot be accessed freely, therefore preventing your broker from stealing your money. In essence your funds are relatively secure at GhanaFX.

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RATING

Trading at GhanaFX should pose no problem once you are aware of the risks involved in online trading. You might make profit, break even or lose everything.  Due to the unpredictable nature of the markets, past performance is not reflective of future results.

If you are looking to make some money through the exchange markets, I recommend GhanaFX as your broker. 7/10

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GFX Brokers Limited

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