If you are based in Ghana and you want to trade forex, there is a high chance that you are looking for an FX broker that accepts mobile money for deposits and withdrawals. According to research made by African Payment solutions, nearly 1/2 of all population of Ghana has access to mobile money. The most popular telecom provider in Ghana is MTN Mobile Money followed by Airtel Money. Mobile money is particularly popular in Ghana because of its convenience, it is basically accepted everywhere, even at your local grocery store. Because everyone accepts it, forex traders are also often looking for FX brokers who accept it for funding their accounts.
What Forex brokers accept Mobile Money and traders from Ghana?
While many FX brokers accept traders from Ghana, only a couple of them go to a great length to support the most popular local payment system – Mobile money. In the list below, you are going to find a couple of popular brokers in Ghana that support forex trading on their platforms and accept mobile money for account funding.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
¹ Variable spreads vary according to the current market conditions, recorded for EUR/USD on 06.05.2020 at 10:42 GMT+1.
FX Brokers and Mobile Money in Ghana
Mobile money was first introduced in Ghana in 2009 but it really took off in 2013 when the bank of Ghana revised their regulation on e-money. Since this date, mobile network operators operate mobile money services under the supervision of the Central Bank of Ghana. Today, Ghana has along with Kenya the fastest-growing mobile money market in Africa.
Even though every Ghanian forex trader has access to the internet, they often don’t have a bank account and if they do, they have both mobile money and a bank account, which means they can choose how they are going to fund their trading account.
How to open a mobile money account to trade forex?
If you are based in Ghana and you still don’t have a mobile money account, you can visit the nearest authorised Mobile Money Merchant (you can choose for instance from MTN Mobile Money, AirtelTigo Money, or Vodafone Cash). It should not be a problem to find such a merchant as there are thousands of them in Ghana.
During opening a new mobile money account you will be asked to provide your personal details and you will be handed over a new sim card that you have to put in your mobile. Once you go through this simple new account opening process, you will be free to use mobile money to pay basically for anything. If you are unsure about the fees respective mobile money providers charge, you can visit their official website or ask your local merchants.
Why FX traders from Ghana love Mobile Money
FX traders from Ghana love mobile money because it is the most convenient payment channel in the whole country. It is also safe, fast and affordable. The reason why mobile money is so popular in Ghana is because mobile money transactions can be processed on any kind of phone, that means you can run it even on the old legendary unbreakable Nokia 3310.
Forex Brokers that accept mobile money in Ghana
Currently, the number of forex brokers that accept mobile money in Ghana is relatively low. While this number is starting to increase because many FX brokers want to target fx traders from Ghana, it still might take a few months/years before every at least a bit popular FX broker accepts mobile money. Despite this fact, in the table above we showed you a couple of very solid brokers that accept Ghanian traders, so it might be a good idea to consider them if you want to use mobile money and trade on forex.