forex trading platform scams in ghana
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In this article, you will learn about how to account for foreign currency transactions undertaken by the domestic company. A foreign exchange transaction takes place when a domestic company such as a company in the US enters into a transaction with a buyer or seller in another country such as UK to buy or read more products or services and the payments for the transaction are in foreign currency in this case pounds. We have the following details:. If the US firm was entering into a transaction with a foreign firm but the transaction was to be settled in US dollars, then the US firm will account for the transaction in the same manner as if it happened with another US firm. However, in this case the transaction is with a foreign company and the transaction is being settled in foreign currency. This exposes the US firm to bank holding company act investopedia forex exchange risk, i.

Forex trading platform scams in ghana unity technologies stock ipo date

Forex trading platform scams in ghana

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Over the next 10 years, it is expected that forex trading in Ghana would have developed significantly to the level of other African countries. But there are steps required to curtail scam and to manage volatility in the market. For example how to trace a company that says it trades in the UK, Cyprus and other parts of the world. On the other part, people have been giving their funds to individuals who claim they are investing in foreign currency market.

We need laws to regulate that so that when money is lost people pay back. Forex trading is on the increase due to the open-ended, recession-free opportunity to make money. As we are in Ghana, we are in a recession. Also, looking at the Ghanaian situation with a high rate of unemployment, the market offers endless opportunities in terms of employment.

Accum Forex the organisers of the event is a forex training and advisory service institution whose aim is to ensure aspiring traders trade profitably. This training is part of its CSR to guide and inform individuals on the benefits and risks of training. It is open to the general public and holds an average of once every quarter. It also provides paid training services for individuals and corporate bodies.

In order to be a forex trader, you need a laptop, some money and a regulated broker. Save my name, email, and website in this browser for the next time I comment. Sign in. Forgot your password? Privacy Policy. Password recovery. Recover your password. News Ghana. Get help. Communities in Sissala East Get Boreholes. I will prioritize safety of journalists — David Agbenu.

Andre Ayew wins CTB award. Academic City graduate secures job at Goldman Sachs. The top level are the perpetrators. They are the boiler room scammers. They run call centres full of scammers awaiting numbers to phone to defraud people. They employ website designers to make fake trading interfaces with offshore payment system built in, that allow funds to be transferred to accounts whereupon the money is used to buy cryptocurrency and disappear. The next level down are the affiliate networks.

They are given a product name such as Bitcoin Rush or Brexit Millionaire websites to download and details of the supposed product. They also negotiate an affiliate fee for the product that is paid out every time someone clicks one of the links with the relevant affiliate code in, so that they boiler room scammers know who they have to pay for the prospect.

This affiliate fee can be as much as one-thousand dollars. Finally we have the affiliates. These scammers run every type of site to convince you that scams like Bitcoin Circuit are real. They will write fake review sites , fake newspaper articles , fake endorsements from celebrities and fake comparison sites, all just to try and get you to click their greedy affiliate link. They sometime even run fake recovery company websites making referrals to them, as a huge number of recovery company websites seem to run on the same affiliate scammer system.

So the people who convince you to invest are not usually the people who take your money, and receive only a small percentage of what you lose. The connection between the different scammers is very hard to prove as there are so many links along the way. This is how they get around the law.

They all pretend to be different companies, but together they manufacture a fraud that hides behind legal barriers at every stage. If the broker is incorporated in St Vincents and the Grenadines, the affiliate network incorporated in Estonia and the website hosted in the US, where do I begin. No one has the right to ask the affiliate networking company the details of their customers outside of Estonia. They are not traceable!

All the money changes hands with cryptocurrency anyway and there is not tracing that. Well, sadly the first thing to bear in mind is that you are not going to get these people arrested. You will not be able to trace that money and even if you track down the advertiser from their affiliate codes on the website, you are not likely to be able to prove that they actually committed a crime. They have disclaimers everywhere exonerating them of blame and warning you about trading CFDs.

You do need to contact your bank though. They may be able to perform a chargeback and get your money returned. Do not bother with a recovery company as they are just there to take a percentage of your recovered costs. Get hold of the bank, explain that you have been defrauded and that you have a right to compensation as you pay the bank to look after your money. You are entitled to a chargeback, so make sure you get one. The bank should be watching out for this kind of transaction.

You will also need to change your phone number and email address. These scammers will sell your details to every other con-artist on Earth and they will have you labelled as someone who can be beguiled into handing over money. You should make yourself as untraceable as possible from the details you submitted to them. As you can see, this scam is targeting the most vulnerable people, and is using the coldest techniques.

It really is disgusting. This is not a trading scam, it is just simple fraud. They will steal your money and give you a fake trading screen to watch while they make their getaway. Do not trust these auto-trading AI robot scams no matter who they pretend they are associated with, even Elon Musk.

Cancel reply to comment. Previous Post. Next Post. Elon Musk - News Spy Ads. Comments 8 - Tomaz Standhoek. This is exactly the same scam as we have been seeing here in the UK but with a US tinge to the tactics, They have just chosen Gayle instead of Holly from the respective Good Morning shows.

Even most of the text appears to be an exact copy with a simple replacement of Elon instead of Akshay as the celebrity. Even they way the show has the same name and format freaks me out a bit!

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Ensuring that financial issuers disclose information about an investment that has the potential of leading to losses. It has also ensured it investigates and enforces penalties on forex brokers found engaging in market manipulation and other illegal trading activities. When trading forex, you have to start with analyzing to prepare you for how to enter and start trading.

Based on the type of trading strategy, you can use both fundamental and technical analysis or do only one type. Technical analysis involves using technical tools to analyze the price direction, volatility, and liquidity. These factors help you know the best time to open a trading position, such as when you expect the market to change.

You can also incorporate chart patterns or candlestick patterns when trading. Fundamental analysis means monitoring financial events that influence price actions, such as major news releases from central banks, changes in trading contracts, political and economic factors, prices of commodities such as oils and gases, etc.

These factors contribute to volatility in the prices of currencies and other related assets. Trading pullbacks — these are points on the price action when the price action breaks from the direction of the trend and reverses before moving back. Trading news — this is a trading strategy where the forex trader waits for a major news announcement before opening a trading position to trade the impact of the news on an asset.

It also requires the trader to know how to predict the market reaction or wait for a confirmation of the trend direction before trading. Trading a trend -it is one of the simplest trading strategies that new forex traders can start with. It involves identifying a trend and opening a trading position.

If t is an uptrend, you can profit from going long; if it is a downtrend, you go short. This trading strategy works on most trading instruments. Look for a regulated trading broker, and ensure you verify the regulation by checking the license number on the website of the regulatory body it states. Besides that, you can also choose a forex broker based on other trading features such as the trading costs, trading tools, payment methods, and customer support.

Once you have found a reliable and credible broker register a trading account with the online registration form available. The registration process is fast and simple and requires you to give some details like your name, email, address, telephone number, account type, and password. Due to the AML regulations in Ghana, you have to also verify these details by sending a copy of your trading ID and utility statements. After opening a trading account, you need to download a trading platform compatible with your trading broker to access the trading instruments in the market.

Forex brokers have trading platforms they incorporate with their trading accounts for trading. Select a trading platform, download it and navigate its interface to familiarize trading tools and features such as automated trading, technical indicators, and different charts offered. You can start with a demo or real account if you are ready to start trading. The demo account is for forex traders who wish to practice their trading strategies. It is also useful to traders who want to trade a new asset; they can practice how to trade a new currency pair.

The demo account is also crucial for new traders as they learn how to trade forex or other financial instruments. They can practice what they learn on this account before applying it with real money. Deposit the minimum requirement or the amount of capital you want to start with to your trading account.

You can deposit funds using the payment methods the forex broker supports, such as bank transfers, credit and debit cards, and using digital wallets. Forex trading activities in Ghana and Africa have increased, and more people have joined the industry in the past five years.

It has attracted foreign investors and international forex brokers who now accept forex traders from Ghana. Unfortunately, it has also led to forex frauds to a higher population of new forex brokers looking for a way to invest in financial markets. We recommend five of the leading forex brokers from accredited regulators in the securities and exchange markets that accept forex traders from Ghana and many other African countries.

Yes, it is available in forex and has the currency code GHS. Ghana is trying to encourage more forex investors since the capital gains made from trading listed securities in Ghana are not liable to any taxes. Risk Warning: Your capital can be endangered. Trading Forex, CFD, Binary Options, and other financial instruments carries a high risk of loss and is not suitable for all investors.

The information and videos are not an investment recommendation and serve to clarify the market mechanisms. The texts on this page are not an investment recommendation. Trading Futures and Options on Futures involves substantial risk of loss and is not suitable for all investors.

You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Past performance is not indicative of future results. This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies.

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Most of them differ with conditions such as deposits and withdrawal amounts. We would not recommend the beginner to choose the VIP package, as usually the deposit amount is way bigger and due to the lack of experience in trading it is relatively harder to trade the big amount of money at once.

Those types of account are designated especially for the new traders, who still need to learn to trade and develop some of the skills. Traders who also need to explore the trading tools and the system the market works. Both of the accounts is very good in this case. Top forex trading brokers in Ghana will definitely offer one or another or even both account types for the costumers.

The demo account is the demo version of trading as you may have guessed. The fund then can be traded the way trader chooses. The market is almost up to date, and every tool is available even with the demo accounts. There is no limit put on the demo account trading. Whenever you feel like switching to the real account you are free to do so.

The No Deposit Account is another great option for the beginner, or for the trader who has changed the broker. The money should then be traded with certain conditions. If the trader wins, then it is possible to withdraw the money. Instead, the trader has to deposit real money on the account and start trading online. While you have chosen the account type you want to trade with, it is essential to pay attention to some other conditions the broker offers.

Those conditions include the minimum deposit amount as well as the withdrawal conditions. It is very important that the broker pays equal attention to every trader, irrelevantly whether one has deposited the minimum or the maximum amount of money. The withdrawal option is another interesting aspect. Sometimes the broker requires a minimum amount of winning in order to be able to withdraw the fund.

Sometimes it can happen that you see a solid amount of money that needs to be traded in order to withdraw it afterward. This is worth your attention. The more is the amount of money the harder it is to trade with the broker. The best scenario is when the trader can withdraw money whenever he wants, with no limit on the withdrawal amount. The payment method is also a very important aspect. The majority of brokers offer different payment methods, which include bank transactions, as well as the most common Visa or MasterCard payments.

Make sure to check the available payment methods with the broker before you even start trading. A good broker must always have at least several ways of payment. Some of the brokers even offer the e-wallet payment methods, similar to Skrill and Neteller. The trading platforms vary according to the broker. The most common platforms for online forex trading are still the MT4 and MT5. The MT5 is the more upgraded version of Mt4, which offers more tools and more opportunities for the traders. The broker might have only one of them or even both.

Some fo the brokers have customized platforms and interfaces. Those ones are also worth considering. Yet, you have to investigate the platforms first and get some information bout the tools they offer. The platforms are different in use, and once you get used to one of the platforms, it takes some time to switch to another one.

MT4 and MT5 platforms are the most common platforms, which are used by the top brokers all over the world. Trading with those platforms is the most common practice and moreover, those two are the most time-tested ones, with the least amount of technical issues coming across during the trading process. The broker earns as well. Yet how the broker earns is another topic of discussion.

There are two major options, which are through spreads or through commissions. The best option is when the broker is earning through the spreads. In this case, whenever the trader wins, the broker wins as well. Though, whenever the trader loses the broker still wins a slight portion of the win.

How does this happen? Through the pips. There might be a variance of the pips. The higher pips are better for the wins, yet the lower pips are less vulnerable to the even drastic changes in the market. The information regarding spreads comes in the terms and conditions or with the account type information.

Usually, the information regarding spreads is somewhere nearby the leverage. The leverage might be up to The way of earning through commissions, though this is not the best possible option. Commissions mean that the broker has some hidden fees present, which is not something the trader would want to have. With hidden fees, the traders have to pay some extra charges every time while making deposits or withdrawal. The broker might impose certain commissions on the withdrawal, which can be very high.

The same can happen on the deposits as well. Despite the fact that there is the official regulatory authority regulating the forex market in Ghana, it still does not mean that you do not have to check the background of the broker. Experience is crucial. The longer the broker has been present in the market, the more experience the company should have. Consequently, more people have traded with the broker and feedbacks should be available.

We would not recommend pairing up with the brand new brokers, which have been operating locally for a couple of months or a year only. This means that the broker should be a scam or is not reputable. In any case, none of the above mentioned must cross your interest. The information regarding the license and the establishment of the company is available on the front page of the online forex trading site in Ghana.

If the information is not accessible, better consider any other broker. Forex industry is relatively new Ghana and its citizens, though many people have already started starting and some of them are making decent progress and profits. Forex trading in Ghana is fully legal, and you do not have to worry about legal issues. While it is legal to trade forex, there is a common framework available in Ghana, though there is the official regulatory authority which is SEC.

In order for your trading path to be successful, you have to consider several options. Those are the background of the broker, the account type it offers, the payment method as well as the way of earning. If all of the points are acceptable to you and the broker seems appealing, then proceed t the stage of checking the reviews and the feedbacks of the local traders. This is should be the most relevant information to you and assist you in choosing the right broker for trading.

Due to the fact that the industry is still new to Ghana, people need to be educated and the government, as well as particular brokers, take responsibility for that. There are several schools and training courses available for those people who are interested in trading forex.

This gives additional opportunities to get acknowledged with the local market and to make progressive future steps. Check out XM! Cool, right? Is it legal to trade forex in Ghana? Below are some of the best Forex brokers in the country.

Licences ASiC.

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Fake Forex Brokers List in Nigeria 2022 - Scam Brokers list in Nigeria

Forex scams are more common than you think, and new ones will continue to pop up. Here's what you need to know in order to spot them. [Ghana] Safeguard yourself from falling victim to online trading scams, says INFINOX MD. There are many risks for forex traders in Ghana. One major risk is scams. There are many fake brokers & scammers that target the general public.