FxPro: a contract on the dollar-cedi rate
The trading account linked from this site is with FxPro, an international broker. This site is not the broker and takes no money from the reader. The account offers a contract for difference on the dollar-cedi rate, settled in the account's currency.
A contract on the rate, beside cash at a counter
A contract for difference on the dollar-cedi rate is a derivative. It tracks the price of the pair, but no cedis or dollars change hands. The contract is settled in the account's currency, and it carries no claim on any cash exchanged at a bureau or bank.
This is a different exposure from buying dollars at a counter. When you exchange cash, you pay the bureau's selling price and hold the dollars. With a contract, you hold a position that gains or loses as the rate moves, and you may need to post margin.
Why a bureau margin has no meaning in a contract
A bureau margin is the difference between its buying and selling prices, and it covers the cost of cash, rent and profit. In a contract for difference, there is no cash to hold, so that margin does not apply. Instead, the contract has a spread and possibly other costs.
The spread is the difference between the price at which you can buy and sell the contract. It is set by the broker and may be wider or narrower than a bureau margin, but it is not the same thing. A contract settled in dollars never involves the cedi cash that a bureau handles.
What to read in the terms before an account is opened from Ghana
Opening an account with FxPro requires identification and takes a day or two. A practice account exists and costs nothing. Before opening a live account, read the terms for fees, margin requirements and how the contract is settled.
Check whether the account currency can be cedi, and what conversion charges apply. Check the minimum deposit, the leverage offered, and what happens if the rate moves against you. A contract for difference can lose more than the initial margin, so the terms matter more than the rate.
The dollar
USD/ARS
Min deposit
Low entry · MTN Mobile Money
Platforms
MT4, MT5, cTrader, FxPro app
Regulation
FCA, CySEC, FSCA
FxPro is not licensed by the Securities and Exchange Commission of Ghana or by the Bank of Ghana. An account is opened with a company regulated outside Ghana - the group is authorised by the FCA in the United Kingdom and CySEC in Cyprus - so a resident here deals with a foreign firm and the protections of a locally licensed one do not apply. Sending money abroad for trading is subject to Bank of Ghana foreign exchange rules. Nothing on this site is investment advice.
An account that settles in dollars, not cedis
A contract for difference on the dollar-cedi rate is settled in the account's currency and carries no claim on cash exchanged at a counter. Opening an account requires identification and takes a day or two; a practice account costs nothing.
See what the FxPro account is →