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Best Forex Brokers In Uganda 2025

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Written By
Michael MacKenzie
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Written By
Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
» Michael MacKenzie Profile Page
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Edited By
James Barra
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Edited By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
» James Barra Profile Page
Updated
Oct 4, 2024

Forex traders in Uganda can speculate on currencies using an online broker. The Capital Markets Authority (CMA) and Bank of Uganda (BoU) oversee the country’s financial sector, but they don’t actively regulate forex brokers, with many residents opening accounts with international brokers.

We’ve reviewed, rated and compared the best forex brokers in Uganda. All the forex platforms we recommend accept traders from Uganda, are trusted and provide hassle-free deposits, making it convenient to convert Ugandan Shillings (UGX) into trading funds.

10 Top Forex Brokers In Uganda

Our examination of hundreds of online brokers reveals that the following are the top 10 forex platforms for traders in Uganda:

Click a broker for details
  1. 1
    XM
    $30 No Deposit Bonus When You Register A Real Account
    Ratings
    3.8 / 5
    4.3 / 5
    4 / 5
    4 / 5
    3.8 / 5
    4.8 / 5
    4.3 / 5
    4.3 / 5
    4.7 / 5
    3.9 / 5
    $5
    0.01 Lots
    1:1000
    ASIC, CySEC, DFSA, IFSC
    CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies
    MT4, MT5, TradingCentral
    Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa
    USD, EUR, GBP, JPY
    Go To XM
  2. 2
    Vantage
    50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
    Ratings
    4.6 / 5
    4.5 / 5
    4.5 / 5
    4.4 / 5
    4.3 / 5
    4.4 / 5
    4 / 5
    4 / 5
    3.6 / 5
    3.9 / 5
    $50
    0.01 Lots
    1:500
    FCA, ASIC, FSCA, VFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
    ProTrader, MT4, MT5, TradingView, DupliTrade
    Skrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay, Sticpay, Bitwallet, Volet
    USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
    Go To Vantage
  3. 3
    IC Markets
    Ratings
    4.6 / 5
    4 / 5
    3.5 / 5
    4.6 / 5
    4 / 5
    4.5 / 5
    4 / 5
    3.5 / 5
    3.1 / 5
    4.2 / 5
    $200
    0.01 Lots
    1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
    ASIC, CySEC, FSA, CMA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
    MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
    PayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeCharge
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To IC Markets
  4. 4
    AvaTrade
    20% Welcome Bonus up to $10,000
    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $100
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
    Go To AvaTrade
  5. 5
    Pepperstone
    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.8% of retail investor accounts lose money when trading CFDs.
    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill, PIX Payment, Apple Pay, Google Wallet
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To Pepperstone
  6. 6
    Eightcap
    Ratings
    4.3 / 5
    4 / 5
    3.6 / 5
    3.8 / 5
    4.3 / 5
    4 / 5
    3.5 / 5
    3.5 / 5
    4.8 / 5
    4.4 / 5
    $100
    0.01 Lots
    1:500
    ASIC, FCA, CySEC, SCB
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, TradingView
    Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, SGD
    Go To Eightcap
  7. 7
    PrimeXBT
    $100 Deposit Bonus
    Ratings
    2.8 / 5
    3.3 / 5
    4 / 5
    4 / 5
    3.8 / 5
    3.5 / 5
    3.5 / 5
    3.5 / 5
    0 / 5
    0 / 5
    $0
    0.01 Lots
    1:1000
    CFDs, Cryptos, Forex, Indices, Commodities, Futures
    Own
    Bitcoin Payments, Ethereum Payments, Credit Card, Debit Card
    USD, EUR, GBP
    Go To PrimeXBT
  8. 8
    IQ Option
    RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
    Ratings
    3 / 5
    3 / 5
    3.5 / 5
    3 / 5
    3.3 / 5
    3 / 5
    0.8 / 5
    2.5 / 5
    4.3 / 5
    4.2 / 5
    $10
    0.001 Lots
    1:500
    CFD, Forex, Crypto, Stocks, Digital Options
    Own
    Skrill, Yandex Money, QIWI, Wire Transfer, Alipay, Perfect Money, MoneyGram, Credit Card, Vietcombank Transfer, Volet, Maestro, Sofort, GlobePay, Boleto
    USD, EUR, GBP, ZAR
    Go To IQ Option
  9. 9
    FxPro
    Ratings
    4.4 / 5
    3.8 / 5
    4 / 5
    4 / 5
    4.3 / 5
    4 / 5
    4 / 5
    4 / 5
    4.7 / 5
    4.3 / 5
    $100
    0.01 Lots
    1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
    FCA, CySEC, FSCA, SCB, FSA
    CFDs, Forex, Stocks, Indices, Commodities, Futures
    FxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
    Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, Visa, Google Wallet, Bitcoin Payments, Ethereum Payments
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN
    Go To FxPro
  10. 10
    FXCC
    100% First Deposit Bonus Up To $2000
    Ratings
    3.3 / 5
    3.5 / 5
    3 / 5
    4 / 5
    3.3 / 5
    4.3 / 5
    2 / 5
    2.5 / 5
    4.8 / 5
    4.4 / 5
    $0
    0.01 Lots
    1:500
    CySEC
    CFDs, Forex, Indices, Commodities, Crypto
    MT4
    Skrill, Neteller, Rapid Transfer, Sofort, Paysafecard, Visa, Bitcoin Payments, Credit Card, Debit Card, Mastercard, Wire Transfer, UnionPay, Ethereum Payments, Netbanx Asia, Boleto
    USD, EUR, GBP
    Go To FXCC

This is why we think these brokers are the best in this category:

  1. XM - XM offers a strong selection of currency pairs with no re-quotes or hidden charges, while spreads have come down over the years, now starting from 0.8 pips on the EUR/USD in the commission-free account.
  2. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
  3. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
  4. AvaTrade - AvaTrade delivers 50+ currency pairs with tight spreads from 0.9 pips and zero commissions. Trade majors, minrs, and exotics 24/5 on leading forex platforms, notably MT4, with sophisticated charting tools and forex education to sharpen your edge, including a dedicated guide to 'Currency Trading'.
  5. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
  6. Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
  7. PrimeXBT - PrimeXBT offers forex trading on over 50 majors, minors and exotics with margin opportunities and zero commissions. The forex platform is fast, reliable and feature-rich based on our latest tests with 3 charts, 10 timeframes, and 91 technical studies - ideal for active trading strategies.
  8. IQ Option - IQ Option offers CFD trading on 24 forex assets, including major pairs and some minors. EU traders can access a maximum of 1:30 leverage in line with local regulations. The broker offers commission-free trades but spreads are on the high side so the brand does not excel in this area.
  9. FxPro - FxPro offers 70+ currency pairs but no minors and stands out with its ultra-fast execution speeds and tight spreads averaging 0.45 pips on EUR/USD. Forex traders can also build test and deploy short-term trading strategies on the industry-leading MT4 software, with expert advisors (EAs) for algo trading.
  10. FXCC - FXCC's key selling point is its forex trading conditions. ECN spreads come in as low as 0.0 pips during peak trading hours, while it supports a wider range of currency pairs than the majority of rivals with over 70 forex assets. Additionally, you have access to MT4, which was built specifically for forex trading and excels for its charting tools.

Best Forex Brokers In Uganda 2025 Comparison

Best Forex Brokers In Uganda 2025 Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator
XM logo
55+ 0.8 4.7 / 5 $5 ASIC, CySEC, DFSA, IFSC
Vantage logo
55+ 0.0 4 / 5 $50 FCA, ASIC, FSCA, VFSC
IC Markets logo
75 0.02 4.8 / 5 $200 ASIC, CySEC, FSA, CMA
AvaTrade logo
50+ 0.9 4.3 / 5 $100 ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
Pepperstone logo
100+ 0.1 4.7 / 5 $0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
Eightcap logo
50+ 0.0 3.6 / 5 $100 ASIC, FCA, CySEC, SCB
PrimeXBT logo
45+ 0.1 3 / 5 $0 -
IQ Option logo
60+ 14 pips 4.5 / 5 $10 -
FxPro logo
70+ 0.45 2.5 / 5 $100 FCA, CySEC, FSCA, SCB, FSA
FXCC logo
70+ 0.2 3.4 / 5 $0 CySEC

XM

"With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders, even earning our ‘Best MT4/MT5 Broker’ award in recent years."

Christian Harris, Reviewer

XM Quick Facts

Bonus Offer$30 No Deposit Bonus When You Register A Real Account
GBPUSD Spread0.8
EURUSD Spread0.8
EURGBP Spread1.5
Total Assets55+
Leverage1:1000
PlatformsMT4, MT5, TradingCentral
Account CurrenciesUSD, EUR, GBP, JPY

Pros

  • XM’s growing roster of 1,000+ instruments provides diverse short-term trading opportunities, with unique turbo stocks, fractional shares, and more recently thematic indices.
  • XM’s Zero account is ideal for day trading with spreads from 0.0 pips, 99.35% of orders executed in <1 second, and no requotes or rejections.
  • XM stands out for its commitment to trader education, with a wealth of well-presented resources, including webinars, tutorials, and even real-time trading sessions through XM Live.

Cons

  • While the XM app stands out for its usability and exclusive copy trading products, the selection of technical analysis tools needs to be improved to meet the needs of advanced traders.
  • XM is falling behind the curve by not offering cTrader and TradingView which are increasingly being favored over MetaTrader for their smoother user experience and superior charting packages.
  • Although trusted and generally well-regulated, the XM global entity is registered with the weak IFSC regulator and UK clients are no longer accepted, reducing its market reach.
Visit XM
XM Review

Vantage

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

Jemma Grist, Reviewer

Vantage Quick Facts

Bonus Offer50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
GBPUSD Spread0.5
EURUSD Spread0.0
EURGBP Spread0.5
Total Assets55+
Leverage1:500
PlatformsProTrader, MT4, MT5, TradingView, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN

Pros

  • The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
  • Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
  • Vantage has bolstered its algorithmic trading tools for advanced traders with AutoFibo EA identifying reversal opportunities

Cons

  • It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
  • A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
  • The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
Visit Vantage
Vantage Review

IC Markets

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

Christian Harris, Reviewer

IC Markets Quick Facts

GBPUSD Spread0.23
EURUSD Spread0.02
EURGBP Spread0.27
Total Assets75
Leverage1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
PlatformsMT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
  • You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
  • IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.

Cons

  • The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
  • While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
  • Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
Visit IC Markets
IC Markets Review

AvaTrade

"AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets."

Jemma Grist, Reviewer

AvaTrade Quick Facts

Bonus Offer20% Welcome Bonus up to $10,000
GBPUSD Spread1.5
EURUSD Spread0.9
EURGBP Spread1.5
Total Assets50+
Leverage1:30 (Retail) 1:400 (Pro)
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • The WebTrader excelled in our hands-on tests, sporting a user-friendly interface for beginners, complete with robust charting tools like 6 chart layouts and 60+ technical indicators.
  • Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
  • Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.

Cons

  • While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many day traders are looking for.
  • The AvaSocial app is good but not great – the look and feel, plus the navigation between finding strategy providers and account management needs upgrading to rival category leaders like eToro.
  • Although the deposit process itself is smooth, AvaTrade still doesn’t facilitate crypto payments, a feature increasingly offered by brokers like TopFX, which caters to crypto-focused traders.
Visit AvaTrade
AvaTrade Review

Pepperstone

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

Christian Harris, Reviewer

Pepperstone Quick Facts

GBPUSD Spread0.4
EURUSD Spread0.1
EURGBP Spread0.4
Total Assets100+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
  • Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.

Cons

  • Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets, though it has introduced an intuitive copy trading app.
Visit Pepperstone
Pepperstone Review

Eightcap

"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."

Christian Harris, Reviewer

Eightcap Quick Facts

GBPUSD Spread0.1
EURUSD Spread0.0
EURGBP Spread0.1
Total Assets50+
Leverage1:500
PlatformsMT4, MT5, TradingView
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
  • Having excelled across all key areas for day traders, Eightcap outperformed every competitor to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
  • With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.

Cons

  • The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
  • In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
  • Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
Visit Eightcap
Eightcap Review

PrimeXBT

"PrimeXBT is perfect for aspiring traders looking for crypto derivatives alongside traditional markets like forex and indices, all tradable on an intuitive, web-based platform. The copy trading solution is also ideal for hands-off traders with 5-star ratings and performance graphs to help you find the right trader."

William Berg, Reviewer

PrimeXBT Quick Facts

Bonus Offer$100 Deposit Bonus
GBPUSD SpreadVariable
EURUSD Spread0.1
EURGBP SpreadVariable
Total Assets45+
Leverage1:1000
PlatformsOwn
Account CurrenciesUSD, EUR, GBP

Pros

  • Maker and taker fees of at 0.01% and 0.02%, respectively, for crypto futures contracts are highly competitive within the industry.
  • 24/7 customer support, available via live chat, proved excellent during testing, while the extensive help centre is perfect for self-help.
  • PrimeXBT has added fresh opportunities with new tokens for exchanging and funding, including 1Inch, Aave, and Injective.

Cons

  • Despite improvements, the selection of around 100+ instruments still seriously trails competitors, notably OKX with its 400+ assets.
  • The lack of integration with established platforms like MT4 will be limiting for traders familiar with the world’s most popular forex trading software.
  • While common in the crypto industry, PrimeXBT lacks authorization from a trusted regulator, seriously elevating the risk for retail traders.
Visit PrimeXBT
PrimeXBT Review

IQ Option

"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."

William Berg, Reviewer

IQ Option Quick Facts

GBPUSD Spread5 pips
EURUSD Spread14 pips
EURGBP Spread15 pips
Total Assets60+
Leverage1:500
PlatformsOwn
Account CurrenciesUSD, EUR, GBP, ZAR

Pros

  • Access to IQ Option community
  • Reliable 24/7 multilingual support
  • Excellent range of payment methods

Cons

  • €10 inactivity fee after 90 days
  • No MetaTrader 4 integration
Visit IQ Option
IQ Option Review

FxPro

"FxPro is a stellar option for day traders, sporting exceptionally fast execution speeds under 12ms, competitive fees that were lowered in 2022, and terrific charting platforms in MT4, MT5, cTrader and FxPro Edge."

Christian Harris, Reviewer

FxPro Quick Facts

GBPUSD Spread0.6
EURUSD Spread0.45
EURGBP Spread0.73
Total Assets70+
Leverage1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
PlatformsFxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN

Pros

  • FxPro operates under a 'No Dealing Desk' (NDD) model, ensuring fast and transparent order execution, often under 12 milliseconds, ideal for short-term trading strategies.
  • FxPro offers four reliable charting platforms, notably the intuitive FxPro Edge, with over 50 indicators, 7 chart types and 15 chart timeframes.
  • FxPro's Wallet is a standout feature that allows traders to manage funds securely. By segregating unused funds from active trading accounts, the Wallet provides additional protection and convenience.

Cons

  • While FxPro provides 24/5 customer support through multiple channels that performed well during testing, it lacks 24/7 availability, which can disadvantage traders needing assistance outside traditional market hours.
  • Despite a growing Knowledge Hub and a $10M funded demo account, FxPro is geared towards advanced traders, with beginners potentially finding the account and fee structure complex.
  • There are no passive investment tools like copy trading or interest paid on cash. While active traders may not miss these, competitors like eToro catering to active and passive investors have more comprehensive offerings.
Visit FxPro
FxPro Review

FXCC

"FXCC continues to prove itself an excellent option for forex day traders with an extensive range of 70+ currency pairs, ultra-tight spreads from 0.0 pips during testing, and high leverage up to 1:500 in the ECN XL account. "

Jemma Grist, Reviewer

FXCC Quick Facts

Bonus Offer100% First Deposit Bonus Up To $2000
GBPUSD Spread1.0
EURUSD Spread0.2
EURGBP Spread0.5
Total Assets70+
Leverage1:500
PlatformsMT4
Account CurrenciesUSD, EUR, GBP

Pros

  • There are no restrictions on short-term trading strategies like day trading and scalping
  • There are no deposit fees except industry-standard mining charges on cryptos, which is advantageous for active traders
  • FXCC is trusted and licensed by the CySEC, a top-tier European regulator offering high standards of safeguarding

Cons

  • While the range of currency pairs exceeds most alternatives, the selection of additional assets is narrow, and notably, there are no stocks
  • There is a threadbare selection of research tools like Trading Central and Autochartist, value-add features available at category leaders like IG
  • High withdrawal fees may catch out unsuspecting traders, including a significant $45 charge for bank wire payments
Visit FXCC
FXCC Review

How We Rate Forex Brokers In Uganda

These are the key factors we consider when rating forex trading platforms for Ugandan traders, and recommend you look at too:

Trust

Choose a trusted forex broker to safeguard your funds and trading journey.

This is especially important given the number of scams we’re seeing target forex traders in Uganda. One high-profile forex trading scam in Uganda cost locals 50 billion UGX (around $12.5 million) in 2019.

Our recommendation is to choose a forex broker authorized by a trusted regulator, and given that the CMA does not actively regulate forex brokers, Ugandan traders can turn to global brokers licensed by credible bodies like the Australian Securities & Investments Commission (ASIC) and South Africa’s Financial Sector Conduct Authority (FSCA). However, it’s still important to comply with local tax rules in Uganda.

We routinely verify brokers’ regulatory position, as well as considering their track record, client base, and whether they are listed on stock exchanges – all hallmarks of a trustworthy forex platform.

  • Plus500 remains one of the most trusted brokers. Not only is it authorized by a string of respected regulators, including the FSCA, ASIC and CySEC, but our experts have traded at Plus500 for years with no withdrawal issues.

Currency Pairs

Select a forex broker that offers a range of currency pairs to maximize trading opportunities.

The Ugandan Shilling (UGX) is an exotic currency with low liquidity and limited availability at online brokers.

However, our top forex trading platforms provide a wide selection of majors, minors and exotics, with some platforms offering upwards of 60 currency pairs spanning various regions, including Africa.

Currency pairs offered by Forex.com
Forex.com – Currency Pairs
  • FOREX.com stands out with its extensive suite of over 80 currency pairs, from majors like the EUR/USD and USD/JPY to exotics like the EUR/ZAR and EUR/TRY, catering to a range of strategies.

Trading Fees

The fees you pay have a direct impact on your profit margin, so look for low-cost forex brokers.

We seek out forex trading platforms in Uganda with tight spreads and low or no commission fees, though we also factor in the services available to traders when weighing up fees.

This is because our years in the industry have taught us that paying more for faster, reliable order executions and insights into events that could impact currency prices in East African countries like Uganda, for example, can be worth paying for.

  • Pepperstone offers competitive pricing with a Standard account featuring average spreads around 1 pip with no commissions for new traders, and a Razor account with spreads from 0 pips plus a $3 commission per lot, per side, ideal for active forex traders.

Forex Platforms

Find a forex trading platform that suits your preferences and supports the tools you need, typically a strong charting package for day traders.

Your options will normally include proprietary platforms, which are often web-based and designed to be user-friendly for novices, or third-party platforms like MetaTrader 4 (MT4), which cater to experienced forex traders with advanced charting and algorithmic trading support, even though we don’t enjoy its outdated design.

Since choosing a platform is mostly a matter of personal preference, I suggest trying out the software with a demo account before depositing Ugandan Shillings.

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Michael MacKenzie
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  • IC Markets distinguishes itself here with leading platforms like MT4, MT5, cTrader and TradingView, plus integrated tools like Autochartist that provide in-depth insights and trading ideas for various currency pairs.

Account Funding

Opt for a forex broker with an affordable minimum deposit.

Our comprehensive analysis of 216 brokers reveals that many leading platforms welcome newcomers with an initial deposit under $250 (~1,000,000 UGX), and some even offer no minimum deposit, making them attractive for beginners.

Yet, our extensive experience in the forex industry has shown us the value of weighing your initial investment against factors like the quality of the platform, available trading tools, range of markets, and overall trading experience. Investing more might yield better resources, especially for seasoned forex traders.

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Consider a forex broker that accepts popular payment methods in Uganda, such as AstroPay, for convenient deposits and withdrawals.
  • Vantage emerges as a great choice for day traders in Uganda thanks to its range of payment methods including AstroPay, plus its accessible minimum deposit of $5 or Shilling equivalent.

Methodology

Utilizing our comprehensive database of forex brokers, we concentrated on those that accept traders in Uganda, ranking them according to an overall score based on key aspects:

DayTrading.com broker testing methodology overview

  • Regulation by reputable authorities, if not by Uganda’s CMA, then by trusted regulators in other regions.
  • An excellent selection of currency pairs, especially those relevant to Ugandan traders like ZAR/USD and EUR/NGN.
  • Competitive pricing with tight spreads, low commissions and no hidden forex trading fees.
  • A straightforward funding process, accommodating popular local options like AstroPay.
  • Sophisticated yet user-friendly charting tools to take advantage of opportunities in the forex market.

FAQ

Yes, forex trading is legal in Uganda. Retail investors can speculate on the price of currencies through an online broker, based either in Uganda or more commonly in other countries.

Who Regulates Forex Trading In Uganda?

In Uganda, forex trading is regulated by the Capital Markets Authority (CMA) and the Bank of Uganda (BoU).

The CMA oversees the securities and investments market, ensuring compliance with national laws, while the BoU, the central bank, regulates the financial sector, sets monetary policy, issues licenses, and maintains financial stability.

How Much Money Do I Need To Start Forex Trading In Uganda?

To begin forex trading in Uganda, you must meet the minimum deposit requirement set by your chosen broker.

This amount differs among brokers; for example, IC Markets requires $200 (approximately 770,000 UGX), while Pepperstone has no minimum deposit.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com