10 Best
Forex Trading Platforms and Brokers in
Uganda

Read More

4.2/5

4.2/5
alpari

Read More

4.1/5

4.1/5
Avatrade

Read More

4.2/5

4.2/5
fxtm

Read More

4.3/5

4.3/5
Blackstone Futures

Read More

4.1/5

4.1/5
HotForex

Read More

4.1/5

4.1/5
XM Group

Read More

4.6/5

4.6/5

3.5 /5

3.5/5

3.5 /5

3.5/5

3.3/5

3.3/5

Uganda might not be known as the country with the strongest and most stable economic system in the world but when it comes to Forex trading in Uganda, the degree of the development and stability of the Forex market is promising considering the fact that the overall economic state of Uganda is quite concerning.

At the same time, the market does not have an officially established licensing institution for that, meaning that there are not enough reliable and trustworthy Forex brokers in Uganda but there are indeed multiple Global Forex Brokers who offer their specialities to Ugandan Traders.

The Best Forex Trading Platforms and Brokers in Uganda

Forex Time (FXTM)

Forex Time (FXTM)

Forex Time (FXTM) is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms. 

Forex Time (FXTM) User Likes and Dislikes:

Likes

Dislikes

Provides multiple execution methods by account type

Leverage caps and margin restrictions on ECN accounts

Regulated in several jurisdictions, including outside the EU

Certain range of markets segmented across account types

Offers Cryptocurrency CFDs

On ECN accounts, stop and limit levels can be added only post execution

FXTM Invest for auto trading

Low max order size of 30 standard lots per trade

Is FXTM Safe?

FXTM is considered average-risk and is not publicly traded and does not operate a bank. FXTM is authorised by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust).  FXTM is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C113012295.

Commissions & Fees

 

FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.  Three accounts are offered under the Standard category.

Customer Service

  • Average Connection Time:¬†<1 minute
  • Average Net Promoter Score:¬†6 / 10
  • Average Professionalism Score:¬†6.4 / 10
  • Overall Score:¬†6.8 / 10
  • Ranking:¬†23rd of 43 brokers

FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.

XM Group

XM Group

The XM Group provides the entire suite of MetaTrader platforms and over 1300 tradeable instruments, was Founded in 2009, and is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it an average-risk for forex and CFDs trading. XM is regulated by FCA (UK), ASIC (Australia) and CySEC.

XM Group’s research offering is above the industry standard, and pricing at XM Group varies by account type. 

Feature

XM Group

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

57

CFDs – Total Offered

1247

Social Trading / Copy-Trading

Yes

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

No

XM Group is a MetaTrader-only broker and offers the standard experience, including both MT4 and MT5, iOS and Android versions of the MT4 and MT5 mobile apps come standard and are both available for download from the Apple iTunes store and Android Play store, respectively.

alpari

Alpari

Alpari is a great choice for Forex and CFD traders who are looking to leverage the power of MetaTrader platforms due to its established brand history, multiple offices, and range of account types and diverse managed account offering for investors.  The Alpari brand offers traders access to nearly 50 forex pairs and 30 CFDs on indices, commodities, precious metals, and on Bitcoin. Alpari is regulated by FSC.

Feature

Alpari

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

48

CFDs – Total Offered

16

Social Trading / Copy-Trading

Yes

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

Yes

The commissions and fees at Alpari vary depending on the account type and platform used native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer.

FBS

FBS

The activities of FBS are regulated by the International Financial Services Commission and offers traders a choice of four accounts and all accounts offer market execution and the chance to trade in micro lots in Cent accounts for more precise risk management.  

Account type

Minimum deposit

Minimum trade size

Maximum leverage

Spreads

Cent

$1

0.01 lot

1:1000

from 1 pip

Standard

$100

0.01 lot

1:3000

from 0.5 pips

Zero Spread

$500

0.01 lot

1:3000

0 pips + $20/lot

Micro

$5

0.01 lot

1:3000

fixed, from 3 pips

ECN

$1000

0.1 lot

1:500

from -1 pip + $6/lot

FBS is a popular international broker and offers clients competitive trading conditions, a wide range of trading accounts, payment methods, a choice of fixed and variable spreads, Metatrader 4 and MetaTrader 5, as well as various promotions.  An account with FBS can be opened for just $1.

Olymp Trade

Olymp Trade

Founded in:  2014

Headquarters:  St. Vincent and the Grenadines

Regulation: ‚ÄéIFC

Platforms:  Olymp Trade WebTrader

Leverage:  1:500 on FX Trading

Minimum Deposit:  USD$10

Olymp Trade is a well-known online trading platform, which offers trader multiple different assets, including binary options.  Safety measures and precautions are put first by this platform and it is considered a financial organization which keeps the interests of their clients in mind at all times.

Olymp Trade¬†is part of an international organization, the Financial Commission, and the minimum amount required to start investments and open a live account plus Technical support is available 24/7 in a multitude of languages by a team of specialists, through email, phone and chat ‚Äď both quickly and efficiently.

Traders are also offered access to educational resources and training materials.

 

Pros

Cons

No deposit or withdrawal fee

Only one trading platform available

Free Demo Account available

Not available for trading in all countries (EU, UK, and USA included)

Member of the Financial Commission

Long withdrawal process

Customer service available 24\7

 
IQ Option logo

IQ Option

Founded in:  2013

Headquarters:  Cyprus

Regulation:  CySEC

Platforms:  In-House Platform

Leverage:  1:30 and/or 1:1000

Minimum Deposit:  USD$10

IQ Option is a broker developed under the IQ Option Europe company which was founded in 2013. IQ Option contains a CySEC license Cyprus Securities and Exchange Commission from Cyprus, with permission to provide its financial services within the European Economic Area zone, with several licenses from other EU local jurisdictions. IQ Option offers its clients services in binary options, stocks and shares, currencies, and ETF trading. 

The IQ Options trading platform and website are available to traders in thirteen different languages and allows traders to choose the currency to trade with. The most popular selection of currencies is: GBP, RUB, EUR, IDR, USD, MUR, and Yuan. 

Pros

Cons

Regulated by the Cyprus Securities and Exchange Commission (CySEC)

Does not provide MT4 and MT5 trading platforms

Easy and convenient method of opening an account

Not available for traders in the US, Canada, Australia, Japan, and other countries

Wide range of trading instruments

 

No deposit and withdrawal fees

 
AvaTrade

AvaTrade

AvaTrade is an excellent partner for all types of trader, be it beginner or pro Рwith over 200,000 active traders around the globe, on both the MetaTrader 4 and AvaGo platforms.  AvaTrade offers great trading conditions across Forex, commodities, cryptocurrencies, ETFs, bonds, and equities and boasting FSCA and ASIC regulation.

 

Min. Deposit

Max. Leverage

Min. Spread

Commission

Islamic

USD 100

400:1

1.3 pips

None

Professional

USD 100

400:1

1.3 pips

None

Retail

USD 100

400:1

1.3 pips

None

AvaTrade does not charge their clients for making deposits and withdrawals and the only costs are the bank card, e-wallet, or bank transfer fees.  Traders have access to professional customer support, 24 hours a day, five days a week.

HotForex

HotForex

HotForex offers traders a variety of account types to choose from including fixed and floating spreads, commission-free trading (in Micro, Premium and Fixed accounts) or tighter spreads, involving commission fees. HotForex is regulated by the St. Vincent & the Grenadines regulatory authority, the CySEC in Cyprus, and the FSC of the Republic of Mauritius under the HF Markets moniker.

Beginner traders can sign up for Micro accounts with a minimum deposit of as little as $5, and micro lots are available for trade on all accounts.  An Auto Account, which enables traders to subscribe to free and paid Trading Signals from the MQL5 Community and a HF Social account, which provides trading powered by FxStat is also on offer.

HotForex is a retail forex broker, offering attractive conditions for trading in a wide range of instruments, including Forex, Spot Metals and CFDs on commodities, indices and popular shares such as Google, Apple and Facebook.

fx pro

FXPro

FXPro is an online broker founded which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies trading.  FXPro is a global broker and has a head office located in the UK.  Since 2007, FxPro has been regulated by CySEC and operates under the CIF license number 078/07.

FXPro provide traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100. 

What can be traded with FXPro?

  • Over 250 instruments¬†
  • Over 70 currency pairs

FXPro is one of the few brokers in the market who offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.

FXPro Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument and the broker offers support in a very wide range of languages including Arabic, Chinese, English, French, German, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Vietnamese.

ic markets

IC Markets

IC Markets was founded in 2007 and International Capital Markets Pty Ltd (IC Markets) was established in Sydney and acquired an Australian Financial Services License (AFSL) with the Australian Securities and Investment Commission (ASIC) in 2009 and is considered average-risk.

Feature

IC Markets

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

63

CFDs – Total Offered

41

Social Trading / Copy-Trading

Yes

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

Yes

IC Markets offers three account types in which trading costs vary from commission-free on the Standard account to commission-based pricing on the True ECN and cTrader accounts and IC Markets provides a mobile version of all the platforms it offers, including MetaTrader 4 and MetaTrader 5 and cTrader, all of which come standard for iOS and Android.

Forex trading keeps attracting newcomers in Uganda who are seeking the source of additional profit, and this is definitely no different in Uganda, as well as other African countries.  Here we have listed 5 More Noteworthy Brokers available to traders in Uganda.

Roboforex robo forex best brokers

Roboforex

Roboforex are an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading.  When starting off with Roboforex traders will need to make a minimum deposit of $1 and there is an option available for a demo account for those who would like to get acquainted with the platform. RoboForex is authorized and regulated by the International Financial Services Commission (IFSC) with license number IFSC/60/271/TS.

Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs.  Roboforex offers over 100 instruments and over 35 currency pairs in total.

Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.   Roboforex also offer mobile apps for Android and iOS.

Roboforex Trading benefits:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

Roboforex Trading Accounts include ‚Äď Demo, Micro, Mini, Standard, Zero, ECN, STP and Islamic and all accounts support a wide range of languages including English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, and much more.

easyMarkets

EasyMarkets

EasyMarkets is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner forex traders:

  • Enhanced risk management tools as standard
  • Fixed spreads on all forex pairings
  • An easy to use forex trading platform

EasyMarkets has a trading platform which is perfect for Beginners and offer the choice of MT4 or their own online trading platform. The EasyMarkets features such as dealCancellation are only available through their online forex platform which also includes a mobile trading app for iPhone, Android and iPad devices.

OctaFX

OctaFX

OctaFX operates as an STP (straight through processing), and ECN (Electronic Communication Network) Forex broker and offers traders two trading platforms to choose from.  Both platforms can be used on a desktop, laptop and mobile device. OctaFX is regulated by the British Financial Conduct Authority (FCA).

All the normal payment channels are supported by OctaFX, including bank wire transfers, Skrill, major debit and credit cards, as well as UnionPay and the broker boasts several benefits like convenience and reliability, and with every transaction, traders will receive a free 50% bonus. 

eToro best brokers

eToro

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.

eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

eToro trading accounts on offer include:  Demo, Micro, Mini, Standard, STP and Islamic.  eToro supports a wide range of languages including English, German, Spanish, French, and Italian.

trading212 best forex

Trading 212

Trading 212 is an online broker which founded in 2006 and offers Stocks trading, Forex trading, Commodities trading, and Indices trading.  Trading 212 is a global broker with a head office situated in the UK.  Trading 212 is regulated by the Financial Conduct Authority (FCA) and Financial Supervision Commission (FSC).

With Trading 212 traders will need to make a minimum deposit of $1 but a demo account is also on offer.  Trading 212 is suitable to various levels of traders whether it be experienced or beginner.

Trading 212 Trading benefits:

  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

Trading 212 Trading Accounts Offered:

  • Invest account
  • ISA account
  • CFD account
  • Demo account

Trading 212 support a wide range of languages including English, Deutsch, Nederland’s, Italian and more.

In Conclusion

With the majority of Ugandan Forex brokers available to traders choosing to trade on a demo account first and which carries no risk is still advised.  Traders should first gain experience and knowledge and find out the points they need to work on before making a final choice.  All in all, the Forex brokerage Uganda is still in its early stages but it is growing each day,making it a very lucrative market.