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Best Forex Brokers In Uganda 2024

Written By

Michael MacKenzie

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

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Updated

Apr 6, 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.

5 Top Forex Brokers In Uganda

Our examination of hundreds of online brokers reveals that the following are the top 5 forex platforms for traders in Uganda:

1. 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.
2. 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.
3. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
4. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
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.

Best Forex Brokers In Uganda 2024 Comparison

Best Forex Brokers In Uganda 2024 Comparison

Broker	Forex Assets	EUR/USD Spread	Forex App Rating	Minimum Deposit	Regulator	Visit
	55+	0.0	4 / 5	$50	FCA, ASIC, FSCA, VFSC	Visit
	75	0.02	4.8 / 5	$200	ASIC, CySEC, FSA	Visit
	50+	0.9	4.3 / 5	$100	ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM	Visit
	80+	1.2	4.9 / 5	$100	NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA	Visit
	100+	0.1	4.7 / 5	$0	FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB	Visit
	55+	1.6	4.7 / 5	$5	ASIC, CySEC, DFSA, FSC, FSCA	Visit
	50+	0.0	3.6 / 5	$100	ASIC, FCA, xCySEC, SCB	Visit
	45+	Variable	3 / 5	$0	-	Visit
	60+	14 pips	4.5 / 5	$10	-	Visit
	80+	0.8	4.9 / 5	$0	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA	Visit
	50+	1.2	4 / 5	$10	FSC, FSA	Visit
	70+	1.58 pips (Ave)	2.5 / 5	$100	FCA, CySEC, FSCA, SCB, FSC	Visit
	70+	0.2	3.4 / 5	$0	CySEC	Visit
	60+	0.6	5 / 5	$100	FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA	Visit
	67	0.70 pips (var)	3.9 / 5	$100	FCA, CySEC, ASIC, FSCA, FSC	Visit

#1 - Vantage

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Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 0.5
• EURUSD Spread: 0.0
• EURGBP Spread: 0.5
• Total Assets: 55+
• Leverage: 1:500
• Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade

About Vantage

Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

Pros

• It’s quick and easy to open a live account – taking less than 2 minutes
• The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
• The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities

Cons

• A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
• It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
• Unfortunately, cryptos are only available for Australian clients

Visit Vantage

#2 - IC Markets

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Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 0.23
• EURUSD Spread: 0.02
• EURGBP Spread: 0.27
• Total Assets: 75
• Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
• Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade

About IC Markets

IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

Pros

• You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
• With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.
• As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.

Cons

• There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
• Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
• The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.

Visit IC Markets

#3 - AvaTrade

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Review

Why We Chose AvaTrade

AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

- DayTrading Review Team

• GBPUSD Spread: 1.5
• EURUSD Spread: 0.9
• EURGBP Spread: 1.5
• Total Assets: 50+
• Leverage: 1:30 (Retail) 1:400 (Pro)
• Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

About AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.

Pros

• Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
• The broker offers reliable 24/5 multilingual customer support with fast response times during testing
• WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders

Cons

• There is no ECN account with raw spreads
• There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
• It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here

Visit AvaTrade

#4 - FOREX.com

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Review

Why We Chose FOREX.com

FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team

• GBPUSD Spread: 1.3
• EURUSD Spread: 1.2
• EURGBP Spread: 1.4
• Total Assets: 80+
• Leverage: 1:200 (Retail), 1:500 (Pro)
• Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

About FOREX.com

Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

Pros

• Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
• There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
• The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.

Cons

• FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
• There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
• Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.

Visit FOREX.com

#5 - Pepperstone

Visit

Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 0.4
• EURUSD Spread: 0.1
• EURGBP Spread: 0.4
• Total Assets: 100+
• Leverage: 1:30 (Retail), 1:500 (Pro)
• Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade

About Pepperstone

Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.

Pros

• Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
• 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.

Cons

• There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
• 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.
• 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.

Visit Pepperstone

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 cost Ugandans 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).

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.

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.

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.

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.

Michael MacKenzie

Author

Account Funding

Opt for a forex broker with an affordable minimum deposit.

Our comprehensive analysis of nearly 500 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.

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:

FAQ

Is Forex Trading In Uganda Legal?

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.