6 Best Forex Brokers in Uganda


10 best regulated online forex brokers in Uganda-pix

With the forex market experiencing an influx in traders in the last few months, more brokers have started accepting traders from African countries, especially Uganda. The process involved in...

With the forex market experiencing an influx in traders in the last few months, more brokers have started accepting traders from African countries, especially Uganda.

The process involved in selecting the right broker may be tedious, but Ugandan traders can simplify it by viewing and evaluating some of the best brokers on the list below.

IC Markets

Based in Australia and in operation since 2007, IC Markets is a reputable broker that offers traders access to global financial markets. IC Markets offers traders with low trading and non-trading fees, tight and competitive spreads, and the ability to use a variety of trading styles and strategies.

PROS

CONS

Strict regulation

US Clients not accepted

True ECN broker

No fixed spreads

Competitive trading conditions

Powerful trading platforms

Hedging and scalping allowed

FBS

FBS is an ECN and STP broker which was founded in 2009 and boasts around 16 million registered traders from 190 worldwide countries.

FBS offers traders with the trade in more than 75 financial instruments, powerful trading platforms through which trades can be executed, and where there are competitive trading conditions, and more.

PROS

CONS

Low minimum deposit

US, UK, Japan, and other countries not allowed

Social trading offered

High spreads and commissions on some accounts

Multiple account types offered

Limited trading tools

MetaTrader supported

24/7 customer support

eToro

eToro is a reputable and well-established Market Maker broker along with being the leading online social trading platform. With eToro, Ugandan traders are offered competitive trading conditions, commission-free trading, and access to a large online community.

PROS

CONS

Strict regulation

No US clients

Commission-free trading

Limited leverage for retail traders

Large online trading community

Fixed spreads not offered

Ample social trading opportunities

No MetaTrader

Demo account and Islamic Account offered


XM

As a popular and reputable broker, XM offers traders with some of the best trading solutions and services. With XM, Ugandan traders can expect an array of bonuses and promotions, a variety of account types, high leverage, and competitive trading conditions.

PROS

CONS

Strict regulation

US Clients not accepted

Negative balance protection

Fixed spread accounts not offered

Competitive trading conditions

Variety of accounts offered

High leverage ratio of 1:888


AvaTrade

AvaTrade is a popular and multi-award-winning broker offering traders from around the world ample comprehensive trading opportunities. In addition, AvaTrade also offers traders with a variety of financial instruments and powerful trading platforms.

PROS

CONS

Strict regulation

US Clients not accepted

Negative balance protection

Variable spread accounts not offered

Optimum execution speeds

Multiple trading platforms offered

FXTM

With offices in several jurisdictions and corresponding regulation and authorization, FXTM is another popular choice for Ugandan traders. With FXTM, traders can expect a variety of tradable financial instruments, a choice in dynamic accounts, commission-free trading, and a low minimum deposit requirement.

PROS

CONS

Strict regulation

US Clients not allowed

Variety of financial instruments

Restricted leverage for EU traders

Multiple account types

Commission-free trading offered

Low minimum deposit


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