6 Best Forex Brokers in Uganda
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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