While Uganda’s financial markets are well-regulated and monitored by The Bank of Uganda, most retail forex trading occurs outside the country’s borders. Exports and remittances influence Uganda’s shilling (UGX).
Ugandan traders often prefer brokers with mobile-friendly platforms to access global markets and local deposit methods to reduce currency conversion fees.
Understanding the available brokers is essential for Ugandans navigating local and international markets. Our article reveals and reviews the Top 10 Forex Brokers for Ugandans.
Here’s a run-down on what we cover:
- What are the legal and regulatory considerations for forex trading in Uganda?
- 10 Best Forex Brokers in Uganda
- Final Observations
- Essential Questions and Answers
10 Best Forex Brokers in South Africa for 2025
Rank
Broker
Review
Regulators
Min Deposit
Official Site
10 Best Forex Brokers in South Africa for 2025
Rank
Broker
Review
Regulators
Min Deposit
Official Site
What are the legal and regulatory considerations for forex trading in Uganda?
Navigating the Ugandan forex market can be like exploring unknown territory, especially in terms of regulated brokers.
While the Bank of Uganda (BoU) monitors financial institutions like commercial banks and forex bureaus, there’s no specific local regulation for online retail forex trading.
This lack of local oversight means Ugandan traders often turn to international brokers, especially those regulated in countries with strict financial standards (e.g., the UK and Australia). Engaging with these brokers can offer security because they must adhere to their home country’s regulations.
However, while many regulated brokers accept Ugandans, there are equally as many (if not more) unregulated brokers. Working with unregulated foreign brokers can expose traders to potential fraud.
Thus, Ugandans need to practice due diligence. Opting for brokers regulated in reputable jurisdictions can offer more protection, and many still offer flexible account types, high leverage, and more.
10 Best Forex Brokers in Uganda
- ☑️ BDSwiss – Reliable broker with tight spreads and an easy-to-use platform.
- ☑️ easyMarkets – Fixed spreads and unique tools for safer trading.
- ☑️ LiteFinance – ECN broker with fast execution and social trading.
- ☑️ OANDA – Trusted broker with transparent pricing and strong tools.
- ☑️ AvaTrade – Offers diverse assets and user-friendly platforms.
- ☑️ Octa – Commission-free trading with good bonuses.
- ☑️ HFM – Flexible accounts and strong educational support.
- ☑️ SuperForex – High leverage, many bonuses, and broad asset range.
- ☑️ FXTM – Fast execution and solid educational resources.
- ☑️ FxPro – Low-latency trading with a great reputation.
1. BDSwiss
BDSwiss has user-friendly platforms and tools that benefit all types of traders.
Ugandans can trade over 250 financial instruments using MetaTrader 4, MetaTrader 5, and a proprietary mobile and web platform.
Min Deposit
USD 10
Regulators
FSCA, FSC, FSA, MISA
Trading Platform
MT4, MT5, WebTrader, BDSwiss app
Crypto
Yes
Total Pairs
53
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
| 📌 Category | Details |
| 🛡️ Regulatory Status and Licensing | CySEC, FSC, FSA, BaFin, and Mwali International Services Authority |
| 💳 Deposit & Withdrawal in Uganda | Supports bank transfers, cards, e-wallets, and mobile money where available |
| 💰 Minimum Deposit | Starts from $10 (equivalent in supported currencies) |
| 💹 Spreads & Commissions | Spreads from 0.0 pips on some accounts; commissions from $2 on indices |
| 📈 Leverage & Margin | Up to 1:2000 leverage; varying margin requirements |
| 🇺🇬 UGX Accounts | Not available |
| 📱 Mobile Trading Usability | BDSwiss, MT4, and MT5 apps |
| ⚡ Execution & Slippage | Fast trade execution; slippage can occur during volatile market conditions |
| 🧾 Account Types | Cent, Classic, VIP, Zero Spread, Islamic, Demo |
| ☎️ Local Support (Uganda) | No dedicated Ugandan support team |
| 💼 Asset Classes | 53 forex pairs, plus stocks, indices, commodities, and crypto |
| 🕌 Islamic Accounts | Available but with conditions on holding positions swap-free |
| 👉Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Supports mobile trading with fast execution speeds | No welcome bonuses or promotional offers for traders |
| Flexible account types, including a Cent account for beginners | No local regulation in Uganda |
| Leverage up to 1:2000 for high-volume traders | UGX is not a base currency option |
| Spreads from 0.0 pips are available on certain accounts | No 24/7 customer support |
Our Findings
BDSwiss offers a solid trading environment with competitive spreads, flexible account types, and a well-designed mobile trading app.
However, there are no UGX forex pairs or UGX-denominated accounts.
Does BDSwiss offer local deposit methods for traders in Uganda?
No, but BDSwiss supports global options like credit/debit cards, bank transfers, and e-wallets.
What leverage is available for Ugandan traders on BDSwiss?
Traders in Uganda can access leverage up to 1:2000, depending on the instrument you’re trading.
2. easyMarkets
easyMarkets offers a fixed-spread model where Ugandan traders can accurately calculate their trading costs upfront.
easyMarkets offers forex, commodities, indices, and cryptocurrencies across accounts and platforms.
Min Deposit
USD 25
Regulators
CySEC, ASIC, BVI, FSA, FSCA
Trading Platform
MT4, Proprietary Platform, MT5 and TradingView
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
| 📌 Category | Details |
| 🛡️ Regulatory Status and Licensing | CySEC, ASIC, FSA, BVI FSC |
| 💳 Deposit & Withdrawal in Uganda | Supports bank transfers, cards, e-wallets, and mobile money where available |
| 💰 Minimum Deposit | $25 (or equivalent in supported currencies) |
| 💹 Spreads & Commissions | Spreads from 0.0 pips on some accounts; commissions from $2 on indices |
| 📈 Leverage & Margin | Up to 1:2000 leverage; varying margin requirements |
| 🇺🇬 UGX Accounts | Not available |
| 📱 Mobile Trading Usability | User-friendly proprietary platform plus MT4, MT5, and TradingView |
| ⚡ Execution & Slippage | Fast trade execution; slippage can occur during volatile market conditions |
| 🧾 Account Types | Cent, Classic, VIP, Zero Spread, Islamic, Demo |
| ☎️ Local Support (Uganda) | No dedicated Ugandan support team |
| 💼 Asset Classes | 53 forex pairs, plus stocks, indices, commodities, and crypto |
| 🕌 Islamic Accounts | Available but with conditions on holding positions swap-free |
| 👉Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Unlimited demo account for testing strategies | Limited integration with Ugandan mobile money services |
| Negative balance protection ensures traders don’t lose more than deposited | No cent accounts for micro-lot trading |
| Wide range of tradable instruments, including forex, stocks, and crypto | No local regulation in Uganda |
| No slippage on the easyMarkets platform | UGX is not a supported account currency |
Our Findings
easyMarkets simplifies trading through its Market Maker model but lacks local support options and UGX accounts.
Does easyMarkets offer fixed spreads for Ugandan clients?
Yes, easyMarkets provides fixed spreads across all account types.
Does easyMarkets offer a demo account?
Yes, easyMarkets provides an unlimited demo account
3. LiteFinance
LiteFinance has low-spread accounts and supports automated strategies.
Ugandans can trade several markets using MetaTrader 4 and 5.
LiteFinance welcomes beginner and professional traders alike and also offers social trading features.
Min Deposit
USD 50
Regulators
CySEC
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
| 📌 Category | Details |
| 🛡️ Regulatory Status and Licensing | The Financial Services Authority (FSA) |
| 💳 Deposit & Withdrawal in Uganda | Supports bank transfers, cards, e-wallets, and mobile money where available |
| 💰 Minimum Deposit | $50 (or equivalent in supported currencies) |
| 💹 Spreads & Commissions | Spreads from 0.0 pips on some accounts; commissions from $2 on indices |
| 📈 Leverage & Margin | Up to 1:2000 leverage; varying margin requirements |
| 🇺🇬 UGX Accounts | Not available |
| 📱 Mobile Trading Usability | MT4 and MT5 mobile apps with full trading functionality |
| ⚡ Execution & Slippage | Fast trade execution; slippage can occur during volatile market conditions |
| 🧾 Account Types | Cent, Classic, VIP, Zero Spread, Islamic, Demo |
| ☎️ Local Support (Uganda) | No dedicated Ugandan support team |
| 💼 Asset Classes | 53 forex pairs, plus stocks, indices, commodities, and crypto |
| 🕌 Islamic Accounts | Available but with conditions on holding positions swap-free |
| 👉Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| High leverage up to 1:1000 for forex traders | Islamic account availability depends on specific conditions |
| Strong execution speed with minimal slippage | No dedicated Ugandan customer support team |
| MT4 and MT5 platforms for desktop and mobile |
Our Findings
LiteFinance’s trading solutions are attractive, especially with fast execution and social trading integration. However, UGX accounts are not offered and there are limited local payment methods.
Does LiteFinance offer accounts in UGX (Ugandan Shilling)?
No, LiteFinance only supports USD or EUR as account base currencies.
What is the maximum leverage available to Ugandan traders?
LiteFinance offers leverage up to 1:1000 for Classic and ECN accounts.
4. OANDA
OANDA is known for transparent pricing, a regulated trading environment, and a unique approach to trading.
Ugandans can trade several asset classes using MetaTrader 4 and the proprietary OANDA Trade platform.
Min Deposit
USD 1
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
45
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
| 📌 Category | Details |
| 🛡️ Regulatory Status and Licensing | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, JFSA, MAS, MFSA, BVI FSC |
| 💳 Deposit & Withdrawal in Uganda | Supports bank transfers, cards, e-wallets, and mobile money where available |
| 💰 Minimum Deposit | $1 |
| 💹 Spreads & Commissions | Spreads from 0.0 pips on some accounts; commissions from $2 on indices |
| 📈 Leverage & Margin | Up to 1:2000 leverage; varying margin requirements |
| 🇺🇬 UGX Accounts | Not available |
| 📱 Mobile Trading Usability | Compatible with OANDA Trade, MT4, MT5, and TradingView |
| ⚡ Execution & Slippage | Fast trade execution; slippage can occur during volatile market conditions |
| 🧾 Account Types | Cent, Classic, VIP, Zero Spread, Islamic, Demo |
| ☎️ Local Support (Uganda) | No dedicated Ugandan support team |
| 💼 Asset Classes | 53 forex pairs, plus stocks, indices, commodities, and crypto |
| 🕌 Islamic Accounts | Available but with conditions on holding positions swap-free |
| 👉Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Access to advanced platforms, including TradingView and OANDA Trade | UGX is not available as a base currency |
| Spreads from 0.1 pips on Core accounts | Limited integration with mobile money services |
| API access for automated trading and algorithmic strategies | No bonuses or promotional offers for traders |
Our Findings
OANDA is a good choice based on its execution speeds, flexible account options, and access to advanced trading tools.
However, Ugandans can run into currency conversion fees due to the lack of UGX support.
Can traders in Uganda access OANDA’s historical exchange rate tools?
Yes, these tools are available to all registered traders.
What trading platforms are available for Ugandan traders?
OANDA supports MetaTrader 4, MetaTrader 5, TradingView, and the OANDA Trade platform.
5. AvaTrade
AvaTrade combines accessibility with unique trading tools and support for various trading strategies.
Ugandans can expect a well-regulated trading environment where they can trade over 1,260 instruments.
Min Deposit
USD 100
Regulators
ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA
Trading Platform
MT4, MT5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Features
| 📌 Category | Details |
| 🛡️ Regulatory Status and Licensing | Licensed by multiple global regulators but not in Uganda |
| 💳 Deposit & Withdrawal in Uganda | Supports bank transfers, cards, e-wallets, and mobile money where available |
| 💰 Minimum Deposit | $100 |
| 💹 Spreads & Commissions | Spreads from 0.0 pips on some accounts; commissions from $2 on indices |
| 📈 Leverage & Margin | Up to 1:2000 leverage; varying margin requirements |
| 🇺🇬 UGX Accounts | Not available |
| 📱 Mobile Trading Usability | AvaTradeGO app with one-click trading and market sentiment tools |
| ⚡ Execution & Slippage | Fast trade execution; slippage can occur during volatile market conditions |
| 🧾 Account Types | Cent, Classic, VIP, Zero Spread, Islamic, Demo |
| ☎️ Local Support (Uganda) | No dedicated Ugandan support team |
| 💼 Asset Classes | 53 forex pairs, plus stocks, indices, commodities, and crypto |
| 🕌 Islamic Accounts | Available but with conditions on holding positions swap-free |
| 👉Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Islamic account available for swap-free trading | No local regulatory oversight in Uganda |
| Strong educational resources for beginners | Fixed spreads may not always be the lowest option |
| Fixed spreads ensure predictable trading costs | No local bank deposit options |
Our Findings
AvaTrade is a user-friendly platform with strong educational content but lacks UGX support and local customer support. options
Can Ugandan traders use AvaProtect?
Yes, AvaProtect is available globally.
Are there educational resources available for traders in Uganda?
Yes, AvaTrade offers articles, webinars, eBooks, and video tutorials.
6. Octa
Octa offers two account types on the MetaTrader 5 and OctaTrader platforms (each has its own account).
Traders can use leverage up to 1:1000 and participate in commission-free trading across accounts.
Octa’s accounts are swap-free, lowering the trading fees for Ugandans.
Min Deposit
USD 25
Regulators
CySEC, MISA, FSCA and FSC
Trading Platform
MT4, MT5, OctaTrader
Crypto
Yes
Total Pairs
52
Islamic Account
Yes
Trading Fees
No
Account Activation
24 Hours
Features
| 📌 Category | Details |
| 🛡️ Regulatory Status and Licensing | CySEC, FSCA, SVG FSA, MISA |
| 💳 Deposit & Withdrawal in Uganda | Supports bank transfers, cards, e-wallets, and mobile money where available |
| 💰 Minimum Deposit | $25 |
| 💹 Spreads & Commissions | Spreads from 0.0 pips on some accounts; commissions from $2 on indices |
| 📈 Leverage & Margin | Up to 1:2000 leverage; varying margin requirements |
| 🇺🇬 UGX Accounts | Not available |
| 📱 Mobile Trading Usability | OctaTrader and MT5 mobile apps available |
| ⚡ Execution & Slippage | Fast trade execution; slippage can occur during volatile market conditions |
| 🧾 Account Types | Cent, Classic, VIP, Zero Spread, Islamic, Demo |
| ☎️ Local Support (Uganda) | No dedicated Ugandan support team |
| 💼 Asset Classes | 53 forex pairs, plus stocks, indices, commodities, and crypto |
| 🕌 Islamic Accounts | Available but with conditions on holding positions swap-free |
| 👉Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Offers over 30 cryptocurrency CFDs | No UGX-denominated accounts |
| Fast order execution with minimal slippage | No MetaTrader 4 support |
| Copy trading allows traders to follow experienced investors | No mobile money deposit and withdrawal options |
Our Findings
Octa’s unique offer will cater to many Ugandans; however, there are limited mobile money options and no local customer support in Uganda.
What is the minimum deposit required?
The minimum deposit for Octa is $25.
Does Octa charge inactivity fees?
No, Octa does not charge inactivity fees, allowing Ugandans to use long-term strategies or take a break from trading.
7. HFM
HFM is a well-established forex and CFD broker that serves millions of traders globally, including those in Uganda.
Traders can open an account without paying an upfront minimum deposit and access 500+ instruments across markets.
Min Deposit
USD 0 / ZAR 0
Regulators
FSCA, DFSA, FSC, CMA. FCA
Trading Platform
MT4, MT5, HFM Platform
Crypto
Yes
Features
| 📌 Category | Details |
| 🛡️ Regulatory Status and Licensing | FSCA, CySEC, DFSA, FSA, FCA, FSC, and CMA |
| 💳 Deposit & Withdrawal in Uganda | Supports bank transfers, cards, e-wallets, and mobile money where available |
| 💰 Minimum Deposit | $0 |
| 💹 Spreads & Commissions | Spreads from 0.0 pips on some accounts; commissions from $2 on indices |
| 📈 Leverage & Margin | Up to 1:2000 leverage; varying margin requirements |
| 🇺🇬 UGX Accounts | Not available |
| 📱 Mobile Trading Usability | HF App integrates real-time sentiment data and market scanners |
| ⚡ Execution & Slippage | Fast trade execution; slippage can occur during volatile market conditions |
| 🧾 Account Types | Cent, Classic, VIP, Zero Spread, Islamic, Demo |
| ☎️ Local Support (Uganda) | No dedicated Ugandan support team |
| 💼 Asset Classes | 53 forex pairs, plus stocks, indices, commodities, and crypto |
| 🕌 Islamic Accounts | Available but with conditions on holding positions swap-free |
| 👉Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Access to MetaTrader 4, MetaTrader 5, and HF App | Some accounts have wider spreads |
| Offers copy trading via HFCopy | Fewer available financial instruments compared to some competitors |
| Leverage up to 1:2000 | Promotional bonuses don’t apply to all account types |
Our Findings
HFM suits most traders with its flexible account types and range of markets.
However, HFM doesn’t support UGX account currencies and lacks local payment methods.
Can Ugandan traders open a Cent account?
Yes, HFM offers Cent accounts to all traders from eligible countries.
What trading tools are available for Ugandan traders?
HFM provides Autochartist, Trading Central, and an AI-powered market scanner.
8. SuperForex
SuperForex welcomes both beginners and professionals due to its wide account variations, multi-currency options, and MetaTrader 4 platform.
Ugandans can also access managed accounts (PAMM) where experienced fund managers manage investments.
Min Deposit
USD 1
Regulators
IFSC
Trading Platform
MT4
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
| 📌 Category | Details |
| 🛡️ Regulatory Status and Licensing | Claims IFSC Belize regulation but not verifiable |
| 💳 Deposit & Withdrawal in Uganda | Supports bank transfers, cards, e-wallets, and mobile money where available |
| 💰 Minimum Deposit | $1 |
| 💹 Spreads & Commissions | Spreads from 0.0 pips on some accounts; commissions from $2 on indices |
| 📈 Leverage & Margin | Up to 1:2000 leverage; varying margin requirements |
| 🇺🇬 UGX Accounts | Not available |
| 📱 Mobile Trading Usability | SuperForex app is available for iOS and Android |
| ⚡ Execution & Slippage | Fast trade execution; slippage can occur during volatile market conditions |
| 🧾 Account Types | Cent, Classic, VIP, Zero Spread, Islamic, Demo |
| ☎️ Local Support (Uganda) | No dedicated Ugandan support team |
| 💼 Asset Classes | 53 forex pairs, plus stocks, indices, commodities, and crypto |
| 🕌 Islamic Accounts | Available but with conditions on holding positions swap-free |
| 👉Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Supports multiple base currencies, including African options | No built-in VPS hosting for automated trading |
| Offers swap-free Islamic accounts for compliance with Sharia law | Customer support lacks direct phone contact |
| Copy trading is available for traders who prefer to follow experienced investors | Some withdrawal methods have high fees |
Our Findings
SuperForex has built a good name in the industry, especially considering what the broker offers.
However, an area where SuperForex falls short is in only offering MetaTrader 4, and not MetaTrader 5 as well.
Are withdrawals fast for Ugandan traders?
Withdrawals typically take 2-4 working days, depending on the method used and when the request was made.
What is the maximum leverage offered?
SuperForex offers leverage up to 1:3000.
9. FXTM
FXTM has built a reputation for its balance of competitive pricing and comprehensive trading tools.
FXTM’s platforms span MetaTrader 4, MetaTrader 5, and the FXTM Trader app.
Min Deposit
USD 200
Regulators
FCA, FSC, FSCA
Trading Platform
MT4, MT5, FXTM Trader
Crypto
No
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
| 📌 Category | Details |
| 🛡️ Regulatory Status and Licensing | FCA (UK), CySEC (Cyprus), FSCA (South Africa), CMA (Kenya), and FSC (Mauritius) |
| 💳 Deposit & Withdrawal in Uganda | Supports bank transfers, cards, e-wallets, and mobile money where available |
| 💰 Minimum Deposit | $200 |
| 💹 Spreads & Commissions | Spreads from 0.0 pips on some accounts; commissions from $2 on indices |
| 📈 Leverage & Margin | Up to 1:2000 leverage; varying margin requirements |
| 🇺🇬 UGX Accounts | Not available |
| 📱 Mobile Trading Usability | FXTM Trader app is available on iOS and Android with real-time market updates |
| ⚡ Execution & Slippage | Fast trade execution; slippage can occur during volatile market conditions |
| 🧾 Account Types | Cent, Classic, VIP, Zero Spread, Islamic, Demo |
| ☎️ Local Support (Uganda) | No dedicated Ugandan support team |
| 💼 Asset Classes | 53 forex pairs, plus stocks, indices, commodities, and crypto |
| 🕌 Islamic Accounts | Available but with conditions on holding positions swap-free |
| 👉Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Provides free VPS hosting for uninterrupted automated trading | Charges withdrawal fees |
| Has an extensive selection of trading instruments, including forex, stocks, indices, and cryptocurrencies | Commission fees apply on some account types |
| Features a copy trading platform through FXTM Invest | Minimum deposit of $200 |
Our Findings
While FXTM provides an ideal trading environment for all traders, the broker lacks UGX accounts.
Does FXTM support mobile trading for Ugandan traders?
Yes, FXTM Trader, MT4, and MT5 are available on Android and iOS.
Are there withdrawal fees for Ugandan clients?
Yes, FXTM charges withdrawal fees according to the payment method used.
10. FxPro
FxPro is an ECN and STP broker that runs a No Dealing Desk (NDD) model where Ugandans get direct market execution without interference.
Traders can expect competitive trading conditions and access to useful trading tools to help them make better trading decisions.
Min Deposit
USD 100
Regulators
FCA, SCB
Trading Platform
MT4, MT5
Crypto
No
Total Pairs
70
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Features
| 📌 Category | Details |
| 🛡️ Regulatory Status and Licensing | FCA, CySEC, FSCA, and SCB |
| 💳 Deposit & Withdrawal in Uganda | Supports bank transfers, cards, e-wallets, and mobile money where available |
| 💰 Minimum Deposit | $100 |
| 💹 Spreads & Commissions | Spreads from 0.0 pips on some accounts; commissions from $2 on indices |
| 📈 Leverage & Margin | Up to 1:2000 leverage; varying margin requirements |
| 🇺🇬 UGX Accounts | Not available |
| 📱 Mobile Trading Usability | FxPro App available for iOS and Android |
| ⚡ Execution & Slippage | Fast trade execution; slippage can occur during volatile market conditions |
| 🧾 Account Types | Cent, Classic, VIP, Zero Spread, Islamic, Demo |
| ☎️ Local Support (Uganda) | No dedicated Ugandan support team |
| 💼 Asset Classes | 53 forex pairs, plus stocks, indices, commodities, and crypto |
| 🕌 Islamic Accounts | Available but with conditions on holding positions swap-free |
| 👉Open an Account | 👉 Open Account |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Competitive spreads, especially on Raw+ and cTrader | No local payment agents for Uganda |
| Deep liquidity and fast execution speeds | Cryptocurrency deposits are not widely supported |
| Supports Direct Market Access (DMA) on cTrader | Bank withdrawals take longer than e-wallets |
Our Findings
FxPro stands out for its trading technology, competitive trading conditions, and direct market execution.
However, Ugandans face high currency conversion fees because UGX is not supported.
Can Ugandan traders use Direct Market Access (DMA)?
Yes, FxPro offers DMA execution on cTrader accounts.
Are demo accounts available for Ugandan traders?
Yes, FxPro offers free demo accounts.
Conclusion
Because of limited local broker options, Ugandan forex traders require the services of a broker that fits both global access and local convenience.
Ugandan traders prefer brokers with mobile-friendly options, alternative payment options if local ones aren’t available, and clear regulatory oversight to protect them and their funds.
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Frequently Asked Questions
Who is the regulatory entity for Uganda?
The Regulatory Authority for financial institutions in Uganda is the Bank of Uganda; however, there are numerous forex brokers who have other regulations and authorizations that offer their services to Uganda traders.
Can beginners trade forex in Uganda?
Yes. Anyone can start trading in forex. However, beginner traders must first ensure that they have a clear understanding of forex, the market, and the risks involved before they start trading.
Do forex brokers in Uganda offer demo accounts?
Yes. These brokers offer demo accounts that can be used to practice trading, test out strategies, or test out the broker’s offer.
Is forex trading legal in Uganda?
Yes. Forex trading is legal in Uganda. Traders are, however, warned against using the services of unregulated brokers and are thus advised to carefully select their broker, as there are some unregulated brokers, like those on the list above, that are reputable.
