Best Forex Brokers in Uganda 2024 (2024)

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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.

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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

Feb 20, 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:

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.
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.
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.
Forex.com - Forex.com maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. EUR/USD spreads come in as low as 0.0 with a $7 commission per $100k. The SMART Signals tool also uncovers forex price patterns from dozens of major markets.
Pepperstone - Pepperstone offers ultra-low spreads from 0.0 pips on the Razor account and has an excellent selection of 90+ pairs. This is a much wider range than leading competitors like AvaTrade, which only offers 50+. You can also trade currency indices, which aren't available at many alternatives. Forex lots start at 0.01.

Best Forex Brokers In Uganda 2024 Comparison

Best Forex Brokers In Uganda 2024 Comparison
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, FRSA, BVI, ADGM	Visit
80+	1.0	4.9 / 5	$100	FCA, CySEC, NFA, CFTC, CIMA, CIRO, SFC	Visit
90+	1.0	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+	1.0	3.6 / 5	$100	FCA, ASIC, CySEC, SCB	Visit
45+	Variable	3 / 5	$0	-	Visit
250+	14 pips	4.5 / 5	$10	-	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
80+	0.8	4.9 / 5	$0	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA	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

There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5
It’s quick and easy to open a live account – taking less than 2 minutes
Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook

Cons

A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
Unfortunately, cryptos are only available for Australian clients
The average execution speeds of 100ms to 250ms are slower than alternatives based on tests

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

IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.

Cons

While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.

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

WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
Day traders can access stable spreads and zero commissions with no hidden fees

Cons

There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
There is no ECN account with raw spreads
A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners

Visit AvaTrade

#4 - Forex.com

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Review

Why We Chose Forex.com

Forex.com maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. EUR/USD spreads come in as low as 0.0 with a $7 commission per $100k. The SMART Signals tool also uncovers forex price patterns from dozens of major 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: 1.0
EURUSD Spread: 1.0
EURGBP Spread: 1.0
Total Assets: 80+
Leverage: 1:200 (Retail), 1:500 (Pro)
Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

About Forex.com

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

Pros

Excellent trading tools including the Trading Central research dashboard and the SMART Signals price pattern scanner
The free demo account allows you to practice day trading strategies in a risk-free environment
There's a VPS hosting solution for those using automated trading strategies

Cons

It's a shame that there's no copy trading platform for beginners or signal providers
The $15 monthly inactivity fee is higher than some competitors, including XM which only charges $5
The investment offering varies between countries

Visit Forex.com

#5 - Pepperstone

Visit

Review

Why We Chose Pepperstone

Pepperstone offers ultra-low spreads from 0.0 pips on the Razor account and has an excellent selection of 90+ pairs. This is a much wider range than leading competitors like AvaTrade, which only offers 50+. You can also trade currency indices, which aren't available at many alternatives. Forex lots start at 0.01.

"Pepperstone is a best-in-class broker. Experienced day traders benefit from razor sharp spreads, ultra-fast execution and 1300+ instruments. New traders get user-friendly platforms, rich education materials and 24/7 support."
- DayTrading Review Team

GBPUSD Spread: 1.0
EURUSD Spread: 1.0
EURGBP Spread: 1.2
Total Assets: 90+
Leverage: 1:30 (Retail), 1:500 (Pro)
Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade

About Pepperstone

Pepperstone is a leading online broker with over 400,000 clients in more than 175 countries. The top-rated brokerage offers excellent market access, industry-leading platforms in MT4, MT5, TradingView and cTrader, plus low fees with no hidden charges. Pepperstone is also heavily regulated with a high trust score, holding licenses with reputable bodies, including the FCA, ASIC, DFSA, and CySEC.

Pros

Pepperstone is a world-renowned broker with licenses in 7 jurisdictions, including the UK (FCA) and Cyprus (CySEC)
Excellent suite of automated trading tools including Capitalise.ai, Smart Trader and APIs
Competitive Razor account with tight spreads averaging 0.12 pips for EUR/USD

Cons

The demo account closes after only 30 days, which is a smaller time limit than competitors like XM (60 days)
Cryptos are only available for professional clients in some jurisdictions
Traders from the US are not accepted

Visit Pepperstone

How We Rate Forex Brokers In Uganda

These are the key factors we consider when rating forex brokers 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 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.

Plus500 remains one of the most trusted brokers. Not only is it authorized by a string of respected regulators, including the FSCA, ASIC and CySEC, but our experts have traded at Plus500 for years with no withdrawal issues.

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 brokers provide a wide selection of majors, minors and exotics, with some platforms offering upwards of 60 currency pairs spanning various regions, including Africa.

Forex.com stands out with its extensive suite of over 80 currency pairs, from majors like the EUR/USD and USD/JPY to exotics like the EUR/ZAR and EUR/TRY, catering to a range of strategies.

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 brokers 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.

Pepperstone offers competitive pricing with a Standard account featuring average spreads around 1 pip with no commissions for new traders, and a Razor account with spreads from 0 pips plus a $3 commission per lot, per side, ideal for active forex traders.

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

IC Markets distinguishes itself here with leading platforms like MT4, MT5, cTrader and TradingView, plus integrated tools like Autochartist that provide in-depth insights and trading ideas for various currency pairs.

Account Funding

Opt for a forex broker with an affordableminimum 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.

💡

Consider a forex broker that accepts popular payment methods in Uganda, such as AstroPay, for convenient deposits and withdrawals.

Vantage emerges as a great choice for day traders in Uganda thanks to its range of payment methods including AstroPay, plus its accessible minimum deposit of $5 or Shilling equivalent.

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:

Regulation by reputable authorities, if not by Uganda’s CMA, then by trusted regulators in other regions.
An excellent selection of currency pairs, especially those relevant to Ugandan traders like ZAR/USD and EUR/NGN.
Competitive pricing with tight spreads, low commissions and no hidden forex trading fees.
A straightforward funding process, accommodating popular local options like AstroPay.
Sophisticated yet user-friendly charting tools to take advantage of opportunities in the forex market.

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.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com