Table of Contents
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Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Best Forex Brokers in Uganda

Uganda is an exciting growth market for global Forex brokers due to factors such as a comparatively young population, fast-increasing internet usage and adoption of mobile phones, and, perhaps consequently, strong social media penetration. These elements have primarily contributed to a rapidly growing interest in margin Forex trading.

Our Forex Brokers in Uganda review explains what Forex traders in Uganda should look for in a Forex broker; we offer tips on how to start Forex trading in Uganda and list the main pros and cons of Forex trading in Uganda.

1
5/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best all around broker
High floating leverage + fast execution
2
4.8/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
A choice of MT4/MT5 platform with Smart Trader Tools upgrades with 28 plugins plus Autochartist.
A wide choice of payment processors & same-day withdrawals
3
4.7/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
The well-balanced asset selection includes options, cryptos, and ETFs.
VPS hosting is available for 24/5 low-latency trading & excellent order execution.
4
4.2/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Well-regulated trading environment overseen by five global financial authorities.
24/5 customer support & Bitcoin as a deposit and withdrawal method.
5
4.2/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
User-friendly proprietary platform and MT4 access
Excellent selection of cryptocurrencies

  • FXTM, Best all-around broker with high floating leverage and fast execution.
  • Pepperstone, Great ECN execution on MT4 platform.
  • AvaTrade, Highly regulated, choice of fixed or floating spreads.
  • Trade Nation, Simplified fixed cost trading for beginners.
  • FXGT, Great mix of Forex and crypto assets.

Best Uganda Brokers Comparison

Regulators
CMA, CySEC, FCA, FSC Mauritius, FSCAASIC, BaFin, CMA, CySEC, DFSA, FCA, SCBASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFIDASIC, FCA, FSA, FSCA, SCBCySEC, FSA, FSCA
Year Established
20112010200620142019
Execution Type(s)
ECN/STP, Market MakerNo Dealing Desk, NDDMarket MakerMarket MakerECN/STP, Market Maker
Minimum Deposit
$200
$200
$100
$0
$5
Average Trading Cost EUR/USD
0.1 pips1.1 pips0.9 pips0.3 pips0.1 pips ($1.00)
Average Trading Cost GBP/USD
0.2 pips1.6 pips1.5 pips0.7 pips0.1 pips ($1.00)
Average Trading Cost Gold
$0.18 $0.20 $0.29 $0.30$0.15
Trading Platform(s)
MetaTrader 4, MetaTrader 5, Proprietary platformMetaTrader 4, MetaTrader 5, cTrader, Trading ViewOther, MetaTrader 4, MetaTrader 5, Web-based+MetaTrader 4, Proprietary platform, Web-basedMetaTrader 4, MetaTrader 5
Islamic Account
Negative Balance Protection
N/AN/A

FXTM

In Summary Best all-around broker with high floating leverage and fast execution

We have made FXTM one of our top-rated brokers because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.

Read more on FXTM »
5.0/5 in this category

Pros & Cons

  • Excellent commission-based Forex pricing environment and transparency
  • Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
  • Quality market research and educational content for beginner traders
  • A highly regulated broker with a tier-1 license
  • No cryptocurrencies and limited choice of commodities

Pepperstone

In Summary Great ECN execution on MT4 platform

Pepperstone has established itself amongst the leading Forex brokers in Uganda. Traders can use the popular MT4, MT5 platforms and cTrader, which fully support algorithmic trading and include features such as embedded copy trading services. Pepperstone also connects social traders to TradingView, where 50M+ traders can interact. Copy traders may additionally diversify strategies via Myfxbook Autotrade and DupliTrade. Capitalise AI supports algorithmic trading in a code-free environment.

The well-balanced asset selection includes cryptocurrencies and ETFs, and the cutting-edge trading infrastructure includes API trading for advanced algorithmic trading solutions. The commission-based Razor account offers competitive trading fees with raw spreads from 0.0 pips and a volume-based rebate program for the most active traders.

Read more on Pepperstone »
4.8/5 in this category

Pros & Cons

  • Excellent choice of trading platforms consisting of MT4/MT5, and cTrader
  • Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
  • Social trading support via Myfxbook, MetaTrader Signals, and DupliTrade
  • Leverage of up to 1:30 and superb trade execution
  • Demo accounts have 30-day time limits

AvaTrade

In Summary Highly regulated, choice of fixed or floating spreads

AvaTrade presents traders with its proprietary trading platforms Ava Options, Ava Social, WebTrader, and AvaTradeGO. The latter two come with embedded Trading Central services, ideal for beginner traders. AvaTrade also features the MT4/MT5 trading platforms for algorithmic and copy traders, which it enhances with the Guardian Angel plugin. The fee-based Ava Protect insurance policy protects against losing trades. It places AvaTrade amongst the leading Forex brokers in Uganda for beginners.

The spun-out Ava Academy and the available educational content on the AvaTrade website provide industry-leading educational content to traders. AvaTrade also features a reasonably priced commission-free cost structure where spreads are marked up.

Read more on AvaTrade »
4.7/5 in this category

Pros & Cons

  • High-quality educational offering via SharpTrader
  • Excellent choice of trading platforms catering to various trading needs
  • Broad asset selection and cross-asset diversification opportunities
  • Well-regulated and trusted broker with oversight from a central bank
  • Trading costs competitive but nothing special

Trade Nation

In Summary Simplified fixed cost trading for beginners

Trade Nation ranks among the best Forex brokers in Uganda, the provider is ideal for beginners and offers a fixed-spread pricing environment. Traders can choose between a spread-only commission-free MT4 Standard account and a commission-based MT4 Raw account with no spread markup. Trade Nation also presents its proprietary TN Trader platform and associated account, where traders get commission-free fixed spreads.

The Insights Hub offers beginners real-time news on TN Trader, a signal center, event reporting updated at least twice daily, and top trade recommendations. It also introduces three popular strategies and covers technical and fundamental analysis concepts. Trade Nation also features a high-paying partnership program for affiliates.

Read more on Trade Nation »
4.2/5 in this category

Pros & Cons

  • Simplified trading environment for beginners
  • One account type for all traders in eight account base currencies
  • Quality trading tools embedded in the proprietary trading platform
  • Balanced asset selection for international traders
  • Limited payment processors

FXGT

In Summary Great mix of Forex and crypto assets

South African broker Global GT, founded in 2020, offers the novel approach of combining Forex and cryptocurrency trading under one roof. It supports its business model by accepting cryptocurrencies for both deposit and withdrawal and as account base currencies. With a minimum deposit of $5 and maximum leverage of 1:1000 plus negative balance protection, Global GT offers South African traders a trusted domestic broker with a competitive product and services portfolio. The six-tier dynamic leverage system ensures that risk remains in check and supports traders with their risk management. Traders seeking the best trading conditions at Global GT will get them in the ECN account for a low minimum deposit of $250.

Global GT remains a genuine African broker with regulatory licenses from the South African FSCA and the Seychelles FSA plus a capital adequacy ratio of 40%. Both regulators continue to gain confidence from global brokers, offering a competitive mix of trusted regulation and a competitive business environment. Global GT offers traders the out-of-the-box MT5 trading platform and maintains two bonus offers. Global GT delivers on its hybrid Forex-cryptocurrency business model and supplements a competitive choice of cryptocurrencies with synthetic crypto pairs.

South African Forex traders looking for a trusted broker with a secure trading environment and choice of cryptocurrency assets alongside Forex should consider Global GT. The trading conditions are competitive, and Global GT remains well-positioned to grow in lockstep with the cryptocurrency market.

Read more on FXGT »
4.2/5 in this category

Pros & Cons

  • Deposit bonuses and financial transactions in cryptocurrencies
  • Tier1 liquidity aggregation and low latency trade execution
  • Good cryptocurrency selection, including synthetic cryptocurrency pairs
  • Low minimum deposit and high leverage with negative balance protection
  • Clients resident in USA, EU, and UK not accepted.

Forex Trading in Uganda

Forex trading in Uganda is legal but remains unregulated. All Forex traders in Uganda trade with international Forex / CFD brokers, and the ones on our Forex brokers in Uganda list offer well-regulated and trusted options for local clients.

Demand for Forex trading in Uganda continues to rise, but the country’s internet infrastructure requires updates. Out of nearly 48 million residents, roughly 26% live in urban centers, and only 29% have an internet connection. The population demographics are attractive as the Ugandan median age is just 17 years old; this represents an excellent growth market for international Forex brokers, with education the primary service necessary to promote growth in the Forex sector. Other challenges are social media penetration below 6% and mobile phone usage below 58%. Much of this is basic handsets, not smartphones, due to their cost, but this is forecast to grow substantially.

What to Look for in a Ugandan Forex Broker

Below is a list of what Forex traders should look for in a Ugandan Forex broker. Our Forex brokers in Uganda review focused on those aspects.

All competitive Ugandan Forex brokers should offer the following:

  • Regulation - A trustworthy and time-tested trading environment featuring a clean regulatory track record with at least 10+ years of operational experience.
  • Low trading fees - Trading fees reveal which trading strategies a Forex broker actively supports and passively discourages. Therefore, they represent the most defining aspect for traders when considering a Ugandan Forex broker. Spreads on major currency pairs should not exceed 0.8 pips or $8.00 per 1.0 lot. Additionally, traders must evaluate swap rates on leveraged overnight positions and ensure if swaps are charged, the markup is fair and positive swaps in favor of the trader are passed on.
  • Trading platforms - With 80%+ of Forex trading volumes algorithmic, an algorithmic trading platform is paramount. MT4 remains the leading choice, followed by cTrader and MT5.
  • Asset diversity - A quality Forex selection features 60+ currency pairs. Ugandan Forex traders must ensure that their Forex broker lists the instruments they need to execute their intended strategies.
  • Deposits/Withdrawals - The choice of payment processors ensures Forex traders can flexibly manage their portfolios and follow-on transactions. A bonus is low to no minimum deposit and withdrawal amounts.

Forex Trading Regulations in Uganda

Uganda does not regulate Forex trading. While the Ugandan Capital Markets Authority (CMA) regulates financial markets, it excludes Forex trading. Therefore, all Uganda Forex traders manage their portfolios with international brokers, including margin trading instruments based on other asset classes like CFDs on indices; these are also available from the providers in our Forex brokers in Uganda list.

How Much is Forex Leverage in Uganda?

Since Forex trading remains unregulated in Uganda, there is no official maximum leverage. All Ugandan Forex traders deal with international Forex brokers, and the ones from our Forex brokers in Uganda list offer up to 1:500 with negative balance protection in a well-regulated environment.

How to Start Forex Trading in Uganda?

Beginners can minimize avoidable mistakes and shorten their learning curve by considering the below tips before choosing one of the Forex brokers from our Forex brokers in Uganda review.

  1. In-depth education, available for free, is the first step for all successful Forex traders.
  2. Forex trading is a highly skilled profession, and Forex traders should respect and approach trading accordingly.
  3. Trading psychology is a factor that separates profitable traders from up to 90% of traders that consistently take losses, making it the first aspect beginners must master.
  4. Understanding the importance of leverage and its relationship to risk management is paramount for Forex traders.
  5. Leverage is an excellent and necessary tool at the core of success for most Forex traders. Still, they must learn how to use it effectively.
  6. Risk management is a core part of any successful trading strategy, and its absence will eventually turn a profitable one into a losing one.
  7. Traders must define and execute a suitable trading strategy. Ideally, it reflects their personality and personal circumstances.
  8. Every successful trader understands the significance of trading costs, as most Forex brokers claim their charges are competitive. Still, it is only once you review the detail of the total cost of trading that you can make a direct comparison.
  9. Proper placement of 'take profit' and 'stop loss' order levels (placing them with each order ticket represents a vital instance where traders typically should act without emotions).

Forex Trading Taxation in Uganda

During our Forex brokers in Uganda review, we did not uncover relevant, accurate information concerning Forex trading taxation in Uganda. Since there is no Forex regulation in Uganda, there are no specific tax guidelines.

Here is a Tax Uganda Forex traders should know about:

  • The capital gains tax ranges between 0% and 40% for resident individuals, applicable based on the personal income tax level.

Every Ugandan-resident Forex trader should consult with a legal professional to seek tax advice based on their situation in Uganda to ensure compliance with local rules and regulations.

Pros & Cons of Forex Trading in Uganda

An essential aspect of our Forex Brokers in Uganda review is to highlight the pros and cons of Forex trading in Uganda.

The pros of Forex trading in Uganda are:

  • 24/5 decentralized trading market
  • Lower capital requirements versus other assets
  • Algorithmic trading accounts for 80%+ of daily volume
  • Copy trading brokers can offer portfolio diversification without needing lots of time analyzing currency pairs
  • PAMM/MAM accounts provide traditional account management options
  • Passive income opportunities
  • Frictionless financial transactions

The cons of Forex trading in Uganda are:

  • Disrespect of Forex trading as a high-skilled profession
  • Demo trading accounts may foster a false sense of accomplishment
  • Overtrading, frustration, and inefficient trading stemming from unrealistic trading expectations and a lack of sufficient trading capital is a recipe for making losses.
  • Improper risk management
  • Manual trading in an algo-dominated environment
  • Emotion-based decision making
  • Disconnect between leverage and its relationship to risk management
  • A fundamental misunderstanding of Forex trading, its risks, requirements, and possibilities

Bottom Line

Forex trading in Uganda is permitted but unregulated. At the same time, demand continues to rise among the young, tech-savvy and increasingly wealthy population. All Forex traders in Uganda trade with international Forex brokers like the ones from our Forex brokers in Uganda review, which offer a mix of competitiveness and trustworthiness.

You might also be interested in reviewing the below top brokers:

FAQs

How many Forex traders are there in Uganda?

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No data exists concerning the number of Forex traders in Uganda. Still, given the below-average internet and mobile penetration, there are likely fewer Forex traders versus similar-sized countries.

When is the best time to trade Forex in Uganda?

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The best time depends on the individual. However, the London equity market trading session hours are the core Forex trading hours. London is the global Forex and financial trading capital.

Is Forex trading allowed in Uganda?

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Forex trading is allowed in Uganda, but Uganda has no active Forex regulations.

Christopher Lewis
About Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.