Best Forex Brokers in Uganda for Beginners (2024)

Online forex trading in Uganda is not regulated by the Capital Markets Authority (CMA) so there is no government protection for anybody trading forex in Uganda.

We will discuss external forex brokers operating from outside Uganda but accept Uganda traders. We have checked how credible they are and the trading criteria they offer Ugandan traders.

Best Forex Brokers in Uganda are Listed Below

• Exness – Best Forex Broker in Uganda
• HF Markets – Best Forex Broker for Beginners in Uganda

• FXPesa –  Best Forex Broker in Uganda for Local Funding Methods
• Pepperstone –  Best MT4 Forex Broker in Uganda

• XM Broker – Best Forex broker in Uganda with Deposit Bonus
• FxPro – Broker with Best Forex Trading Platforms in Uganda

Comparison of Best Brokers for Forex Trading in Uganda

💼 Broker	💵Minimum deposit	🎁Welcome Bonus	💻Forex Trading Platform in Uganda	🦚UGX Base Currency	💵EUR/USDaverage spread	🚀Leverage	⚖Regulation
Exness	$10	No	Exness Mobile App, Exness Web Terminal, MT4, MT5	Yes	1.0 pip	Unlimited	CMA, FSCA, FSA
HF Markets	$5	Yes	HFM Mobile App, MT4, MT5	No	1.6 pips	1:2000	CMA, FSCA, FCA
FXPesa	Any amount	Yes	MT4, MT5	No	1.4 pips	1:400	CMA
Pepperstone	Any amount	No	TradingView, cTrader, MT4, MT5	No	1.2 pips	1:400	ASIC, CMA, FSCA, FCA
XM broker	$5	Yes	XM Mobile App, MT4, MT5	No	1.8 pips	1:1000	CySEC, FSA, FSCA
FxPro	$100	No	FxPro Web terminal, FxPro Mobile App, FxPro cTrader Mobile App, MT4, MT5	No	1.3 pips	1:200	FCA, FSCA, SCB

Who is the best broker for Forex Trading in Uganda?

1. Exness– Best Forex Broker in Uganda

Trade with Exness Uganda if:

a) If you want a regulated forex broker with a presence in Africa

Exness is available in Uganda. Exness (SC) LTD is owned by Cyprus but holds forex broker licenses from different continents. In South Africa Exness is regulated by the FSCA, & in Kenya Exness is regulated by the CMA.

In The Caribbean Exness is regulated by the Central Bank of Curacao & Sint Maarten, in Seychelles Exness is also regulated by the FSA.

b) If you want a forex broker with low minimum deposit in Uganda

Exness minimum deposit is $10 minimum deposit (about 38,500 UGX) for the Standard Account & Cent Account. These accounts have low trading costs with spreads starting from 0.2 pips, charging zero commissions, and no inactivity fees. Read more: Review of Exness minimum deposit.

You can trade CFDs on Forex, Stocks, Indices, Commodities, & Crypto on the Exness Standard Account with 1: unlimited leverage.

The Exness Cent Account restricts what you can trade to only Forex CFDs & Metal CFDs with 1: unlimited leverage since this account is mainly for newbies.

Difference between Exness Cent & Standard Accounts

Read more about Exness account types in thisExness Review.

 c) If you want copy trading

Exness offers copy trading services for Forex, Metal, & Crypto Markets with 1:200 leverage. You can start by opening a Social Trading Account with $500 minimum deposit.

d) If you want a forex broker with zero overnight fees in Uganda

Exness lets you trade without paying overnight swaps. You can leave your trading positions open overnight without paying nightly fees for Forex (excluding exotic pairs), Crypto, & Gold markets.

Pros & cons – Exness Uganda

Visit Exness for more trading information & account opening steps

2. Hotforex (HF Markets) – Best Forex Broker for Beginners

 Trade with HF Markets Uganda if:

a) If you want an international forex broker with a presence in Africa

HF Markets (SV) LTD is regulated in global jurisdictions such as the United Kingdom, & United Arab Emirates. In Africa it’s also regulated in Kenya & South Africa.

b) If you want low minimum deposit accounts

HF Markets is a good broker for low minimum deposit. HF Markets minimum deposit is $5 on the Cent, Zero, & Premium AccountPackages. Let us explain why this is remarkable:

• The HF Markets Zero Account charges very low spreads with EUR/USD benchmark average being around 0.2 pips. Most brokers who offer such low spread always impose higher minimum deposits.
• The Cent Account is almost like a demo account because although you are trading live markets, you are not allowed to open large positions. This is good for ‘demo account graduates’ who have never traded live before.

Read further about HF Markets various account types in our HF Markets Review.

c) If you want swap-free trading (no overnight fees)

HF Markets will let you leave your trades active till the next day without imposing swap fees and this only applies to Forex & Gold trades. This helps you cut down trading cost

d) If you want to trade CFDs on multiple financial markets

HF Markets lets you trade various asset classes, so you don’t concentrate your risk in one place. CFDs on Forex, Stocks, Indices, ETFs, Bonds, Crypto, Soft Commodities, Precious Metals, & Energies are all on the menu. To give you some context, most forex brokers don’t offer Bond & ETF CFDs for trading.

e) If you want a forex broker with copy trading in Uganda

HF Markets has copy trading where you can copy strategies of Strategy Providers automatically. You can copy trades of others using any HF Markets account even the Cent Account type.

You don’t need to open a special copy trading account again. Minimum deposit varies & will be determined by the Strategy Provider.

f) If you want a forex broker with deposit bonus in Uganda

HF Markets gives new account holders a 20% top-up on every deposit they make during the lifespan of the promotion.

Visit HF Markets to try their demo account for beginners

3. FXPesa – Best Forex Broker in Uganda for Local Funding Methods

Trade with FXPesa Uganda if:

a) If you want a forex broker with a strong regional presence in East Africa

FXPesa is the brand name for EGM Securities who are registered and licensed by the Capital markets Authority in Kenya. FXPesa also has study centres across East Africa including one in Kampala Uganda.

b) If you want multiple ways to deposit & withdraw funds

FXPesa accepts various local payment processors including Airtel Uganda, MTN Uganda, MPESA, EazzyPay, Vodacom, TigoPesa, HaloPesa, & Airtel Tanzania, at no cost.

EWallets specifically Neteller & Skrill are also accepted but there is a withdrawal charge of 1%. Local bank transfers and bank cards are also accepted by FXPesa at no cost.

C) If you want an account with no minimum deposit embargo

The FXPesa Standard Account has no minimum deposit so you can deposit any amount you have. It is also commission-free 7 charges spreads from 1.4 pips upwards.

d) If you want a forex broker with welcome bonus

FXPesa gives you a 30% karibu bonus when you fund your account for the first time. However, the minimum deposit must be $100.

Visit FXPesa for account opening information

4. Pepperstone– Best MT4 Forex Broker in Uganda

Trade with Pepperstone if:

a) If you want a forex broker with an International Presence

Pepperstone is a trusted forex broker originating from Australia whereit is regulated by the ASIC. Pepperstone is also regulated in the UK and in Africa it is regulated by the CMA Kenya. Pepperstone is available in Uganda meaning they accept Ugandan traders.

b) If you want a forex broker with additional MT4 tools

For majority of forex traders, MT4 is the preferred platform for trading currencies because MT4 is highly modifiable.

Pepperstone self-developed their Smart Trader Tools which you can plugin to MT4 or MT5 to make it function better.

Pepperstone also provides educational video tutorials to help you setup your MT4 account. Some of the pepperstone educational videos as seen on their website are:

• How to login & connect to MT4
• How to place a trade on MT4
• How to manage your positions & view history on MT4
• How to customize your watch list on MT4
• How to customize charts & add indicators on MT4

c) If you want a forex broker with no minimum deposit restriction

Pepperstone offers 2 account types – The Standard Account & Razor Account which you can open with any amount of money you have. Pepperstone has no minimum deposit.

The Pepperstone Standard Account charges competitive variable spreads from 1.20 pips meaning EUR/USD spread can be expected to be around 1.2 pips most of the time.

d) If you want Raw Spreads

Raw spreads come directly from the liquidity provider such as banks, and your forex broker does not increase or mark it up. Raw spreads are very transparent.

The pepperstone Razor Account charges you Raw Spreads plus a $3.5 commission per side for standard lots traded. On the Razor Account EUR/USD benchmark average spread is 0.1 pips.

e) If you want a forex broker with multiple forex trading platforms in Uganda

Pepperstone has a new mobile app which is available on app stores. The MT4, & MT5 platforms are also available, and they are good for automated trading.

For complex charting Pepperstone offers the TradingView Platform which lets you trade from highly advanced charts and lets you customize the chart as you wish.

Pepperstone offers the cTrader platform as an alternative to MetaTrader. cTrader is also ideal for automated trading but uses a different programming language from MetaTrader when building trading robots.

Visit Pepperstone for more information on MT4 & account opening

5. XM Broker – Best forex Broker in Uganda with Deposit Bonus

Trade with XM if:

a) If you want a forex broker with low minimum deposit in Uganda

XM minimum deposit is $5 on all their account types.

b) If you want a forex broker with Micro Account in Uganda

XM offers a Micro Account with a focus on new traders.  The advantage of the Micro Account is that your trade size is limited to 1,000 units per lot, thus making it less expensive to open an order.

c) If you want a forex broker with zero commissions in Uganda

All XM Accounts don’t charge commissions instead their spreads are a bit higher. The advantage of zero commission trading accounts is it is easier to calculate profit/loss.

The spreads on the XM Micro & Standard Account starts from 1.0 pips while XM Ultra-low Accounts charge lower spreads from 0.6 pips.

d) If you are looking for a forex broker with no overnight feesin Uganda

When you open the XM Ultra-low Account, you can leave trades on Major Forex pairs & Gold Pairs open overnight without attracting a penalty (swap fee)

e) If you want a forex broker with copy trading in Uganda

XM offers copy trading services so you can copy trades of Strategy Providers. XM minimum deposit for copy trading depends on the Strategy Provider.

f) If you want a regulated forex broker in Uganda

XM Global LTD is regulated in Cyprus and Belize. XM is also regulated by the FSCA in South Africa

g) If you want a broker with deposit bonus in Uganda

XM offers a bonus to all account holders both new & existingwhen you fund your account from $5. How to claim XM bonus is by depositing between $5 and $1,000 to get 50% bonus.

XM Bonus Review as follows (how to get XM deposit bonus)

• When you deposit between $5 and $1,000 you get a 50% bonus credit
• When you deposit between $1,000 and $23,500 you get 50% XM bonus on $1,000 then 20% XM bonus on the balance.
• So if you deposited $5,000 you get 50% on $1,000 and 20% on $4,000.
• You can only withdraw the profits realized while trading with the XM bonus, but you cannot withdraw the XM bonus itself.

Visit XM for more bonus terms & conditions and account opening

6. FxPro – Broker with Best Forex Trading Platforms in Uganda

Trade with FxPro if:

a) If you want a highly reputable forex broker with FCA regulation

Apart from being regulated in South Africa by the FSCA, FxPro Global Markets is also regulated in the UK by the FCA, & in The Bahamas by the SCB.

b) If you want a broker that lets you customize your accounts

When you are opening your account, FxPro gives you control of custom building how you want the account to function.

For MT4 Accounts you can choose between fixed & variable spread, & Instant or Market Execution mode.

For MT5 Account you can choose the hedging or netting strategies which are ideal for automated trading especially for Stock CFDs.

c) If you want a broker with multiple forex trading platforms in Uganda

FxPro offers a Mobile App, Web Terminal, MT4/5, cTrader & TradingView platforms. For the MT4 platform, FxPro provides MetaTrader upgrade tools which can be downloaded & plugged in to MT4 for better functionality

Visit FxPro for more information & account opening

 Forex Trading in Uganda (How to start)

Forex trading in Uganda has a loss rate of about 90% so you should possess adequate knowledge before starting. Forex trading is also unregulated in Uganda, so there’s no government protection against scam brokers.

 1. Register

This is the part where you type in your email and password to create yourself a wallet with the broker. Registration is usually cone on the broker’s website or mobile app.

Registration does not mean you have opened an account; it just means you have created a wallet where any accounts you create will be linked to.

2. Open account

After registration you get to choose the kind of trading account you desire. A demo account is a practice account where you get to trade with unreal money, & it’s advisable you open a demo account to test the platform.

A real account is for live trading and here your capital is at risk. Some forex brokers offer Cent & Micro Accountsso that new traders can trade with restricted conditions such as:

• Limitations on opening big orders (to prevent big losses)
• Limitations on trading volatile instruments (to prevent big losses)

3. Deposit funds
   

Your newly created real trading account will remain inactive unless you deposit funds into it. Check for your brokers minimum deposit and fund your account using the mobile app or on the brokers website.

The minimum deposit is very crucial in deciding which forex broker to trade with as you cannot always deposit below that amount.

How to Trade Forex in Uganda

After making your first deposit you are ready to trade live markets and emotions such as fear and greed will begin to take hold.

a) Decide if you want to buy or sell an instrument: Buying carries limited risk but selling carries unlimited risk so you need to choose wisely.

• If you think the price of an instrument will rise, then you buy now and sell for higher later.
• However, if you think the price of an instrument will fall, you sell now and rebuy for less.
• Either way you make a profit (which is the difference between buy & sell prices) but you lose if your prediction is wrong.

b). Apply risk management: when you are preparing your buy/sell order to be sent to the market, always set a Stop Loss (SL). An SL automatically closes your trade when losses exceed your specified limit (you are the one to set this limit).

You can also set a Take Profit (TP) order, so greed does not let you miss out on profits. The TP order closes your trade once you make a specified amount of profit.

c) Trade during the right time zone/session: best time to trade forex in Uganda is between 3pm & 6pm Ugandan time. This is because the Europe sessions overlaps the American session, so spreads are lower on instruments that contain the US Dollar (example EUR/USD, GBP/USD) etc.

d) Avoid risky instruments: certain financial markets are riskier than others and losses can be huge. Beginners should avoid exotic currency pairs (currency pairs between a developing & developed country) example USD/UGX or USD/KES pair.

Exotic pairs have higher fees, and the liquidity is poor as not many people trade them. Beginners should also avoid trades on Commodities & Energy as they are usually based off futures contracts which are complex to understand.

Best instruments for beginners are major forex pairs like EIR/USD which is the most popular in the world of forex trading.

Frequently Asked Questions on forex brokers in Uganda

Who is the best forex broker online in Uganda?

Exness is the best forex broker in Uganda because they are regulated in Kenya, South Africa, & Overseas; and they offer low trading costs.

Is forex trading legal in Uganda?

Yes, forex trading is legal in Uganda, but the forex brokers are not under the supervision of the Ugandan government. This means your trading accounts are opened overseas and any disputes will be settled in courts of law overseas. 

Who is the best forex broker for beginners in Uganda?

HF Markets is the best forex broker for beginners in Uganda because they are regulated in Kenya, South Africa, & the United Kingdom, HF Markets minimum deposit is $5, they offer Demo Accounts, & Cent Accounts for beginners.

How much do I need to start forex trading in Uganda?

You need $5. Pepperstone, HF Markets, & XM broker have the lowest minimum deposits of $5 in Uganda.

Which forex broker has the lowest spread in Uganda?

Exness has the lowest spread in Uganda.

 Which forex brokers accept mobile money in Uganda?

FxPesa, Exness, HF Markets, FxPro, & Pepperstone accept mobile money deposits including MPESA by Safaricom.