There is no official regulation of online forex trading in Uganda by the Capital Markets Authority (CMA), so people trading forex in Uganda are not protected by the government.
We will talk about foreign forex brokers that operate from outside Uganda but accept Ugandan traders. We have checked their credibility and the trading conditions they offer to Ugandan traders.
The Best Forex Brokers in Uganda are as Follows
- Exness – Best Forex Broker in Uganda
- HF Markets – Best Forex Broker for Novices in Uganda
- FXPesa – Best Forex Broker in Uganda for Local Payment Methods
- Pepperstone – Best MT4 Forex Broker in Uganda
- XM Broker – Top Forex broker in Uganda with Deposit Incentive
- FxPro – Broker with Best Forex Trading Platforms in Uganda
Comparison of Top Brokers for Forex Trading in Uganda
| 💼 Broker | 💵Lowest deposit | 🎁Welcome Incentive | 💻Forex Trading Platform in Uganda | 🦚UGX Base Currency | 💵Average spread for EUR/USD | 🚀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
| 🌐 Website | www.exness.com |
| 💵 Starting deposit | $10 |
| 💳 Account currency | UGX, KES, ZAR, USD, USC, EUR, GBP |
| 🎁 Welcome bonus | No |
| 💵 Leverage | Unlimited |
| 💵 EUR/USD spread | 1.0 pip |
| 🛒 Markets | FX, Stocks, Indices, Crypto, Commodities |
| 💳Platforms | MT4, MT5, Exness Mobile App, Exness Web Trader |
Trade with Exness Uganda if:
a) If you prefer a regulated forex broker with a presence in Africa
Exness operates in Uganda and is owned by Cyprus but holds forex broker licenses from various 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 requires a minimum deposit of $10 (about 38,500 UGX) for the Standard Account & Cent Account. These accounts have low trading costs with spreads starting from 0.2 pips, no 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 limits trading to only Forex CFDs & Metal CFDs with 1: unlimited leverage since this account is mainly for beginners.
Difference between Exness Cent & Standard Accounts
| Exness Cent Account | Exness Standard Account |
| Forex, & Metals Markets | Forex, Stocks, Indices, Commodities, & Crypto Markets |
| 1: unlimited leverage | 1: unlimited leverage |
| US Cent Trading currency | UGX, KES, ZAR, NGN, USD, EUR, GBP, Trading Currencies |
| EUR/USD 1.0 pip average spread | EUR/USD 1.0 pip average spread |
| Zero commission | Zero commission |
Read more about Exness account types in thisExness Review.
c) If you want copy trading
Exness provides 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 no overnight fees in Uganda
Exness allows trading without paying fees for holding positions open overnight in Forex (excluding exotic pairs), Crypto, & Gold markets.
Pros & cons – Exness Uganda
| 👍Pros | 👎Cons |
| Exness provides UGX as base currency accounts | Limited CFD markets |
| No overnight swap fees on specific markets | A minimum deposit of $500 is needed for Zero spread Exness accounts |
| Exness minimum deposit is low at $10 | No bonus offered on deposits |
| Regulated in Kenya & South Africa | Cent Account cannot be used for copy trading |
| Exness offers copy trading services (but a special account needs to be opened for this) | |
| No inactivity fee is imposed by Exness | |
| Demo account | |
| Multiple forex trading platforms are available to choose from at Exness |
Visit Exness for additional trading information & steps for opening an account
2. Hotforex (HF Markets) – Best Forex Broker for Beginners
| 🌐 Website | https://www.hfm.com/int/en |
| 💵 Initial deposit | $10 |
| 💳 Account currency | KES, ZAR, USD, USC, EUR, GBP, THB |
| 🎁 Welcome bonus | Yes |
| 💵 Leverage | 1:2000 |
| 💵 EUR/USD spread | 1.6 pips |
| 🛒 Markets | Forex, Stocks, Indices, ETFs, Bonds, Crypto, Soft Commodities, Precious Metals, & Energies |
| 💳Platforms | MT4, MT5, HFM Mobile App |
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 permits leaving trades open till the next day without incurring swap fees, applicable only to Forex & Gold trades. This helps reduce trading costs
d) If you want to trade CFDs on multiple financial markets
HF Markets allows trading in various asset classes, spreading out risk across different markets. CFDs on Forex, Stocks, Indices, ETFs, Bonds, Crypto, Soft Commodities, Precious Metals, & Energies are all available. To provide context, most forex brokers do not offer Bond & ETF CFDs for trading.
e) If you want a forex broker with copy trading in Uganda
HF Markets offers copy trading where you can automatically replicate the strategies of Strategy Providers. Trades of others can be copied using any HF Markets account, including the Cent Account type.
You do not 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 provides new account holders with a 20% top-up on every deposit they make during the promotion period.
| 👍Pros | 👎Cons |
| You can do copy trading with any HF Markets account, no special account needed. | They don't use UGX as base currency. |
| HF Markets is a forex broker that follows rules. | Be careful of high trading fees, especially the commissions. |
| In Uganda, the minimum deposit for HF Markets is $5. | Inactive accounts get a $5 fee from HF Markets. |
| HF Markets doesn't charge overnight swap fees for forex & Gold trades. | There's not many forex trading platforms to choose from. |
| HF Markets allows you to trade a wide range of markets. | |
| You get a bonus on deposits with HF Markets. | |
| Fake account |
Go to HF Markets to try their fake account for beginners
3. FXPesa – Top Forex Broker in Uganda for Local Funding Techniques
| 🌐 Website | www.fxpesa.com |
| 💵 Initial deposit | Any amount |
| 💳 Account money | USD |
| 🎁 Warm welcome bonus | Yes |
| 💵 Leverage | 1:400 |
| 💵EUR/USD | 1.4 pips |
| 🛒 Markets | Forex, Measures, Products, Stocks, ETFs |
| 💳 Platforms | MT4, MT5, Equiti Mobile App |
Deal 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.
| 👍Pros | 👎Cons |
| Focus on beginner education | They don't use UGX as base currency |
| Controlled regionally in Kenya | Not many trading platforms to choose from |
| Takes deposits from Airtel & MTN Uganda | They don't offer swap-free trading |
| Place for learning located in Kampala | |
| Deposit bonus program |
Go to FXPesa for account opening information
4. Pepperstone– Top MT4 Forex Broker in Uganda
| 🌐 Website | https://pepperstone.com/en-af/ |
| 💵 Initial deposit | Any amount |
| 💳 Account money | USD, GBP, AUD |
| 🎁 Warm welcome bonus | No |
| 💵 Leverage | 1:400 |
| 💵EUR/USD | 1.2 pips |
| 🛒 Markets | Forex, Measures, Products, Stocks, & ETFs |
| 💳 Platforms | MT4, MT5, Pepperstone mobile app, TradingView, CTrader, DupliTrade |
Deal 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:
- Instructions for logging in and connecting to MT4
- How to execute a trade on MT4
- How to oversee your positions and view history on MT4
- How to personalize your watch list on MT4
- How to modify charts and add indicators on MT4
c) In case you are seeking a forex broker without a minimum deposit requirement
Pepperstone provides 2 account options – The Standard Account and Razor Account that can be opened with any amount of money. Pepperstone has no minimum deposit.
The Pepperstone Standard Account offers competitive variable spreads starting from 1.20 pips, meaning EUR/USD spread is typically around 1.2 pips.
d) In case you desire Raw Spreads
Raw spreads are 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 imposes Raw Spreads plus a $3.5 commission per side for standard lots traded. On the Razor Account, the EUR/USD benchmark average spread is 0.1 pips.
e) If you are looking for a forex broker with multiple forex trading platforms in Uganda
| 💻Pepperstone platform | 🏆Ideal for |
| Pepperstone mobile app | Everyday CFD trading |
| MT4 & MT5 | Automated trading with robots |
| cTrader | Automated trading with robots |
| TradingView | Advanced charting |
Pepperstone offers a new mobile app which is accessible on app stores. The MT4, and MT5 platforms are also available, and are suitable for automated trading.
For advanced charting, Pepperstone provides the TradingView Platform enabling trading from highly advanced charts and customization of the chart according to your preferences.
Pepperstone provides the cTrader platform as an alternative to MetaTrader. cTrader is also ideal for automated trading but uses a different programming language from MetaTrader to build trading robots.
| 👍Pros | 👎Cons |
| Pepperstone is a reputable broker regulated in various jurisdictions | No UGX base currency |
| Pepperstone has no minimum deposit requirement | No swap-free trading |
| Multiple trading platforms including TradingView and cTrader | Pepperstone doesn’t directly offer copy trading, instead, they direct you to use DupliTrade platforms |
| Pepperstone has low spreads | |
| Pepperstone does not impose inactivity fees on inactive accounts | |
| Guides for trading, beginner education, and demo account |
Visit Pepperstone for more information on MT4 and opening an account
5. XM Broker – Top forex Broker in Uganda offering Deposit Bonus
| 🌐 Website | www.xm.com |
| 💵 Initial deposit | $5 |
| 💳 Account currency | USD, EUR, GBP |
| 🎁 Welcome bonus | Yes |
| 💵 Leverage | 1:1000 |
| 💵EUR/USD | 1.8 pips |
| 🛒 Markets | Forex, Commodities, Stocks, Turbo Stocks, Crypto, and Indices |
| 💳 Platforms | MT4, MT5 |
Trade with XM if:
a) If you are in search of a forex broker with a low minimum deposit in Uganda
XM has a $5 minimum deposit on all their account types.
b) If you want a forex broker with a Micro Account in Uganda
XM offers a Micro Account designed for new traders. The advantage of the Micro Account is that your trade size is limited to 1,000 units per lot, making it less expensive to open an order.
c) In case you prefer a forex broker with no commissions in Uganda
All XM Accounts do not charge commissions; instead, their spreads are slightly higher. The advantage of zero commission trading accounts is that it is easier to calculate profit or loss.
The spreads on the XM Micro and Standard Account start from 1.0 pips while XM Ultra-low Accounts impose lower spreads starting from 0.6 pips.
d) If you are searching for a forex broker in Uganda without overnight fees
When you open the XM Ultra-low Account, you can keep trades on Major Forex pairs & Gold Pairs open overnight without incurring a penalty (swap fee)
e) If you desire a forex broker in Uganda with copy trading
XM provides copy trading services so you can imitate trades of Strategy Providers. XM minimum deposit for copy trading depends on the Strategy Provider.
f) If you are looking for 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 are interested in a broker with deposit bonus in Uganda
XM provides a bonus to all account holders both new & existingwhen you fund your account from $5. To claim XM bonus, deposit between $5 and $1,000 to receive 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.
| 👍Pros | 👎Cons |
| Copy trading service | No UGX base currency |
| Micro Account | XM Ultra-low Account users are excluded from bonuses |
| Swap-free Ultra-Low Account with spreads from 0.6 pips | |
| XM minimum deposit is low | |
| Demo account | |
| XM deposit bonus can be claimed with a $5 deposit | |
| XM bonus is for everyone not just new accounts |
Visit XM for more bonus terms & conditions and account opening
6. FxPro – Broker with Best Forex Trading Platforms in Uganda
| 🌐 Website | www.fxpro.com |
| 💵 Starting deposit | $100 |
| 💳 Account currency | USD, EUR, ZAR |
| 🎁 Welcome bonus | No |
| 💵 Leverage | 1:200 |
| 💵 EUR/USD | 1.3 pips |
| 🛒 Markets | Forex, Indices, Stocks, Commodities, Crypto |
| 💳 Platforms | MT4, MT5, cTrader, TradingView, FxPro Direct Mobile App |
Trade with FxPro if:
a) If you want a highly reputable forex broker in Uganda 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 allows you to 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 in Uganda with multiple forex trading platforms
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
| 👍Pros | 👎Cons |
| Multiple forex trading platforms include MetaTrader & cTrader | High minimum deposit |
| FxPro holds tier 1 regulation from the United Kingdom | No UGX base currency |
| FxPro Accounts are suitable for automated trading | Inactivity fee |
| FxPro spreads are competitive with EUR/USD averaging around 1.3 pips | No swap-free trading |
| Demo account |
Visit FxPro for more information & account opening
Forex Trading in Uganda (How to get started)
Forex trading in Uganda has a high rate of loss, around 90%, so it's important to have enough knowledge before you begin. Additionally, forex trading is not regulated in Uganda, meaning there's no government protection against fraudulent brokers.
1. Register
This is where you enter your email and password to create a wallet with the broker. Registration is typically done on the broker’s website or mobile app.
Registering doesn't mean you've opened an account; it just means you've created a wallet where any accounts you create will be linked.
2. Open an account
After registering, you can choose the type of trading account you want. A demo account is for practice trading with fake money, and it's recommended to open one to test the platform.
A real account is for actual trading where your money is at risk. Some forex brokers offer Cent & Micro Accountswhich have restricted conditions for new traders such as: limitations on opening large orders (to prevent big losses) and restrictions on trading volatile instruments (to prevent big losses).
- Your newly created real trading account will stay inactive until you deposit funds into it. Check for your broker's minimum deposit and fund your account using the mobile app or the broker's website.
- The minimum deposit is crucial in choosing which forex broker to trade with, as you typically cannot deposit below that amount.
How to Trade Forex in Uganda
Once you've made your first deposit, you're ready to trade live markets and may experience emotions such as fear and greed.
| 💼 Broker | 💵 Min deposit |
| Exness | $10 |
| HF Markets | $5 |
| FXPesa | $0 |
| Pepperstone | $0 |
| XM | $5 |
| FxPro | $100 |
a) Determine if you want to buy or sell an instrument:
Buying carries limited risk, while selling carries unlimited risk, so it's important to choose wisely.
If you believe the price of an instrument will increase, you buy now and sell for a higher price later. However, if you believe the price will decrease, you sell now and rebuy for a lower price. In either case, you make a profit (the difference between buy and sell prices), but you incur a loss if your prediction is incorrect.
- b) Implement risk management:
- When 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 set this limit). You can also set a Take Profit (TP)order, so that greed does not cause you to miss out on profits. The TP order closes your trade once you reach a specified amount of profit.
c) Trade during the right time zone/session: The best time to trade forex in Uganda is between 3pm & 6pm Ugandan time.
This is because the European session overlaps the American session, causing lower spreads on instruments containing the US Dollar (e.g. EUR/USD, GBP/USD). d) Avoid risky instruments: Certain financial markets pose more risk than others, and losses can be substantial. Beginners should avoid exotic currency pairs (pairs between a developing and developed country, e.g. USD/UGX or USD/KES) as they often have higher fees and poor liquidity. Beginners should also avoid trading commodities and energy, as they are usually based on complex futures contracts. The best options for new traders are major forex pairs such as EIR/USD, which is very popular in the world of forex trading.
Frequently Asked Questions about forex brokers in Uganda Who is the top online forex broker in Uganda?
is the top forex broker in Uganda because they are regulated in Kenya, South Africa, & Overseas, and they provide low trading costs.
Is forex trading legal in Uganda?
Yes, forex trading is legal in Uganda, but the forex brokers are not supervised by the Ugandan government. This means that your trading accounts are opened overseas, and any conflicts will be resolved in foreign courts of law.
Who is the best forex broker for beginners in Uganda?
Exness is the best forex broker for beginners in Uganda because they are regulated in Kenya, South Africa, & the United Kingdom, HF Markets requires a minimum deposit of $5, they offer Demo Accounts, & Cent Accounts for beginners.
What is the minimum amount required 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 smallest spread in Uganda?
HF Markets has the smallest spread in Uganda.
Exness Instrument (Standard Account)
Average spread
Which forex brokers accept mobile money in Uganda?
Exness FxPesa, Exness, HF Markets, FxPro, & Pepperstone accept mobile money deposits, including MPESA by Safaricom.
| 📉Online forex trading in Uganda is not regulated by the Capital Markets Authority (CMA), so there is no government protection for anyone trading forex in Uganda. We will discuss external forex brokers operating from outside Uganda but accepting Ugandan traders. We have checked how trustworthy they are and the trading conditions they offer Ugandan traders. […] | 💵Average spread |
| EUR/USD | 1.0 pips |
| USD/CAD | 2.2 pips |
| NASDAQ | 53.8 pips |
| Bitcoin USD | 843.2 pips |
Which forex brokers accept mobile money in Uganda?
FxPesa, Exness, HF Markets, FxPro, & Pepperstone accept mobile money deposits including MPESA by Safaricom.
