Uganda has witnessed strong growth in Forex trading, with a tech-savvy generation that is investing more capital in currency speculation in order to turn a profit on the world’s largest financial market.
Here, we provide a list of the 5 best Forex trading brokers for beginner traders in Uganda, which provide a user-friendly trading environment alongside sound regulation and excellent customer support.
- Exness
Overview
Exness is a well-regulated Forex broker that provides advantageously reduced transaction fees. When opening a trading account with Exness, new customers are eligible for a Forex no deposit bonus.
Pros and Cons
|
PROS |
CONS |
|
Well-regulated |
|
|
Tight spreads |
|
|
Over 130 currency pairs |
Features
|
Feature |
Information |
|
Regulation |
CySEC, FCA |
|
Minimum deposit from |
$1 |
|
Average spread from |
1.3 pips |
|
Commissions from |
3 USD and 10 USD per 1 lot for CFDs |
|
Deposit/Withdrawal Fees |
None |
|
Maximum Leverage |
1:2000 |
|
Bonuses |
Standard +10% Bonus Programme |
|
Customer Support |
24/5 – multilingual |
- OctaFX
Overview
OctaFX makes it easy to trade CFDs on a wide range of underlying assets. These underlying assets include indices, commodities, and cryptocurrencies, among others.
In addition, OctaFX provides a comprehensive set of research tools, copy trading, bonus promotions, and a selection of trading accounts. OctaFX is widely regarded as one of the best Forex brokers in Uganda.
Pros and Cons
|
PROS |
CONS |
|
Ultra-fast execution |
No VPS available |
|
More than 30 forex pairs available Well-regulated |
No Forex educational tools |
Features
|
Feature |
Information |
|
Regulation |
CySEC |
|
Minimum deposit from |
$100 |
|
Average spread from |
0.7 pips |
|
Commissions from |
None |
|
Deposit/Withdrawal Fees |
None |
|
Maximum Leverage |
1:500 |
|
Bonuses |
50% Deposit Bonus |
|
Customer Support |
24/5 |
- AvaTrade
Overview
AvaTrade is a reputable broker that features an interface that makes copy trading easy to use. Customers of AvaTrade have access to a variety of trading platforms, each of which can be modified to better suit the requirements of the individual customer.
Pros and Cons
|
PROS |
CONS |
|
Broad range of tradable instruments |
High EURUSD and inactivity fees |
|
MetaTrader 4 and 5 available |
|
|
Excellent educational resources |
Features
|
Feature |
Information |
|
Regulation |
Central Bank of Ireland, MiFID, ASiC, BVI |
|
Minimum deposit from |
$100 |
|
Average spread from |
0.9 pips |
|
Commissions from |
No commission on Forex |
|
Deposit/Withdrawal Fees |
None |
|
Maximum Leverage |
1:400 |
|
Bonuses |
First Deposit Bonus |
|
Customer Support |
24/5 – multilingual |
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- XM
Overview
XM is a well-known brand in the realm of currency exchange and financial markets. The improved MetaTrader 4 and MetaTrader 5 trading platform that XM provides to its customers enables them to trade in over a thousand assets at competitive pricing.
Pros and Cons
|
Pros Low minimum deposit Comprehensive educational offering Streamlined account opening process |
Cons Inactivity fee charged after 90 days on live accounts Limited product portfolio |
Features
|
Feature |
Information |
|
Regulation |
IFSC, ASIC, CySEC, FCA and DFSA |
|
Minimum deposit from |
$5 |
|
Average spread from |
0.1 pips |
|
Commissions from |
$3.5 commission per $100 000 traded |
|
Deposit/Withdrawal Fees |
None |
|
Maximum Leverage |
1:30 |
|
Bonuses |
$30 Trading Bonus |
|
Customer Support |
24/5 |
- Pepperstone
Overview
Since it was first established in 2010, Pepperstone has experienced phenomenal growth. Beginner traders have the opportunity to benefit from competitive spreads, attentive customer support, and a comprehensive range of third-party platforms, which includes a number of social copy trading options.
Pros and Cons
|
Pros No minimum deposit Low trading fees for forex No added costs for withdrawals or deposits |
Cons Limited number of instruments No additional research tools |
Features
|
Feature |
Information |
|
Regulation |
FCA, ASIC |
|
Minimum deposit from |
AUD200 |
|
Average spread from |
0.4 pips |
|
Commissions from |
?$3.76 commission per lot per trade |
|
Deposit/Withdrawal Fees |
None |
|
Maximum Leverage |
1:500 |
|
Bonuses |
None |
|
Customer Support |
24/5 |