Traders Union (TU) analysts have prepared a comparative analysis of the best brokers Uganda in 2024. Experts performed the analysis taking into account the specifics of trading in the country. In their evaluation, TU experts use over 100 criteria that are split into groups. They have collected all the necessary data providing a possibility for novice traders from Uganda to give an unbiased evaluation to a broker. Using this information, a user can choose the company that meets his criteria.
The Most Reliable Brokers Uganda by TU include the following:
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
FBS is a broker for those who appreciate a variety of trading instruments and prompt support. The company is suitable for both beginners and experienced traders working on PCs and smartphones.
FreshForex is a reliable Forex broker providing a standard set of trading tools. The company is a good option for traders of all levels, from beginner to professional traders. It is mid-range in terms of size and number of registered traders and they are reliable based on our research and analysis.
The Global Prime brokerage company is suitable for both novice and experienced traders and is geared toward English-speaking clients.
LiteForex (LiteFinance) is more in demand by traders who already have basic trading skills like professional traders and those who are interested in passive investing.
Best forex brokers for beginners in Uganda in 2024
| Exness | FBS | FreshForex | Global Prime | LiteForex | |
|---|---|---|---|---|---|
Trading platform |
MetaTrader 4/5 (desktop, web, and mobile), Exness Terminal (web), and Exness Trade App (mobile) |
MetaTrader 4, MetaTrader 5, FBS Trader |
МТ4, МТ5 |
MetaTrader 4 |
МТ4, МТ5, own platform integrated in the personal account. |
Min deposit |
$10 |
$1 |
$0 |
$1 |
$10 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
Yes |
Accrual of % on the balance |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Spread |
From 1.0 points |
From 0.2 points |
From 0.0 points |
From 0.1 points |
From 0.5 points |
Level of margin call / stop out |
0% / 60% |
40% / 20% |
40% / 20% |
120% / 100% |
50% / 20% |
Execution of orders |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
No deposit bonus |
No |
$5 |
$30 |
No |
No |
Cent accounts |
No |
Yes |
Yes |
No |
Yes |
There are certain specifics in trading, which novice traders residing in the territory of Uganda need to know about:
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Novice traders need educational courses. The bigger the educational blocks, the more useful knowledge you will gain.
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Take notice of the availability of a demo account or a cent account. Traders can use these accounts to practice without considerable costs. A demo account allows you to work with virtual money, and a cent account - with micro lots, where your profit or loss amounts to just several dollars or even cents.
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When choosing a broker, it is important to evaluate its fees schedule. Novice traders should check out the fees on cent or basic accounts.
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If a novice trader professes Islam, he needs to make sure that an Islamic account is available. it is a special swap-free account that does not violate the Sharia law.
1
Best Forex broker for beginners in Uganda - Exness
The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.
👍 Advantages of trading with Exness for traders from Uganda:
•Availability of 8 licenses and a membership in the Financial Commission with its own compensation fund to insure traders against losses;
•Wide choice of account types — Standard, Pro, Cent, Swap Free, and Demo;
•Wide range of CFDs, including over 100 currency pairs;
•Zero deposit and withdrawal fees;
•Proprietary platforms for active and social trading, as well as all versions of classic MT4 and MT5.
👎 Disadvantages of Exness for traders from Uganda:
•The broker’s website offers almost no educational materials;
•24/7 support isn’t available in all languages.
Exness Commissions & Fees for traders from Uganda
Exness charges trading fees. The fees are charged as the spread. In the fees review for traders from Uganda, you can learn about their rates depending on the account type.
Exness Commissions and Fees in Uganda
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard Cent |
$0.3 |
No |
Standard |
$3 |
No |
Standard Plus |
$10 |
No |
Raw Spread |
$0 |
No |
Zero |
$0 |
No |
Pro |
$1 |
No |
2
Best Forex broker for beginners in Uganda - FBS
FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.
👍 Advantages of trading with FBS for traders from Uganda:
•negative balance protection;
•a large selection of trading instruments;
•the support service works 24/7.
👎 Disadvantages of FBS for traders from Uganda:
•no cryptocurrency;
•auto copying is not available;
•no PAMM accounts;
•not suitable for short-term trading, such as scalping;
•the support service works in a limited number of languages;
•only two real accounts.
FBS Commissions & Fees for traders from Uganda
FBS charges trading fees. The fees are charged as the spread. In the fees review for traders from Uganda, you can learn about their rates depending on the account type.
FBS Commissions and Fees in Uganda
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard |
From $1.7 |
No |
Cent |
From $1.3 |
No |
3
Best Forex broker for beginners in Uganda - FreshForex
FreshForex has been operating since 2004. The broker is registered in Kingstown, Saint Vincent, and the Grenadines. FreshForex has won more than 20 International awards and these achievements include Best Trading Conditions according to FXDailyInfo in 2016 and Best Bonus Program in 2017.
👍 Advantages of trading with FreshForex for traders from Uganda:
•favorable trading conditions;
•work with the liquidity providers having a European license;
•130 instruments for trading: Forex instruments, CFDs on precious metals, energy products, and indices, as well as corporate shares;
•spreads from 0 pips;
•the ability to replenish the account and withdraw funds quickly;
•bonuses and offers;
•easy to use the software that is available on your desktop computer, laptop, tablet, or smartphone.
👎 Disadvantages of FreshForex for traders from Uganda:
•customer service works 24 hours although not on weekends;
•no cryptocurrency for trading;
•no investment programs;
•access to the affiliate group is not available via the Traders Union.
FreshForex Commissions & Fees for traders from Uganda
FreshForex charges trading fees. The fees are charged as the spread. In the fees review for traders from Uganda, you can learn about their rates depending on the account type.
FreshForex Commissions and Fees in Uganda
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
ECN |
From $0 |
Yes |
Classic |
From $20 |
Yes |
Pro |
From $9 |
Yes |
4
Best Forex broker for beginners in Uganda - Global Prime
Global Prime is an Australian broker headquartered in Sydney. It provides services to traders in most countries. The company was founded in 2010 and is now regulated by the Australian Securities and Investments Commission (ASIC, 385620) and the Vanuatu Financial Services Commission (VFSC, 40256). Global Prime has won several prestigious awards, including “Best Client Service” from AU Forex Awards and “Best Forex Analytics” from Australian Forex Awards.
👍 Advantages of trading with Global Prime for traders from Uganda:
•reputable financial regulators;
•wide range of the most requested trading instruments;
•quick and simple registration.
👎 Disadvantages of Global Prime for traders from Uganda:
•website is in English only;
•no cent accounts;
•news and reviews are in English only;
•minimum deposit is $1;
•client support works slowly.
Global Prime Commissions & Fees for traders from Uganda
Global Prime charges trading fees. The fees are charged as the spread. In the fees review for traders from Uganda, you can learn about their rates depending on the account type.
Global Prime Commissions and Fees in Uganda
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard |
From $9 |
No |
Raw |
From $3.5 |
No |
5
Best Forex broker for beginners in Uganda - LiteForex
The LiteForex (LiteFinance) broker is a high-tech company that constantly offers innovative solutions for active and passive trading. The LiteForex group of companies was incorporated in 2005, and it has risen through the ranks to become a market leader. Today, LiteForex (LiteFinance) is an online ECN broker with unique technical solutions for transferring transactions to the interbank and directly to liquidity providers. Social Trading is a mechanism for automatic copying of other traders’ transactions (see, SocialTrading platform) and other advantages for comfortable and efficient trading. LiteForex Broker is one of the largest and leading brokers in Malaysia.
👍 Advantages of trading with LiteForex for traders from Uganda:
•Correspondence to the A-Book model, STP (straight-through processing) and ECN technologies for processing client orders and pin spreads with instant market execution with minimal slippage in both directions;
•Own trading platform for personal accounts that was designed for novice traders with the ability to copy transactions, analyze market sentiment, etc.;
•Several types of affiliate programs with a multi-level system and cashback;
•Automatic reimbursement of commissions paid when replenishing and withdrawing money.
👎 Disadvantages of LiteForex for traders from Uganda:
•No cent accounts, which are often of interest to novice traders;
•Supplement of additional indicators is not provided in the trading platform of your personal account; algorithmic trading and testing are not provided;
•There is no information on how the risk level is assigned to traders from the social trading rating;
•Complex verification procedure.
LiteForex Commissions & Fees for traders from Uganda
LiteForex charges trading fees. The fees are charged as the spread. In the fees review for traders from Uganda, you can learn about their rates depending on the account type.
LiteForex Commissions and Fees in Uganda
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Classic |
From $18 |
No |
ECN |
From $0 |
No |
Fees and Commissions
When choosing a broker, it is very important to evaluated the structure of its fees. The fees are the main source of income for brokerage companies.
The brokers usually charge two finds of fees: spread and lot fee.
Spread is more popular than the lot fee. However, the type of fee depends on the trading account. Make sure you review the conditions.
The lowest spreads are always found on ECN accounts. Availability of such account types is an important advantage for any broker.
The type of fees can depend on your trading strategy, but a detailed calculation needs to be performed anyway.
The fees charged by brokers often vary depending on the trading account type and also the instruments a trader works with. The higher the popularity and liquidity of certain instruments, the narrower the spreads or the lower the fees per lot.
Summary
Choosing the right broker is not a simple task for new traders in Uganda, as they have to take into account many nuances. Each of those could considerably impact your trading successes or your profit. Trading instruments that the broker offers traders from Uganda, trading conditions and the quality of educational materials need to be evaluated. Availability of a demo account or a cent account you can use to practice is an important advantage. Keep in mind that before opening a position, you need to assess its risk level.
Top Forex brokers for beginners in 2024 for traders from Uganda
| Exness | FBS | FreshForex | Global Prime | LiteForex | |
|---|---|---|---|---|---|
Overall score |
7.58 |
8.28 |
6.44 |
6.94 |
6.71 |
Execution of orders |
9.6 |
9.5 |
6.3 |
6.05 |
7 |
Investment instruments |
8.79 |
6.96 |
4.1 |
8.52 |
5.3 |
Withdrawal speed |
8.79 |
9.57 |
5.71 |
8.57 |
4.86 |
Customer Support work |
9.29 |
7.58 |
6.63 |
5.5 |
6.9 |
Variety of instruments |
8.02 |
7.02 |
7.37 |
8.02 |
8.75 |
Trading platform |
1 |
9.03 |
8.5 |
4.97 |
7.43 |
FAQ
What amount does a novice trader need in order to start trading?
It depends on the account type. For a cent account, USD 50 is enough. For trading on a real account, it is better to deposit at least $300-500.
How do I choose a reliable broker Uganda?
According to the requirements of country Uganda, a broker must disclose all information, including the name, registration data, legal address, etc. License for financial activity is the key document.
Should I accept the bonuses for beginners?
Bonuses for beginners can make trading more profitable, but before accepting a bonus, make sure you read the conditions for receiving bonuses by traders from Uganda.
Can a beginner earn passive income in the Forex market while he is learning?
Yes. For example, you can use PAMM accounts or copy trading platforms. Make sure that these kinds of investment opportunities are available for traders from Uganda.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
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