7 Best Low Spread Forex Brokers in Uganda
If you’re a forex trader in Uganda, then you know that finding a low-spread broker is crucial to maximizing profits. In this comprehensive guide, we’ve tested and verified the best low-spread forex brokers in Uganda, so you don’t have to waste your time and money on unreliable brokers.
- First things first, let’s define what spreads are in trading. Spreads refer to the difference between the bid and ask prices of a currency pair. They represent the cost of trading and are usually calculated in pips. The lower the spread, the less you pay in trading fees.
- When choosing a forex broker, traders should consider the spreads they offer. A low-spread broker can significantly reduce your trading costs and increase your profits. In addition, traders should look for brokers that offer zero-spread accounts, as these can be a great way to save on trading fees.
- To choose the best broker for your needs, we recommend comparing the brokers side by side. Look at their spreads, commissions, account types, trading platforms, and customer support. This will help you make an informed decision and find a broker that meets your trading needs.
We’ve compiled a list of the top low-spread forex brokers operating in Uganda. This list includes both local and international brokers that offer competitive spreads and low commissions. Our list also includes brokers that offer zero-spread accounts, shilling accounts, sign-up bonuses, and low minimum deposits.
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Best Low Spread Forex Brokers in Uganda – Comparison
| 🏛️ Broker | ✔️ Low Spreads? | 💰 Minimum Spread | 📊 Shilling Account? | 💳 UGX Deposits Allowed? | 👉 Open An Account |
| 1. Exness | Yes | From 0.0 pips EUR/USD | Yes | Yes | 👉 Open Account |
| 7. HFM | Yes | From 0.0 pips | Yes | Yes | 👉 Open Account |
| 2. Pepperstone | Yes | From 0.0 pips | No | No | 👉 Open Account |
| 3. SuperForex | Yes | From 0.0 pips | Yes | Yes | 👉 Open Account |
| 4. Global GT | Yes | From 0.0 pips | No | Yes | 👉 Open Account |
| 5. Tifia | Yes | From 0.0 pips | Yes | Yes | 👉 Open Account |
| 6. Admirals | Yes | From 0.0 pips EUR/USD | No | Yes | 👉 Open Account |
What is a Low Spread?
In the forex market, a spread refers to the difference between the bid and ask price of a currency pair. When this difference is small, it is referred to as a low spread. Low spreads are generally preferred by traders as they reduce the cost of trading and increase the potential for profit.
7 Best Low-Spread Forex Brokers in Uganda (2024)
- Exness – Overall, the Best Low Spread Forex Broker in Uganda
- HFM – Lowest Spread ECN Forex Broker
- Pepperstone – Top MT4 Forex Trading Platform
- SuperForex – Fast Execution Shilling (UGX) Trading Account
- Global GT – Verified Low Spread and High Leverage Forex Broker
- Tifia – Top Zero-Spread Forex Broker
- Admirals – Best Trading Platform for Currency and Metal Trading
1. Exness
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 35,800 UGX
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
Exness is a reputable and licensed broker that offers low-risk CFD and Forex trading. With its market-leading trading conditions, such as spreads from 0.0 pips, Exness is well-known for providing exceptional trading services to its clients.
One of the key advantages of trading with Exness is its flexible and dynamic account types. These account types are tailored to suit the needs of different traders, whether they are beginners or experienced professionals. Additionally, Exness provides access to over 200 financial products, including major and minor currency pairs, metals, energies, and indices.
Another reason why Exness stands out from the crowd is its commitment to customer satisfaction. The company provides a range of retail account choices, which are designed to cater to the specific trading needs of its clients. Furthermore, Exness offers excellent customer support, ensuring that its clients have access to assistance whenever they need it.
In conclusion, Exness is a broker that delivers low spreads, exceptional trading conditions, and a wide range of financial products. With its dedication to customer satisfaction, Exness has established itself as a leader in the trading industry.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💵 Minimum Deposit (UGX) | 330173 |
| 💳 Trading Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| ✔️ Ugandan Shilling-based Account? | Yes |
| 💸 UGX Deposits Allowed? | Yes |
| 💰 Bonuses for Ugandan traders? | Yes |
| 📊 Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Exness offers competitive trading conditions, with spreads from 0.0 pips on major forex pairs | Exness does not offer a range of markets and there is a lack of educational materials |
| Exness offers some of the most innovative trading platforms which ensure that Ugandans have access to a plethora of trading tools | |
| UGX deposits are allowed, and Ugandan have access to a UGX-denominated account | |
| There is a low minimum deposit requirement and a choice between trading accounts | |
| Ugandan have access to 24/7 customer support across communication channels |
2. HFM
Overall Rating
- 4.8/5
Min Deposit
USD 5 / 18,000 UGX
Regulators
CySEC, FSC, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
HF Markets is a global forex and CFD (contracts for difference) broker that offers online trading services to clients worldwide, including Ugandan traders. It provides access to a range of financial instruments, including currency pairs, commodities, indices, and stocks.
Ugandan traders can open a trading account with HF Markets and trade on its advanced trading platform, which features advanced charting tools, market analysis, and trading signals. The broker also offers educational resources, including webinars and trading courses, to help traders improve their trading skills and knowledge.
HF Markets is regulated by several reputable financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Commission (FSC) in Mauritius. It also offers a range of secure deposit and withdrawal methods, including bank transfers, credit/debit cards, and e-wallets, to ensure the safety and security of its client’s funds.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📲 Social Media Platforms | • Facebook • Telegram • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 📱 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💵 Minimum Deposit (UGX) | 16106 |
| 💳 Trading Assets | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| ✔️ Uganda Shilling-based Account? | Yes, along with ZAR and USD |
| 💸 UGX Deposits Allowed? | Yes |
| 💰 Bonuses for Ugandan traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| HFM is a trusted option for Uganda traders seeking low spread and a range of tradable instruments | There are only a few supported payment methods offered for withdrawals and deposits |
| Ugandan can expect spreads from 0.0 pips EUR/USD and a choice between several account types, with a dedicated Zero-Spread Account suited to day traders, scalpers, and other traders | There are currently only three base currency options on accounts |
| There is a low minimum deposit, providing traders access to global financial markets | |
| Uganda traders can register a UGX-denominated account | |
| There is a demo and Islamic account offered | |
| There are several bonuses and promotions offered, helping traders start trading immediately once their trading account has been verified |
3. Pepperstone
Overall Rating
- 4.1/5
Min Deposit
USD 200 / 735,164 UGX
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradeView
Crypto
Yes (Not available in Africa)
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
Pepperstone Markets is a reputable CFD and forex broker with a global presence, offering exceptional trading services to clients worldwide. Ugandan traders, in particular, can benefit from Pepperstone’s low spreads, which start from 0.0 pips for popular currency pairs like EUR/USD.
Pepperstone is committed to providing its clients with a transparent and secure trading environment, ensuring the safety of client funds through strict regulatory oversight. The company offers high liquidity and fast trade execution, enabling traders to capitalize on market movements in real time.
Pepperstone also invests heavily in innovative trading technology, providing clients with cutting-edge tools and platforms to enhance their trading experience. With Pepperstone, Ugandan traders can access a wide range of financial instruments, including forex, commodities, indices, and cryptocurrencies, among others.
Overall, Pepperstone Markets is a reliable and trustworthy broker that prioritizes client satisfaction and offers competitive trading conditions, making it an excellent choice for Ugandan traders seeking low spreads and a premium trading experience.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📲 Social Media Platforms | • Facebook • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Razor Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💵 Minimum Deposit (UGX) | 488818 |
| 💳 Trading Assets | Forex, Cryptocurrencies, Shares, ETFs, Indices, Commodities, Currency Indices |
| ✔️ Ugandan Shilling-based Account? | No |
| 💸 UGX Deposits Allowed? | No |
| 💰 Bonuses for Ugandan traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Pepperstone accepts all types of traders from around the world despite their trading experience | Some leverage restrictions may apply |
| There is a plethora of educational materials and trading tools offered | There are additional fees applied to the Islamic account |
| There are no deposit or withdrawal fees charged on payment methods that are supported | There is no UGX account for Nigerian traders |
| Uganda traders have access to some of the tightest spreads | |
| Pepperstone is a highly reputable broker with a high trust score |
4. SuperForex
Overall Rating
- 4.5/5
Min Deposit
USD 1
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
SuperForex is a global forex and CFD (contracts for difference) broker that provides trading services to clients in Uganda and around the world. It offers access to a range of financial instruments, including currency pairs, commodities, indices, and cryptocurrencies.
Ugandan traders can open a trading account with SuperForex and trade on its user-friendly and advanced trading platform, which features advanced charting tools, market analysis, and trading signals. The broker also offers educational resources, including webinars and trading courses, to help traders improve their trading skills and knowledge.
SuperForex is regulated by the International Financial Services Commission (IFSC) and is a member of the Financial Commission, which provides a dispute resolution mechanism for clients. The broker also offers a range of secure deposit and withdrawal methods, including bank transfers, credit/debit cards, and e-wallets, to ensure the safety and security of its client’s funds. Additionally, SuperForex offers various bonuses and promotions to its clients, including a no-deposit bonus for new traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | None |
| 📲 Social Media Platforms | • Telegram • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Swap-Free Account, No Spread Account, Micro Cent Account, Profi STP Account, Crypto Account, ECN Standard Account, ECN Standard Mini Account, ECN Swap-Free Account, ECN Swap-Free Mini Account, ECN Crypto Account |
| 📱 Trading Platform | MetaTrader 4, SuperForex App |
| 💵 Minimum Deposit (UGX) | 3221 |
| 💳 Trading Assets | Forex, Precious Metals, Stocks, Indices, Cryptocurrencies, Commodities, Energies, ETFs, Futures, CFDs |
| ✔️ Ugandan Shilling-based Account? | Yes |
| 💸 UGX Deposits Allowed? | Yes |
| 💰 Bonuses for Ugandan traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| SuperForex is known for its affordable trading fees and range of trading accounts | MetaTrader 5 is not available |
| Uganda traders can use a range of local payment providers for deposits and withdrawals | There are only a few trading tools offered |
| Professional traders have access to a range of trading solutions and managed accounts | |
| Ugandan Muslim traders have access to three trading accounts, each with competitive trading conditions | |
| SuperForex is an ideal broker for day traders, algorithmic traders, scalpers, and others who require low spreads |
5. Global GT
Overall Rating
- 4.1/5
Min Deposit
USD 300
Regulators
FSCA
Trading Desk
MetaTrader 5
Crypto
Yes
Total Pairs
60
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
Global GT is a global forex and CFD (contracts for difference) broker that offers trading services to clients in Uganda and around the world. It provides access to a range of financial instruments, including currency pairs, commodities, indices, and stocks.
Ugandan traders can open a trading account with Global GT and trade on its advanced trading platform, which features advanced charting tools, market analysis, and trading signals. The broker also offers educational resources, including webinars and trading courses, to help traders improve their trading skills and knowledge.
Global GT is regulated by the Financial Services Authority (FSA) in Seychelles and offers a range of secure deposit and withdrawal methods, including bank transfers, credit/debit cards, and e-wallets, to ensure the safety and security of its client’s funds. The broker also offers various account types to cater to different trading needs and styles, including Islamic accounts for clients who require swap-free trading. Additionally, Global GT offers various bonuses and promotions to its clients, including a welcome bonus for new traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, FSA |
| 📲 Social Media Platforms | • Twitter • Telegram • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Cent Account, Mini Account, Standard Account, Standard FX Account, ECN Account |
| 📱 Trading Platform | MetaTrader 5 |
| 💵 Minimum Deposit (UGX) | 16106 |
| 💳 Trading Assets | Forex, Cryptocurrencies, Synthetic Cryptocurrencies, Precious Metals, Energies, Equity Indices, GTi12, Stocks, DeFi Tokens, NFTs |
| ✔️ Ugandan Shilling-based Account? | No |
| 💸 UGX Deposits Allowed? | Yes |
| 💰 Bonuses for Ugandan traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Global GT is well-regulated and offers a wide range of financial instruments that can be traded through a range of retail trading accounts | An inactivity fee is charged to dormant accounts |
| There is a low minimum deposit requirement | Only one trading platform is available |
| Global GT offers low spreads and competitive commission fees | An Islamic account option is not offered to Muslim traders |
| There are local deposits and withdrawals that Ugandan traders can use for deposits and withdrawals |
6. Tifia
Overview
Tifia is a global forex and CFD (contracts for difference) broker that provides trading services to clients in Uganda and around the world. It offers access to a range of financial instruments, including currency pairs, commodities, indices, and cryptocurrencies.
Ugandan traders can open a trading account with Tifia and trade on its user-friendly and advanced trading platform, which features advanced charting tools, market analysis, and trading signals. The broker also offers educational resources, including webinars and trading courses, to help traders improve their trading skills and knowledge.
Tifia is regulated by the Financial Services Commission (FSC) in Mauritius and offers a range of secure deposit and withdrawal methods, including bank transfers, credit/debit cards, and e-wallets, to ensure the safety and security of its client’s funds. The broker also offers various account types to cater to different trading needs and styles, including Islamic accounts for clients who require swap-free trading. Additionally, Tifia offers various bonuses and promotions to its clients, including a welcome bonus for new traders. The broker also provides a 24/5 customer support service to assist its clients with any questions or issues they may encounter while trading.
Unique Features
| Feature | Information |
| ⚖️ Regulation | The Vanuatu Financial Services Commission (VFSC), The Financial Services Commission in Mauritius (FSC) |
| 📲 Social Media Platforms | • Instagram • Telegram |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Start (Micro) Account, ECN Classic Account, ECN Pro Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, Tifia Forex Analysis App |
| 💵 Minimum Deposit (UGX) | 33017 |
| 💳 Trading Assets | Forex, Precious Metals, Commodities, Indices, Stocks |
| ✔️ Ugandan Shilling-based Account? | Yes |
| 💸 UGX Deposits Allowed? | Yes |
| 💰 Bonuses for Ugandan traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Tifia is a local broker with its roots in Uganda, offering sophisticated and comprehensive trading solutions | There are no educational materials and only selected asset classes that can be traded |
| Deposit fees are not charged on any of the payment methods | There are withdrawal fees applied |
| Tifia offers Uganda the advantage of commission-free trading | Tifia does not offer crypto trading or individual stocks |
| Ugandan Muslim traders can register an Islamic Account | |
| Local deposit and withdrawal options are available | |
| There is a low minimum deposit requirement |
6. Admirals
Overall Rating
- 4.7/5
Min Deposit
–
Regulators
–
Trading Desk
–
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
Admiral Markets is a reputable global forex and CFD broker that provides online trading services to traders in Uganda and worldwide. Established in 2001, Admiral Markets has gained a solid reputation for its comprehensive range of financial instruments and advanced trading technology.
Uganda traders can access a wide array of financial instruments on the Admiral Markets platform, including currency pairs, commodities, indices, stocks, and cryptocurrencies. This diverse selection allows traders to explore different markets and trading opportunities.
Admiral Markets offers various trading account types to cater to the needs of different traders, including retail clients and professional traders. Traders can choose between accounts with different features and trading conditions, depending on their preferences and experience.
The broker utilizes the MetaTrader 4 and MetaTrader 5 trading platforms, renowned for their user-friendly interfaces, powerful charting tools, and extensive range of technical indicators. These platforms also support automated trading through expert advisors (EAs) and provide access to additional tools for advanced analysis.
Admiral Markets places a strong emphasis on security and regulatory compliance, holding licenses from well-respected financial authorities such as the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC). This ensures a high level of trust and reliability for traders.
Moreover, Admiral Markets provides educational resources such as webinars, seminars, tutorials, and market analysis to support traders in enhancing their trading skills and knowledge. The broker also offers responsive customer support to assist traders with any inquiries or technical issues they may encounter.
Overall, Admiral Markets is a reputable broker with a wide range of financial instruments, advanced trading platforms, strong regulatory oversight, educational resources, and responsive customer support. It can be an appealing choice for traders in Uganda seeking a reliable and feature-rich trading experience.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, CySEC, EFSA, JSC |
| 📲 Social Media Platforms | • YouTube • Telegram |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Trade.MT5, Invest.MT5, Zero.MT5, Bets.MT5, Trade.MT4, Zero.MT4 |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, Admirals Mobile App |
| 💵 Minimum Deposit (UGX) | 3233 UGX |
| 💳 Trading Assets | ESG Trading Instruments, Forex, Cryptocurrency CFDs, Commodities, Indices, Stocks, ETFs, Bonds, Spread Betting |
| ✔️ Ugandan Shilling-based Account? | No |
| 💸 UGX Deposits Allowed? | Yes |
| 💰 Bonuses for Ugandan traders? | No |
| 📊 Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Admirals is a reputable broker that offers commission-free options, lowering the trading costs for Ugandan traders | There is an inactivity fee applied |
| There are user-friendly platforms offered across devices | There are currency conversion fees applied |
| MetaTrader Supreme is available through Admirals | There are fees charged on deposits and withdrawals |
| Uganda traders can make deposits in Shilling | There are admin fees that are charged on the Islamic account |
| There is an Islamic account and demo account offered | |
| Uganda can expect spreads from 0.0 pips on major forex pairs |
Forex Spreads – What it is and how it works
Forex Spreads – What it is and how it works
Forex spreads refer to the difference between the bid price and the asking price of a currency pair. The bid price is the price at which a buyer is willing to purchase a currency pair, while the asking price is the price at which a seller is willing to sell a currency pair.
The spread is essentially the cost of trading and is usually measured in pips, which is the smallest unit of measurement for currency pairs. For example, if the bid price for EUR/USD is 1.1000 and the asking price is 1.1005, the spread is 5 pips.
Forex brokers typically make money by adding a markup to the spread or by charging a commission on trades. This markup or commission is how brokers earn their profits. When trading forex, it’s important to consider the spread as it can have a significant impact on the profitability of a trade.
The size of the spread can vary depending on several factors, including market volatility, liquidity, and the type of account being used. Some brokers offer fixed spreads, which remain the same regardless of market conditions, while others offer variable spreads, which can widen or narrow depending on market conditions.
It’s important to compare spreads across different brokers to find the most competitive pricing. Traders should also consider the other factors that may affect their trading, such as the quality of the broker’s trading platform, customer support, and the range of financial instruments available for trading.
High versus Low Spreads in Forex Trading
High and low spreads are two different types of pricing structures used by forex brokers. High spreads are when the difference between the bid and ask price is large, while low spreads are when the difference is small.
A high spread can be an indication of low liquidity or volatility in the market. This can make it more difficult for traders to execute trades at their desired price, as the price may move significantly before the trade is executed. High spreads can also make it more expensive to trade, as the cost of the spread is added to each trade.
On the other hand, low spreads can be an indication of high liquidity and volatility in the market. This can make it easier for traders to execute trades at their desired price, as there is less chance of the price moving significantly before the trade is executed. Low spreads can also make it less expensive to trade, as the cost of the spread is lower.
When choosing a forex broker, traders should consider both the spread and other factors that may affect their trading, such as the quality of the broker’s trading platform, customer support, and the range of financial instruments available for trading. Some traders may prefer a broker with low spreads, while others may prioritize other factors over spread costs. Ultimately, the choice of broker will depend on the individual trader’s needs and preferences.
Why Ugandan traders must keep an Eye on Spreads
Ugandan traders must keep an eye on spreads because it can significantly impact their trading profits. The spread is essentially the cost of trading and represents the difference between the bid and ask price of a currency pair. When traders enter a trade, they must pay the spread as a commission to the broker.
If a trader chooses a broker with high spreads, they may end up paying more in commissions, which can significantly reduce their profitability. For example, a high spread of 5 pips on a trade of 100,000 units can add up to $50 in commissions per trade. Over time, this can add up to a significant amount of money and reduce the trader’s overall profitability.
Additionally, high spreads can make it more difficult for traders to enter and exit trades at their desired price. This is because the price may move significantly before the trade is executed, resulting in slippage and potentially higher trading costs.
Traders must compare spreads across different brokers to find the most competitive pricing. They should also consider other factors that may affect their trading, such as the quality of the broker’s trading platform, customer support, and the range of financial instruments available for trading.
By keeping an eye on spreads, Ugandan traders can ensure that they are getting the best pricing for their trades and maximizing their profitability.
Which Trading Strategies use Low Spreads?
Trading strategies that use low spreads typically involve frequent trading and a focus on short-term price movements. Some of the most common trading strategies that use low spreads include:
Scalping: A strategy that involves entering and exiting trades quickly to capture small price movements. Scalpers typically use low spreads to minimize their trading costs and maximize their profitability.
Day trading: A strategy that involves opening and closing positions within the same trading day. Day traders often use low spreads to take advantage of short-term price movements and minimize their trading costs.
News trading: A strategy that involves trading around major news events, such as economic data releases or central bank announcements. News traders often use low spreads to enter and exit positions quickly in response to market-moving news.
High-frequency trading: A strategy that involves using complex algorithms and computer programs to execute trades at high speeds. High-frequency traders often use low spreads to take advantage of small price movements and execute large volumes of trades quickly.
It’s important to note that while low spreads can be beneficial for these types of trading strategies, they are not the only factor to consider. Traders should also consider other factors such as trading fees, market liquidity, and the quality of the broker’s trading platform when choosing a broker for these strategies.
How to Choose a Forex Broker
Choosing a forex broker is an important decision for any trader, as it can significantly impact their trading experience and profitability. Here are some factors to consider when choosing a forex broker:
Regulation
It’s important to choose a broker that is regulated by a reputable financial authority in their home country or the country where they operate. This provides a level of protection for traders, as regulated brokers must adhere to certain standards and rules.
Trading platforms
The broker’s trading platform should be user-friendly, and reliable, and offer a range of tools and features that suit the trader’s needs. Traders should consider whether the platform is available on desktop and mobile devices and whether it offers access to a range of financial instruments.
Spreads and fees
Traders should compare spreads and trading fees across different brokers to find the most competitive pricing. While low spreads can be beneficial, traders should also consider other fees such as commissions and swap rates.
Customer support
The broker should offer responsive and helpful customer support that is available through multiple channels, such as phone, email, and live chat.
Educational resources
The broker should provide educational resources such as webinars, tutorials, and market analysis to help traders improve their skills and knowledge.
Deposit and withdrawal options
Traders should consider the broker’s deposit and withdrawal options and ensure that they support their preferred payment methods.
Reputation
Traders should research the broker’s reputation online and look for reviews from other traders to get an idea of their experience with the broker.
By considering these factors, traders can choose a forex broker that meets their needs and helps them achieve their trading goals.
Best CFD Brokers in Uganda in 2023
Uganda Broker with the largest range of tradable assets
Overall Rating
- 4.9/5
Min Deposit
USD 100/350,000 Ugandan Shilling
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
AvaTrade accommodates all kinds of traders and offers comprehensive and unique solutions. Part of its chart is attributable to the large range of tradable assets which are available across third-party and proprietary trading platforms and mobile apps.
Best and Award-Winning Proprietary Trading Platform for Uganda
Overall Rating
- 4.9/5
Min Deposit
USD 0
Regulators
FCA, CFTC, ASIC, FSC, BVI and IIROC
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
OANDA has our vote as an award-winning broker that offers one of the best trading platforms in the industry. With the OANDA platform, you can trade across all available asset classes, access your trading account, and use a range of sophisticated functions, analyses, features, tools, and more.
Best Commission-Free Trading Account Broker in Uganda
Overall Rating
- 4.7/5
Min Deposit
$100 / 368 587 UGX
Regulators
CySEC, FSCA, ASIC, FCA, FSC
Trading Desk
MetaTrader 4
MetaTrader 5
Markets.com proprietary platform
Crypto
Yes
Total Pairs
67
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Ugandan traders who are looking for the best way to reduce their trading costs can explore what Markets.com offers. Markets.com is known for offering commission-free trading along with competitive spreads on all trading instruments.
Best Proprietary Trading Software for Beginner Ugandan
Overall Rating
- 4.7/5
Min Deposit
$100 / 368 587 UGX
Regulators
CySEC, FSCA, ASIC, FCA, FSC
Trading Desk
MetaTrader 4
MetaTrader 5
Markets.com proprietary platform
Crypto
Yes
Total Pairs
67
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Markets.com does not only offer one proprietary trading platform, but two. This allows Ugandan traders to explore both trading and investing simultaneously. Markets.com offers its trading platforms over a range of devices and the MarketsX platform is available for mobile use.
Best Social Trading Broker in Uganda
Overall Rating
- 4.9/5
Min Deposit
USD 100/350,000 Ugandan Shilling
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
AvaTrade is a remarkable forex and CFD broker that offers access to a range of CFD instruments and a choice of trading platforms through which they can be traded. AvaTrade offers some of the best social trading opportunities to Ugandan traders across devices, including mobile trading apps.
Best true ECN Broker in Uganda
Overall Rating
- 4.7/5
Min Deposit
USD 200 / 718,000 UGX
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Trading with a broker that offers ECN execution has many benefits and Uganda need not look further than IC Markets for the best true ECN broker. IC Markets is well-regulated and offers some of the most competitive trading conditions in the CFD trading industry.
Best CFD Broker for Professional Traders
Overall Rating
- 4.7/5
Min Deposit
USD 200 / 718,000 UGX
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
IC Markets is not only a flexible broker that offers a range of trading opportunities, but the broker also hosts a range of unique solutions and trading platforms that cater to professional Ugandan traders.
Best Affiliate Program Broker in Uganda
There are many advantages to signing up for an affiliate program with a CFD broker. Uganda will find that Exness offers an attractive affiliate program that pays up to $1,770 in commissions according to the referrals. In addition, Uganda affiliates can earn up to $25 for every referral that signs up for an account.
Best Trading Platform for Ugandan Mobile Traders
Overall Rating
- 4.9/5
Min Deposit
USD 0 / 0 Ugandan Shilling
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
OANDA is well-known for its award-winning trading software which includes a flexible mobile app. The mobile app offers Ugandans a complete suite of advanced charting options, analysis, performance metrics, and updated market news and analysis.
FAQ
How do low-spread forex brokers in Uganda make money?
Low-spread forex brokers in Uganda make money primarily by charging traders a commission on their trades. While the spread may be low or even zero, the broker charges a commission on each trade, which is typically based on the trading volume.
Why trade with a low-spread forex broker?
Trading with a low-spread forex broker can benefit traders by reducing the cost of trading and increasing potential profit margins, as the spread is one of the main costs associated with forex trading.
What is a low-spread forex broker?
A low-spread forex broker is a brokerage that offers a low spread, or the difference between the bid and asks price, on currency pairs traded in the forex market.
Are low-spread forex brokers regulated?
Yes, many low-spread forex brokers are regulated by top financial authorities, such as the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC).
What are the best low-spread forex brokers in Uganda?
The best low-spread forex brokers in Uganda depend on individual trader needs, such as regulation, trading platform, and market access. Popular low-spread brokers in Uganda include HFM, FXChoice, and FP Markets.
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