8 Best ECN Forex Brokers in Uganda
The 8 Best ECN Brokers in Uganda revealed. We tested and verified the best ECN forex brokers for Uganda Traders.
This is a complete list of True ECN forex brokers operating in Uganda.
In this in-depth guide you’ll learn:
- What are (Electronic Communication Network) ECN Brokers?
- Who are the top ECN Forex Brokers for Ugandans with MT4/Metatrader 4?
- How to choose the best forex broker for your trading experience?
- Which ECN brokers offer an Uganda Shilling (UGX) trading account?
- Which ECN brokers offer a low $1 (3 731 UGX) minimum deposit?
- Which ECN Brokers offer trading apps?
- Which ECN broker offers local offices in Kampala, Uganda?
- Which ECN Brokers offer a sign-up bonus to first-time traders?
- Best low spread forex broker for beginners Uganda Traders?
And lots more…
So if you’re ready to go “all in” with the Top ECN Forex Brokers for Ugandans…
Let’s dive right in…
- Louis Schoeman
8 Best ECN Forex Brokers in Uganda
| 🥇 Broker | ✔️ ECN Broker? | 💰 Minimum Deposit? | 💸 Uganda Shilling (UGX) Deposits Allowed? | 👉 Open Account |
| 1. IC Markets | Yes | $200 (746 361 UGX) | Yes | 👉 Open Account |
| 2. HFM | Yes | $100 (373 180 UGX) | Yes | 👉 Open Account |
| 3. FBS | Yes | $1 (3 731 UGX) | No | 👉 Open Account |
| 4. ThinkMarkets | Yes | $0 | No | 👉 Open Account |
| 5. RoboForex | Yes | $10 (37 318 UGX) | Yes | 👉 Open Account |
| 6. Exness | Yes | $200 (746 361 UGX) | Yes | 👉 Open Account |
| 7. Axi | Yes | $0 | No | 👉 Open Account |
| 8. Pepperstone | Yes | $200 (746 361 UGX) | Yes | 👉 Open Account |
Best ECN Forex Brokers in Uganda
1. IC Markets
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
Overview
👉 IC Markets is a highly reputable ECN broker that provides a welcoming environment for beginner traders. They offer an extensive range of educational resources, including structured course material, expert-led webinars, and excellent 24/7 technical support.
👉 The platform has some of the lowest fees in the industry, with spreads as low as 0.0 pips, though it should be noted that a commission fee of $3.5 will be charged for these trades. In addition to their raw spread account, IC Markets offers a regular and Islamic trading account.
Features
| Account Feature | Value |
| 💻 Trading Platform | cTrader |
| 💰 Commission | $3 per side and $6 per round turn |
| 📈 Typical Average Spreads | 0.0 |
| 💳 Minimum Deposit Requirement | 83,000 Ugandan Naira equivalent to $200 |
| 📈 Leverage | 1:500 |
| 📈 Maximum positions per account | 2,000 |
| 🏛️ Server Location | London |
| ✴️ Micro trading allowed? | Yes |
| 📊 Currency Pairs | 64 |
| 📊 Index CFD Trading | Yes |
| 📊 Stop-out | 50% |
| 📈 One-Click Trading offered? | Yes |
| ☪️ Islamic Accounts | Yes |
| 📊 Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic strategies, etc. |
| 💻 Programming Language | C# |
| 👍 Suitable for | Day traders, scalpers, active traders |
| 📊 Demo Account offered? | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| IC Markets has a high trust score of 85 out of 100 with regulations through four market regulators | There is no UGX-denominated account and UGX is not an accepted deposit or withdrawal currency which means that currency conversion fees are charged |
| Ugandan traders can choose from three account types which are hosted on cTrader, MetaTrader 4, and MetaTrader 5 | There is no proprietary trading platform offered to Ugandans |
| There are free deposits and withdrawals offered through a plethora of payment methods | Fixed spread accounts are not offered by IC Markets |
| There are instant deposits and withdrawals offered to Ugandans | |
| IC Markets does not apply an inactivity fee on dormant accounts | |
| There is a True ECN model that ensures that Ugandans can expect the best possible pricing | |
| There is a demo account and an Islamic account provided | |
| The account registration for a real account is quick and hassle-free |
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
👉 HFM has achieved a healthy equilibrium between original reporting, external research material, and market analysis. Premium Trader Tools, created by FX Blue Labs, is available to Ugandans trading with HFM.
👉 These tools expand upon and improve upon the standard MetaTrader set. In addition, a dedicated in-house research team provides monthly, quarterly, and yearly forecasts to traders. Finally, the HFM Traders Board module offers correlation and mood information.
Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions |
| ✅ CBN Regulation? | No |
| 📊 Trading Accounts | MT5/MT 4 Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💰 Minimum Deposit (UGX) | 18 434 UGX ($5) |
| 💸 Trading Assets | Forex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| 🔎 Ugandan Naira-based Account? | No |
| 💳 UGX Deposits Allowed? | No |
| 💰 Bonuses for Ugandan traders? | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✴️ Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| HotForex is well-regulated by reputable market regulators around the globe | There are no variable spread accounts |
| There is a low minimum deposit requirement | There are limited funding options offered |
| HotForex welcomes Ugandan traders and offers a Naira-denominated account | |
| There is a decent selection of educational materials and trading tools | |
| There are several retail investor accounts to choose from |
3. FBS
Overall Rating
- 4.7/5
Min Deposit
USD 1 / 3,500 Ugandan shilling
Regulators
IFSC, FSCA (South africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Welcome Bonus
$140 (16 373 KESFind out More)
Account Activation Time
24 Hours
Overview
👉 FBS offers a single ECN trading account that boasts ultra-competitive trading conditions. The FBS ECN Account is the only ECN account to offer a negative spread, which can reach as low as -0.1 pips on the EUR/USD pair, although it typically averages at 0 pips.
👉 In addition, commissions on the FBS ECN Account are lower than the industry average at 6 USD per round turn. Professional traders will also benefit from the high leverage of 500:1 and the ability to have an unlimited number of orders open or pending at any given time.
Features
| Feature | Information |
| ⚖️ Regulation | IFSC, CySEC |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Ugandan Traders? | Yes |
| 💳 Minimum deposit (NGN) | 400 Ugandan Naira ($1) |
| Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:3000 |
| 👥 Customer Support | 24/7 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FBS offers competitive trading conditions with some of the lowest spreads | There are wide spreads charges on some accounts |
| There are several account types to choose from | There is a limited number of tradable instruments |
| There are many social trading opportunities | There are several regional restrictions applied |
| There is an ultra-low minimum deposit requirement | |
| The broker is well-regulated and trusted |
4. ThinkMarkets
Overview
👉 ThinkMarkets is an attractive option for experienced traders who place a high value on a diverse range of tradable assets and a comprehensive selection of trading tools. However, the trading costs on its entry-level account are higher than the industry average.
👉 The ThinkMarkets Standard Account, which has no minimum deposit requirement, charges 12 USD per lot EUR/USD in trading costs, which is higher than many other brokers.
👉 The ThinkZero account, which requires a minimum deposit of 500 USD, offers more competitive pricing at 8 USD per lot EUR/USD, which can appeal to experienced traders.
👉 In addition to a wide range of Forex pairs, indices, commodities, 3500+ share CFDs, and 20+ crypto pairs are also available for trading on ThinkMarkets.
Features
| 💵 Minimum Spread | 0.1 pips |
| ✔️ UGX Account | No |
| 📉 Regulated in Uganda? | No |
| 💻 Account Types | • Standard Account • ThinkZero Account |
| ⚖️ Regulation | FCA, FSCA, ASIC |
| 💸 Maximum Leverage | 1:500 |
| 🔧 Trading Tools | • Trading Tools • VPS • Market News • Live Webinars • Special Reports • Technical Analysis • Economic Calendar • Trading Glossary • Indicators and Chart Patterns |
| 📚 Education | • Trading Masterclass • Trading for Beginners • Trading Tutorials |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| There is a low minimum deposit requirement. | There is limited educational material offered. |
| Ugandans can expect competitive trading conditions. | There are only two retail accounts offered. |
| Free practice accounts are available. | |
| Trading platforms are available across several devices. | |
| Fast, reliable ECN execution can be expected. |
5. RoboForex
Overall Rating
- 4.7/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 RoboForex is a multi-award-winning online broker that provides its clients with access to over 12,000 different trading products across 8 different asset classes.
👉 They provide a selection of trading platforms that can be adjusted to suit individual needs, and each one has intuitive interfaces and robust trading tools for in-depth market research.
👉 Spreads on RoboForex start at 0 pips, execution rates of up to 1 millisecond, and leverage of up to 1:3000 are all available because of the company’s usage of 8 liquidity providers (LPs).
👉 They have over 2 million active trading accounts and serve over 800,000 customers from 169 countries. That is quite the feat by any broker’s standards, and it speaks volumes about their standing in their field.
Features
| Feature | Information |
| ⚖️ Regulation | IFSC |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Ugandan Traders? | Yes |
| 💳 Minimum deposit (NGN) | 4,150 Ugandan Naira ($10) |
| Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:2000 |
| 👥 Customer Support | 24/7 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| The broker offers more than 12,000 markets that can be traded | US clients are not accepted |
| There are several flexible account types offered | There are no fixed spread accounts |
| Trading education is offered to all traders | |
| There are several powerful trading tools | |
| The broker applies negative balance protection to all retail trading accounts |
6. 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 highly respected international online forex brokerage firm that offers retail foreign exchange services, partnerships, and corporate solutions to clients around the globe. In addition, Exness offers free VPS hosting for fast and reliable execution.
👉 The uninterrupted internet coverage ensures that your trading will not be interrupted by any technical issues. Moreover, through an ECN account, traders can access the interbank markets at the most favourable prices.
👉 Furthermore, the system at Exness organizes client orders and compares pricing with providers connected to the aggregator to execute orders at the most favourable prices.
Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| ⚖️ 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 (₦) | 41,000 NGN (or equivalent to $10) |
| 💰 Trading Assets | Forex minor pairs, forex major pairs, forex exotic currency pairs, Metals, Crypto, Energies, Indices, Stocks |
| 🔎 Ugandan Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Ugandan traders? | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✴️ Social Trading Offered | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Exness is a reputable international broker authorized by several reputable market regulators | There is a limited selection of tradable instruments in only a few financial markets |
| The broker offers some of the tightest spreads across all types of accounts | There is a limited selection of funding options offered |
| There are several account types to choose from, each accommodating different types of traders | |
| There are various market metrics available including exchange rates, overall trading activities available, current market conditions, and more. | |
| Exness is ideal for any Ugandan beginner traders and institutional investors | |
| There are solutions offered for any type of professional trader who needs advanced options | |
| There is a powerful proprietary mobile app offered | |
| Client fund safety and investor protection is guaranteed | |
| Multilingual 24/7 customer support is offered | |
| Instant withdrawal methods are available |
7. Axi
Overall Rating
- 4.6/5
Min Deposit
0 USD
Regulators
FSA, FCA, ASIC, DFSA
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
66
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Features
| 💵 Minimum Spread | 0.0 pips |
| ✔️ UGX Account | No |
| 📉 Regulated in Uganda? | No |
| 💻 Account Types | • Standard Account • Pro Account • Elite Account |
| ⚖️ Regulation | ASIC, SVG FSA, FCA, FMA, DFSA |
| 💸 Maximum Leverage | 1:500 |
| 🔧 Trading Tools | • MetaTrader 4 Video Tutorials • Free eBooks • Axi Trader’s Blog • Axi Academy • Trading Courses • Trading Education • Trading Tools and Resources |
| 📚 Education | • Essential market news • Market analysis • Expert commentary • VPS Hosting • Social Trading and Signal Providers • PsyQuation • PsyQuation Premium • AutoChartist • MT4 NextGen |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Axi offers Ugandans a free demo account on MetaTrader 4 that can be used to practice strategies or trading. | Axi only offers a single trading platform. |
| Axi offers a dedicated educational section and academy for beginners. | Deposit and withdrawal fees could apply. |
| Eligible Ugandan traders could gain access to free VPS. | |
| Traders can expect competitively low spreads and commissions. |
8. 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 is a highly respected and globally prominent FX and CFD broker. The company partners with numerous banks and financial institutions, including HSBC and Barclays, to provide liquidity.
👉 Pepperstone also utilizes a variety of execution venues, including Sucden Financial Limited, IS Prime Limited, LMAX Limited, GAIN Capital, and Jefferies Financial Services, Inc., among others.
👉 This enables Pepperstone to offer Ugandan traders some of the best trading conditions and competitive pricing.
Features
| Account Feature | Value |
| 💰 Minimum Deposit | 510,000 UGX or an equivalent to AU$200 |
| 💸 Minimum Trading Size | 0.01 lots |
| 📉 Maximum Trading Size | 100 lots in a single trade |
| 💰 Base Account Currency | AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD |
| 💵 Trading Strategies Supported | All including scalping, hedging, and Expert Advisors (EAs) |
| 🗞 News Trading Offered? | Yes |
| ✔️ Trade Execution | No-Dealing Desk (NDD) |
| 📊 Average EUR/USD Spread | From 0.6 pips |
| 💵 Commissions | None |
| 💰 Rollover Swaps | Yes, according to the market rates |
| 📊 Maximum Leverage per region | • Australia – 1:30 • Bahamas – 1:200 • Cyprus – 1:30 • Dubai – 1:30 • Germany – 1:30 • Kenya – 1:400 • United Kingdom – 1:30 |
| ⚖️ Negative Balance Protection Offered | Yes, only for retail clients |
| 🛑 Margin Close-Out (%) | 50% |
| 🔧 Trading Instruments offered | 1,200+ |
| 💻 Trading Platforms offered | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Pepperstone is well-regulated by Tier-1, Tier-2, and Tier-3 market regulators around the globe | There is no UGX-denominated account, subjecting Ugandans to currency conversion fees whenever they deposit or withdraw funds |
| Pepperstone guarantees client fund security and keeps all funds in accounts that are held with some of the best banks | There are admin fees applied to the Islamic account |
| Pepperstone offers Ugandans comprehensive trading solutions that are suited to both beginners and experts | The Islamic account is not offered to Muslims globally but only a select few regions |
| Pepperstone offers a demo account across trading platforms | There are leverage restrictions per region and financial instrument |
| An Islamic account is offered to eligible regions | There is an additional admin fee that applies to the Islamic Account |
| There are reliable and flexible deposit and withdrawal options offered | |
| There are no fees applied to either deposit or withdrawal options that are offered by Pepperstone | |
| There is a comprehensive educational section offered to Ugandan beginner traders |
8. 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 is a highly respected and globally prominent FX and CFD broker. The company partners with numerous banks and financial institutions, including HSBC and Barclays, to provide liquidity.
👉 Pepperstone also utilizes a variety of execution venues, including Sucden Financial Limited, IS Prime Limited, LMAX Limited, GAIN Capital, and Jefferies Financial Services, Inc., among others.
👉 This enables Pepperstone to offer Ugandan traders some of the best trading conditions and competitive pricing.
Features
| Account Feature | Value |
| 💰 Minimum Deposit | 510,000 UGX or an equivalent to AU$200 |
| 💸 Minimum Trading Size | 0.01 lots |
| 📉 Maximum Trading Size | 100 lots in a single trade |
| 💰 Base Account Currency | AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD |
| 💵 Trading Strategies Supported | All including scalping, hedging, and Expert Advisors (EAs) |
| 🗞 News Trading Offered? | Yes |
| ✔️ Trade Execution | No-Dealing Desk (NDD) |
| 📊 Average EUR/USD Spread | From 0.6 pips |
| 💵 Commissions | None |
| 💰 Rollover Swaps | Yes, according to the market rates |
| 📊 Maximum Leverage per region | • Australia – 1:30 • Bahamas – 1:200 • Cyprus – 1:30 • Dubai – 1:30 • Germany – 1:30 • Kenya – 1:400 • United Kingdom – 1:30 |
| ⚖️ Negative Balance Protection Offered | Yes, only for retail clients |
| 🛑 Margin Close-Out (%) | 50% |
| 🔧 Trading Instruments offered | 1,200+ |
| 💻 Trading Platforms offered | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Pepperstone is well-regulated by Tier-1, Tier-2, and Tier-3 market regulators around the globe | There is no UGX-denominated account, subjecting Ugandans to currency conversion fees whenever they deposit or withdraw funds |
| Pepperstone guarantees client fund security and keeps all funds in accounts that are held with some of the best banks | There are admin fees applied to the Islamic account |
| Pepperstone offers Ugandans comprehensive trading solutions that are suited to both beginners and experts | The Islamic account is not offered to Muslims globally but only a select few regions |
| Pepperstone offers a demo account across trading platforms | There are leverage restrictions per region and financial instrument |
| An Islamic account is offered to eligible regions | There is an additional admin fee that applies to the Islamic Account |
| There are reliable and flexible deposit and withdrawal options offered | |
| There are no fees applied to either deposit or withdrawal options that are offered by Pepperstone | |
| There is a comprehensive educational section offered to Ugandan beginner traders |
How to Identify an ECN Broker in Uganda
👉 An electronic communications network (ECN) broker is a financial intermediary that connects buyers and sellers in the currency and stock markets electronically. To identify an ECN broker, Ugandans must evaluate the following components.
The Broker Agreement
👉 To operate legally, all brokers must publish a Client Agreement and Order Execution Policy outlining how they manage client orders. However, this is not necessarily a reliable technique for defining a broker’s nature since some ECN brokers will also operate as Market Makers in certain situations.
Variable Spreads
👉 Tight spreads, commission fees per transaction, and spread volatility are all features of ECNs. As they are not based on the constantly shifting conditions of the market, only Market Makers provide fixed spreads.
Restrictions on Trading
👉 With an ECN broker, neither your trading style nor your transaction volume will ever be limited in any way.
👉 That opens the door for robot trading, scalping, hedging, and massive order sizes (five lots and above). If a broker limits any of these features, they cannot be considered an ECN broker.
Slippage
👉 The slippage of an order is the difference between the order price and the execution price. When dealing with ECN brokers, slippage is expected, especially for bigger orders and in times of low liquidity and high market volatility.
👉 Your trading position may benefit or suffer from slippage depending on the direction it takes. Conversely, experiencing losses solely due to slippage is a tell-tale sign that your broker is not using an ECN execution strategy.
Additional considerations
👉 There is no conflict of interest with ECN brokers as there is with market makers, but a commission is still required for all transactions. There is also a larger minimum deposit for ECN accounts, making them unaffordable for many novice traders.
The Best Forex Brokers in Uganda
👉 In this article, we have listed the best brokers that offer forex and CFD trading to Ugandan traders. In addition, we have further identified the brokers that offer additional services and solutions to Ugandan traders.
Best MetaTrader 4 / MT4 Forex Broker in Uganda
Overall Rating
- 4.6/5
Min Deposit
USD 5 / 360,000 Ugandan Shilling
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, OctaFX is the best MT4 forex broker in Uganda. OctaFX is an MT4 and MT5 broker offering Ugandans access to several markets. In addition, OctaFX provides a variety of MT4 accounts, such as ECN and STP accounts, with improved trade execution.
Best MetaTrader 5 / MT5 Forex Broker in Uganda
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
👉 Overall, HFM is the best MetaTrader 5 Forex broker in Uganda. Scalpers get the best pricing from HFM, which has a global presence and is affiliated with many reputable liquidity providers.
👉 HFM offers scalpers a variety of trading accounts suited to their needs and objectives.
Best Forex Broker for beginners in Uganda
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
👉 Overall, FOREX.com is the best forex broker for beginners in Uganda. FOREX.com is recognized for its minimal trading commissions and beginner-friendly services. Additionally, FOREX.com provides educational resources and a free demo account.
Best Low Minimum Deposit Forex Broker in Uganda
Overall Rating
- 4.6/5
Min Deposit
USD 10
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, FXTM is the best Low Minimum Deposit Forex Broker in Uganda. This is because FXTM makes it easy for scalpers to register an account and start trading on the forex market.
👉 In addition, FXTM is renowned for its low minimum deposit across several accounts, providing the perfect entry point for Ugandan traders.
Best Islamic / Swap-Free Forex Broker in Uganda
Overall Rating
- 4.8/5
Min Deposit
USD 50
Regulators
CySec, FCA
Trading Desk
None
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
* Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland.
👉 Overall, eToro is the best Islamic / Swap-Free Forex broker in Uganda. eToro offers more than 3,000 financial products across many asset classes, including stocks, cryptocurrencies, etc.
👉 By changing their live accounts to an Islamic option, Muslim traders can trade halal instruments without paying exchange costs.
Best Forex Trading App in Uganda
Overall Rating
- 4.7/5
Min Deposit
USD 1 / 3,500 Ugandan shilling
Regulators
IFSC, FSCA (South africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Welcome Bonus
$140 (16 373 KESFind out More)
Account Activation Time
24 Hours
👉 Overall, FBS is the best Forex trading app in Uganda. In addition, FBS is an excellent broker for mobile scalpers who rely on ECN execution due to its innovative and robust mobile trading interface.
👉 Furthermore, FBS has a low entry barrier for forex trading and offers services in more than 190 countries worldwide.
Best UGX Forex Broker in Uganda
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
👉 Overall, SuperForex is the best UGX account Forex broker in Uganda. SuperForex facilitates the opening of UGX-denominated ECN accounts for Ugandan traders.
👉 The ECN Standard Mini Account from SuperForex provides access to many markets with spreads beginning at 0 pips and no commission fees.
Best Lowest Spread Forex Broker in Uganda
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
👉 Overall, Exness is the best lowest-spread Forex broker in Uganda. Exness is a reputable STP and ECN broker offering variable spreads. These spreads depend on the financial instrument, account type, and general market conditions.
👉 Exness may provide zero-pip margins owing to its superior liquidity and pricing obtained from the industry’s top liquidity suppliers.
Best Nasdaq 100 Forex Broker in Uganda
Overall Rating
- 4.6/5
Min Deposit
USD 10
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, FXTM is the best Nasdaq 100 forex broker in Uganda. FXTM is a multi-regulated forex and CFD broker that caters to Ugandan traders interested in Nasdaq. As a result, Ugandan traders can anticipate competitive spreads, a selection of accounts, and robust trading platforms.
Best Volatility 75 / VIX 75 Forex 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
👉 Overall, AvaTrade is Uganda’s best Volatility 75 / VIX 75 Forex broker. In addition, AvaTrade offers a few advanced trading solutions to Ugandan scalpers. Moreover, Ugandans can trade VIX on desktop and mobile devices and web browsers through AvaTrade.
👉 AvaTrade also offers training materials for beginners and advanced trading tools for seasoned traders wishing to improve their trading strategies.
Best NDD Forex Broker in Uganda
Overall Rating
- 4.5/5
Min Deposit
USD 300 / 1 119 542 UGX
Regulators
FCA
Trading Desk
MetaTrader 4, Trading Station
Crypto
Yes
Total Pairs
7
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, FXCM is the best NDD forex broker in Uganda. FXCM is a No-Dealing-Desk broker that offers STP and ECN execution on many markets. In addition to technical indicators, charting tools, and competitive trading conditions, FXCM also provides a selection of third-party platforms.
Best Sign-up Bonus Forex Broker in Uganda
Overall Rating
- 4.7/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, RoboForex is the best sign-up bonus Forex broker in Uganda. RoboForex, which has won many accolades over the years, offers more than 12,000 traded items on several platforms.
👉 RoboForex derives its liquidity from eight diverse sources and offers market execution so that ECN Account traders may expect zero-pip spreads and low commission rates.
Conclusion
👉 Foreign exchange trading on an ECN, or Electronic Communication Network, allows investors to access the interbank market via a worldwide network of banks and financial institutions.
👉 Instead of going via a broker that serves as an intermediary, traders can access real-time pricing and conduct trades directly with liquidity providers.
👉 One of the main selling points of electronic communication network (ECN) forex trading is the ease with which traders can see the market depth and best available pricing in real-time.
👉 Because of its low spreads and quick execution times, it is a favourite among traders who place a premium on efficiency.
👉 Overall, ECN forex trading provides several advantages to investors, such as simplified access to large pools of liquid assets, clear pricing, and lightning-fast transaction execution.
FAQ
What is ECN forex trading in Uganda?
To access the interbank market, traders use electronic communication networks (ECNs) to trade in the foreign exchange market. Instead of going via a broker that serves as an intermediary, traders can access real-time pricing and conduct trades directly with liquidity providers.
How can I choose the right ECN forex broker in Uganda?
The reputation, regulation, trading platforms and tools, and customer support of an ECN forex broker are all significant considerations when making a broker selection.
In addition, the ideal broker for your trading requirements may be found by comparing the fees and spreads given by various brokers.
What risks are associated with using ECN execution to trade forex?
Risk is inherent in ECN forex trading, as it is in any trading. Therefore, before trading, one must think carefully about the possible dangers involved and use risk management techniques to lessen the blow of any losses.
Using an ECN comes with a fee, one of its major downsides. The costs and charges associated with utilizing an ECN are often greater than those associated with non-ECN systems.
Furthermore, commissions charged for every transaction could significantly impact a trader’s ability to turn a profit.
What are the benefits of ECN execution for Ugandan traders?
One of the main selling points of electronic communication network (ECN) forex trading is the ease with which traders may see the market depth and best available pricing in real-time.
Because of its low spreads and quick execution times, it is a favourite among traders who place a premium on efficiency.
Is ECN execution suitable for all Ugandan traders?
Those interested in forex trading who value fast execution and clear pricing may find ECN accounts a good fit, provided they can afford the additional minimum deposits and commissions often associated with ECN accounts.
However, it might not be the best option for novice traders or those who prefer a more direct approach.
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