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7 Best Forex Brokers with a Minimum 5 USD Deposit in Uganda

The 7 Best Ugandan Forex Brokers with a Minimum 5 USD Deposit in Uganda revealed. We tested and verified the best forex brokers with a minimum deposit of 5 USD for Ugandan Traders.

This is a complete list of forex brokers with a minimum deposit of $5 USD in Uganda.

In this in-depth guide you’ll learn:

  • What is a minimum deposit?
  • Why you should invest with a broker with a 5 USD minimum deposit?
  • Who are the best low-minimum deposit forex brokers for Ugandans?
  • The Five Best 5 USD Brokers for Ugandan Beginner Traders
  • How to compare forex trading brokers against each other?
  • How and can I trade forex with $5 USD?
  • Which brokers offer a signup bonus on a $5 deposit


And lots more…

So if you’re ready to go “all in” with the best-tested $5 forex brokers for Ugandans…

Let’s dive right in…

10 Best Forex Brokers in South Africa for 2023

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

4.8/5

User Score

#2

4.7/5

User Score

#3

4.5/5

User Score

#4

4.4/5

User Score

#5

4.7/5

User Score

#6

4.6/5

User Score

#7

4.7/5

User Score

#8

4.8/5

User Score

#9

4.7/5

User Score

#10

4.7/5

User Score

Updated : August 21, 2024

Best Ugandan Forex Brokers with a Minimum 5 USD Deposit – Comparison

🥇 Broker💸 Minimum Deposit✔️Ugandan Shilling -based Account?💰 UGX Deposits Allowed?👉 Open An Account
1. Forex.ee$5 (16798,89 UGX)NoNo👉 Open Account
2. FXTM$5 (16798,89 UGX)YesYes👉 Open Account
3. Alpari$5 (16798,89 UGX)YesYes👉 Open Account
4. HFM$5 (16798,89 UGX)YesYes👉 Open Account
5. XM$5 (16798,89 UGX)NoYes👉 Open Account
6. Pepperstone$5 (16798,89 UGX)NoYes👉 Open Account
7. AvaTrade$5 (16798,89 UGX)NoYes👉 Open Account

7 Best Forex Brokers with a Minimum 5 USD Deposit in Uganda (2024)

  1. Global GTOverall, Best $5 Forex Broker for  Ugandan Traders
  2. HFM – Best Liquidity Broker in Uganda
  3. NumberOne CM – Best MT4 and MT5 Broker
  4. M4Markets – Top $5 ECN and CFD Broker for Ugandan
  5. XM – Best Nasdaq100 Trading Account
  6. Alpari – Best MT4 Ugandan-Based Broker
  7. FXGT – Best 5 USD minimum deposit  Islamic Account Broker for Ugandans

1. Global GT

Overall Rating

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

Based in South Africa, Global GT is a well-regulated broker that provides Ugandan traders access to more than 500 tradable financial instruments, all spread across different asset classes. Global GT has a long history of reliability, and the broker offers trading accounts with a low minimum deposit of 5 USD or an equivalent in Shilling.

 

Features

FeatureValue
💰 Minimum Deposit16183,90 Shilling or an equivalent to $5
💵 Maximum DepositNone
💳 Account Base CurrenciesUSD or EUR
📊 Max Leverage Ratio1:1000
✔️ Shilling Deposits Allowed?Yes
💸 Offers a Shilling Account?No
📞 Ugandan Customer Support?No
💻 Account TypesCent Account, Mini Account, Standard Account, Standard FX Account, ECN Account
📱 Trading AssetsForex, Cryptocurrencies, Synthetic Cryptocurrencies, Precious Metals, Energies, Equity Indices, GTi12, Stocks, DeFi Tokens, NFTs
✔️ Negative Balance Protection?Yes
💰 Margin Call50%
🛑 Stop-Out20%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ Pros❌ Cons
Global GT is well-regulated and is trustworthyThere is only one trading platform offered
Local deposits and withdrawals are provided to Ugandan retail tradersThere is no option for an Islamic Account
There is 24/7 customer support offered to tradersAn inactivity fee is charged on dormant accounts
There is a choice between powerful trading platforms across several devicesThere is only one retail account and one professional account offered
Ugandan traders can choose between different retail accounts to find the one that fits their trading objectives best
There are tight spreads offered along with competitive commissions

2. HFM

Overall Rating

Min Deposit

USD 5

Regulators

CySEC, FSC, CFTC

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

47

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

HFM is one of the forex and CFD brokers that truly has a global presence, with regulation and authorization in South Africa, Cyprus, Dubai, Seychelles, United Kingdom, Mauritius, and Kenya, with registrations in several other regions.

In addition, HFM offers comprehensive trading solutions to traders, with the benefit that Ugandans can register a trading account from 5 USD, or an equivalent in Shilling.

 

Features

FeatureValue
💰 Minimum Deposit16183,90 Shilling or an equivalent to $5
💵 Maximum DepositUnlimited
💳 Account Base CurrenciesUSD, ZAR, NGN
📊 Max Leverage Ratio1:1000
✔️ Shilling Deposits Allowed?Yes
💸 Offers a Shilling Account?Yes
📞 Ugandan Customer Support?Yes
💻 Account TypesMicro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
📱 Trading AssetsForex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
✔️ Negative Balance Protection?Yes
💰 Margin CallBetween 40% to 50%
🛑 Stop-OutBetween 10% to 20%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ Pros❌ Cons
HFM is multi-regulated and ensures client fund securityThere is a limited choice between payment methods for deposits and withdrawals
There are low trading and non-trading fees chargedThere are only a few base account currencies offered
Ugandan traders can expect ultra-low minimum deposits
There is a comprehensive affiliate programThere is only one retail account and one professional account offered
There are several account types offered

 

3. NumberOne CM

NumberOne CM

Overview

NumberOne CM is a fully registered and VFSC-regulated ECN broker based in Vanuatu that was founded in 2017. To provide traders from all over the globe with flexible and comprehensive trading solutions, NumberOne CM offers a choice between retail accounts with ultra-low minimum deposits of 5 USD.

 

Features

FeatureValue
💰 Minimum Deposit16183,90 Shilling or an equivalent to $5
💵 Maximum DepositNone
💳 Account Base CurrenciesUSD
📊 Max Leverage Ratio1:1000
✔️ Shilling Deposits Allowed?No
💸 Offers a Shilling Account?No
📞 Ugandan Customer Support?No
💻 Account TypesCent Account, Standard Account, ECN Account
📱 Trading AssetsForex, Commodities, Stocks, Indices
✔️ Negative Balance Protection?Yes
💰 Margin Call100%
🛑 Stop-Out30%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ Pros❌ Cons
NumberOne CM is regulated and offers ultra-low minimum depositsThe spreads are not the tightest
There is a choice between retail accounts with dynamic trading conditionsThere is a very limited range of markets
The broker offers both MT4 and MT5There are fees charged on deposits and withdrawals
There is an Islamic Account option offered to Muslim Ugandan tradersThere is no crypto trading offered
There is a demo account offered

4. M4Markets

Overall Rating

Min Deposit

USD 5

Regulators

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

M4Markets is a Seychelles-based licensed ECN CFD broker that has been in business since 2019.

 

M4Markets was founded on the simple premise that customers come first. Trading solutions and services are supplied to traders from all over the globe in a secure and technologically sophisticated environment.

 

M4Markets offers Ugandan traders a choice between three account types, with the benefit that the minimum deposit required on the Standard Account is 5 USD or an equivalent in Shilling.

 

Features

FeatureValue
💰 Minimum Deposit16183,90 Shilling or an equivalent to $5
💵 Maximum DepositNone
💳 Account Base CurrenciesUSD, EUR, GBP, JPY
📊 Max Leverage Ratio1:1000
✔️ Shilling Deposits Allowed?Yes, Local Online Banking
💸 Offers a Shilling Account?No
📞 Ugandan Customer Support?No
💻 Account TypesStandard Account, VIP Account, Elite Account
📱 Trading AssetsForex, Commodities, Indices, Shares
✔️ Negative Balance Protection?Yes
💰 Margin Call100%
🛑 Stop-Out20% to 40%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ Pros❌ Cons
M4Markets offers competitive trading conditionsThere is no Shilling-denominated account offered
There is an ultra-low minimum deposit requirement on accountsThere is no crypto trading offered
There is high leverage up to 1:1000
M4Markets offers micro-lot trading
The broker uses a comprehensive ECN execution model

5. XM

Overall Rating

Min Deposit

USD 10

Regulators

IFSC, CySec, ASIC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

55

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

XM is a highly-trusted CFD and forex broker for Ugandan traders that ensures reliable trade execution, a no requotes policy, transparent fee schedules, and account types that suit different types of traders.

 

XM allows Ugandan traders to register an account with a minimum deposit of $5, or equivalent in Shilling, with the benefit that high leverage can be used to open larger positions in several financial markets.

 

Features

FeatureValue
💰 Minimum Deposit16183,90 Shilling or an equivalent to $5
💵 Maximum DepositUnlimited
💳 Account Base CurrenciesUSD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, ZAR
📊 Max Leverage Ratio• Account balance of $5 – $20,000 = 1:1 to 1:888
• $20,001 to $100,000 = 1:1 to 1:200
• $100,001+ – 1:1 to 1:100
✔️ Shilling Deposits Allowed?Yes
💸 Offers a Shilling Account?No
📞 Ugandan Customer Support?No
💻 Account TypesMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
📱 Trading AssetsForex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares
✔️ Negative Balance Protection?Yes
💰 Margin Call50% to 100%
🛑 Stop-Out20% to 50%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ Pros❌ Cons
XM is a popular and trustworthy brokerThere is no Shilling-denominated account offered
Ugandan traders can be assured that negative balance protection is applied to retail accountsCurrency conversion fees may apply
There is a choice between several account types
Ugandan can use a range of trading strategies while trading with XM
There is a plethora of educational material offered

 

6. Alpari

Overall Rating

Min Deposit

USD 100

Regulators

FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

48

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

Alpari is one of the best Ugandan-based forex and CFD brokers that offer local support, Shilling accounts, local deposits and withdrawals, and a range of benefits for Ugandan retail traders, regardless of their trading experience or skills.

 

With Alpari, Ugandan traders can choose between dynamic retail accounts, and they can gain access to a range of markets with deposits from 5 USD, or an equivalent in Ugandan Shilling.

 

Features

FeatureValue
💰 Minimum Deposit16183,90 or an equivalent to $5
💵 Maximum DepositUnlimited
💳 Account Base CurrenciesUSD, EUR, GBP, NGN
📊 Max Leverage Ratio1:1000
✔️ Shilling Deposits Allowed?Yes
💸 Offers a Shilling Account?Yes
📞 Ugandan Customer Support?Yes
💻 Account TypesMicro Account, Professional Account, ECN Account, Standard Account
📱 Trading AssetsForex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices
✔️ Negative Balance Protection?Yes, on retail accounts

💰 Margin Call60%
🛑 Stop-Out40%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ Pros❌ Cons
Alpari has offices in Uganda and offers local solutions to tradersThere are no fixed spread accounts
There are trading signals that are sourced from AutoChartistThere is a limited range of markets offered
Alpari offers both MetaTrader 4 and 5There is a lack of comprehensive educational tools and research
There is a comprehensive proprietary Alpari CopyTrade app for mobile traders
Newsfeeds are streamed through FxWirePro

7. FXGT

Overall Rating

Min Deposit

USD 5

Regulators

Not Regulated 

Trading Desk

MetaTrader 5

Crypto

Yes

Total Pairs

18

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

FXGT has been in operation since 2019 and the broker has gained some popularity among retail traders. FXGT is one of few hybrid brokers that provide financial instruments not offered by other brokers including Synthetic Cryptocurrencies, GTi12, NFTs, and DeFi tokens among conventional asset classes.

 

In addition, FXGT offers a choice between retail accounts and the benefits that Ugandan traders can register an account for 5 USD or an equivalent in Shilling.

 

Features

FeatureValue
💰 Minimum Deposit16183,90 Shilling or an equivalent to $5
💵 Maximum DepositNone
💳 Account Base CurrenciesUSD, EUR
📊 Max Leverage Ratio1:1000
✔️ Shilling Deposits Allowed?No
💸 Offers a Shilling Account?No
📞 Ugandan Customer Support?No
💻 Account TypesCent Account, Mini Account, Standard Account, Standard FX Account, ECN Account
📱 Trading AssetsForex, Cryptocurrencies, Synthetic Cryptocurrencies, Precious Metals, Energies, Equity Indices, GTi12, Stocks, NFTs, DeFi Tokens
✔️ Negative Balance Protection?Yes, on retail accounts

💰 Margin Call50% to 70%
🛑 Stop-Out20% to 40%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ Pros❌ Cons
FXGT offers negative balance protection on all retail accountsThere are no fixed spreads offered
There is a choice between a range of marketsThere is only one platform available
MetaTrader 5 is offered
There is an extremely low minimum deposit requirement
There is an Islamic account option offered along with a demo account

What exactly are Margin and Leverage?

Best Flexible Broker

Margin trading is a fascinating practice within the realm of financial markets. It empowers investors to trade with borrowed funds, known as margin, in order to maximize their potential returns. This strategy involves buying or selling various financial instruments, such as stocks, bonds, currencies, or commodities, by utilizing money borrowed from a broker. By engaging in margin trading, individuals have the opportunity to leverage their investment capital, thereby potentially amplifying their profits. However, it’s crucial to acknowledge that this approach also heightens the risk of losses.

 

Let’s delve into some key aspects and terms associated with margin trading:

 

Margin Account: To partake in margin trading, investors must establish a distinct margin account with a brokerage firm. Unlike a regular cash account, this specialized account allows for the borrowing and lending of funds.

 

Margin: Margin refers to the funds borrowed from the broker. It constitutes a certain percentage of the total trade value, with investors required to contribute this amount while the remaining sum is provided as a loan by the broker. The margin requirement varies depending on the specific financial instrument and the policies set by the broker.

 

Leverage: Leverage represents the ratio between the borrowed funds and the investor’s own capital. For instance, if the leverage is 2:1, the investor can trade with double the amount of their capital. Higher leverage intensifies both potential profits and losses.

 

Initial Margin: The initial margin signifies the minimum capital that an investor must contribute to initiate a margin position. Typically expressed as a percentage of the total trade value, this requirement acts as a safeguard against potential losses.

 

Maintenance Margin: The maintenance margin denotes the minimum capital that an investor must uphold within their margin account to sustain an open position. If the account value falls below the maintenance margin, a margin call may be triggered.

 

Margin Call: A margin call arises when the account value dips below the maintenance margin level. In such instances, the broker will request additional funds or securities to restore the margin account to its initial margin requirement. Failure to meet a margin call may result in the forced liquidation of positions.

 

Margin Interest: Borrowed funds in a margin account typically accrue interest. Traders must consider the cost of borrowing when evaluating potential profits and losses.

 

Short Selling: Margin trading also facilitates short selling, which involves investors selling borrowed assets with the expectation of repurchasing them at a lower price in the future. Short selling enables traders to profit from a declining market.

 

Margin trading presents the potential for greater returns through increased buying power, but it’s crucial to recognize the significant risks involved. Market volatility can lead to substantial losses, necessitating close monitoring of positions, effective risk management, and a comprehensive understanding of the terms and conditions outlined by the brokerage firm.

 

Individuals contemplating margin trading must diligently educate themselves about the associated risks, comprehend the specific rules and regulations of their jurisdiction, and, if necessary, seek guidance from a financial advisor. By equipping themselves with the necessary knowledge, investors can make informed decisions in this dynamic landscape.

How to Choose a Forex Broker

How to Choose a Forex Broker

Selecting a forex broker is a crucial decision that significantly influences a trader’s experience and profitability. To make an informed choice, it is important to consider several factors. Here are key aspects to contemplate when choosing a forex broker:

 

Regulation:

Opt for a broker regulated by a reputable financial authority in their home country or operating jurisdiction. Regulation ensures that brokers adhere to specific standards and rules, providing traders with a certain level of protection.

 

Trading Platforms:

Evaluate the broker’s trading platform for user-friendliness, reliability, and the availability of tools and features that align with your trading requirements. Consider whether the platform is accessible on both desktop and mobile devices and offers a diverse range of financial instruments.

 

Spreads and Fees:

Compare spreads and trading fees among different brokers to identify the most competitive pricing. While low spreads are advantageous, also take into account other fees such as commissions and swap rates.

 

Customer Support:

Prioritize brokers that offer responsive and helpful customer support accessible through various channels, including phone, email, and live chat. Efficient customer support can be crucial when encountering issues or seeking assistance.

 

Educational Resources:

Look for brokers that provide educational resources such as webinars, tutorials, and market analysis. These resources can aid in improving trading skills and knowledge, enhancing your overall trading performance.

 

Deposit and Withdrawal Options:

Consider the broker’s deposit and withdrawal options, ensuring they support your preferred payment methods. Smooth and convenient transactions are vital for efficient account funding and withdrawals.

 

Reputation:

Conduct online research to assess the broker’s reputation and seek reviews from other traders. Real-life experiences and feedback from fellow traders can offer valuable insights into the broker’s reliability and quality of service.

 

By carefully considering these factors, traders can select a forex broker that aligns with their needs, supports their trading goals, and provides a satisfactory trading experience.

Best Forex Brokers in Uganda in 2023

Best Hybrid Broker for Ugandan

Overall Rating

Min Deposit

USD 5

Regulators

Not Regulated 

Trading Desk

MetaTrader 5

Crypto

Yes

Total Pairs

18

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

FXGT is our top choice for this modern category as the broker offers financial instruments that are not yet offered by competitors such as NFTs, Synthetic Cryptos, and DeFi tokens.

Best Uganda-based Forex and CFD Broker

Overall Rating

Min Deposit

USD 100

Regulators

FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

48

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Alpari is our best local broker because there are offices in major cities, with dedicated customer support offered to Ugandan traders. In addition to this, Ugandan traders can register Shilling-denominated accounts and use local deposit and withdrawal options.

 

Best Islamic Account in Uganda

Overall Rating

Min Deposit

USD 5

Regulators

Not Regulated 

Trading Desk

MetaTrader 5

Crypto

Yes

Total Pairs

18

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

We chose FXGT from this list of brokers because the option for a Swap-Free Islamic Account is offered across all retail account types, ensuring that Muslim Ugandan traders can gain access to trading conditions that suit their unique trading objectives and needs.

Best Customer Support

Overall Rating

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

We chose Global GT because the broker offers 24/7 customer support to all its clients, ensuring that Ugandan traders can consult knowledgeable and helpful agents with any questions, queries, or issues.

Best Liquidity in Ugandan

Overall Rating

Min Deposit

USD 5

Regulators

CySEC, FSC, CFTC

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

47

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

HFM is our #1 for this category because the broker has a global presence, with affiliates and subsidiaries offering coverage around the globe. HFM sources its liquidity and pricing from the best providers which include top-tier banks, hedge funds, and other providers.

Best MT4 and MT5 broker in Uganda

NumberOne CM is our choice for the best trading platforms as the broker offers both MetaTrader 4 and MetaTrader 5 across desktop, web browsers, and a range of mobile trading apps that offer Ugandan retail traders the flexibility they need to compete in a fast-paced and competitive market.

Best ECN Forex and CFD Broker for Ugandan Traders

Overall Rating

Min Deposit

USD 5

Regulators

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

We chose M4Markets because of the broker’s outstanding ECN execution model, competitive pricing, and low minimum deposit requirements when traders register a trading account.

Best Trading Account for Ugandan Day Traders

Overall Rating

Min Deposit

USD 10

Regulators

IFSC, CySec, ASIC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

55

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

XM offers a choice between several retail trading accounts, including an Ultra-Low Account which ensures that day traders, algorithmic traders, and other fast-paced trading strategies gain access to the best possible pricing and trade execution speeds.

FAQ

Can I start trading forex in Uganda with a minimum deposit of 5 USD?

You can register a live trading account with a broker for 5 USD, but you may not be able to cover the margin requirements on trades with 5 USD. However, you can use leverage to increase your position size or use bonuses from your broker that provides you with additional trading credit.

 

How do Forex Brokers in Uganda make money?

Market Maker forex and CFD brokers make their money from the spread while No-Dealing Desk brokers make their money either from the spread or by charging commissions on trades.

 

What is the best trading platform in Uganda?

MetaTrader 4 is the best trading platform in Uganda with others such as MetaTrader 4, cTrader, and others performing well.

 

How can I start trading with 3236,78 Shilling trading capital?

You can register a trading account with any forex broker that allows such low minimum deposits and explore the options that your broker provides. You might not cover the margin requirements of trades with such low capital, which means that you might need to transfer more funds to start trading.

 

Some forex brokers offer bonuses that can boost your trading capital significantly, allowing you to get started in the forex market, which typically charges lower trading costs than other markets, especially on liquid, major forex currency pairs such as EUR/USD.

 

Why is Forex Trading so Popular in Uganda?

The foreign exchange market is extremely accessible and requires very little trading capital to get started. The trading costs are also very low and there are a plethora of forex brokers in Uganda to choose from, ensuring that anyone can get started.

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