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
- Lesche Duvenage
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) | No | No | 👉 Open Account |
2. FXTM | $5 (16798,89 UGX) | Yes | Yes | 👉 Open Account |
3. Alpari | $5 (16798,89 UGX) | Yes | Yes | 👉 Open Account |
4. HFM | $5 (16798,89 UGX) | Yes | Yes | 👉 Open Account |
5. XM | $5 (16798,89 UGX) | No | Yes | 👉 Open Account |
6. Pepperstone | $5 (16798,89 UGX) | No | Yes | 👉 Open Account |
7. AvaTrade | $5 (16798,89 UGX) | No | Yes | 👉 Open Account |
7 Best Forex Brokers with a Minimum 5 USD Deposit in Uganda (2024)
- Global GT – Overall, Best $5 Forex Broker for Ugandan Traders
- HFM – Best Liquidity Broker in Uganda
- NumberOne CM – Best MT4 and MT5 Broker
- M4Markets – Top $5 ECN and CFD Broker for Ugandan
- XM – Best Nasdaq100 Trading Account
- Alpari – Best MT4 Ugandan-Based Broker
- FXGT – Best 5 USD minimum deposit Islamic Account Broker for Ugandans
1. Global GT
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
Feature | Value |
💰 Minimum Deposit | 16183,90 Shilling or an equivalent to $5 |
💵 Maximum Deposit | None |
💳 Account Base Currencies | USD or EUR |
📊 Max Leverage Ratio | 1:1000 |
✔️ Shilling Deposits Allowed? | Yes |
💸 Offers a Shilling Account? | No |
📞 Ugandan Customer Support? | No |
💻 Account Types | Cent Account, Mini Account, Standard Account, Standard FX Account, ECN Account |
📱 Trading Assets | Forex, Cryptocurrencies, Synthetic Cryptocurrencies, Precious Metals, Energies, Equity Indices, GTi12, Stocks, DeFi Tokens, NFTs |
✔️ Negative Balance Protection? | Yes |
💰 Margin Call | 50% |
🛑 Stop-Out | 20% |
📉 Minimum Trade Size | 0.01 lots |
Pros and Cons
✔️ Pros | ❌ Cons |
Global GT is well-regulated and is trustworthy | There is only one trading platform offered |
Local deposits and withdrawals are provided to Ugandan retail traders | There is no option for an Islamic Account |
There is 24/7 customer support offered to traders | An inactivity fee is charged on dormant accounts |
There is a choice between powerful trading platforms across several devices | There 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
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
Feature | Value |
💰 Minimum Deposit | 16183,90 Shilling or an equivalent to $5 |
💵 Maximum Deposit | Unlimited |
💳 Account Base Currencies | USD, ZAR, NGN |
📊 Max Leverage Ratio | 1:1000 |
✔️ Shilling Deposits Allowed? | Yes |
💸 Offers a Shilling Account? | Yes |
📞 Ugandan Customer Support? | Yes |
💻 Account Types | Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
📱 Trading Assets | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
✔️ Negative Balance Protection? | Yes |
💰 Margin Call | Between 40% to 50% |
🛑 Stop-Out | Between 10% to 20% |
📉 Minimum Trade Size | 0.01 lots |
Pros and Cons
✔️ Pros | ❌ Cons |
HFM is multi-regulated and ensures client fund security | There is a limited choice between payment methods for deposits and withdrawals |
There are low trading and non-trading fees charged | There are only a few base account currencies offered |
Ugandan traders can expect ultra-low minimum deposits | |
There is a comprehensive affiliate program | There is only one retail account and one professional account offered |
There are several account types offered |
3. 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
Feature | Value |
💰 Minimum Deposit | 16183,90 Shilling or an equivalent to $5 |
💵 Maximum Deposit | None |
💳 Account Base Currencies | USD |
📊 Max Leverage Ratio | 1:1000 |
✔️ Shilling Deposits Allowed? | No |
💸 Offers a Shilling Account? | No |
📞 Ugandan Customer Support? | No |
💻 Account Types | Cent Account, Standard Account, ECN Account |
📱 Trading Assets | Forex, Commodities, Stocks, Indices |
✔️ Negative Balance Protection? | Yes |
💰 Margin Call | 100% |
🛑 Stop-Out | 30% |
📉 Minimum Trade Size | 0.01 lots |
Pros and Cons
✔️ Pros | ❌ Cons |
NumberOne CM is regulated and offers ultra-low minimum deposits | The spreads are not the tightest |
There is a choice between retail accounts with dynamic trading conditions | There is a very limited range of markets |
The broker offers both MT4 and MT5 | There are fees charged on deposits and withdrawals |
There is an Islamic Account option offered to Muslim Ugandan traders | There is no crypto trading offered |
There is a demo account offered |
4. M4Markets
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
Feature | Value |
💰 Minimum Deposit | 16183,90 Shilling or an equivalent to $5 |
💵 Maximum Deposit | None |
💳 Account Base Currencies | USD, EUR, GBP, JPY |
📊 Max Leverage Ratio | 1:1000 |
✔️ Shilling Deposits Allowed? | Yes, Local Online Banking |
💸 Offers a Shilling Account? | No |
📞 Ugandan Customer Support? | No |
💻 Account Types | Standard Account, VIP Account, Elite Account |
📱 Trading Assets | Forex, Commodities, Indices, Shares |
✔️ Negative Balance Protection? | Yes |
💰 Margin Call | 100% |
🛑 Stop-Out | 20% to 40% |
📉 Minimum Trade Size | 0.01 lots |
Pros and Cons
✔️ Pros | ❌ Cons |
M4Markets offers competitive trading conditions | There is no Shilling-denominated account offered |
There is an ultra-low minimum deposit requirement on accounts | There 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
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
Feature | Value |
💰 Minimum Deposit | 16183,90 Shilling or an equivalent to $5 |
💵 Maximum Deposit | Unlimited |
💳 Account Base Currencies | USD, 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 Types | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
📱 Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
✔️ Negative Balance Protection? | Yes |
💰 Margin Call | 50% to 100% |
🛑 Stop-Out | 20% to 50% |
📉 Minimum Trade Size | 0.01 lots |
Pros and Cons
✔️ Pros | ❌ Cons |
XM is a popular and trustworthy broker | There is no Shilling-denominated account offered |
Ugandan traders can be assured that negative balance protection is applied to retail accounts | Currency 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
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
Feature | Value |
💰 Minimum Deposit | 16183,90 or an equivalent to $5 |
💵 Maximum Deposit | Unlimited |
💳 Account Base Currencies | USD, EUR, GBP, NGN |
📊 Max Leverage Ratio | 1:1000 |
✔️ Shilling Deposits Allowed? | Yes |
💸 Offers a Shilling Account? | Yes |
📞 Ugandan Customer Support? | Yes |
💻 Account Types | Micro Account, Professional Account, ECN Account, Standard Account |
📱 Trading Assets | Forex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices |
✔️ Negative Balance Protection? | Yes, on retail accounts |
💰 Margin Call | 60% |
🛑 Stop-Out | 40% |
📉 Minimum Trade Size | 0.01 lots |
Pros and Cons
✔️ Pros | ❌ Cons |
Alpari has offices in Uganda and offers local solutions to traders | There are no fixed spread accounts |
There are trading signals that are sourced from AutoChartist | There is a limited range of markets offered |
Alpari offers both MetaTrader 4 and 5 | There 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
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
Feature | Value |
💰 Minimum Deposit | 16183,90 Shilling or an equivalent to $5 |
💵 Maximum Deposit | None |
💳 Account Base Currencies | USD, EUR |
📊 Max Leverage Ratio | 1:1000 |
✔️ Shilling Deposits Allowed? | No |
💸 Offers a Shilling Account? | No |
📞 Ugandan Customer Support? | No |
💻 Account Types | Cent Account, Mini Account, Standard Account, Standard FX Account, ECN Account |
📱 Trading Assets | Forex, Cryptocurrencies, Synthetic Cryptocurrencies, Precious Metals, Energies, Equity Indices, GTi12, Stocks, NFTs, DeFi Tokens |
✔️ Negative Balance Protection? | Yes, on retail accounts |
💰 Margin Call | 50% to 70% |
🛑 Stop-Out | 20% to 40% |
📉 Minimum Trade Size | 0.01 lots |
Pros and Cons
✔️ Pros | ❌ Cons |
FXGT offers negative balance protection on all retail accounts | There are no fixed spreads offered |
There is a choice between a range of markets | There 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?
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
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
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
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
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
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
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
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
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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