10 Best Nasdaq 100 Forex Brokers in Uganda
The 10 Best Nasdaq 100 index Forex Brokers in Uganda revealed. We tested and verified the best Nas100 Brokers for Ugandan Traders.
This is a complete list of Nasdaq 100 forex brokers in Uganda.
In this in-depth guide you’ll learn:
- What is Nasdaq 100?
- Why you should invest with a broker on the Nasdaq 100?
- Our recommended Nas100 brokers for Ugandan Beginner Traders.
- How to compare INDEXNASDAQ: NDX forex trading brokers against each other.
- How and can I trade on the Nas100?
- Which brokers offer a sign-up bonus on the NDX100 index?
- Which Nas100 brokers offer low minimum deposits?
And lots more…
So if you’re ready to go “all in” with the best-tested Nasdaq 100 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
- Louis Schoeman
Best Nasdaq 100 Forex Brokers in Ugandan – Comparison
| 🥇 Broker | ✔️ Nasdaq 100 Broker? | 💸 Minimum Deposit | ✔️ Ugandan Shilling-based Account? | 💰UGX Deposits Allowed? | 👉 Open An Account |
| 1. eToro | Yes | 671477 UGX | Yes | Yes | 👉 Open Account |
| 2. AvaTrade | Yes | 335739 UGX | Yes | Yes | 👉 Open Account |
| 3. Fidelity Investments | Yes | 3236 UGX | No | No | 👉 Open Account |
| 4. Plus500 | Yes | 331694 UGX | No | No | 👉 Open Account |
| 5. XM | Yes | 16180 UGX | Yes | Yes | 👉 Open Account |
| 6. IG Group | Yes | 841369 UGX | No | No | 👉 Open Account |
| 7. Capital.com | Yes | 64721 UGX | No | Yes | 👉 Open Account |
| 8. OctaFX | Yes | 16180 UGX | No | No | 👉 Open Account |
| 9. Exness | Yes | 16180 UGX | Yes | Yes | 👉 Open Account |
| 10. FXTM | Yes | 16180 UGX | No | No | 👉 Open Account |
10 Best Nasdaq 100 Forex Brokers in Ugandan (2024)
- eToro – Overall, Best Nasdaq 100 Forex Broker
- AvaTrade – Largest selection of stocks to trade Nas100
- Fidelity Investments – Best USA Investment trading Accounts offered
- Plus500 – Best Nasdaq 100 CFD Broker
- XM – Best Selection of Trading Accounts
- IG Group – Best Regulated Broker operating in Uganda
- Capital.com – Most Competitive Trading Costs and Spreads
- OctaFX – Best Trading Tools and Minimum Deposit
- Exness – Best MetaTrader 4 Shilling Broker
- FXTM – Best Local NGN / Ugandan-Based Broker
What is a Nasdaq100 Forex Broker?
A Nasdaq100 Forex broker refers to a brokerage firm that offers access to trading the Nasdaq-100 Index in the Forex market. The Nasdaq-100 Index is a stock market index that represents the performance of the largest non-financial companies listed on the Nasdaq Stock Market. It includes companies from various sectors, such as technology, consumer services, healthcare, and industrials.
While the Nasdaq-100 is primarily associated with the stock market, some brokers provide the opportunity to trade the index as a derivative product in the Forex market. Forex, or foreign exchange, involves the trading of currency pairs rather than individual stocks. These brokers offer contracts based on the price movements of the Nasdaq-100 Index, allowing traders to speculate on its performance without directly owning the underlying stocks.
Nasdaq100 Forex brokers typically provide traders with the ability to trade Nasdaq-100 Index Contracts for Difference (CFDs) or other similar financial instruments. Traders can take long (buy) or short (sell) positions on the index, aiming to profit from its price fluctuations. These brokers often offer leverage, allowing traders to control larger positions with a smaller amount of capital. It is important to note that trading derivatives like CFDs carries risks, and traders should carefully consider their risk tolerance and employ appropriate risk management strategies.
When choosing a Nasdaq100 Forex broker, consider factors such as regulation, trading platform features, spreads, commissions, customer support, and overall reputation. Conducting thorough research and due diligence before selecting a broker is crucial to ensure a reliable and suitable trading experience.
1. eToro
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.
Overview
eToro is a popular online trading platform that is accessible to traders from Uganda. It offers a range of financial instruments, including stocks, cryptocurrencies, commodities, indices, and more. The platform is known for its user-friendly interface, making it suitable for both beginner and experienced traders.
One of the standout features of eToro is its social trading functionality. Users can connect with other traders, follow their strategies, and even automatically copy their trades. This allows less experienced traders to learn from more experienced ones and potentially benefit from their expertise. Additionally, eToro has a news feed and discussion forums where traders can share insights and stay informed about market trends.
Another advantage of eToro is its intuitive and comprehensive mobile app, which allows traders to access their accounts and execute trades on the go. The app provides real-time market data, customizable charts, and a range of order types to facilitate efficient trading. eToro also offers a demo account where traders can practice and familiarize themselves with the platform before committing to real funds.
It is worth noting that while eToro is available to Ugandan traders, it is essential to comply with local regulations and ensure that you meet any necessary legal requirements for trading and investing. It is recommended to research and understand the local laws and regulations governing financial trading in Uganda before using the eToro platform or engaging in any trading activities.
Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail, Professional |
| 📲 Trading Platform | eToro trading app and web-based platform |
| 💸 Minimum Deposit | 83,000 equivalent to $200 |
| 📊 Trading Assets | Forex minor, exotic, and major currency pairs, Commodities, Exchange-Traded Funds (ETFs), Indices, Stocks, Crypto trading, Stocks |
| ✔️ Ugandan Shilling-based Account? | No |
| 💰 UGX Deposits Allowed? | No |
| 💵 Bonuses for Ugandan traders? | Yes |
| 💳 Minimum spread | 1 pip EUR/USD |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📱 Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Free stock and ETF trading offered with no commissions on trades | There are high non-trading fees charged |
| Seamless and fast account registration | Customer support needs some attention |
| Social trading opportunities are offered | There are limited account options and account base currencies |
2. AvaTrade
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
Overview
AvaTrade is an online brokerage firm that offers trading services to traders in Uganda. With its global presence and a wide range of financial instruments, including forex, stocks, commodities, indices, and cryptocurrencies, AvaTrade provides Ugandan traders with access to various markets.
One of the notable features of AvaTrade is its user-friendly trading platform. The platform offers an intuitive interface, advanced charting tools, and a variety of order types to facilitate efficient trading. It also supports both manual trading and automated trading through the use of expert advisors (EAs) and algorithmic trading strategies.
AvaTrade is known for its commitment to regulation and security. The company is regulated by multiple reputable financial authorities, including the Central Bank of Ireland, the Australian Securities and Investments Commission (ASIC), and the Financial Services Commission of the British Virgin Islands. This regulatory oversight helps provide traders with confidence in the platform’s reliability and transparency.
Additionally, AvaTrade offers educational resources and customer support to assist traders in their trading journey. It provides a range of educational materials, including tutorials, webinars, and market analysis, to help traders enhance their knowledge and skills. Traders can also access customer support through various channels, ensuring that assistance is available when needed.
Before trading with AvaTrade, Ugandan traders should ensure compliance with local regulations and any legal requirements. It is important to understand the laws governing financial trading in Uganda and seek appropriate guidance if necessary. Additionally, review AvaTrade’s terms and conditions, available account types, and services to determine if they align with your trading needs and objectives.
Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail Investor Account, Professional Account Option |
| 📲 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💸 Minimum Deposit (₦) | 671477 UGX equivalent to $200 |
| 📊 Trading Assets | Foreign currencies, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals |
| ✔️ Ugandan Shilling-based Account? | No |
| 💰 UGX Deposits Allowed? | No |
| 💵 Bonuses for Ugandan traders? | Yes |
| 💳 Minimum spread | 0.9 pips EUR/USD |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📱 Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| AvaTrade offers some of the best educational materials | There are inactivity fees charged |
| The account registration is quick and hassle-free | There are no variable spreads offered |
| There is no deposit fee or withdrawal fee charged | Fixed spreads are not the tightest |
| There are a plethora of trading tools that can be used | Currency conversion fees are applied |
| There is a diverse range of stocks that can be traded | There is a limited selection of base currency options on the retail investor accounts |
3. Fidelity Investments
Overall Rating
- 4.7/5
Min Deposit
$0
Regulators
SEC, FINRA
Trading Desk
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
Fidelity Investments is a renowned financial services company that offers a wide range of investment options to traders in Uganda. With a strong reputation and global presence, Fidelity provides access to various financial instruments, including stocks, bonds, mutual funds, exchange-traded funds (ETFs), and more.
One of the notable features of Fidelity Investments is its comprehensive research and analysis tools. The company provides extensive market research, expert insights, and educational resources to help traders make informed investment decisions. Through their online platform, traders can access real-time market data, customizable charts, and financial news, enabling them to stay updated on market trends and potential investment opportunities.
Fidelity Investments also offers a range of investment accounts and services tailored to individual needs. Traders can open individual brokerage accounts, retirement accounts, education savings accounts, and more. The company provides a variety of investment options to suit different risk profiles, including both self-directed investing and managed portfolios for those seeking professional guidance.
It is important for Ugandan traders to ensure compliance with local regulations and any legal requirements when trading with Fidelity Investments or any other international brokerage. Familiarize yourself with the laws governing financial investments in Uganda and seek appropriate guidance if needed. Additionally, review Fidelity’s terms and conditions, account features, fees, and services to determine if they align with your investment goals and preferences.
Features
| Feature | Information |
| ⚖️ Regulation | FINRA, SEC |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Brokerage Account, Cash Management Account, Brokerage and Cash Management Account, Fidelity Account for Businesses, Fidelity Go, Fidelity Personalized Planning and Advice, Portfolio Advisory Services Accounts, Fidelity Tax-Managed US Equity Index Strategy, and several more. |
| 📲 Trading Platform | Active Trader Pro, Fidelity Mobile |
| 💸 Minimum Deposit | 3236 Shilling equivalent to $1 |
| 📊 Trading Assets | Shares, Commodities, Exchange-Traded Funds (ETFs), Mutual Funds, Investment Funds, Options, Futures, Bonds, Annuities, Fractional Shares, CDs, Fixed Income, IRAs and Retirement, Initial Public Offerings (IPOs) |
| ✔️ Ugandan Shilling-based Account? | No |
| 💰 UGX Deposits Allowed? | No |
| 💵 Bonuses for Ugandan traders? | No |
| 💳 Minimum spread | None |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | No |
| 📱 Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated investment broker and trading provided | There is no forex trading, CFD trading, or Crypto trading offered |
| Fidelity Investments is a member of the FDIC and the Securities Investor Protection Corporation or SIPC | There are limited funding methods supported |
| There are several tailored retail investor accounts available and several investment options | There is a time-consuming account registration |
| The broker offers a wide range of advanced trading tools on the website, the trading platform, and mobile app | There is a management fee and a contract fee charged |
| There is a powerful proprietary platform offered | |
| There is advanced research offered alongside comprehensive educational material |
4. Plus500
Overall Rating
- 4.9/5
Min Deposit
USD100
Regulators
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Trading Desk
WebTrader
Total Pairs
70
Crypto
Yes (Availability subject to regulations)
Trading Fees
Low
Account Activation Time
24 Hours
Overview
Plus500 is an online trading platform that offers services to traders in Uganda. It provides access to a wide range of financial instruments, including forex, stocks, commodities, indices, and cryptocurrencies. With its user-friendly interface and intuitive design, Plus500 caters to traders of all experience levels.
One of the standout features of Plus500 is its proprietary trading platform. The platform is web-based and also available as a mobile application, allowing traders to access their accounts and trade on various devices. The platform provides real-time market data, advanced charting tools, and a user-friendly trade execution interface. Plus500 also offers a free demo account that enables traders to practice and familiarize themselves with the platform before trading with real funds.
Plus500 is known for its competitive spreads and transparent fee structure. Traders can benefit from tight spreads, which can help reduce trading costs. The platform also offers leveraged trading, allowing traders to open larger positions with a smaller initial investment. However, it is important to note that leverage carries risks and should be used with caution.
Before trading with Plus500, Ugandan traders should ensure compliance with local regulations and any legal requirements. It is recommended to familiarize yourself with the laws governing financial trading in Uganda and seek appropriate guidance if needed. Additionally, review Plus500’s terms and conditions, available financial instruments, and risk disclosure to ensure they align with your trading goals and risk tolerance before opening an account.
Features
| Feature | Information |
| ⚖️ Regulation | ASIC, FMA, FSCA, FCA, CySEC, FSA, MAS |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard trading account |
| 📲 Trading Platform | Proprietary mobile trading app mobile devices and web-based trading |
| 💸 Minimum Deposit | 331694 Shilling equivalent to $100 |
| 📊 Trading Assets | Forex, Indices, Commodities, Cryptocurrencies, Shares, Options, Exchange-Traded Funds (ETFs) |
| ✔️ Ugandan Shilling-based Account? | No |
| 💰 UGX Deposits Allowed? | No |
| 💵 Bonuses for Ugandan traders? | No |
| 💳 Minimum spread | 0.8 pips EUR/USD |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📱 Social Trading Offered | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Plus500 is a multi-regulated broker with a high trust score | Guaranteed stops are available at an additional cost |
| Traders have access to 24/7 customer support | The maximum leverage is restricted |
| Plus500 offers competitive trading conditions | Inactivity fees are applied |
| Client funds are kept in segregated accounts with top-tier banks and trusted financial institutions | The broker does not accept trading strategies such as expert advisors, automated trading, hedging, scalping, and others |
| Ugandan traders have access to a wide range of shares from Nasdaq that can be traded | There is no desktop platform offered |
| Plus500 offers competitive spreads and reasonable transaction costs | |
| Negative balance protection is added to the trading account |
5. XM
Overall Rating
- 4.5/5
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 an online brokerage firm that offers trading services to traders in Uganda. It provides access to a wide range of financial instruments, including forex, stocks, commodities, indices, and cryptocurrencies. With a user-friendly interface and a variety of trading tools, XM caters to both beginner and experienced traders.
One of the key features of XM is its competitive pricing and low spreads, allowing traders to execute trades at favorable rates. The platform supports both fixed and variable spreads, depending on the account type chosen by the trader. Additionally, XM offers flexible leverage options, enabling traders to amplify their trading positions and potentially increase their potential profits.
XM provides traders with the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. These platforms are well-known for their advanced charting capabilities, extensive technical analysis tools, and the ability to use automated trading strategies. Traders can also access the platforms through mobile devices, allowing them to monitor and manage their trades on the go.
As with any brokerage firm, it is important for Ugandan traders to use XM to ensure compliance with local regulations and legal requirements. Familiarize yourself with the laws governing financial trading in Uganda, and seek appropriate advice if needed. It is recommended to review XM’s terms and conditions, account types, and available services to determine if they align with your trading needs before opening an account with them.
Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC/AFSL, CySEC, DFSA |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 📲 Trading Platform | MetaTrader 4, MetaTrader 5, XM Trading Point |
| 💸 Minimum Deposit | 16180 Shilling (equivalent to $5) |
| 📊 Trading Assets | Forex major, minor, and exotic currency pairs, Commodities, Stock CFDs, Equity Indices, Precious Metals, Energies, Shares |
| ✔️ Ugandan Shilling-based Account? | No |
| 💰 UGX Deposits Allowed? | Yes |
| 💵 Bonuses for Ugandan traders? | Yes |
| 💳 Minimum spread | 0.6 pips EUR/USD |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📱 Social Trading Offered | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Traders can expect tight spreads and commission-free trades | Fixed spreads are not offered |
| XM already has over 5 million active traders, which instils investor confidence in this broker | There is an inactivity fee applied |
| Negative balance protection is applied to all retail accounts | There may be some regulatory restrictions to some regions |
| There are several convenient deposit methods and withdrawal options offered | |
| XM is known for offering competitive trading conditions |
6. IG Group
Overall Rating
- 4.8/5
Min Deposit
USD0
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
IG Group is a well-established global financial services provider that offers its services to traders in Uganda and worldwide. Founded in 1974, IG Group has decades of experience in the industry and is known for its comprehensive range of financial instruments and advanced trading platforms.
Uganda traders can access a wide variety of financial instruments on the IG Group platform, including forex, indices, commodities, shares, and cryptocurrencies. This diverse selection allows traders to explore different markets and trading opportunities.
IG Group offers different account types to cater to the needs of various traders, including retail clients and professional traders. Each account type has its own features and trading conditions, providing flexibility and choice for traders based on their preferences and experience.
The broker provides cutting-edge trading platforms, including the popular IG trading platform and the MetaTrader 4 platform. These platforms offer advanced charting tools, a wide range of technical indicators, and various order types, enabling traders to execute trades efficiently and effectively.
IG Group prioritizes security and regulatory compliance, holding licenses from reputable financial authorities such as the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC). This ensures a high level of trust and reliability for traders.
Moreover, IG Group offers educational resources, including webinars, tutorials, and educational articles, to support traders in expanding their trading knowledge and skills. The broker also provides customer support that is available to assist traders with any inquiries or technical issues they may encounter.
Overall, IG Group is a reputable financial services provider with a wide range of financial instruments, advanced trading platforms, strong regulatory oversight, educational resources, and responsive customer support. It can be an attractive choice for traders in Uganda looking for a reliable and feature-rich trading experience.
Features
| Feature | Information |
| ⚖️ Regulation | FCA, BaFin, CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, CFTC, FINRA, NFA, BMA |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | IG Trading Account, IG Professional Account, IG Options Trading Account, IG Turbo24 Account, Limited Risk Account, Share Dealing Account, Exchange Account (NADEX) |
| 📲 Trading Platform | MetaTrader 4, IG Platform, ProRealTime (PRT), L2 Dealer, FIX API |
| 💸 Minimum Deposit | 841369 Shilling equivalent to $250 |
| 📊 Trading Assets | Forex, Shares, Indices, Commodities, Cryptocurrencies, Interest Rates, Bonds, ETFs, Futures, Options |
| ✔️ Ugandan Shilling-based Account? | No |
| 💰 UGX Deposits Allowed? | Yes |
| 💵 Bonuses for Ugandan traders? | No |
| 💳 Minimum spread | 0.1 pips (DMA) on EUR/USD |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📱 Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| There is a diverse range of trading instruments offered to beginner traders and professional investors | There is a high initial deposit required with account registration |
| IG Group offers free trading signals | There is an inactivity fee charged on a dormant account |
| There are competitive trading conditions offered | |
| IG Group offers its proprietary IG Academy for beginner traders | |
| There are convenient funding options offered | |
| The broker provides FIX API Direct Market Access trading |
7. Capital.com
Overall Rating
- 4.5/5
Min Deposit
USD 20 / 73 502 UGX
Regulators
CYSEC, ASIC, FCA and NBRB licence Seychelles coming soon
Trading Desk
Market maker
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
Capital.com is an online trading platform that provides access to a wide range of financial instruments for traders in Uganda. The platform offers an intuitive and user-friendly interface, making it suitable for both beginner and experienced traders.
One of the notable features of Capital.com is its extensive selection of tradable assets, including stocks, cryptocurrencies, commodities, indices, and forex. Traders can diversify their portfolios and take advantage of various market opportunities across different asset classes. The platform provides real-time market data, advanced charting tools, and technical analysis indicators to assist traders in making informed trading decisions.
Capital.com also offers a mobile application that allows traders to access their accounts and trade on the go. The app provides a seamless trading experience with features such as price alerts, personalized news updates, and the ability to manage positions and orders directly from a mobile device. This flexibility enables traders to stay connected to the markets and take advantage of trading opportunities at any time.
While Capital.com is available to Ugandan traders, it is important to comply with local regulations and ensure that you meet any legal requirements for trading and investing in Uganda. It is advisable to familiarize yourself with the local laws and regulations governing financial trading and seek appropriate guidance before using the Capital.com platform or engaging in trading activities.
Features
| Feature | Information |
| ⚖️ Regulation | ASIC, FCA, NBRB, and CySEC |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📲 Trading Platform | Capital.com Web, Capital.com Mobile, MetaTrader 4, TradingView |
| 💸 Minimum Deposit (₦) | 64721 Shilling equivalent to $20 |
| 📊 Trading Assets | Indices, Forex, Shares, Cryptocurrencies, Commodities |
| ✔️ Ugandan Shilling-based Account? | No |
| 💰 UGX Deposits Allowed? | Yes |
| 💵 Bonuses for Ugandan traders? | No |
| 💳 Minimum spread | 0.6 pips EUR/USD |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📱 Social Trading Offered | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated broker that has a transparent fee structure, tight spreads, and commission-free trading | There are restrictions on the maximum leverage offered |
| Captial.com accepts all types of trading including algorithmic trading, mobile trading, scalping, and others | Spreads are marked-up |
| The broker offers thematic investments as well as Capital.com TV | Clients from the United States are not accepted |
| There is a decent selection of funding options including credit card, debit card, bank wire transfer, bank transfer, and electronic payment processors | |
| There is a comprehensive selection of educational material | |
| Regulatory protection is guaranteed |
8. OctaFX
Overall Rating
- 4.6/5
Min Deposit
USD 5
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
OctaFX is an online brokerage firm that provides trading services to traders in Uganda. It offers access to a wide range of financial instruments, including forex currency pairs, commodities, indices, and cryptocurrencies. OctaFX aims to provide a seamless and user-friendly trading experience for both novice and experienced traders.
One of the standout features of OctaFX is its competitive trading conditions. The brokerage offers tight spreads and low commissions, allowing traders to execute trades at favorable rates. Additionally, OctaFX provides flexible leverage options, enabling traders to amplify their trading positions and potentially increase their potential profits. However, it is important to use leverage responsibly, as it also carries risks.
OctaFX offers various trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are popular and widely used in the industry. These platforms are known for their advanced charting capabilities, technical analysis tools, and the ability to implement automated trading strategies. Traders can access their accounts and trade on desktop, web, or mobile devices, providing flexibility and convenience.
Before trading with OctaFX, Ugandan traders should ensure compliance with local regulations and any legal requirements. It is recommended to familiarize yourself with the laws governing financial trading in Uganda and seek appropriate guidance if needed. Additionally, review OctaFX’s terms and conditions, available account types, trading instruments, and customer support to determine if they align with your trading preferences and objectives.
Features
| Feature | Information |
| ⚖️ Regulation | CySEC, SVG FSA |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | OctaFX MetaTrader 4 Habitual Trader, OctaFX MetaTrader 5 Smart Trader |
| 📲 Trading Platform | MetaTrader 4, MetaTrader 5, OctaFX App |
| 💸 Minimum Deposit | 331694 Shilling equivalent to $100 |
| 📊 Trading Assets | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies. |
| ✔️Ugandan Shilling-based Account? | No |
| 💰 UGX Deposits Allowed? | No |
| 💵 Bonuses for Ugandan traders? | Yes |
| 💳 Minimum spread | 0.6 pips EUR/USD |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📱 Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Instant deposits and withdrawals are offered | OctaFX only has tier-2 regulation, which is a concern for some traders as it is not as safe as regulations through the Financial Conduct Authority, or other market regulators |
| Copy-trading accounts are available through the proprietary app | There is a limited selection of tradable instruments |
| OctaFX welcomes all types of traders | There are only two retail investor accounts |
| The broker is perfect for active traders, high-frequency traders, and algorithmic traders | |
| Commissions-free trading is offered | |
| The broker provides an unlimited virtual trading platform and account, perfect for beginners before they start trading using real money |
9. Exness
Overall Rating
- 4.9/5
Min Deposit
USD 10
Regulators
FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC (Mauritius), 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 an online brokerage firm that offers trading services to traders in Uganda. With its global presence and a wide range of financial instruments, including forex, commodities, indices, and cryptocurrencies, Exness provides Ugandan traders with access to various markets.
One of the notable features of Exness is its commitment to transparency and client protection. The company operates under the regulation of reputable financial authorities, such as the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). This regulatory oversight helps ensure the safety of client funds and adherence to strict industry standards.
Exness offers multiple trading account types to suit different trading preferences. Traders can choose from Standard, Raw Spread, and Pro account options, each with its own features and trading conditions. The platform also provides access to the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, known for their advanced charting tools, technical analysis capabilities, and automated trading options.
Ugandan traders considering Exness should ensure compliance with local regulations and any legal requirements. Familiarize yourself with the laws governing financial trading in Uganda and seek appropriate guidance if necessary. Additionally, review Exness’ terms and conditions, account types, available trading instruments, and customer support to determine if they align with your trading goals and preferences.
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 | 331694 Shilling (or equivalent to $10) |
| 📊 Trading Assets | Forex minor pairs, forex major pairs, forex exotic currency pairs, Metals, Crypto, Energies, Indices, Stocks |
| ✔️ Ugandan Shilling-based Account? | No |
| 💰 UGX 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 trusted international broker that is highly recommended for Ugandan traders | Limited tradable instruments across a few financial markets |
| Exness charges some of the tightest spreads as a zero-spread forex broker | Limited funding options offered |
| There are several retail investor accounts to choose from, each catering to traders with different trading experiences, skills, and styles | |
| Offers the perfect solution to inexperienced traders and institutional traders alike |
10. FXTM
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
Overview
FXTM, also known as ForexTime, is an online brokerage firm that offers trading services to traders in Uganda. With its global presence and a wide range of financial instruments, including forex currency pairs, commodities, indices, and cryptocurrencies, FXTM provides Ugandan traders with access to various markets.
One of the standout features of FXTM is its diverse range of trading account options. Traders can choose from various account types, including Standard, Cent, Shares, ECN, and more. Each account type caters to different trading needs, allowing traders to select the one that aligns with their preferences and trading strategies. FXTM also offers competitive spreads and leverage options, providing flexibility in executing trades.
FXTM is known for its commitment to education and research. The company provides extensive educational resources, including trading tutorials, webinars, articles, and market analysis, to help traders enhance their knowledge and skills. Traders can also access daily market updates and economic calendars, enabling them to stay informed about important events that may impact their trading decisions.
Before trading with FXTM, Ugandan traders should ensure compliance with local regulations and any legal requirements. It is important to understand the laws governing financial trading in Uganda and seek appropriate guidance if necessary. Additionally, review FXTM’s terms and conditions, available account types, trading instruments, and customer support to determine if they align with your trading goals and preferences.
Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 📲 Trading Platform | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💸 Minimum Deposit | 33169 Shilling equivalent to $10 |
| 📊 Trading Assets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs (including minor, major, and exotic pairs), Commodities, Stock Baskets |
| ✔️Ugandan Shilling-based Account? | Yes |
| 💰 UGX Deposits Allowed? | Yes |
| 💵 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 |
| FXTM is regulated and authorized by several reputable entities across the world | Inactivity fees are applied |
| There is dedicated customer service offered | |
| There are several deposit and withdrawal options provided | |
| There is an ultra-low minimum deposit requirement | |
| There is commission-free trading |
What exactly are Margin and Leverage?
Margin and leverage are two important concepts in financial trading, particularly in the context of trading on margin. Here’s an explanation of each term:
Margin: In trading, margin refers to the amount of money or collateral that a trader needs to deposit with their broker to open and maintain a trading position. It is often expressed as a percentage of the total trade size. Margin acts as a form of security or collateral for the broker, as it helps cover potential losses if the trader’s positions move against them.
When trading on margin, traders are essentially borrowing funds from the broker to increase their trading capital and potential returns. The margin requirement varies depending on the financial instrument being traded and the broker’s specific margin rules. Margin trading allows traders to control larger positions with a smaller amount of capital. However, it is important to note that trading on margin carries risks, as losses can exceed the initial deposit.
Leverage: Leverage is closely related to margin and refers to the ratio of the trader’s own capital to the borrowed funds. It amplifies the trading position, allowing traders to have greater exposure to the market than the amount of capital they have deposited. Leverage is typically expressed as a ratio, such as 1:100 or 1:500, where the first number represents the trader’s own capital, and the second number represents the borrowed funds.
For example, with a leverage ratio of 1:100, a trader can control a position that is 100 times larger than their deposited capital. This means that for every $1 of their own capital, they have the ability to trade with $100. Leverage can significantly increase potential profits, but it also magnifies potential losses. Traders need to be cautious when using leverage and have a good understanding of the risks involved.
It’s important for traders to carefully manage their margin and leverage usage, as it involves a higher level of risk. Traders should consider their risk tolerance, use appropriate risk management strategies, and be aware of the potential impact of margin calls, which occur when the account’s equity falls below a certain threshold. Understanding margin and leverage is crucial for responsible and informed trading.
How To Choose a Stock Broker in Uganda
Choosing a stock broker is an important decision that can greatly impact your trading experience. Here are some key factors to consider when selecting a stock broker:
Regulation and Security:
Ensure that the broker is regulated by a reputable financial authority. Regulatory oversight helps ensure that the broker follows strict guidelines and safeguards clients’ funds. Check for licenses and registrations with authorities such as the Securities and Exchange Commission (SEC) in the United States or the Financial Conduct Authority (FCA) in the United Kingdom. Additionally, consider the broker’s security measures to protect your personal and financial information.
Trading Platform:
Evaluate the broker’s trading platform. It should be user-friendly, reliable, and offer the necessary features and tools for effective trading. Look for features like real-time market data, charting tools, order types, and mobile accessibility. A good trading platform can enhance your trading experience and help you make informed decisions.
Product Offering:
Consider the range of financial products offered by the broker. Ensure that it provides access to the markets and instruments you are interested in trading, such as stocks, bonds, commodities, or forex. A diverse product offering allows you to diversify your portfolio and take advantage of various investment opportunities.
Costs and Fees:
Compare the broker’s fees and commissions. Look for transparent fee structures with no hidden charges. Consider account maintenance fees, trading commissions, spreads, and any other costs associated with trading. Choose a broker that offers competitive pricing and aligns with your trading style and frequency.
Customer Support:
Evaluate the broker’s customer support services. Look for multiple channels of communication, such as phone, email, and live chat. Prompt and knowledgeable customer support can be crucial when you need assistance with account-related queries, technical issues, or general inquiries.
Research and Education:
Consider the broker’s research and educational resources. Access to market analysis, educational materials, webinars, and tutorials can be invaluable, especially for beginners. These resources can help you enhance your trading knowledge and make more informed decisions.
Reputation and Reviews:
Research the broker’s reputation and read reviews from other traders. Look for feedback on aspects such as execution speed, reliability, customer service, and overall user experience. A broker with a positive reputation and good reviews is more likely to provide a satisfactory trading experience.
Remember to assess your own trading needs, goals, and preferences when selecting a stock broker. Consider factors such as your trading style, account size, and risk tolerance. It may be helpful to open a demo account or start with a small deposit to test the broker’s services before committing to a larger investment.
The Best Forex Brokers in Ugandan
The brokers on this list offer the best access to the FTSE 250 index. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Ugandan traders.
Best Forex Broker for Beginners
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
Admirals are the best Forex broker for beginners in Uganda, as they offer a comprehensive educational selection with regularly updated resources and a user-friendly trading environment.
Best MT4/MetaTrader 4 Broker in Uganda
Overall Rating
- 4.8/5
Min Deposit
USD0
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
IG Group is the Best MT4 broker in Uganda which provides excellent technical support along with a streamlined trading interface.
Best broker offering a proprietary trading platform
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.
e-Toro offers the best proprietary trading platform to Ugandan traders. This social trading platform is the first, and most advanced of its kind, offering exceptional social trading capabilities.
Best Broker accepting UGX deposits
Capital.com is the best broker that accepts UGX deposits in Uganda, along with a transparent and competitive fee structure.
Best broker offering negative balance protection
Overall Rating
- 4.5/5
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 is the best broker for Ugandan traders seeking negative balance protection, which guards all retail accounts against incurring losses that exceed their deposits.
Best broker with no minimum deposit
Overall Rating
- 4.7/5
Min Deposit
USD 0
Regulators
FSCA
Trading Desk
–
Crypto
Yes
Total Pairs
33
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trade Nation is the best broker in Ugandan that has no minimum deposit requirement, which allows Ugandan traders greater flexibility to begin trading the Forex markets with a capital amount that suits them.
Best commission-free broker in Ugandan
Overall Rating
- 4.9/5
Min Deposit
USD100
Regulators
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Trading Desk
WebTrader
Total Pairs
70
Crypto
Yes (Availability subject to regulations)
Trading Fees
Low
Account Activation Time
24 Hours
Plus500 is the best commission-free broker in Uganda, offering excellent pricing on their spreads and a transparent pricing environment.
FAQ
Is Nasdaq 100 trading available in Uganda?
Yes, Ugandans can trade forex with these Nas 100 forex brokers
Is KYC still needed when registering an account with a stockbroker?
Yes, when Ugandans register a trading or investment account with a regulated broker, they must complete the Know Your Client process. This involves verifying contact details, identity, and residential address.
What is stock trading in Uganda?
Stock trading refers to buying and/or selling shares in the stock market either for a profit or as a long-term investment, in which case the term becomes a stock investment instead of trading, depending on the strategies the trader uses.
How are stocks traded?
Stocks are traded across exchanges and because traders cannot purchase directly from these exchanges, the stockbroker is the intermediary that facilitates the trade and buys/sells stocks on behalf of the trader.
Are Ugandans limited to only trade shares on the Ugandan Exchange Group?
No, Ugandans are not only limited to the Ugandan Exchange Group. Ugandans can register an account with an international stockbroker that offers access to worldwide stock exchanges where they can buy, sell, or hold shares.
Can I day trade stocks in Uganda?
Yes, you can use day trading strategies in the stock market in the same way that you would use them in the currency market.
Which brokers are based in Uganda?
From this list, FXTM is one of a few brokers with offices in Lagos, Uganda.
How can I diversify my investment portfolio?
By selecting several stocks across different industries and stock types, or by investing in Exchange-Traded Funds (ETFs), which are baskets of different stocks.
Beginner traders may find it difficult to select the right stocks when they start their investment journey while professionals know what to look for. Beginners are therefore urged to start with ETF trading.
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