There are a number of Forex-related scams enticing clients from Uganda, and we get emails frequently from traders who have been unable to withdraw money from their accounts or facing other forms of resistance from brokers whose sole purpose is to have clients deposit, and then refuse to refund the money.

As widely reported across the media landscape, Forex scammers and bad Forex brokers abound in Uganda. At FxScouts, we have been trying to understand how these scammers and bad brokers operate in the Ugandan Forex ecosystem.

Online Forex trading is a relatively new phenomenon in Uganda – and one that is looked down upon as little more than gambling by many people.