NAGA is a traditional, well-regulated broker that caters well to beginner traders. It offers an excellent social trading platform in addition to MT4 and MT5 and a range of accounts with higher deposits linked to tighter spreads.  With a focus on social trading, NAGA’s web app allows its customers to copy the trades of top traders, who then earn a commission on each profitable trade.  The platform is easy to set up and use, and traders can access multiple technical analysis and charting tools.  NAGA’s trading conditions are generally poor compared to other market makers, with spreads that start at [fxs-broker-property identifier="eur_usd_spread_smallest_account"] pips on the EUR/USD in exchange for a minimum deposit of [fxs-broker-property identifier="deposit"] USD on its lowest account tier.  Spreads tighten to 0.7 pips (EUR/USD) on its highest account tier, but this is in exchange for a minimum deposit of 100,000 USD, making it inaccessible to most traders.  

Founded in 1977 and listed on the NASDAQ, Interactive Brokers is one of the best-regulated brokers in the industry. Ideal for sophisticated, active traders, Interactive Brokers is in a league of its own with the astounding number of assets on its books and its feature-rich platforms. However, its website, complicated account structure, and unusual trading rules may leave less experienced Ugandan traders reeling.  Interactive Brokers’ world-class research, trading tools, and education will leave traders of all experience levels satisfied, and consistent with its excellent reputation, Interactive Brokers’ trading costs are some of the lowest in the industry. Spreads start at 0.1 pips (EUR/USD) in exchange for a round turn commission of 4.4 USD.   However, because Ugandan traders will be trading under the Interactive Brokers’ subsidiary based in Connecticut, USA, they will only be able to open a margin day trading account if they deposit more than 25,000 USD. Another complaint traders may have is that it does not offer third-party platforms like MT4 and MT5, and traders can only fund their accounts by bank transfer.

ICM Capital was founded in London in 2009 and is recognised for its wide choice of trading platforms, low trading costs, and strong international regulation. ICM has two low-cost live accounts with no minimum deposit: The ICM Direct Account with spreads starting at 1.3 pips (EUR/USD) and the Zero Account with spreads starting at 0 pips (EUR/USD) and a commission of 7 USD per lot traded.  Despite the low trading costs, we were disappointed with ICM Capital’s high non-trading fees - including commissions for both deposits and withdrawals -  and the lack of transparency regarding funding options. And with virtually no Forex education or market analysis we consider ICM a poor choice for beginners.

Founded in 2016, Skilling is an innovative broker with regulation from CySEC of Cyprus and Seychelles' FSA. It has four simple account options, excellent trading conditions, a broad range of tradable assets, and a great range of trading platforms. Its main drawback is the lack of educational materials, which could see beginner traders looking elsewhere for support. Skilling's Standard Accounts require a minimum deposit of 100 EUR and have spreads starting at 0.8 pips (EUR/USD), tighter than the spreads on other brokers' entry-level accounts. On the Premium Account, spreads tighten to 0.1 pips (EUR/USD) with a commission of 6 USD (round turn), but the minimum deposit is 5000 EUR - out of reach for most beginners. MT4, cTrader, and Skilling’s proprietary trading platform are all supported, with seamless integration provided between cTrader and Skilling’s own platform – an industry first. Overall, Skilling is a good all-round broker with a transparent and client-centred approach that will appeal to both beginners and more experienced traders.