IFC Markets caters well to beginner traders with four low-cost Micro accounts, a well-structured education section, and support for its proprietary platform, which is easier to use and set up than other third-party platforms. IFC Markets also stands out for its innovative Portfolio Quoting Method, which allows for the creation of personalized trading instruments. IFC Markets offers a low-cost trading environment for traders willing to try its proprietary NetTradeX platform. Support is also provided for the Metatrader platforms, but trading costs remain uncompetitive. However, clients can choose to trade on over 600 financial assets, including synthetic CFDs, and even create their instruments. It is clear that IFC Markets focuses on providing a welcoming environment for new traders, with minimum deposits of 5 USD on its beginner-friendly Micro accounts and a host of learning materials covering trading basics.  Alongside the high trading fees on the Metatrader platforms, IFC Markets' non-trading fees are high, including charges for deposits and withdrawals. In addition, it has a limited number of base currencies, which means that Ugandan traders will have to pay currency conversion fees.

Founded in 2012, JustMarkets (formerly JustForex) is a multi-asset broker we cannot recommend. Our main concern is that JustMarkets' regulatory oversight is weak compared to other similar brokers. We have also received multiple reports of traders being unable to withdraw their funds, so we urge traders to proceed cautiously.  JustMarkets offers seven live accounts on the MT4/MT5 trading platforms with minimum deposits starting at 1 USD and spreads of only [fxs-broker-property identifier="eur_usd_spread_smallest_account"] pips (EUR/USD) on its beginner-friendly Cent Account. Trading costs improve further on its Pro and Raw Spread accounts, with spreads on the Pro Accounts starting at 0.6 pips. Spreads start at 0 pips (EUR/USD) on the Raw Accounts in exchange for a commission of 6 USD (round turn). Both the Pro and the Raw Accounts have minimum deposit requirements of 100 USD. Beginners should be aware that JustMarkets also offers extreme leverage of up to 3000:1, which can see many beginner accounts wiped out quickly. Overall, because of the lack of regulatory oversight and the difficulty of withdrawing funds at JustMarkets, we recommend that Ugandans work with trusted brokers instead, such as Pepperstone or XM. 

An excellent all-round broker with a very high trust rating, IC Markets was founded in 2007 in Australia and holds licences from some of the strictest regulators in the world. IC Markets is well-known for its low trading costs, choice of trading platforms, and wide range of trading tools. IC Markets offers a lower-cost trading environment than almost any other broker, with average spreads of [fxs-broker-property identifier="eur_usd_spread_smallest_account"] pips (EUR/USD) on its Raw Spread Account in exchange for a low commission of 6 USD (round turn) per lot.IC Markets is one of the few Forex brokers to support all three major trading platforms, including MetaTrader4, MetaTrader5, and cTrader; and offers numerous trading tools for each, including VPS services, Trading Central, and various copy trading services. Beginner traders will benefit from IC Markets’ exceptional customer support, available 24/7 to help with any account or technical queries. While its education section is more comprehensive than most other brokers, it offers a fairly limited selection of market analysis materials.

FBS is a well-regulated international broker with a wide range of accounts, including a dedicated crypto account and a low-cost entry-level account, over 100 cryptocurrency pairs, and an easy-to-use mobile trading app. However, Ugandan traders should be aware that even though FBS is regulated by some top-tier authorities, they will be onboarded through FBS’ Belize-based entity, which provides less regulatory oversight.  Other drawbacks are the high trading costs on its Micro, Crypto, and Zero accounts, and the high withdrawal fees. Beginners should also be wary of the high leverage available on some FBS accounts, without proper risk management high leverage can quickly wipe-out smaller accounts. Otherwise, FBS provides a welcoming environment for beginner traders, with an excellent selection of educational and market analysis materials, and 24/7 customer support.