Please note that CMC Markets no longer offers services to Ugandans.  This review is for informational purposes only. Founded in 1989, CMC Markets is a well-known Forex and CFD broker with a high trust rating and a huge range of financial instruments to trade. However, traders may be disappointed at the high trading fees on its commission-based account.  CMC Markets offers two live accounts with no minimum deposit requirements - a low-cost commission-free account with spreads starting at 0.7 pips on the EUR/USD and a commission-based account with spreads of 0.1 pip and commissions of 0.005% (which amounts to 50 USD per lot traded), which is extremely high. Trading is offered on both MT4 and its powerful, innovative proprietary platform that features numerous technical and fundamental analysis tools.  CMC Markets also offers excellent education and market analysis materials to get new traders started, and although customer service is offered 24/5, it does not provide a live chat feature, which is a serious oversight by this broker.

A trustworthy broker with MT4 and MT5 support and one of the lowest-cost trading accounts in the industry, Tickmill provides a perfect trading environment for serious beginners and more experienced traders. However, traders from Uganda will be onboarded through Tickmill’s Seychelles-based entity, which provides less protection than regulators in the EU or Australia. With two account types on offer, the Raw has market-leading trading conditions, leaving the fixed-fee Classic Account feeling out of place. The Raw account has a spread from 0 pips on the EUR/USD, a 100 USD minimum deposit, and a commission of 6 USD (round turn) per 1 lot traded. The commission-free Classic Account, also with a 100 USD minimum deposit, has a spread of 1.6 pips (EUR/USD), which is higher than the industry average. Education and market analysis are excellent, and experienced traders will appreciate the wide range of currency pairs. Overall, while Tickmill’s Classic account is more expensive than other similar brokers, the low-cost commission account makes it an excellent choice of broker for MetaTrader users looking for a new broker.

A popular broker in Uganda, OANDA has a comprehensive education suite, no minimum deposit requirements, low trading fees, and a great mobile trading app. However, Ugandan traders may be concerned that OANDA’s global entity has very little regulatory oversight and that they are not offered negative balance protection.  Traders may also be disappointed by the relative lack of financial instruments and high withdrawal fees, but OANDA offers support for both the MT4 and MT5 platforms in addition to a great range of trading tools and detailed market analysis.  Despite the poor regulatory oversight and small range of trading instruments, OANDA is a good all-round broker. The low fees will attract many traders, and with the introduction of MT5 support, we expect that the number of trading instruments will increase in the near future. 

A well-regulated broker, XTB will appeal to traders looking for a wide choice of tradable instruments, top-class educational materials, and excellent market analysis. However, traders should note that support is only offered for XTB’s in-house platform, xStation5. XTB has two accounts with no minimum deposit requirements, but trading costs are slightly higher than most other brokers. XTB offers trading on over 2100 financial assets, a wider range than is typically seen at other brokers, including 57 Forex pairs. Educational support for beginners is excellent, and XTB also publishes frequent market commentary and trading ideas in its Market News section. One drawback is that XTB no longer supports the MT4 trading platform, so all clients have to use XTB’s in-house platform, xStation 5 - though it has won awards for its functionality, fast execution speeds, and intuitive design.

Founded in 1974 and FSCA-regulated since 2021, IG has a long history of satisfied clients, low trading fees, and a vast range of trading instruments. Our research found that IG has over 320,000 clients worldwide and has been the largest CFD broker globally by revenue for the last few years. It has two low-cost trading accounts with no minimum deposit requirements and offers trading on over 17,000 instruments, all of which can be accessed on its award-winning app and web trader platform.  For more traditional investors, IG also runs a fully licenced stock brokerage on the side. And in addition to a wide range of trading tools, IG has a world-class selection of educational and market analysis materials to get new traders started.