One of the most respected Forex brokers in the industry, FxPro is well-regulated and has a much larger client base than most other brokers, with over 870 000 clients in 173 countries. FxPro offers a no-dealing desk execution model and trading on six asset classes, including Forex, shares, indices, futures, metals, and energies.   FxPro offers eight live accounts, with industry-average trading costs.  Spreads start at 1.20 pips (EUR/USD) on its MetaTrader accounts and 0.2 pips on its Raw accounts in exchange for a commission of 7 USD round turn.  Additionally, FxPro offers very little in the way of education and market analysis materials, making it a poor choice for beginner traders.   FxPro also offers a number of trading tools, including free access to Trading Central, a number of calculators, and a VPS service at an additional cost, which is in line with what is offered at other brokerages. 

With oversight from some of the top international regulators, including the FSCA of Uganda, and a wide range of flexible account choices, IronFX appeals to Ugandan traders looking for a well-regulated MT4 broker with a low-deposit Cent Account and a large number of Forex pairs. Trading is offered on multiple assets, including commodities, indices, metals, futures, shares, and over 80 Forex pairs, a larger range than is typically seen at other brokers. Traders can choose between seven live flexible accounts, including a low-deposit Cent Account that appeals to beginners who prefer to make smaller trades measured in micro-lots.  Some drawbacks for traders considering IronFX are that platform support is limited to MT4, and there are few educational and market analysis materials available, forcing traders to self-educate with other third-party platforms.

After a short suspension, traders will be pleased to find that eToro has resumed services in Uganda. However, Ugandan traders will be onboarded through eToro's FCA-regulated entity, which restricts Forex leverage to 30:1 and does not allow trading on cryptocurrencies. eToro remains the most popular social trading broker in the world. eToro’s simple, well-designed trading platform places copy trading and its social network at the heart of its trading experience. However, these features are often more popular among beginners who haven’t yet developed advanced trading strategies. eToro clients can only use eToro’s trading platform, so they will not have access to the automation tools available on common third-party platforms like MT4 and MT5. We were also disappointed by eToro’s high fees. These include currency conversion fees for deposits and withdrawals in currencies other than USD and a charge of 5 USD for each withdrawal. We also found eToro’s customer service to be generally non-responsive and we were let down by the lack of educational support. Overall, eToro has many positive features for beginners and others who enjoy social trading, but more experienced traders may find eToro’s limitations and high non-trading fees difficult to overlook.

HFM (formerly known as HotForex) is a well-known international broker.  HFM offers four standard accounts and one specialised copy trading account.  Three of its four standard accounts have no minimum deposit requirements and have extremely competitive trading fees. All accounts are available as Islamic accounts. We were also pleased to find that HFM has recently reintroduced cryptocurrency trading, no doubt because of the popularity of the asset. This is alongside an excellent range of trading instruments, including 950 international stocks. HFM supports the MT4 and MT5 platforms in addition to its own mobile HF App, which allows clients to trade from charts and make deposits and withdrawals. It also has several excellent trading tools to assist traders further. Unfortunately, access to tools such as Autochartist, which other brokers offer as a free service, requires an account balance of 100 USD.

Founded in 2013, Khwezi Trade is an FSCA-regulated South African broker with low deposit ZAR accounts and fast trade execution and is renowned for its customer-focused approach to traders.  Khwezi Trade’s commission-free ZAR account accommodates beginner traders with a minimum deposit of 500 ZAR and spreads starting at 0.7 pips on the EUR/USD, which is much tighter than other brokers. Its USD account also has very competitive spreads - down to 0.1 pips on the EUR/USD with no commissions - and has a minimum deposit of 50 USD. Both accounts come with a personal account manager, which benefits both beginners just getting started and experienced traders looking for flexibility in their trading conditions.  Khwezi Trade’s CFD assets outside of its Forex offering are limited compared to other brokers, with only 11 indices, and 7 commodities available, restricting traders who wish to diversify their trading strategy. We hope that with the recent addition (October 2022) of MT5, Khwezi Trade may add some specialty instruments, such as stock CFDs or cryptocurrencies.  Overall, Khwezi Trade appeals to Ugandan traders looking for an MT5 broker with personalised customer support, ZAR trading accounts, and low trading costs.