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.

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.

With low trading costs, regulation from the world’s top authorities, fast ECN trade execution, and three of the best trading platforms, we recommend Pepperstone to traders of all experience levels and for all trading strategies.  Pepperstone’s low trading costs provide the foundation for our recommendation, including some of the tightest spreads in the industry (0.10 pips EUR/USD average on the Razor Account), low commissions, and no minimum deposit requirements. The beginner and professional trading communities also appreciate this Australian broker for its wide trading platform selection, including cTrader, MT4, and MT5. These three platforms are considered the best in the industry and all three are further improved by Pepperstone’s range of free trading tools, such as Autochartist and the Smart Trader Toolset. And while it isn’t the most complete, Pepperstone’s education section is well-structured, making it a good choice for beginner traders.  Overall, as our highest-rated ECN broker, if you want to pay a small commission for tight spreads, you won't find much better than Pepperstone.

XM has some of the lowest fees in the industry, provides excellent research and education, and has a beginner-friendly trading app. With a large customer base and a good reputation, XM will be a good option for most Ugandan traders. It also has an outstanding range of trading tools and offers traders generous bonuses and incentives. XM offers four trading accounts, three of which have a minimum deposit of 5 USD and have no commissions for Forex trading. The highlight is the commission-free Ultra Low Account with spreads that start at 0.6 pips (EUR/USD). The main drawback is that XM’s Ugandan clients will be trading through XM’s company in Belize, which has poor regulatory oversight. However, Ugandan traders still have negative balance protection and can rest assured that their funds are kept in segregated accounts.

In our review, we found that Avatrade has low trading fees, a wide range of trading instruments, and a choice of four different trading platforms. Avatrade offers some of the best trading tools in the industry, alongside a world-class selection of educational and market analysis materials. As one of the best all-around Forex brokers, Avatrade will be an attractive choice for most traders. Avatrade is also popular for its award-winning mobile app, AvatradeGO, which has great risk management tools and a direct connection to AvaSocial, AvaTrade’s popular social trading system. One issue Ugandan traders may have with Avatrade is that they will be onboarded through Avatrade’s British Virgin Islands-based entity. This means that Ugandan traders have no recourse in the event of a dispute with the company.