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.

Markets.com offers traders fast, low-cost trading on a broad range of financial instruments, including over 1500 stock CFDs, Forex, commodities, cryptocurrencies, indices, ETFs, and bonds.  Although Markets.com offers only one live account, it offers more account benefits with higher minimum deposits. Spreads are extremely competitive, starting at 0.6 pips (EUR/USD), with no commissions and a minimum deposit requirement of 100 USD on its Basic Account tier, making it accessible to beginner traders.  Full support is offered for MT4, MT5, and Markets.com's award-winning in-house platform. An advanced multi-asset trading platform, the Markets.com platform is packed full of features, including excellent trading tools, expert analysis, and in-depth charting.  Markets.com also provides a high level of customer service compared to other brokers, and its educational materials provide an excellent resource for beginners starting their trading careers.

With Forex trading, risk management is really important. In fact, your most important job as a trader is to manage and preserve your capital. The Forex market can often be unpredictable, and anything, from geopolitics, surprise news releases, and market sentiment can quickly move prices before you can react to these movements.