10 Best Forex Trading Platforms in Uganda for 2024

What is Forex Trading?

Forex trading involves exchanging one currency for another to profit from fluctuations in the exchange rate. Unlike stock markets, the forex market is a decentralised global marketplace, and currencies can be traded around the clock. Forex trading is a popular investment option due to its potential for high returns and liquidity and low transaction costs. 

Learn more about how Forex trading works here

What is the difference between a Forex trading platform and a Forex broker?

Forex trading platforms and Forex brokers are two different things, but they are closely related.

Forex trading platforms are applications – either on a phone or a computer – that traders use to place trades, while Forex brokers are companies that find buyers and sellers for your trades. Forex brokers also provide leverage and other services such as education, analysis tools and customer support. Forex brokers charge a fee for these services; this is usually in the form of a markup called the “spread”.

How did we select the trading platforms in this guide?

We have an experienced review team that evaluates Forex brokers and their trading platforms. Our team of experts examines each broker in 7 different areas using over 200 metrics. We invest hundreds of hours annually researching and scrutinising brokers and their platforms to ensure we only recommend the best in the Forex industry.

Of these seven areas, we always prioritise regulation and costs. These are our priorities because traders want to know that their broker is trustworthy and isn’t overcharging them. Brokers constantly alter their products, and we keep our reviews updated with the latest data. You can find out more about our in-depth review process here.

Guide to the Best Trading Platforms

MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader and TradingView are the most popular trading platforms. Many brokers also have their own proprietary trading platforms. Almost all trading platforms are also available as mobile trading apps. The best Forex trading platform for you will depend on your trading experience and personal taste. 

Features

MetaTrader 4

MetaTrader 5

cTrader

TradingView

Timeframes

9

21

26

Unlimited – customised timeframes

Chart Types

Line, Bar, candlesticks

Line, Bar, candlesticks

Bar, Candlesticks, Line +4 more

Bar, Candlesticks, Line +9 more

EA Trading

Indicators

31

38

55

100+

Pending Order Types

4

6

4

6

Depth of Market

Integrated Economic Calendar

Available as a widget

One Click Trading

Trailing Stop

(But from the terminal side)

(But from the terminal side)

Sentiment Display

Coding Language

MQL4

MQL5

C#

Pine Script

What is MetaTrader4 (MT4)?

Available at over 90% of Forex brokers, MT4 can run on any system, regardless of age, has extremely fast execution, and has the largest number of Expert Advisors.

Developed in 2005 by MetaQuotes, MT4 is the world’s most popular Forex trading platform. MT4 gives traders real-time access to the Forex market, enabling them to trade currencies, commodities, indices, and cryptocurrencies. However, it does not natively allow trading on stock CFDs, ETFs, and bonds, which are available on MT5, cTrader, and TradingView.

The platform also has advanced charting tools and customisable trading layouts, but its interface is outdated, and other platforms, such as MT5, cTrader, and TradingView, have a much broader range of platform tools and more advanced functionality.

Because MT4 has such low resource requirements, it can run on both new and old devices and has been developed to initiate trades as quickly as a Forex broker can process them.

One of the main benefits of MT4 is automated trading with trading robots called Expert Advisors (EAs). Traders can build or purchase EAs, which will trade within the parameters of a pre-set algorithm. Before MT4, automated trading was only available to banks and hedge funds. There are also many more EAs available for MT4 than any other platform in the world.

Watch our MT4 tutorial video
Learn more about MT4.
Find out more about our favourite MT4 brokers.

What is MetaTrader5 (MT5)?

A feature-rich and modern trading platform compared to MT4, MT5 is more powerful and efficient and offers trading on a broad range of tradable assets, including stocks, ETFs, and bonds. 

Released in 2010, MT5 is considered a more advanced and versatile platform than MT4. One of the key differences is that MT5 has a built-in economic calendar and more advanced charting tools. MT5 also supports more order types than MT4 and, unlike MT4, allows native trading of assets like stocks, ETFs and bonds. 

Another feature that sets MT5 apart from MT4 is its Depth of Market DOM feature. DOM measures the liquidity of an asset based on its supply and demand. It displays the number of open buy and sell orders for a given asset. 

MT5 also has an improved programming language called MetaQuotes Language 5 (MQL5) that allows traders to create more complex EAs than is possible with MQL4, but there are far fewer pre-programmed EAs available for download on MT5.

Although MT5 has slowly gained popularity and is available at many more Forex brokers than cTrader and TradingView, it is not as user-friendly or easy to set up.

Watch our MT5 Tutorial Video
Learn more about MT5.
Find out more about our favourite MT5 brokers.

What is cTrader?

cTrader is a modern-looking and user-friendly platform with more advanced functionality than MT4 and MT5. cTrader users are also more profitable than their MetaTrader counterparts.

Developed by Spotware and released in 2011, cTrader is a trading platform popular among forex traders for its advanced features and user-friendly interface. cTrader advanced charting capabilities include 70+ technical indicators, 26 time frames, a range of chart types, and Depth of Market functionality. cTrader also has a built-in economic calendar and a wide range of advanced order types.

Like MT4 and MT5, cTrader supports automated trading through cTrader Automate, a feature for developing and backtesting trading robots called cBots. cTrader also has an integrated copy trading function called cTrader Copy, allowing traders to copy the trades of other traders.

Unfortunately,  cTrader is not as widely available as MetaTrader software programs, but according to Spotware’s internal calculations, 35% more cTrader users are profitable compared to the industry average. This amazing statistic highlights why cTrader has become MetaTrader’s main competitor.

Watch out cTrader Tutorial Video
Learn more about cTrader
Find out more about our favourite cTrader brokers

What is TradingView?

TradingView has the most advanced charting functionality of all third-party trading platforms and is the most customisable. However, because it is fairly new, it is the least widely available platform. 

TradingView is a charting platform and social network used by 50 million traders and investors worldwide to spot opportunities across global markets. TradingView also works with select brokers, allowing traders to trade directly from TradingView’s charting platform. 

The TradingView platform offers a fully customisable experience, with 12 chart types, custom time intervals, 100,000+ community-built indicators, integrated financial analysis, and its own programming language, called PineScript, which allows traders to share their automated trading strategies.

Overall, TradingView is the most advanced, customisable, and feature-rich third-party platform available, but traders will have few brokers to choose from that offer its services.

What are Proprietary Trading Platforms?

Proprietary trading platforms are trading platforms that belong to a single broker. Most of the larger brokers have proprietary platforms. They generally work in a web browser and are designed to be intuitive and easy for beginners to learn. However, they tend to be less advanced; many do not have automated trading, for example. Some of our favourite broker platforms are AvaTrade, XTB, Skilling and IG.

Be aware that by choosing a broker’s proprietary platform rather than MT4, MT5, cTrader or TradingView, you will not be able to take the platform with you if you decide to switch brokers. So, you will lose all your specific platform knowledge and will have to start all over again with your new broker.

Learn more about Proprietary trading platforms here

What are Mobile Trading Apps?

Mobile trading apps are trading platforms that work on mobile devices, like mobile phones and tablets. Most trading platforms are available on Android and iOS devices, though they lose some functionality in the switch to the smaller screen size and emphasis on touch-screen controls.

Learn more about which mobile trading apps are best and how they differ from desktop trading platforms.

Key Factors to Consider When Choosing a Forex Trading Platform

Regulation: Because traders generally have to use a broker to trade on a platform, choosing a broker regulated by a reputable financial authority is essential to protect your funds and ensure that you are treated fairly. Brokers regulated by authorities such as the Financial Sector Conduct Authority (FSCA) of South Africa, the Financial Conduct Authority (FCA) of the UK, or the Australian Securities and Investments Commission (ASIC) tend to be reliable and trustworthy brokers. 

User interface and functionality: The platform should have an easy-to-use interface with straightforward navigation, advanced charting tools, customisable indicators, and other features that suit your trading style and preferences. For example, TradingView and cTrader are more user-friendly and feature-rich than their MetaTrader counterparts, but these two platforms are only available at select brokers. 

Reliability and speed: The platform should have fast order execution, low latency, and minimal downtime to ensure you can place trades quickly and efficiently. For example, a trading platform that can execute trades in under 100ms is considered a low-latency platform, but this will also depend on the broker’s ability to process trades. 

Trading tools: The platform should offer a range of trading tools, including risk management tools, economic calendars, market analysis, and educational resources. More advanced trading platforms, such as cTrader, have integrated economic calendars and a trailing stop order function that operates from the server side rather than on the terminal side like MT4 and MT5. This functionality means the trailing stop will stay in place even if the terminal goes offline. Find out more about the various order types between the trading platforms here. 

Security: The platform should have robust security features, including two-factor authentication, encryption, and firewalls, to protect your personal and financial information. Most trading platforms have robust security features, but this will largely depend on your broker.

Costs and fees: Consider the trading fees, spreads, and commissions associated with your broker to ensure they are reasonable and competitive. Brokers with a minimum deposit of 200 USD or less, an average commission-free spread of around 0.9 pips (EUR/USD), or a commission of 7 – 10 USD with a spread of 0.1 – 0.3 pips (EUR/USD) are considered brokers with low trading costs. 

Trading Goals: When choosing a trading platform, ensure it has compatible functionality with your trading goals and style. For example, if you use Expert Advisors or automated trading, you may consider using a platform like MT4, MT5, cTrader or TradingView. However, traders who trade on stock CFDs would not choose MT4 because it does not natively offer stock CFD trading.  In contrast, beginner traders may consider a user-friendly platform or one that offers copy trading functionality.

Trading Platform FAQs

What trading platform is best for Forex trading?

Our team has reviewed over 180 brokers to find those with the best Forex trading platforms. Traders with different priorities and experience levels prefer different trading platforms. These are our favourite brokers with the best trading platforms.

• AvaTrade – Best Platform Risk Management
• FXTM – Best Copy Trading Platform
• HFM – MT4/MT5 Platforms + Premium Trader Tools

Which Currency Pairs can I trade on a trading platform?

Some Forex trading platforms have more currency pairs to trade than others, and this depends on which Forex broker your trading platform is connected to. Beginners should start with the major currency pairs, like the EUR/USD or the USD/JPY, as they are less volatile and are less expensive to trade than minor currency pairs and exotic currency pairs. 

Learn more about currency pairs and how to trade them

What other assets can I trade on a Trading Platform?

Other assets you can trade are stocks, commodities, cryptocurrencies, indices and government bonds. Which assets are available on your trading platform will depend on your broker, and some brokers offer many more types of assets. Some of the rare assets include interest rates, ETFs and futures.

What are technical indicators?

Technical indicators are used to identify trends, measure market volatility, and assess the strength and direction of current market conditions. Technical indicators can be divided into two categories: trend-following and oscillators. Trend-following indicators are used to identify the direction of a trend, while oscillators identify reversals in the trend. 

Common types of technical indicators include moving averages, momentum indicators, relative strength index (RSI), Bollinger Bands, MACD (moving average convergence divergence), stochastics, Ichimoku clouds, Fibonacci retracements and more. Technical traders use indicators to determine potential entry and exit points for trades.

What are trading tools?

Trading tools are any technology or application traders use to help them make trading decisions, track trades, and manage their portfolios. These tools can range from basic charting software to complex AI-driven algorithms for high-frequency trading. Trading tools typically provide access to market data, news feeds, and real-time risk management tools. 

Many trading tools also come with specialized features such as portfolio analysis, order execution, backtesting of strategies, portfolio optimisation, and access to multiple exchanges in one place. In addition to these more practical applications, they may include educational resources such as videos and tutorials that help traders gain insight into the markets they trade.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. Forex and CFD transactions involve high risk due to the following factors: Leverage, market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection. Traders should not deposit any money that is not considered disposable income. Regardless of how much research you have done or how confident you are in your trade, there is always a substantial risk of loss. (Learn more about these risks from the UK’s regulator, the FCA, or the Australian regulator, ASIC).

Our Rating & Review Methodology

Our State of the Market Report and Directory of CFD Brokers to Avoid are the result of extensive research on over 180 Forex brokers. These resources help traders find the best Forex brokers – and steer them away from the worst ones. These resources have been compiled using over 200 data points on each broker and over 3000 hours of research. Our team conducts all research independently: Testing brokers, gathering information from broker representatives and sifting through legal documents. Learn more about how we rank brokers. 

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.