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Chris manages the relationships with our partners to provide the best Forex trading experience possible for our users. Chris has 15+ years of research, and editorial and design experience for political and financial publications. His background has given him a deep understanding of international financial markets and the geopolitics that affect them.
Most traders want an Islamic Forex account because they comply with the Shari’ah prohibition on Riba or the accumulation of interest. Some brokers try to compensate for the missed revenue that would otherwise have been generated by collecting interest, so we always look for limitations on trading opportunities, additional fees, and widened spreads. Otherwise, we focused on finding the best Islamic accounts for all types of traders, including a range of platforms, excellent trading tools and good education for beginners.
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Skip the trial and error! Below, you’ll find the best forex brokers for Ugandan traders for 2025—thoroughly tested, verified, and ranked, so you can trade with confidence.
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Broker | Official Site | Islamic Account | MetaTrader 4 (MT4) | MetaTrader 5 (MT5) | cTrader | Regulators | Compare | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
 | Yes | USD 0 | 30:1 | 90 | Yes | Yes | Yes |        | |||
 | Yes | USD 0 | 2000:1 | 53 | Yes | Yes | No |    | |||
 | Yes | USD 100 | 30:1 | 63 | Yes | Yes | No |     | |||
 | Yes | USD 3 | Unlimited:1 | 100 | Yes | Yes | No |   | |||
 | Yes | USD 0 | 30:1 | 80 | Yes | No | No |    | |||
 | Yes | USD 5 | 3000:1 | 72 | Yes | Yes | No |  | |||
 | Yes | USD 200 | 30:1 | 64 | Yes | Yes | Yes | | |||
 | Yes | USD 5 | 30:1 | 57 | Yes | Yes | No | | |||
 | Yes | USD 100 | 30:1 | 70 | Yes | Yes | Yes | | |||
 | Yes | USD 10 | 1000:1 | 49 | Yes | Yes | No | |
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Find Your Ideal Forex Broker
0 pips
CMA, BaFin, SCB, DFSA, ASIC, FCA, CySEC
USD 0
Pepperstone Platform, TradingView, cTrader, MT5, MT4
30:1
Pepperstone | Best For: Muslim traders seeking zero-swap accounts with tight spreads and top-tier regulation
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0.0 pips
CMA, FSA-Seychelles, FSC, DFSA, FSCA, FCA
USD 0
HFM Trading App, MT5, MT4
2000:1
HFM | Best For: Muslim beginners and budget-conscious traders in Uganda
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YouTube
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0.9 pips
ISA, FRSA, CBI, FSA-Japan, FSCA, ASIC, CySEC
USD 100
AvaOptions, Avatrade Social, MT5, MT4
30:1
AvaTrade | Best For: Muslim traders who want fixed spreads and passive trading tools like AvaSocial
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YouTube
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0.1 pips
JSC, CMA, FSA-Seychelles, FSC, B.V.I FSC, FSCA
USD 3
Exness Terminal, MT5, MT4
Unlimited:1
Exness | Best For: Ugandan Muslim traders seeking high leverage and fast withdrawals
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YouTube
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0.6 pips
BMA, CFTC, FINMA, FMA, BaFin, MAS, DFSA, FSA-Japan, FSCA, ASIC, FCA
USD 0
L2 Dealer, ProRealTime, MT4
30:1
IG | Best For: Conservative Muslim investors in Uganda looking for top-tier security and share CFDs
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Riba is central to conventional Forex trading, but according to Islamic law, or Shari’ah law, Muslims are banned from earning interest on loans.
Some scholars believe that the practice of removing Riba, as brokers do on their Islamic Forex accounts, legitimises Forex trading under Shariʻah.
Islam also emphasises that uncertainty, excessive speculation, and gambling should be avoided when conducting business transactions, so it could be argued that hedging trades with Forex is also legitimate under Shari’ah. It is also widely agreed that conventional Forex transactions—if used carefully—are a very effective means of protecting banks from exposure to international risk.
Another concern about the Islamic nature of Forex trading is the element of shared risk. Luckily, with Forex trading, when you trade, you are investing in an asset – the currency purchased. If this asset increases in value, you will make a profit, and if the asset loses value, you will make a loss. The result is a sharing of the benefits and losses of the currency exchange with your counterparty. From this point of view, Forex trading and Islam are compatible in terms of shared risk.
An Islamic Forex account is a halal Forex account which complies with the Shari’ah prohibition on Riba or the accumulation of interest.
Islamic Forex accounts will not charge interest on open positions held overnight.
Across the Islamic world, many brokers offer Shari’ah-compliant accounts to make sure that your trading is not haram – though this does mean that there are a few differences when compared to traditional Forex accounts.
Islamic Forex accounts have two underlying attributes:
Other than the above, Islamic Forex accounts usually have the same trading terms and conditions as regular Forex accounts. However, some most Forex brokers change the commercial terms of trading with them and might limit the trader from trading cryptocurrencies.
Some Forex brokers will widen their spreads on Islamic accounts to compensate for the missed revenue that would otherwise have been generated by collecting interest. Another practice, but is far rarer, is that some Forex brokers charge an up-front commission on trades instead of widening the spreads.
There are a variety of brokers that offer Islamic accounts tailored for Muslim traders. This account type usually has no limitations, which means you can trade Forex, commodities, CFDs contracts, and every financial instrument that complies with Islamic financial regulations.
An important note: With most Forex brokers, you must open a real trading account, which can then be converted into an Islamic account. Few brokers have a registration page specifically for Islamic accounts, and even fewer have Islamic demo accounts, but some brokers with clients from predominantly Muslim countries automatically create accounts as Islamic accounts.
If you are in doubt, make sure you discuss your concerns with your account manager or broker representative before you make a deposit.
Forex brokers registered in Muslim-majority countries often have to comply with many local regulations and are required to follow Shari’ah law.
The central financial regulatory bodies in the Islamic world are the following:
An Islamic Forex account, or swap-free account, is an optional account type that is often selected after signing up with a broker. They are intended for use by traders of the Islamic faith, which prohibits generating income from interest payments. Most Forex brokers can accommodate followers of the Islamic faith by offering swap-free trading accounts that are compliant with Shari’ah law.
Western Forex brokers have much more flexibility when it comes to the interest charged to their clients. This is why only some brokers offer this account type.
Explore more resources that fellow traders find helpful! Check out these other guides to enhance your forex trading knowledge and skills. Whether you’re searching for the best brokers, educational material, or something more specific, we’ve got you covered.
Discover the top Forex brokers in Uganda. Compare top platforms, fees and features to make an informed trading choice.
Compare the best Forex trading platforms for 2025, including MT4, MT5, cTrader, and TradingView. Find the right tools to enhance your trading experience.
What is Forex trading and how does it work? An easy-to-read guide including how to trade, and how to choose a reliable broker.
60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.
Partner Manager and Financial Writer
Chris Cammack is partner manager and senior financial writer at FxScouts, specialising in broker relations and forex market analysis. As the former Head of Content (2019–2024), he set editorial standards for all content published at FxScouts, including broker reviews, broker comparison pages and education.
With over a decade of experience in editorial management and partner relations, Chris builds and maintains our relationships with our partners to provide the best Forex trading experience for our users.
He also co-hosts the “Let’s Talk Forex” podcast with Alison Heyerdahl, where he explores trading strategies, industry news, and macroeconomic trends to help traders navigate the markets with confidence.
Head of Content
Financial Writer
Financial Writer
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