Is Forex Trading Legal in Uganda?

Forex trading is legal in Uganda. However, since the Financial Intelligence Authority (FIA) does not currently regulate Forex brokers, Ugandan residents will have to trade with licensed brokers based overseas. Even though the Ugandan Government has no laws governing the legality, the FIT controls international monetary exchange, overseeing outgoing cash flow from the country.

Therefore, Ugandan Forex traders must comply with financial regulations to prevent money laundering (see more below) and ensure their income is properly declared for taxation to the Ugandan Revenue Authority (URA). For more specific information on Ugandan tax legislation please consult a registered tax practitioner or the Ugandan Revenue Authority.

KYC - Anti-Money-Laundering

Banks and financial institutions globally have signed up to a program called KYC.  It is a law set in place to stop money laundering by anonymous actors.  When you sign up for a Forex trading account, and before you will be allowed to make a deposit, you will need to complete your KYC documentation. It requires you to submit:

• A colour copy of a valid ID - this can be a passport, driver's license or ID Card.
• A recent utility bill (e.g. electricity, gas, water, phone, oil, Internet and/or cable TV connection, bank account statement) issued in the past three months and confirms your home address.

Scam Brokers and Reporting Regulatory Violations

If you are unsure about the reliability of your Forex broker, you can use our Broker Trust Checker. If you believe you have been scammed by your broker, the first thing to do is contact the FIA. You can contact and read more about the FIA complaints department here, and they can advise you on the next steps to take. We also have a report a scam broker form which we use to gather information so that we get the word out. Your personal details will not be shared externally.