Top 10 Best Forex Brokers That Accept Mobile Money In Uganda

Mobile money is money that’s stored in accounts managed by telecom companies. The account includes the user’s phone number and other details, such as the phone number. 

Because phone numbers are unique, each phone comes with an International Mobile Equipment ID (IMEI) number.

 Biometric registration can enhance the uniqueness of phone numbers. This allows users to capture physical traits that are not easily replicated by others, such as fingerprints, and assign them to their phone number.

 A user can make financial transactions via a mobile network by using their phone number as an identification number. This is similar to how every customer of a bank would have a unique bank account, chequebook, or savings passbook.

forex brokers that accept mobile money in uganda

Top 10 Forex Brokers that Accept Mobile Money in Uganda

Forex brokers in Uganda are starting to take advantage of this by allowing their customers to buy and sell forex using their mobile phones. Here are 10 forex brokers that accept mobile money in Uganda.

1. Exness

Exness, a well-regulated broker, has been providing its services and solutions for over ten years. Exness is regulated both by Tier-1 and Tier-2 regulators like FCA, SFSA and CySEC.

Tight spreads are available to traders depending on which account type is chosen. Exness traders have one of the lowest minimum deposit requirements, starting at $1.

A deposit of $200 is required for the Professional account. This is lower than what other brokers charge for premium accounts.

Pros

  • More than sufficient maximum leverage offered
  • Provisioning of different trading platforms
  • Well-regulated
  • A wide range of financial instruments are available

Cons

  • US Clients Not Allow
  • Multi-currency account opening is not supported

Features

  • Regulation CySEC, FCA, SFSA
  • Minimum Deposit from $1
  • Average Spread from 0.0 Pip
  • Commissions starting at $3.5 per lot
  • Withdrawal/Deposit Fees Yes
  • Maximum Leverage 1:2000
  • Bonuses None
  • Customer Support 24/5

2. XM

XM is a well-respected broker in the industry. It is well-regulated and has one of the largest online forex brokers. Fees are only charged through spreads and commissions on trades.

Traders can expect a very low minimum deposit to trade with XM. They also have access to a wide range of tradable financial instrument types, high leverage and dedicated customer support. There are many bonuses and promotions traders can take advantage of to help them get ahead in trading without taking on too much risk.

Pros

  • Competitive trading conditions
  • Negative balance protection
  • A variety of account types
  • Strict regulation

Cons

  • No fixed spread accounts
  • No US Clients

Features

  • Information about the Feature
  • Regulation FCA
  • Minimum Deposit from $5
  • Average Spread from 0.0 Pip
  • Commissions starting at $1
  • Withdrawal/Deposit Fees None
  • Maximum Leverage 1:888
  • Bonuses Yes
  • Customer Support 24/5

3. FXTM

FXTM is a well-established and multi-regulated broker. It has offices in many jurisdictions and is authorized and regulated by CySEC and FCA.

Although FXTM offers wider spreads for standard accounts, traders should expect spreads starting at 0.0 pip on premium accounts. Commissions start at $2 per side and $4 per trade per lot traded.

FXTM’s low minimum deposit requirements are also a hallmark of the company. The Cent Account requires a $10 minimum deposit, while the Standard Account requires a $100 minimum deposit. This is industry-standard compared to other brokers.

MetaTrader 4 or 5 are powerful tools that traders can use to trade many financial instruments. FXTM offers faster trade execution speeds and many other benefits.

Pros

  • Commission-free Trading
  • Low minimum deposit
  • A variety of account types are available
  • A variety of financial instruments are offered

Cons

  • US Clients Not Allow
  • Restricted leverage for EU-clients

Features

  • Information about the Feature
  • Regulation CySEC, FCA, FSC, FSCA
  • Minimum Deposit from $10
  • Average Spread from 0.0 Pip
  • Commissions starting at $2
  • Withdrawal/Deposit Fees Yes
  • Maximum Leverage 1:2000
  • Bonuses Yes
  • Customer Support 24/5

4. IQ Option

IQ Option, a Cyprus-based Market Maker broker, was established in 2014. It offers trading services to more than 20,000,000 traders around the globe.

Traders can access a wide range of financial instruments, including forex, stocks, commodities and many others. Traders have access to IQ Option’s proprietary trading platform, which provides fast and clear solutions for a wide range of traders.

The trading platform can also be used as an independent tool for analysis. This allows traders to improve their trading skills in multiple markets.

Pros

  • Advanced trading tools
  • Member of ICF and segregated client funds
  • A user-friendly trading platform
  • A wide range of financial instruments

Cons

  • US Clients Not Allow
  • Fixed spread account not offered
  • Limited leverage for non-professional traders

Features

  • Information about the Feature
  • Regulation CySEC
  • Minimum Deposit from $10
  • Average Spread from 5 Pips on GBP/USD
  • Commissions starting at $0
  • Withdrawal/Deposit Fees There may be fees
  • Maximum Leverage 1:30
  • Bonuses No
  • Customer Support 24/5

5.LiteForex

LiteForex, an ECN forex broker and CFD broker serving traders around the world, has been in business since 2007. Since its inception, LiteForex has grown to be a global brand with offices in Asia, Africa and Europe. These offices include Indonesia, Kenya, Nigeria and Cyprus.

Traders have the option to trade a variety of financial instruments through the popular MetaTrader, including stocks, commodities, forex and cryptocurrencies.

LiteForex offers traders tight spreads and social trading opportunities. It also provides decent execution speeds, minimal requotes and reliable trading platforms as part its extensive offering.

Pros

  • Trading tools for advanced traders
  • Multilingual, dedicated customer support
  • MetaTrader available
  • Supported and offered Social Trading

Cons

  • No free VPS access
  • Limited financial tools
  • Clients from the USA, Israel, and Japan are not permitted
  • Commission fees are not the cheapest

Features

  • Regulation CySEC
  • Minimum Deposit from $50
  • Average Spread from 0.0 Pip
  • Commissions starting at $5 per lot
  • Withdrawal/Deposit Fees Yes
  • Maximum Leverage 1:500
  • Bonuses Yes
  • Customer Support 24/5

6.Tickmill

Tickmill, an award-winning and well-established broker that offers its services and solutions for retail and institutional traders around the world, has been in business since 2015. Trades are possible with more than 80 financial instruments across many asset classes, including forex, stocks, shares and commodities.

Tickmill was started by experienced, professional traders. They understand the needs of brokers and help traders reach their full potential.

Tickmill’s team is constantly working to grow the brokerage and at the same time, ensuring that traders get the best possible service. Tickmill’s traders can expect to receive innovative technology and premium trading conditions that include tight spreads and competitive and low-cost commissions. They also have fast execution speeds.

There are no requotes, a fully automated No Dealing Desk model (NDD), and full fee transparency.

Pros

  • Commission-free Trading
  • Multi-regulated
  • A variety of trading tools

Cons

  • Fixed spread account not offered
  • No Cryptocurrency Trading
  • No US Clients

Features

  • Information about the Feature
  • Regulation FCA, CySEC, FSA
  • Minimum Deposit from $100
  • Average Spread from 0.0 Pip
  • Commissions starting at $1
  • Withdrawal/Deposit Fees None
  • Maximum Leverage 1:500
  • Bonuses Yes
  • Customer Support 24/5

Read Also:

10 Best Forex Brokers with Zar Accounts

10 Best Forex Brokers with Quick Withdrawal Methods

10 Best Forex Brokers with Sign-Up Bonus in South Africa

7.SuperForex

SuperForex is an ECN/STP broker that has been operating since 2013. It is licensed and regulated in Belize by the IFSC. SuperForex, a global broker, offers traders the ability to trade in over 300 forex and CFD instrument.

SuperForex is home to more than 200,000 traders, who use its extensive and competitive trading conditions and services.

Pros

  • Managed account offered
  • MetaTrader 4 available
  • Numerous trading tools
  • Social trading supported
  • A variety of account types are available

Cons

  • One trading platform was available
  • US clients are not welcome
  • Offshore regulation
  • Spreads may not be the most precise

Features

  • Information about the Feature
  • Regulation IFSC
  • Minimum Deposit from $1
  • Average spread from Variable
  • Commissions from None
  • Withdrawal/Deposit Fees Yes
  • Maximum Leverage 1:1000
  • Bonuses Yes
  • Customer Support 24/5

8. Grand Capital

Grand Capital, a market maker and ECN broker, was established in 2006. It is located in Russia and is regulated by FinaCom. Grand Capital allows you to trade in over 300 financial instruments via MetaTrader 4 and MetaTrader 5.

Grand Capital offers trading conditions that are competitive and boasts several industry awards it has received since its inception.

Pros

  • Competitive trading conditions
  • Multilingual customer support
  • Interactive and powerful trading platforms
  • RAMM Accounts and LAMM Accounts
  • Supported funding methods

Cons

  • Lack of regulation
  • Incomprehensive market analysis
  • Insufficient education
  • Japan and USA clients are not accepting

Features

  • Information about the Feature
  • Regulation FinaCom
  • Minimum Deposit from $10
  • Average Spread from 0.4 Pip on ECN Prime
  • Commissions starting at $5
  • Withdrawal/Deposit Fees There may be fees
  • Maximum Leverage 1:500
  • Bonuses Yes
  • Customer Support 24/5

9. Anzo Capital

Anzo Capital, an ECN and STP broker, was established in 2016. It is based in Belize. The IFSC subsequently regulated it and authorized it. Anzo Capital is an online trading broker that offers many comprehensive trading solutions.

Anzo Capital focuses also on providing traders with a safe and dynamic trading environment, essential trading tools, and other resources.

Anzo Capital provides its traders with over 80 financial instruments, including forex pairs, commodities, as well as equity indexes. Access to variable and competitive spreads, fast trade execution, no requotes and account protection against negative balances are also available to traders.

Pros

  • DMA via ECN accounts
  • Metatrader available
  • MQL5 signals for trading
  • MyFXBook AutoTrade offered
  • Regulated

Cons

  • Offshore regulation
  • No US clients
  • Client funds are not covered by third-party insurance
  • Limited tools
  • Limited customer service channels

Features

  • Information about the Feature
  • Regulation IFSC
  • Minimum Deposit from $100
  • Average Spread from 0.1 Pip
  • Commissions starting at $0 – $10
  • Withdrawal/Deposit Fees None
  • Maximum Leverage 1:500
  • Bonuses None
  • Customer Support 24/5

10. CM Trading

CM Trading, a South African-based STP broker, was founded in 2011. CM Trading, which is licensed and authorized by the FSCA has a reputation for offering the best trading solutions and services.

CM Trading offers traders the ability to trade in global financial market through its provision of financial instruments such as shares, commodities, forex and other financial instruments. CM Trading was also awarded the ‘Best Performing Broker in Africa’ and ‘Best Investment Broker in Africa span>

Traders have access to the most advanced technology. CM Trading strives for simplicity and enjoyment in trading.

Pros

  • Commission-free accounts
  • Daily Market analysis
  • Scalping and hedge allowed
  • Regulated
  • A variety of educational resources are available

Cons

  • US Clients Not Accepted
  • High minimum deposit requirement
  • Fixed spread account not offered

Features

  • Information about the Feature
  • Regulation FSCA
  • Minimum Deposit from $250
  • Average Spread from 0.9 Pip
  • Commissions starting at $0
  • Withdrawal/Deposit Fees Yes
  • Maximum Leverage 1:200
  • Bonuses Yes
  • Customer Support 24/5

Conclusion

Mobile money is increasingly becoming a popular way to conduct financial transactions in Uganda. Forex brokers that accept mobile money can make it easier for customers to carry out their transactions and manage their finances.

About Author

forex brokers that accept mobile money in uganda
Lovethy Precious
I’m a firm believer that information is the key to financial freedom. On Coindecimal Blog, I write about personal finance and crypto.

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