How to choose a forex broker in Uganda

For the youth in Uganda, a lack of employment and investment opportunities has become a scourge. Many have already turned to gambling, but there are actually much better ways to invest money. A good example is the forex market, which is not only legal but also highly profitable. The first thing you need to do is find yourself a reliable forex broker in Uganda who will be your partner in this career.

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The rules for choosing a forex broker in Uganda are pretty much the same as those for any other country around the world. However, there are several unique challenges that may make one forex broker more appealing than the other.

What may set a forex broker in Uganda apart?

If you’re reading this, you should already know the standard qualities of a good forex broker. Now we are going to focus on the ideal forex broker in Uganda based on several factors:

Methods of deposit and withdrawal

Forex brokers provide numerous avenues for their clients to deposit and withdraw money to and from their accounts. The typical options is through wire transfer, but this may not be the only solution if you live in Uganda. Imagine that, for example, you receive an urgent email from your forex broker, it’s a margin call asking you to make a deposit to your account before you’re stopped out. Or you may have an urgent emergency and need to make a quick withdrawal. What do you do?

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A wire transfer may take days to be processed and by then you may already be stopped out or already in trouble. On the other hand, there are several faster options for deposit and withdrawal, made possible by mobile payment solutions. MTN partnered with M-Pesa to make money transfer possible and instant, and you can use this service for money transfer between you and your broker. Plenty of other services like zPesa also act as intermediaries for such services.

Nevertheless, you need a forex broker who can support these efficient money transfer systems. All the aforementioned systems can only work with Skrill or PayPal. Therefore, a good forex broker in Uganda should be the one who provides these payment service solutions. Besides, bitcoin has also become popular in Uganda, and a broker offering this option is also preferable.

Also remember to check whether they have unreasonably high transaction costs. There may be some hidden charges in the form of transaction fees. Normally, these should not be significant, but they can mean a lot when you are making a small deposit. Ensure you know about all the hidden charges before committing yourself.

Minimum deposit requirements and trading restrictions

The amount of money required to open a forex trading account may vary widely from one broker to the next. The best forex brokers allow their clients to deposit even small amounts and start trading right away. They may do this by providing micro and mini accounts, but at least they allow you through the door. So, as you search for a forex broker, make sure that they will allow you to deposit the amount of money that you have.

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Also, be careful to ensure there are no trade restrictions. When you make a deposit of, say, $100 to trade, you are probably going to scalp and hedge the markets. Some forex brokers restrict these kinds of actions, and you need to be aware before you have already made the deposit.

Spreads and bonus offers

With only a small deposit, you are going to need all the help you can get, particularly in the form of spreads. It is possible to maximize your profits and make good money even with limited capital if the spread is high enough, so ensure that the forex broker you pick can provide a good leverage for you.

There are also some bonus offers that may be provided like the no deposit bonus and many others. These can be very helpful to a beginner as they reduce risk of losses. Also, consider if there are any contests being provided, which can be a good way of making really good money even from a demo account.