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HF Market’s minimum deposit in Shillings starts from UGX 20,000 when depositing via Mobile Money Money Payments in Uganda.

When embarking on your forex trading journey, one of the first questions that naturally arises is, “How much money do I need to start?”

HF Markets (HFM) formerly called Hotforex, a forex and CFDs broker, offers a range of solutions to suit different budgets and trading styles.

We researched the broker, and now provide a summary of the minimum deposit requirements of HF Markets, payment methods, step-by-step guide to deposit and more, in this review.

What is the minimum deposit for HFM Uganda

The minimum deposit on HFM is UGX via mobile money payments is UGX 20,000, other payment methods have different minimum deposit.

However, HF Markets have different account types that require different minimum deposit amounts to activate the account and start trading. Here is a summary:

1) Premium Account: Tailored for retail clients, the HF Markets Premium Account doesn’t enforce a mandatory minimum deposit. You can deposit any amount you prefer.

2) Pro Account: Designed for experienced retail traders, the HF Markets Pro Account requires a minimum deposit of UGX 372,460 ($100).

3) Pro Plus Account: Geared towards experienced retail traders, the HF Markets Pro Plus Account mandates a minimum deposit of UGX 931,150 ($250).

4) Zero Account: Ideal for retail clients engaging in high-volume trading, utilizing EAs, and seeking lower spreads, the HF Markets Zero Account doesn’t demand a mandatory minimum deposit.

5) Cent Account: Specifically crafted for new traders, the HF Markets Cent Account allows trading in forex and gold exclusively. There’s no mandatory minimum deposit, and the account balance is denoted in Cents (United States Cents), where $10 is represented as 1,000 cents.

6) Top-up Bonus Account: Designed for retail clients, the HF Markets Top-up Bonus Account doesn’t impose a mandatory minimum deposit.

Read more on HFM’s account in our HF Markets review.

Accepted Deposit Methods on HFM Uganda

HF Markets offers a number of options for depositing funds. Here’s what you can use:

1) Credit/Debit Cards: The classic choice, Visa and MasterCard are widely accepted on HF Markets. The minimum deposit via this method is $5 (UGX 18,623) Deposits via cards on HFM are credited within 10 minutes.

Minimum withdrawal via cards on HFM is UGX 18,623 ($5). It takes about 2-10 business days for you to receive the funds after initiating a withdrawal.

2) Mobile Money Payments: You can make deposits to your HFM Account through your mobile money in Uganda using Shillings (UGX). Mobile money deposits are credited instantly.

The minimum deposit via mobile money deposits on HFM in Uganda is UGX 20,000.

The minimum withdrawal to mobile money wallets is UGX 37,246 ($10) and its instant as well.

3) E-wallets: Popular options like Skrill and Neteller are supported for deposits on HF Markets. E-wallet deposits are credited within 10 minutes to your trading account. The minimum deposit amount for e-wallets on HF Markets is $5 (UGX 18,623).

Minimum withdrawal with e-wallets on HFM is also UGX 18,623 ($5) and it takes only 10 minutes for you to receive the funds or it happens instantly.

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Note: CFD trading is risky

HF Markets Deposit Methods Table

Here is a summary of payment methods accepted by HF Markets for deposits.

HF Markets Deposit Rules

1. Deposit Fees: HF Markets does not charge any deposit or withdrawal fees. Nonetheless, the third-party payment processing platform you use, such as your bank or card, may impose independent transaction fees.

2. Deposit Time: You can initiate deposits and withdrawals from your trading account at any time, on any day. However, in cases where instant processing is not feasible, you may experience a wait time of up to 24 hours for deposits and up to a few days for withdrawals.

3. Payment Source: HF Markets only accepts deposits from payment methods (bank account and cards) that are in the same name as the name used on your HFM trading account.

Withdrawals are also only made to same sources you have used to make deposits and must bear your name as well. HFM does not process payments from or to a third party account.

How do I deposit my HFM account?

Step 1) Log in to your dashboard by visiting the HF Markets website or via my.hfm.com/sv/login.

Step 2) On your dashboard, you will see ‘Deposit’ on the left column menu (desktop view), click on it, select ‘Alternative’ then select ‘Mobile Money Payments’.

Step 3) Enter the amount you want to deposit, provide the phone number for payment and click ‘Deposit’ then follow the prompts to complete the deposit.

Step 4) On the left side of your dashboard, locate ‘Transfer Funds’ on the left side menu, and click on it to transfer funds from myWallet to a live trading account or from a trading account to your myWallet. After entering the amount you want to transfer, click on start transfer and follow the instructions to complete the transfer.

Note: Please keep in mind that HF Markets only approves deposits from accounts or payment methods that bear the same name as your HF Markets trading account.

Comparison Of HF Markets Minimum Deposit With Other Brokers

Here is a comparison of HF Markets minimum deposit with that of their competitors.

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Note: CFD trading is risky

What base currencies are accepted by HFM?

HFM supports different funding methods. They accept different currencies for deposits based on traders’ regions. Some of the currencies accepted are GBP, EUR, ZAR, NGN, KES, MYR, KHR, IDR, KES, UGX, TZS, etc.

HFM Uganda Minimum Deposit FAQs

HotForex is a Forex Broker that offers Forex Trading & CFD Trading on metals, stocks, energies, bonds, cryptocurrency commodities, indices, ETF, and physical stocks.

HotForex is licensed with multiple Top-Tier regulations in the UK, South Africa, and Europe. In May 2022, HotForex rebranded into HFM, which is short for HF Markets.

This review of HotForex will cover their account types, available tradable instruments, deposit/withdrawal options, trading/non-trading fees, and customer support.

HF Markets Review Summary
🏢 Broker Name	HF Markets (SV) Ltd.
📅 Establishment Date	2010
🌐 Website	www.hfm.com
🏢 Address	HF Markets (SV) Ltd., Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines
🏦 Minimum Deposit	20,000 UGX
⚙️ Maximum Leverage	1:2,000
📋 Regulation	SVGFSA, FCA, FSCA, DFSA
💻 Trading Platforms	HF Markets App, MT4 and MT5 for PC, Mac, Web, Android
Start Trading with HF Markets

HF Markets is considered low-risk for traders based in Uganda because its parent company ‘HF Markets Group’ has been licensed by multiple Top-Tier regulators. They have been authorized by the following regulators:

1) FSA SVG: HF Markets is incorporated in St. Vincent and the Grenadines as ‘HF Markets (SV) Ltd’ and regulated by the Financial Services Authority (FSA) as an International Business Company with registration number 22747 IBC, since 2015. Traders in Uganda are registered under this regulation.

Note that HF Markets is not regulated in Uganda and this means that trading with the broker in Uganda is at your own risk as foreign regulations customer protection provisions may not cover clients in Uganda.

2) FCA: The Financial Conduct Authority (FCA) in the United Kingdom has authorised ‘HF Markets (UK) Limited’ to provide financial products and services with Reference number 801701.

3) FSCA: The Financial Sector Conduct Authority (FSCA), South Africa has licensed HotForex as ‘HF Markets SA (PTY) Ltd’. Hotforex is registered as a Financial Service Provider (FSP) in South Africa, with FSP number 46632.

4) CMA: Capital Markets Authority (CMA) Kenya has licensed HotForex as a non-dealing online foreign exchange broker under the name ‘HFM Investments Limited’ with CMA license number 155.

5) DFSA: Dubai Financial Services Authority (DFSA) in the United Arab Emirates (UAE) has authorised ‘HF Markets (DIFC) Ltd’ to carry on financial services in the UAE.

Negative balance protection is available for all of HFM’s retail clients. Ugandan traders are registered under SVGFSA regulation which has no provision for compensation. In addition, HF Market is not regulated in Uganda so there is no local regulation that protects you.

Typical leverage on HF Markets can be up to 1:2,000, depending on the account type. Traders can choose floating leverage or fixed leverage option to operate with. The maximum leverage of 1:2,000 applies only to major forex pairs, other instruments have lower leverage limits.

With leverage of 2,000, you can open a trade position worth up to 2,000 times the value of your deposit. For example, with a deposit of $100, you can place a trade of $200,000.

Note: Trading with leverage is very risky, and you must avoid using more than 1:30 leverage on forex. The availability of a floating leverage option is an advantage, and you must never use 1:1000 leverage. As a caution by HF Markets, leverage is adjusted when your equity exceeds $300,000.

Note that trading leverage products involves risk and you can lose all your money. It is best to avoid trading unless you understand it or have experience. It is important that you do not use all the leverage available as it increases your risk and the chance of losing your money.

HF Markets has 6 main account types for traders and 2 investment account types. HF Markets also offers Swap-free Islamic Account and a demo account which features unlimited options and is risk-free for beginners to use and familiarise themselves with the trading platform before they open live accounts.

The account types on HF Markets and their basic features are:

1) Premium Account: The HF Markets Premium Account is designed for retail clients. This account allows you to trade forex and CFDs on metals, energies, bonds, commodities, indices, ETFs, cryptocurrencies and stocks.

This account does not require you to pay any commissions when you open or close trade positions on forex pairs. Spreads start from 1.2 pip and you pay swap fees whenever you keep a trade position open past the market’s closing time, this applies to most instruments except shares.

The Premium Account on HF Markets does not have a mandatory minimum deposit, the required minimum trade size is 0.01 lot and a maximum of 60 standard lots per position, 500 maximum open orders, and maximum leverage of 1:2,000.

You have negative balance protection with this account, which means you cannot lose more than the amount of money in your trading account. If a trade position is unsuccessful and you have a loss, any negative balance on your account will be reset to zero.

You can access this account on MT 4 and MT 5 (Desktop, Webtrader, and Mobile Trading), as well as HFM Platform.

2) Pro Account: The HF Markets Pro Account is also designed for retail traders who are experienced and allows you to trade forex and CFDs on metals, energies, bonds, commodities, indices, ETFs, cryptocurrencies and stocks.

This account is spread only and you do not pay any commissions when you open or close trade positions on forex pairs. Spreads start from 0.6 pips and you pay swap fees whenever you keep a trade position open past the market’s closing time.

The Pro Account on HF Markets requires a minimum deposit of UGX 372,460 ($100), with a minimum trade size of 0.01 and a maximum of 60 standard lots per position, 500 maximum open orders, and maximum leverage of 1:2,000.

You have negative balance protection with this account, which means you cannot lose more than the amount of money in your trading account.

This account is also accessible on MT 4 and MT 5 (Desktop and Webtrader).

3) Pro Plus Account: The HF Markets Pro Plus Account is also designed for retail traders who are experienced and allows you to trade forex and CFDs on metals, energies, bonds, commodities, indices, ETFs, cryptocurrencies and stocks.

This account does not commissions when you trade forex pairs. Spreads start from 0.2 pips and you pay swap fees whenever you keep a trade position open past the market’s closing time.

The Pro Plus Account on HF Markets requires a minimum deposit of UGX 931,150 ($250), with a minimum trade size of 0.01 and a maximum of 60 standard lots per position, 500 maximum open orders, and maximum leverage of 1:2,000.

You have negative balance protection with this account, which means you cannot lose more than the amount of money in your trading account.

This account is also accessible on MT 4, MT 5, (Desktop and Mobile Trading).

4) Zero Account: The HF Markets Zero Account is designed for retail clients who trade high volumes, use EAs and want to pay lower spreads. This account allows you to trade forex and CFDs on metals, energies, bonds, commodities, indices, ETFs, cryptocurrencies and stocks.

You pay commissions for opening and closing trades per side on this account. Commission charges for 1 lot is $3 (making $6 for a round turn) for majors and $4 for others (making $8 for a round turn). The Shillings commission charge equivalent is UGX 11,174 per side (making UGX 22,348 for a round turn) for majors and UGX 14,898 for others (making UGX 29,796 for a round turn). The spreads on this account start from 0.1 pips for forex, with limits and stops at 2 pips.

The Zero Account on HF Markets does not require a mandatory minimum deposit, minimum trade size of 0.01 is required and a maximum of 60 standard lots per position, 500 maximum open orders, and maximum leverage of 1:2,000.

This account offers swap-free trading on select instruments, for a grace period of 7 days, shares trading will still attract swap-fees.

You have negative balance protection with this account, which means you cannot lose more than the amount of money in your trading account.

You can access this account on MT 4 and MT 5 (Desktop, Webtrader, and Mobile Trading).

5) Cent Account: The HF Markets Cent Account is designed for new traders and allows you to trade forex and gold only.

This account does not commissions when you trade forex pairs. Spreads start from 1.2 pips and swap fees apply when you keep a trade position open past the market’s closing time.

The Cent Account on HF Markets does not have a mandatory minimum deposit, account balance is shown in Cents (United States Cents), that is $10 will be shown as 1,000 cents.

This account requires a minimum trade size of 0.01, a maximum of 200 cents lots per position, 150 maximum open orders, and maximum leverage of 1:2,000.

You have negative balance protection with this account, which means you cannot lose more than the amount of money in your trading account.

You can access this account on MT 4 and MT 5 (Desktop, WebTrader and Mobile Trading).

6) Top-up Bonus Account: The HF Markets Top-up Bonus Account is designed for retail clients. This account allows you to trade forex and CFDs on metals, energies, bonds, commodities, indices, ETFs, cryptocurrencies and stocks.

This account charges spread, but no commissions trade certain instruments like forex pairs. Spreads start from 1.2 pip and you pay swap fees whenever you keep a trade position open past the market’s closing time.

The Top-up Bonus Account on HF Markets does not have a mandatory minimum deposit, the required minimum trade size is 0.01 lot and a maximum of 60 standard lots per position, 500 maximum open orders, and maximum leverage of 1:1,000.

With the Top-up Bonus Account, you get bonus for every deposit you make from 20% and can be up to 50% of your deposited amount. The maximum bonus you can get per deposit is UGX 18.6 million ($5,000).

While you cannot withdraw the bonus amount, you can use it to trade and you can withdraw any profits realised from the trade.

You have negative balance protection with this account, which means you cannot lose more than the amount of money in your trading account.

To get the Top-up bonus account, you must first create a trading account on HFM then request the Top-up bonus account from the client area.

You can access this account on MT 4 and MT 5 (Desktop, Webtrader, and Mobile Trading), as well as HFM Platform.

7) Swap-free Islamic Account: HF Markets offers Islamic Accounts to Muslim traders that are in compliance with the sharia law of no-riba. These accounts are swap-free (interest-free), which means you do not pay any interest for keeping a trade position open past the market’s closing time.

You can convert your Pro, Premium or Zero Accounts to Islamic status and the same features and fees will apply except for the swap fees. This account also supports only USD or EUR as the base currency.

Note that the HF Markets Swap-fee Islamic Account have a grace period of 7 days, during which no rollover fees are charged. If you keep a position open for more than 7 days, you will incur carry charges on some instruments.

To get a swap-free Islamic Account on HF Markets, first, create a Pro, Premium or Zero Account then contact the HF Markets customer support team to convert your account to a swap-free status.

Currently, the Premium, Zero and Cents Account offer swap free trading, which translates to Islamic Account features, so you may not need to convert to a special Islamic Account.

We also noticed from our research that Islamic accounts are not allowed to trade certain instruments, like exotic forex pairs. You should read up the terms and conditions to learn more about the account features.

HF Markets Investing Accounts:

1) HFCopy Account: HF Markets HFCopy Account is designed for traders who want to copy the trades of experienced and professional traders. Both professionals who allow others to copy their trades, known as; strategy providers’ or those who copy trades, referred to as ‘followers’ can open this account type.

The maximum number of followers per strategy provider is 1,000. Strategy providers earn a performance fee for letting others copy their trades.

This account type supports only USD as the account currency and requires a minimum deposit of $500 for strategy providers and $100 for followers.

You can find the terms and conditions to copy-trading on HF Markets HFCopy Account via this dedicated domain copy.hfm.com.

2) PAMM Account: The HF Markets PAMM Account program is designed for experienced traders who are fund managers (either individual or corporate). This program allows you to trade on behalf of clients by opening multiple trading accounts and manage them.

The PAMM Account on HF Markets requires a minimum investment of $250. The account supports automated trading using bots.

You can find the terms and conditions to participate in this program via this dedicated domain pamm.hfm.com.

HF Markets Base Account Currency

Your trades, deposits, profits, losses, and withdrawals on the platform are measured in your base account currency.

The available account base currencies on HF Markets Uganda are the United States Dollar – USD, Euros – EUR, Japanese Yen – JPY, Nigerian Naira – NGN, South African Rand – ZAR, and Indian Ruppees.

Based on our research, some account types have limited number of currencies they can set as their account base currency.

HF Markets is transparent about its fees and you can find details on their website. Some trading fees have been reviewed below:

1) Spread: Spreads on HF Markets start from around 0.1 pips and can be up to 1.2 pips, depending on your account type. The spreads are considered moderate compared to other brokers. HF Markets has no fixed spread and operates a variable spread system, which means the spread can change during the day as the market moves and also depending on the size of your trade.

An example of their spreads with the Premium and Pro Accounts are shown on the table below:

2) Commissions: HF Markets offers commission-free trading for forex pairs on all account types except the Zero Account. The Zero Account charges low spreads, but has relatively high commission fees, starting at $3 per 1 lot for majors, which is $6 for a round turn, and $4 per 1 lot for others, which is $8 for a round turn. The Shillings commission charge equivalent is UGX 11,174 per side (making it UGX 22,348 for a round turn) for majors and UGX 14,898 for others (making UGX 29,796 for a round turn).

3) Overnight Fees (Swap): HF Markets charges swap fees if you keep a trade position open past the market closing time, this applies to all instruments on the Top-Up Bonus Account. Other Accounts including Islamic Accounts are swap-free for a grace period of 7 days for select instruments (most forex pairs), after which admin charges apply. Note that shares attract swap fees on all account types. The size of the swap will depend on whether the trade position is a short or long and the size of the trade.

It is important to note that HF Markets uses a floating swap policy, which means swap rates change daily. You can use the swaps calculator on the HF Markets website to determine your exact swap fees.

Non-trading fees

1) Deposit and Withdrawal fees: HF Markets offers free deposits and withdrawals. You do not pay any fees when you deposit funds to your account or withdraw from it. This applies to all account types and payment methods. Note that if you deposit less than $100 via bank transfers, you might incur some deposit fees.

2) Account Inactivity charges: HF Markets charges inactive account fees if you do not perform any trade on your account for 6 months. Any balance in your account will be charged a monthly fee of $5. If you do not have any funds in your account, no fees will be charged.

*For withdrawals, there is a 1% transaction fee if you are funding your account through bitpay. There are fees for deposits below $100 if you are funding your account via bank transfer.

To start trading on the HF Markets platform, you need to open a live account. Follow the steps below to open your trading account.

Step 1) Go to the HF Markets website at www.hfm.com and click on the ‘Register’ button, highlighted in green colour, at the top right side of the page.

Select your country of residence, then enter your email address, create a password and click on ‘Register’.

Step 2) Select your country of residence, then enter your email address, create a password, check the terms and conditions box after reading, and click on ‘Register’.

Step 3) A verification link will be sent to your email address. Go to your email inbox and click the ‘Activate Account’ link to continue with your registration.

Once you click the link to verify your email, you will be redirected to your account area to complete registration.

Step 4) Provide your full name, phone number, date of birth, and select your preferred account currency, then click on ‘continue’.

Step 5) Provide your address and answer some questions about your trading experience and income source. Then click ‘Continue’.

Step 6) Upload your government issued ID card and verify your phone number to verify your account.

Step 7) Once your account is verified, you will redirected to the dashboard where you can make deposits and start trading.

Payment methods supported by HF Markets for deposits and withdrawals are mobile money, cards, e-wallets and international bank wire transfers. Here is the summary of the deposits and withdrawal options on HF Markets in Uganda.

HF Markets Deposit Methods

Here is a summary of payment methods accepted by HF Markets for deposits.

HF Markets Withdrawal Methods

Here is a summary of payment methods for withdrawals accepted on HF Markets.

What is the minimum deposit for HF Markets?

The minimum deposit on HF Markets is $5 with cards or e-wallets (Skrill & Neteller) with a maximum deposit amount of $10,000. Cryptocurrency deposits require a minimum amount of $30 with a maximum amount of $10,000 per transaction. The also support deposits via bank transfers via an international bank account.

The minimum deposit for UGX on HF Markets is 20,000 UGX via mobile money with a maximum deposit amount of 500,000 per deposit.

How do I Deposit Funds?

Step 1) Log in to your dashboard by visiting the HF Markets website or via my.hfm.com/sv/login.

Step 2) On your dashboard, you will see ‘Deposit’ on the left column menu (desktop view), click on it, select ‘Alternative’ then select ‘Mobile Money Payments’.

Step 3) Enter the amount you want to deposit, provide the phone number for payment and click ‘Deposit’ then follow the prompts to complete the deposit.

Step 4) On the left side of your dashboard, locate ‘Transfer Funds’ on the left side menu, and click on it to transfer funds from myWallet to a live trading account or from a trading account to your myWallet. After entering the amount you want to transfer, click on start transfer and follow the instructions to complete the transfer.

What is the minimum withdrawal amount on HotForex?

The minimum withdrawal from HF Markets is UGX 18,623 ($5) for cards and e-wallets. Mobile money like MoMo have a minimum withdrawal amount of UGX 37,246 ($10). The minimum withdrawal for crypto is UGX 37246 ($10).

HotForex only approves withdrawals to the same method/source from which the deposit was made. This means if you deposit funds through a mobile money payments, you can only withdraw through a mobile money payments to the same phone number. The same thing applies to other payment methods.

How to Withdraw Funds from HotForex Uganda?

Step 1) Log in to your dashboard by visiting the HF Markets website or via my.hfm.com/sv/login.

Step 2) On your dashboard, you will see ‘Withdraw’ on the left column menu (desktop view), click on it, then select your preferred method and follow the instructions to withdraw funds in to your card or mobile money wallet.

HotForex offers over 1,200 trading instruments, all of which are CFD instruments, find their categories below:

1) HFM WebTrader: This is a trading application developed by HF Markets and is available on desktops for web trading.

2) HFM App: This is a trading application developed by HF Markets and is available on mobile devices only. You can download it from the Google Play Store or Apple App Store.

3) MetaTrader 4 and MetaTrader 5: HF Markets supports the MT4 and MT5 trading applications for trading financial markets. The applications are available on the web, desktop, and mobile devices (Android & iOS). You can also use EAs as professional clients or other tools.

HF Markets takes all reasonable steps to ensure the best possible when executing your orders. Here are some of their best execution factors:

Price: The price for a given financial instrument is provided by HF Markets and it is updated as frequently as possible. Prices are not quoted outside of the broker’s operation times. With HF Markets, there is no guarantee that your orders will be executed at a favourable price. To ensure fairness, HF Markets ensures that their liquidity provider calculates the spread.

Costs: HF Markets charges commission and financing fees. They can be found on their website under contract specifications. These fees are not calculated with the bid/ask spread. They are charged explicitly to your trading account and deducted from your balance.

Speed of Execution: HF Markets strives to offer a high speed of execution within prevailing technological limits. If the reason for a delay in order transmission is due to a poor network connection from your end, your market order might become out of date. In this situation, such an order is declined.

Likelihood of execution: HF Markets reserves the right to decline any type of order. Especially if there is not enough liquidity to execute it. Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, and Sell Stop Orders on financial instruments offered by the broker are executed at your requested price. In a situation where this is not possible, these orders are executed at the first available price.

Podcasts: HF Markets launched trading education podcasts in 2023. It is free and you can listen to it on multiple streaming platforms. According to our review, HFM’s podcast is available on 18 streaming platforms. Here are the platforms in one glance.

At the time of this writing, there are up to 26 different podcasts on HFM’s podcast list. Here are the latest ones.

How To Videos: If you need help downloading/installing any of HF Market’ mobile app, this is what you need. These videos guide you on how to download, HFM App, MT4, and MT5 on your phone (android or iPhone). The guide also covers PC installation.

Live Webinars: HF Markets holds live webinars that can improve your FX knowledge. It does not matter if you are a beginner, intermediate, or an expert trader. There is a webinar for every level. These webinars will improve your trading skills and increase your confidence in forex trading.

Since the webinars are live, you will need to register to book your slot. There are no extra charges for the webinar. On the webinar page, you will find the schedule for each month. You can also select your experience level so that only relevant webinars are recommended for you.

Finally, all webinars end with a Q&A session so you get the opportunity to get answers to your questions from industry expert.

Online Trading Courses Videos: HFM in conjunction with their groups of experts put together this online trading course. It contains a beginner course that covers essential information that every trader must know. It covers the forex market, basic forex terms, and type of orders. There is a glossary in there as well.

There is also a trading tools section that covers capital management, trading psychology, basic and advanced technical analysis. This will be useful as you develop your trading skills.

Furthermore, there are videos on MetaTrader and trading strategies. You will learn how to install MetaTrader, how to add indicators to your charts, and about five rare trading strategies.

Earnings Calendar: Earnings reports are quarterly financial statements issued by publicly traded companies. They are essential if you prefer to trade shares CFDs. Earnings report affect market sentiment because it shows a company’s profit, losses, and other important financial metric.

With HFM’s earnings calendar, you can track when these reports will be released and utilize it for trading. This is not a guarantee of profitable performance, but you will find it useful for your research.

HF Markets has responsive customer service support that is available 24/5. Traders can reach HF Markets support via any of the means below during working days:

1) Live chat: HF Markets live chat is fast, their representative responds within 2 minutes when a chat is initiated and provides relevant answers to questions asked.

Whether you are a registered user or not, you can access the live chat. You can request a call back via their live chat, and a representative will call you, you will have to submit a valid phone number and email address for this to work. Our team submitted a request but didn’t get a callback.

When our team tested the live chat, we got response within 2 minutes. The live chat is available 24 hours from Monday to Friday.

2) Phone number support: HF Markets has an active international phone number support, and the call centre agents responded in less than 1 minute when we tested it. The answers to questions were relevant. The phone line is active from 9:00 AM to 6:00 PM on working days.

The HF Markets global support phone number is +44-20-3097-8571, available 24 hours for 5 business days (Monday – Friday).

3) Email Support is fair: You can reach HF Markets via email support at [email protected]. Once you send an inquiry email, you will receive an auto-generated response to show that a ticket has been created for your inquiry.

A representative replied in about 9 minutes, we sent another question and got a reply in less than 10 minutes. The answers to our questions were relevant and satisfactory.

HF Markets offers bonuses for different activities. Each category of bonuses has its terms and conditions to qualify. Current bonus offerings are

1)20% Top-up Bonus: HF Markets also offers deposit bonus of 20% which is capped at US$5,000 (UGX 18.6 million). You cannot withdraw the bonus but you can use it to trade and withdraw the profits. You still need to meet the trading requirement before the profits can be withdrawn.

Do we Recommend HF Markets Uganda?

HF Markets is regulated in multiple jurisdictions which means they are mandated to protect client funds. HF Markets customer support is available in Uganda and they respond quickly to enquiries on business days.

HF Markets has negative balance protection, have low fees compared to some brokers, and offers bonuses to traders. They also have many account types, so you can choose an account with features that work best for you.

One downside to trading with HF Markets is that they charge account inactivity fees after 6 months, but you can avoid this if you withdraw all funds, leaving your balance at zero.

Based on these details, we recommend that you check out HF Markets website to see their full details, also chat with the live support to answer any questions you may have to help you make up your mind.

HF Markets Uganda FAQs

The minimum deposit required for trading on Exness in Shillings is UGX 37,246 ($10), and this amount is exclusively applicable to standard account types and when depositing via mobile money.

It’s crucial to keep in mind that the minimum deposit increases when you trade with any of the professional accounts. In this article, we have provided an all-encompassing guide on Exness minimum deposit in Uganda. The guide covers all of their accounts. We also covered how to deposit your funds.

How Much is Exness Minimum Deposit in Uganda?

Exness support different kinds of trading account according and varying minimum deposits.

Let us break them down.

1) Standard Accounts

The minimum deposit for Exness Standard Accounts varies based on the deposit method you choose. However, the minimum deposit amount available for all deposit methods is $10 (UGX 37,246).

There are two types of standard accounts that you can trade with on Exness, namely the Standard Account and the Standard Cent Account. These accounts are best for beginners who may want to test their trading skills on a live account with smaller amounts.

2) Professional Accounts

Exness Professional Accounts require a minimum deposit of $500. In Shillings, that will be (UGX 1.8 million). These accounts are designed for experienced traders who are comfortable trading with larger sums and have honed their skills.

Exness offers various types of Professional Accounts such as Zero Account, Raw Spread Account, and Pro Account to cater to diverse trading needs.

Though these accounts are called professional accounts, they are not the standard accounts for institutional traders. They are for retail traders who are experienced.

3) Portfolio Management Accounts

To open a Social Pro (Portfolio management) Account, a minimum deposit of $500 (UGX 1.8 million in Uganda) is required.

However, for the Pro (Portfolio Management) Account, no minimum deposit is applicable.

The Portfolio Management accounts are designed for eligible accounts that require the services of a portfolio manager.

4) Social Accounts

Exness minimum deposit for Social Standard account is $500 (UGX 1.8 million), and the Social Pro Account has a minimum deposit of $2,000 (UGX 7.4 million in Uganda)).

The social accounts are for strategy providers who wish to make money by sharing their trading strategies.

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Note: CFD trading is risky

Exness Deposit Methods and Required Fees in Uganda

To fund your Exness account, you can choose from various deposit methods and make a deposit of any amount above the minimum required for your preferred method.

It’s worth noting that if the minimum deposit for your account type is higher than the minimum deposit for your deposit method, you’ll still need to deposit the minimum amount required for your Exness account type.

Mobile Money Payments (MTN, AirtelTigo, Vodafone)
Mobile money payment method has a minimum deposit requirment of $10 (UGX 37,246) and a transaction speed of 30 minutes.

The minimum withdrawal amount for this method is also $2 (UGX 7,432) and it takes about 24 hours for you to receive the funds.

Bank Cards
Minimum deposit for a bank card is $10 (UGX 37,246) and within 30 minutes of sending the money, you should see it in your Exness account.

Withdrawal using this method takes about 24 hours and has a minimum withdrawal amount of $3 (UGX 11,148).

Skrill
When depositing with Skrill, you need a minimum deposit of UGX 37,246 ($10) and this method has a deposit speed of 30 minutes.

You can withdraw a minimum amount of $10 (UGX 37,246) with this method and withdrawal takes up to 24 hours.

Neteller
The minimum deposit amount for Neteller is $10 (UGX 37,246) and it also takes about 30 minutes for the money to reflect in your Exness account.

For withdrawal, the minimum amount is $4 (UGX 14,864) and it takes up to 24 hours.

Perfect Money
Like other methods, Perfect Money has a minimum deposit of $10 (UGX 37,246) and a transaction speed of 10 minutes.

You can withdraw as low as $2 (UGX 7,432) and withdrawal takes about 24 hours.

Stic Pay
Stic Pay has a minimum deposit of $10 (UGX 37,246) and a speed of 30 minutes for deposit.

The minimum amount for withdrawal is $1 (UGX 3,716) and it takes about 24 hours

Exness Deposit Rules

Here are some key rules to always keep in mind when depositing money into your Exness account:

1)Exness does not charge a deposit or withdrawal fee. However, the third party funding platform you are using like your bank may charge you some fees.

2)You can deposit and withdraw money from your trading account at any day and time. However in a situation where deposit or withdrawal is not instant, you may have to wait for up to 24 hours.

3)You must deposit from or withdraw to your personal account. Exness will not receive payment from a third party account to your trading account nor will they pay to any third party account.
When you deposit in a currency that is not the same as your account base currency, you will have to pay a conversion fee.

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Note: CFD trading is risky

How to Deposit Money Into Your Exness Account

Here is a step by step guide on how to deposit money into your Exness account.

1) Visit your Personal Area on your trading platform

2) In your Personal Area, click on ‘Deposit’ on the left side of the page

3) Select a payment option, for Uganda, its best to select Mobile Money.

The payment options that will be displayed on your screen are those that are available to your country. If you need to deposit instantly, switch on ‘instant only’ so that the only payment options that will be displayed on your screen are those with instant speed.

4) You will be taken to a page where you will select your phone network provider, then enter the amount you want to deposit, and choose the account you want to fund. You will receive a text message on your phone with the direction to complete the deposit. When the payment is confirmed, you will be notified.

Step 5) After you complete the steps above, your Exness trading account is credited with the deposited funds.

After you have successfully completed the transaction, you can view your transaction history on your Personal Area.

Comparison Of Exness Minimum Deposit With Other Brokers

Here is how Exness compares with their competitors for minimum deposit.

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Note: CFD trading is risky

What base currencies are accepted by Exness?

Here are the base currencies allowed by Exness: AED, ARS, AUD, AZN, BDT, BHD, BND, BRL, CAD, CHF, CNY, EGP, EUR, GBP, GHS, HKD, HUF, IDR, INR, JOD, JPY, KES, KRW, KWD, KZT, MAD, MBT, MXN, MYR, NGN, NZD, OMR, PHP, PKR, QAR, SAR, SGD, THB, UAH, UGX, USD, UZS, VND, XOF, ZAR.

Frequently Asked Questions

Exness is a Forex and CFD broker offering CFDs on forex, precious metals, energies, indices, stocks and cryptocurrencies for both individual and institutional traders. Exness was founded in 2008 and regulated in Seychelles.

As a regulated Forex broker, Exness is authorized by Multiple Top-Tier Financial Regulators to provide services for trading Forex & CFDs on financial instruments. Their website provides access to real-time charts for all instruments.

This review covers the Exness platform features including regulation, available tradable instruments, leverage, customer support, trading and non-trading fees, account types, and deposits/withdrawals options.

Exness Review Summary
🏢 Broker Name	Exness (SC) Ltd
📅 Establishment Date	2008
🌐 Website	www.exness.com
🏢 Address	E​xness (SC) Ltd, 9A CT House, 2nd floor, Providence, Mahe, Seychelles.
🏦 Minimum Deposit	$10 (UGX 37,246)
⚙️ Maximum Leverage	1:2,000
📋 Regulation	FSA Seychelles, FCA, CySEC, FSCA, FSC Mauritius
💻 Trading Platforms	MT4 & MT5 for PC, Mac, Web, Android, iOS and Exness Trader for Web, iOS and Android
Start Trading with Exness

Exness is considered a low-risk Forex broker for Ugandan traders because they are licensed in multiple jurisdictions under different names and authorized by Top-Tier financial regulatory organizations. Some of the regulations of Exness are listed below:

1) Seychelles Financial Services Authority (FSA): Exness is a registered Securities Dealer in Seychelles and regulated by the FSA in Seychelles as Exness (SC) Ltd with license number. Traders from Uganda are registered under this Offshore regulation.

Note that because the broker is not regulated in Uganda, you are trading at your own risk and the offshore regulation protection for customers may not cover you.

2) Financial Conduct Authority (FCA), United Kingdom: Exness is licensed by FCA, a Tier 1 regulator, in the United Kingdom of Great Britain (UK) as Exness (UK) Ltd, which is registered as an Investment firm with Financial Services Register number 730729. The Exness UK website is www.exness.uk.

3) Cyprus Securities and Exchange Commission (CySEC): Exness is authorized by CySEC, a Tier 2 regulator, in Cyprus as an Investment Firm with license number 178/12. Registered as Exness (Cy) Ltd, and their website of operations is www.exness.eu.

4)Financial Sector Conduct Authority (FSCA) in South Africa: Exness is regulated in South Africa as Exness ZA (Pty) Ltd, by the FSCA and authorised as a Financial Service Provider (FSP), with FSP registration number 51024, issued in 2020.

5) Financial Services Commission (FSC): Exness is regulated by FSC in Mauritius as Exness (MU) Ltd, an investment dealer.

Exness Investor Protection

Exness offers unlimited leverage for trading for all account types, including 2 Standard Accounts and 3 Professional Accounts. This means that you can open a trade position worth 1,000 times or more of your deposit.

For example, with a deposit of $100, you can open a trade position worth $100,000 or more, without any limits on the leverage. Depending on your risk appetite and the amount of leverage you want to use, higher leverage means that the chances of loss are higher too.

However, some instruments have preset leverage, which is fixed and you cannot change it. Before you access the unlimited leverage, you must close at least 10 trades, otherwise, you will have a maximum leverage of 1:2,000.

Leverage on Exness depends on your equity as well. Accounts with equity of less than $1,000 have unlimited leverage, while accounts with equity of up to $4,999 have maximum leverage of 1:2,000, accounts with equity between $5,000 and $29,999 have a maximum leverage of 1:1,000, and accounts with more than $30,000 have a leverage limit of 1:500.

Note: All instruments on Exness trade at a maximum leverage of 1:200 during weekends and holidays. It is important that you do not use high leverage as it increases your risk and you can lose all your money. You should avoid CFDs and leveraged products trading unless you understand them and have experience.

Exness trading account types are categorised into 2; Standard and Professional Accounts, accessible with the MT4, MT5, and Exness Trader trading applications.

Your account type on Exness determines the tradeable instruments available to you and the fees you will pay. Both the Standard and Professional Accounts have sub-categories of accounts. Details of the different account types offered by Exness are described below:

Exness Standard Accounts

Exness offers 2 Standard Account types, the Standard Account and Standard Cent account.

1) Standard Account: This account type is designed for all types of traders, and the tradeable instruments on Standard Accounts are Forex, metals, energies, stocks, indices, and cryptocurrencies, accessible on the MT5 platform.

There are no commission charges with this account, spreads start at 1 pip for majors like EURUSD, and you pay swap fees whenever you keep a trade position open past the market closing time.

You can trade with unlimited leverage, a maximum trade lot size of 200 and a minimum of 0.01, and unlimited open orders. There is no mandatory minimum deposit on this type of account.

This account has negative balance protection which means you cannot lose more than the money deposited. If you suffer a loss on a trade position and your account balance goes negative, the negative balance will be reset to zero.

2) Standard Cent Account: The Exness Standard Cent Account is a subcategory of the Exness Standard Account, designed to suit new traders. This account allows you to trade only Forex and metals and is accessible only on the MT4 platform.

Standard Cent Account is also commission-free, spreads start at 1 pip for majors like EURUSD, and you pay swap fees if your open trade rolls over to the next trading day before you close it.

The account has unlimited leverage as well. The minimum trade lot size is 0.01 and the maximum is 200 with 1,000 maximum open orders.

No fixed minimum deposit is required on the account and it has negative balance protection.

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Exness Professional Accounts

The Exness Professional Accounts are designed for experienced traders, this account type has 3 subcategories. The features of Exness Professional Account types are shown below:

3) Raw Spread Account: The Exness Raw Spread Account can be accessed on all trading platforms. Tradeable instruments on this account are Forex, cryptoсurrencies, energies, metals, stocks, and indices.

Spreads start at 0.0, and commission charges are about $3.5 per side lot (which makes it $7 for a round turn) for major pairs like EURUSD. You also pay swap fees for overnight positions.

The account features unlimited leverage, and an unlimited number of open positions, with minimum and maximum lot sizes of 0.01 and 200 respectively and requires a minimum deposit of $500 (UGX 1.8 million).

This account also has negative balance protection on Exness.

4) Zero Account: The Exness Zero Account can be accessed on all trading platforms and features zero spreads for the 30 major instruments. Tradeable instruments on this account are Forex, cryptoсurrencies, energies, metals, stocks, and indices.

Commission charges on Exness Zero Account are from $0.2 per side lot and up to $3.5 per side ($7 per round turn) for major pairs like EURUSD. Spreads start from 0.0 pips, and you pay swap fees for keeping a position open past the market closing time.

The Zero Account on Exness has the lowest spread. They are fixed spreads at 0.0 pips for 95% of the trading day.

There is no maximum leverage on this account and no limit to the number of open orders. You need to trade a minimum lot size of 0.01 lot and a maximum of 200, with a minimum deposit of $500 (UGX 1.8 million) and you have negative balance protection as well.

5) Pro Account: The Exness Pro Account can also be accessed on all trading platforms. Tradeable instruments on this account are Forex, cryptoсurrencies, energies, metals, stocks, and indices.

This is a spreads-only account, with no commission charges for opening or closing trade positions. Spreads start from 0.1 pips for major and you will be charged overnight funding costs if you keep a trade position open overnight into a new trading day.

The maximum lot size is 200 with a minimum of 0.1, with unlimited leverage and a required minimum deposit from traders of $500 (UGX 1.8 million).

This account offers unlimited open positions and negative balance protection.

6) Swap-free Account: Exness offers Interest-free Islamic Accounts to Muslim traders for all account types. With this account, you do not pay any swap fees for keeping a trade position open overnight.

If you want a swap-free Islamic Account on Exness, first open a standard or professional account, then contact customer support to change the status of your account to an Islamic Account.

Note that for countries that have Islam as the predominant religion, swap-free status is applied automatically.

7) Portfolio Management Accounts: Exness offers a Portfolio Management accounts to clients who manage funds for others. There are 2 types of these accounts, Social Pro which requires a minimum deposit of $500 and Pro (Portfolio Manager) which requires no minimum deposit.

With the Exness portfolio management accounts, you can trade CFDs on forex, metals, cryptoсurrencies, energies, stocks, and indices. This account type has zero commission fees, spreads start from 0.4 pips with maximum leverage of 1:200.

8) Exness Social Trading Accounts
Exness supports two social trading accounts. This trading account is useful if you want to share your trading strategies on Exness social trading app.

i) Social Standard Account: This account has a $500 minimum deposit with spreads beginning from 1 pip. CFDs on forex, metals, and cryptocurrencies are the instruments offered.

ii) Social Pro Account: The Social Pro Account has the same conditions as the Social Standard. However, the minimum deposit is higher at $2000 with spreads starting from 0.6 pips.

Exness charges no commission on their social trading accounts

Exness Base Account Currency

Exness supports many base account currencies, depending on the account type. The standard cent account has the lowest number of supported currencies.

Exness has UGX (Ugandan Shillings) as the base account currency for all account types except the Standard Cent account. Ugandans can open Exness Shillings accounts, make deposits in Shillings, and withdraw in Shillings to their Mobile Mobile accounts.

It is important to note that when you first open an Exness account, you are assigned a general account that has United States Dollar (USD) as base account currency, you will have to click on Open New Account on your dashboard, to open a specific type of Standard or Professional Account, and then select UGX as your base currency.

Fees on Exness depend on the account type, although there are some general fee rules. Details of the trading and non-trading of Exness are shown below:

1) Spreads: Typical spread starts from 0.0 pips for the Professional Account types and 0.3 for the Standard Account types. The typical average spread for majors like EURUSD on the Standard Account is 1 pip. Note that the spreads on Exness are dependent on the account type of the trader and the instrument you are trading.

Exness operates a floating spread system, which means spreads can change at any time of the day. Find the average spreads for majors on Exness as of February 2024 on the table below:

2) Commission fees: Most account types on Exness charge no commission on trades. Only the Professional Account (Raw Spread and Zero) have commission charges starting from $0.2 and up to $3.5 for each side lot for major pairs like EURUSD, which makes it $0.4 to $7 for a round turn. Other pairs have higher commissions on the Zero Account while Raw Spread has a fixed commission per side lot of $3.50.

Commission fees are charged whenever you open and close a trade position with the Raw Spread and Zero Accounts.

Exness Trading fees Table

Here is a summary of the average fees Exness charges on some instruments:

3) Swap fees: Anytime you keep a trade position open past the closing time of the market closing time (10 PM GMT +0), you are charged swap fees which are added to your profit or loss at the time you close the trade.

The swap fee is calculated based on the size of the instrument you are trading, the spread, the number of days you keep the position open, and whether your position is a long swap (buy) or short swap (sell).

If your position is a buy (long swap), you may get interest added to your profit instead of a fee. You can estimate the fees you will pay by using the calculator on the Exness website.

Note that Islamic Accounts do not pay swap fees, and some instruments like cryptocurrencies, stocks, indices, and XAUUSD (Gold) are not charged swap fees for all account types.

Non-trading fees

4) Deposit and Withdrawal fees: Exness charges zero deposit fees and zero fees for withdrawals from the platform. This applies to all account types. Although Exness does not charge any deposit/withdrawal fees, your credit card provider, bank, or payment method may apply a transaction fee or commission.

5) Account Inactivity charges: No inactivity fees are charged on Exness accounts that have been inactive or dormant for any period of time.

Exness Non-trading fees

*Note that your payment processing company may charge some independent transaction fee.

How to Open Exness Account in Uganda

To start trading on the Exness platform, you must open a live account. Follow these steps to open an account on Exness:

Step 1) Go to the Exness website home page at www.exness.com and click on the ‘Register’ button, highlighted in yellow colour at the middle of the page or at the top right side of the home page.

Step 2) Select your country of residence, fill out your email address and create a password for your account, check the box below the form fields to confirm you are not a US citizen or resident, then click ‘Continue’.

Step 3) You will be required to choose if you are opening a live account or demo account, select ‘Real Account’.

Step 4) You will be taken to your dashboard/personal area page that shows deposit options, and a notification highlighted in yellow, requesting that you complete your profile to make deposits and start trading. Click on ‘Complete Profile’ button.

Step 5) Next requirement is to verify your email address, click on ‘Get started now’, to get a code that you can use to verify your email address. Get the code from your email inbox, type it in the field provided, and click on ‘Continue’ to proceed.

Step 6) You will also be required to verify your phone number via a text or call. Then fill in some personal information like name, date of birth, and address, then click ‘Continue’ to complete your registration.

After the registration is complete, you can choose to make a deposit immediately, this will take you to your Exness personal area or you can choose to complete verification by uploading some identity documents.

If you proceed to deposit without completing verification, you have a maximum deposit limit of $2,000.
 

Payment methods supported by Exness for deposits and withdrawals are mobile money and cards. Here is the summary of the deposits and withdrawal options on Exness in Uganda.

Exness Deposit Methods

Here is a summary of payment methods accepted by Exness for deposits.

Exness Withdrawal Methods

Here is a summary of payment methods for withdrawals accepted on Exness.

What is the minimum deposit for Exness?

The minimum deposit on Exness is $10 (UGX 37,246) for mobile money, e-wallets, crypto, and bank cards. Wire transfers require a minimum deposit of $10,000 and are processed within 48 hours.

How do I Deposit Funds?

To deposit funds into your Exness Account in UGX, follow the steps below:

Step 1) Log in to your Exness Personal Area by visiting www.exness.com and clicking ‘Sign In’ on the top right side to log in or go to my.exness.com/accounts/sign.

Step 2) Once you’re logged into your personal area (dashboard), click on ‘DEPOSIT’, which is on the left side column menu, and select Mobile Money.

Step 3) Next, you select the trading account you want to deposit funds into and enter the amount of money you want to deposit then click ‘Next’ to proceed.

Step 4) You will be taken to a page where you will select your phone network provider (MTN, Airtel). Then you will receive a text message on your phone with the direction to complete the deposit. When the payment is confirmed, you will be notified.

Step 5) After you complete the steps above, your Exness trading account is credited with the deposited funds.

What is the Exness Minimum withdrawal?

The minimum withdrawal on Exness is $1 for Webmoney, $2 for PerfectMoney, $4 for Neteller, $10 for Skrill, BTC, and bank cards, $2 for UGX mobile money, and $100 for USDT.

How to Withdraw Funds from Exness in Uganda?

To withdraw funds from your Exness account to your bank account in Uganda, follow the steps below:

Step 1) Go to the Exness website home page at https://www.exness-trade.pro and click ‘Sign In’ on the top right side to log in.

Step 2) Once you’re logged into your personal area (dashboard), click on ‘WITHDRAWAL’, which is on the left side column menu, and select Mobile Money.

Step 3) Select the trading account you would like to withdraw funds from, then enter the amount of money you want to withdraw in the field provided.

Step 4) You will be shown a summary of the withdrawal transaction details, and a code will be sent to you either by email or text, for you to confirm the withdrawal, enter the code received and click on ‘Confirm’ to proceed to the next page.

Step 5) After confirming the withdrawal, you will be asked to fill in your Ugandan phone number through which you want to receive the funds.

Step 6) Next thing is to click ‘Confirm’ after putting in the information, and you will get a pop-up screen saying the withdrawal process is complete.

You can trade any of the following instruments with Exness.

Exness supports the following trading platforms:

1. MetaTrader 4 & MetaTrader 5: Exness supports the MT4 and MT5 trading applications for trading financial markets. You can access the applications on the web, desktop and mobile devices (Android & iOS).
2. Exness Trader: This is the proprietary Exness trading platform, developed by Exness. You can access it via the Exness Terminal on the web and mobile Exness Trader App for Android and iOS devices.

The Exness customer care service is fair, it has a number of channels for support to customers. They include:

1) Live chat support: Exness has a 24/7 live chat that is not very fast, sometimes they have long waiting queues. When you first click the live chat button, the Exness Virtual Assistant bot starts by sending you quick messages about account types and other Exness related info, you can then type ‘chat agent’, to be transferred to a chat agent.

Note that the Exness Assistant will request your email address before transferring you to a live chat agent. If left idle for a while, the chat closes automatically.

2) Email support: The email support is relatively slow, compared to the email support of other brokers. When our team sent them an email, it was replied to after several hours, a follow-up email was sent, and it also took hours to get a response.

The answer provided was relevant and they recommended live chat for faster response in the mail, with a link to it. The Exness email address is [email protected].

3) Physical office: Exness has physical office addresses in the jurisdictions where it is regulated, London, the UK, Johannesburg, in South Africa, among others. Exness does not have a physical office location in Uganda.

4) Phone support: Exness does not have phone support for traders in Uganda. It has international phone support is in Cyprus. The Exness phone number is +357-2503-0959. When our team tried calling, it did not connect.

Exness has some tools that traders can use to improve their experience. You can use the following tools on the Exness Platform to analyze markets, plan trades, and manage risk effectively:

1) Trading Central Signals: You can use this tool to receive actionable trading signals generated by professional analysts on Trading Central platform. This is designed to help you stay informed and potentially spot favorable entry and exit points.

2) Market news by FXStreet: Exness has integrated the FXStreet forex news into their platform and you can access news about the latest updates and trends in the market.

3) Economic Calendar: The Exness Economic Calendar is designed to show upcoming economic events in various countries and regions that can impact currency movements. This tool is designed to help you anticipate and adjust your trading strategies accordingly.

4) VPS Hosting: If you open an Exness trading account with at least $500, you get a free VPS service. VPS means Virtual Private Server. It is a remote terminal solution that ensures trading continues even if trading terminal is closed. Even if there is computer crashes or power cuts, VPS is not affected.

Investment Calculator

The investor calculator on Exness is designed to help you do the following things:

1) Estimate Margin: The tool allow you to estimate the margin requirement for your desired trade size, which will help you ensure you have sufficient funds to avoid margin calls.

2) Calculate Pip Value: The tool also helps you calculate the potential profit or loss per pip movement for a specific trade, helping you assess risk and reward potential.

3) Calculate Profit: The Exness investor calculator can you estimate the potential profit or loss for a given trade you are considering to enter, based on entry and exit price, leverage, and commission fees.

Do we Recommend Exness in Uganda?

Exness is considered low-risk because the broker is multi in Top-tier regulations jurisdictions, like FCA, FSCA, and CySEC. The broker also offers negative balance protection which makes the platform safer for trading as you cannot lose more than your deposit.

The fees on Exness are moderately low when compared to some brokers, but are not the lowest. You can choose from the different account types depending on whether you prefer to pay more spreads or commissions.

The customer support of Exness is not robust, as their live chat is the most reliable contact medium. Exness website is easy to navigate with lots of information and the account creation process was fast.

We recommend that you visit the broker’s website and probably chat with live agents to answer your questions to help you decide if the broker is right for you and the account type you prefer.

Exness Uganda FAQs

FBS minimum deposit is $5 (UGX18,340)

This review is a breakdown of FBS minimum deposit requirements in Uganda, supported payment methods, associated fees, and how FBS’s minimum deposit compares to other CFDs and forex brokers in Uganda. Let’s find out how much you need to get started with FBS.

What’s the minimum deposit for FBS?

FBS offers only 1 trading account for all traders and the minimum deposit for the FBS account is $5 (UGX18,340). However, the actual minimum deposit on FBS in Uganda depends on the payment method you are using.

Mobile money payment (Airtel) require a minimum deposit of 11,000 UGX while cards require a minimum deposit of 6 EUR.

Accepted Deposit Methods on FBS Uganda

FBS offers a range of ways to deposit into your trading account:

1) Mobile Money Payment (Airtel Money): FBS accepts deposits via local mobile money payment, only Airtel is supported for deposits. The minimum amount when depositing via mobile money is UGX 11,000, it takes about 15-20 minutes for funds to be credited to your trading account. FBS charges deposit fees of 3.5% of the deposit amount per transaction for deposits via mobile money in Uganda.

You can also withdraw to your mobile money account from FBS, MTN and Airtel are supported for withdrawal. Minimum withdrawal amount is UGX 10,000, which is processed with 15-20 minutes for you to the receive the funds and can take up to a few days if there is a delay. FBS does charges a fee of 2.5% + 1,664.8 UGX per transaction for withdrawals to mobile money in Uganda.

2)Credit/Debit Cards (Visa, Maestro): FBS accepts deposits via cards. The minimum deposit when using cards on FBS is €6, funds are generally credited instantly to your trading account. FBS charges zero fees for deposits via cards.

FBS also supports withdrawal to cards, the minimum withdrawal amount on FBS for card withdrawals is €5. It takes about 15-20 minutes for the withdrawal to be processed and can take up to 7 days to receive the funds. FBS charges withdrawal fees, starting from €2 per transaction.

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Note: CFD trading is risky

FBS Deposit Methods Table

The table below summarizes the deposit methods accepted by FBS for deposits.

FBS Deposit Rules

1. Deposit Fees: FBS charge deposit fee when you are depositing funds using the mobile money payment option in Uganda. The fee is 3.5% for deposits via Airtel. Although FBS offers free deposits for payment methods like cards. Note that your bank, card issuer or payment processor may charge an independent fee.

2. Deposit Time: You can make deposits to your FBS trading account at anytime. Deposits via cards (Maestro/Visa) are credited instantly.

3. Payment Source: Deposits must come from accounts (banks and cards) held in your own name. You will be required to verify your account before you can deposit using cards. You will need to provide your ID and proof of address to verify your account. You will also be required your phone number.

How do I deposit money into my FBS account?

Step 1: Access your FBS dashboard.

Step 2: Navigate and click on ‘Deposit’ then select for your preferred payment method for deposit.

Step 3: Input the desired amount to add to add to your trading account, then click the ‘Deposit’ button. Follow the prompts to finalize your deposit transaction.

Comparison Of FBS Minimum Deposit With Other Brokers

Here is a comparison of FBS minimum deposit with that of their competitors.

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Note: CFD trading is risky

What base currencies are accepted by FBS?

FBS lets you fund your account in any currency. You can fund your account in any currency but it will be converted to your account’s base currency in USD or EUR.

FBS Minimum Deposit Uganda FAQs

FBS is an online Forex and CFDs broker offering trading services for financial markets such as foreign exchange (forex) currency pairs, indices, cryptocurrencies, metals, stocks and commodities.

FBS was founded in 2009. The broker is regulated in South Africa, Australia, Cyprus and Belize.

This review of FBS will examine the fees, trading instruments, account opening process, customer support, deposit/withdrawal options and trading platforms offered by the broker.

FBS Review Summary
🏢 Broker Name	FBS Markets Inc.
📅 Establishment Date	2009
🌐 Website	www.fbs.com
🏢 Address	9725, Fabers Road Extension, Unit 1, Belize City, Belize
🏦 Minimum Deposit	$5
⚙️ Maximum Leverage	1:3000
📋 Regulation	FSC Belize, VFSC, FSCA, ASIC, CySEC
💻 Trading Platforms	MT4, MT5 and FBS Trader available on PC, Mac, Web, Android, & iOS
Visit FBS

FBS is the trading name of the FBS brand which is licensed in various countries by Top-Tier financial regulators under different names. The multiple regulations of FBS make them a legit broker for traders in Uganda.

Here are the various jurisdictions in which FBS is authorised:

1) Financial Services Commission (FSC), Belize: FBS is also licensed in Belize as ‘FBS Markets Inc.’ with license number 000102/310. Traders in Uganda are registered under this regulation.

Note that it is best to avoid forex trading as it is not regulated in Uganda. This is because with offshore regulation, the consumer protection of the foreign countries may not cover traders from Uganda.

2) Financial Sector Conduct Authority (FSCA), South Africa: FBS is regulated in South Africa by FSCA as ‘Trade Stone SA (Pty) Ltd’ and authorized to provide financial services, with FSP (Financial Services Provider) number 50885, issued in 2020.

3) Australian Securities & Investments Commission (ASIC): FBS is regulated in Australia by ASIC as ‘Intelligent Financial Markets Pty Ltd’, and licensed to offer financial services, with ACN (Australia Company Number) 155 185 014, issued in 2012. The broker uses ‘FBS Oceania’ as a trading name in Australia.

4) Vanuatu Financial Services Commission (VFSC): FBS is regulated in the Republic of Vanuatu by the VFSC as an international business under the name ‘Mitsui Markets Limited’, with registration number 14812, issued in 2016.

5) Cyprus Securities and Exchange Commission (CySEC): FBS is regulated in Europe by CySEC and licensed to offer investment services under the name ‘Tradestone Ltd’, with license number 331/17, issued in 2017. FBS serves clients in the EU area through this license.

The leverage on FBS depends on the account equity balance and the instrument you are trading. The maximum leverage on FBS is 1:3000, which applies to forex pairs when your account equity is under $200.

Accounts with equity of $200-1,999 have a maximum leverage of 1:2,000, those with account equity of $2,000-4,999 have leverage of 1:1,000, if your account equity is $5,000-29,999, max leverage is 1:500. Equity of $30,000-149,999 have max leverage of 1:200. If your account equity is over $150,000 your leverage is capped at 1:100 and can be as little as 1:1. All of these apply to forex pairs.

The maximum leverage for indices and metals is 1:500, energies is 1:200, while stocks is 1:100.

With a leverage of 1:1000, you can open a trade position worth 1,000 times your deposit. For example, if you deposit $100 you can place a trade worth $100,000.

Note; do not use all the available leverage in your trade as it will increase your risk and you can lose all your money. Leveraged products trading involves risk and you should not trade them unless you understand them and have experience.

FBS offers one account type, the Standard Account, which combines the features of the previous 3 account types. You can request an Islamic Account or open a demo account on FBS to practice trading with virtual money before putting your real money.

Here is an overview of the trading account conditions on FBS.

1) Standard Account: The FBS Standard Account is designed for more experienced traders who trade large lots of instruments and is accessible on the MT4 and MT5 trading platforms.

This is the default account you get when you first sign up on FBS, it allows you to trade, forex pairs, forex exotics, indices, metals, energies and stocks. and you can also open a demo version of this account type for practice.

This account has floating spreads starting from 0.7 pips, you do not pay commission charges for opening and closing trade positions, but pay swap fees if you keep a trade position open past the market’s closing time.

This account requires a minimum deposit of $5, with a minimum trade size of 0.01 lots and maximum open positions of 500, with maximum leverage of 1:3000 for major forex. This account also has negative balance protection.

This account has negative balance protection, which means that if a trade position is unsuccessful and you make a loss, any negative balance on your account will be reset to zero and you don’t have to deposit additional funds to clear it.

2) Islamic Account: FBS offers Swap-free Islamic Accounts to traders in Uganda. The account is designed for Muslim traders who want to abide by the sharia law of no-riba.

You can convert your account to an Islamic status. To activate swap free for your account you should check the box upon creating your account or send a request to support with:

1) The copy of your identity document you used for verification of your account.
2) The account number you want to activate Swap Free option for.

You can send a request to [email protected] to activate the swap free status.

Be kindly informed that Swap-free is not available for Crypto trading.

The swap-free account on FBS does not charge any swap fees or interest for keeping a trade position open past the market’s closing time.

If you keep a position open for more than 2 days, the broker may charge a fixed fee for the number of days the trade position remained open.

The Swap Free option is available for all trading instruments; however, when trading Forex Exotic, you will be charged a commission once a week instead of the swap.

FBS Base Account Currency

FBS offers 2 account base currencies for you to choose from when creating an account on the platform. They are Euros – EUR and United States Dollars – USD. Although you can deposit UGX and it will be converted to the base currency of your account.

All your deposits, trades, profits, losses, and withdrawals are measured in your chosen account currency.

Fees on FBS Uganda depend on the account type you have, and the instrument you are trading. Find a summary of the trading and non-trading fees on FBS below:

Trading fees

1) Spread: Whenever you trade an instrument on FBS, the broker adds a markup to the market (ask) price of the instrument. This markup is called spread, it is the difference between the ask (sell) price and bid (buy) price of financial instruments and is measured in pips.

The spreads you pay on FBS depend on your account type, the instrument you are trading, and the size of your trade. Find the typical spread you will pay for major instrument pairs on FBS Uganda per standard lot (trade size of 100,000 units) below:

2) Commission fees: FBS does not charge commission fees on trades. FBS offers commission-free trading on all accounts.

3) Swap fees: The closing time of the market on FBS is 11:59 PM trading platform time, if you keep a trade position open past the closing time, the trade will roll over to the next day and you will incur overnight funding costs also called rollover fees or swap fees.

The swap fees will depend on the instrument you are trading, the size of the trade, the spread, leverage, and whether your trade position is a long swap (buy) or short swap (sell). Islamic Accounts do not pay swap fees, because they are swap-free.

You can use the Trader’s Calculator on the FBS website to calculate the likely swap fees you will pay on a trade.

1) Deposit and Withdrawal fees: FBS charges deposit fees on mobile money payments, which is 3.5% of the transaction value. However, deposits via cards and cryptocurrencies are free of charge.

Withdrawal fees of 2.5% + 1664.8 UGX applies to each withdrawal via mobile money (MTN and Airtel). Withdrawals to cards attract a fee of 2 EUR per transaction, while cryptocurrencies withdrawal are free.

2) Account Inactivity charges: FBS does not charge inactive account fees. If you do not log in to your account or do not perform any trade, no fees will be incurred, and any funds in your account will not be touched.

FBS Non-Trading fees Table

*Note that your payment processing company may charge some independent transaction fee.

How to Open FBS Account in Uganda?

Follow these steps to open a trading account on FBS.

Step 1) Go to the FBS website at www.fbs.com and click on the ‘OPEN ACCOUNT’ button.

Step 2) Enter your full name and email on the form that appears, then click ‘Register as Trader’.

Step 3) Create a password for your account and click ‘Change password’, then go to your email inbox and click the verification link sent.

Step 4) After confirming your email, click ‘Proceed’ on the page that appears, click on ‘Try Services’ to continue registration.

Step 5) Enter your full name, date of birth and country of residence then click ‘Save’.

Step 6) You will be redirected to your account dashboard where a standard account has been created for you.

Click on ‘Get Verified’ button to enable you access the full account features.

Step 7) Select your country of citizenship, whose ID card you will use to verify your account. Then upload the ID and verify your account. You will also need to verify your phone number.

After verifying your account, you will be able to make deposit, place trades, and withdraw funds from your FBS account.

Payment methods supported by FBS for deposits and withdrawals are mobile money (MTN, Airtel), cards, and e-wallets (Skrill, Neteller, Sticpay, PerfectMoney). The account/card used for deposit and withdrawal must have the same name as the one on your FBS trading account.

Here is the summary of the deposits and withdrawals on FBS Uganda.

FBS Deposit Methods

Here is a summary of payment methods accepted by FBS for deposits.

FBS Withdrawal Methods

Here is a summary of payment methods for withdrawals accepted on FBS.

What is the minimum deposit for FBS?

The minimum deposit on FBS is depends on the payment method you are using. Mobile money (Airtel Money) requires a minimum of UGX 11,000 while cards require €6.

How do I deposit money into FBS?

Follow these steps to add money to your FBS account

Step 1) Log into your FBS dashboard via www.fbs.com/cabinet/login

Step 2) Click the ‘Deposit’ on the dashboard and choose the payment method you want to use.

Step 3) Enter the amount you want to add, click the ‘Deposit’ button and follow the on-screen instructions to complete your deposit.

What is FBS Minimum withdrawal?

The minimum withdrawal amount on FBS varies depending on the payment method you are using, although it starts from $1. When withdrawing to mobile money (MTN and Airtel), the minimum amount is UGX 10,000.

How much can I withdraw money from FBS?

To withdraw funds from Trade Nation, follow these steps.

Step 1) Log into your FBS dashboard via www.fbs.com/cabinet/login

Step 2) Click ‘Withdraw’ on the dashboard and choose the payment method you want to use.

Step 3) Enter the amount you want to withdraw and follow the on-screen instructions to complete your withdrawal.

You can trade over the following financial instruments on FBS:

Trading platforms supported by FBS are:

1) MetaTrader 4 and MetaTrader 5: FBS supports the MT4 and MT5 trading applications as platforms for trading the financial markets. You can access the platform via the web, and download it on desktop (Windows and Mac) and on mobile devices (iOS and Android).

2) FBS Trader: The FBS Trader is a proprietary trading platform developed by FBS and is available on mobile devices only. You can download it from the Apple App Store or Google Play Store.

FBS has some trading tools that you can use alongside the trading platform, they are:

1. FBS Economic Calendar: The FBS Economic Calendar Feature helps you keep tabs on important economic events. The built-in Economic Calendar is like a friendly fortune teller for the markets, highlighting key dates like interest rate changes, inflation reports, and job data.

Remember, these events can cause currencies to jump or dive, so being prepared is key! FBS’s calendar help you know what’s coming up and can potentially plan your trades accordingly.

2. FBS Trader’s Calculator: The FBS Trader’s Calculator is a built feature you can access on the FBS website in Australia. You can use it to know how much you could win or lose on a trade. You can also use the calculator to check your margin requirements or the value of each pip movement. You can also access the calculator on their website under the Tools section.

3. FBS Currency Converter: The FBS Currency Converter is your instant translator when trading different currencies. It shows you the exact exchange rate between any two currencies in a flash. Whether you’re dealing with euros, yen, or something else entirely, this tool takes the guesswork out of international trades. It helps you know exactly how much you’re getting and can make sure you are securing the best deals.

FBS offers a number of promotions to traders in Uganda registered under FBS Markets Inc, regulated in Belize. Find a summary of various FBS bonuses below:

1. 100% Deposit Bonus: This bonus is offered to new traders on their first deposits. You get double the amount you deposit, you can use it to trade and withdraw the profits.
2. Cashback: FBS rewards traders with cash rebates on trades of up to $15 per lot traded. You can withdraw this cashback or use it to trade and then withdraw the profits.

Note that you will have to activate these bonuses in your Personal Area to enjoy them. Also, check the Terms and Conditions to be sure you want to activate the bonus on FBS. You can also check out the broker’s website for other bonuses.

At the time of this update, FBS has discontinued all bonuses.

FBS offers 24/7 customer support to traders via the following channels:

1) Live chat support: The FBS live chat is available 24 hours every day and can be accessed on the broker’s website.

When you first initiate the chat, a chatbot will suggest likely answers in articles to you. Click on ‘Get in touch’ to transfer to a live agent. You will be required to submit your email and name to start the chat.

When our team tested the live chat on the FBS website, the wait time was under 2 minutes before a live agent responded to our chat and the answers to our questions were relevant and prompt.

2) Email support: FBS also offers email support to clients in Uganda. The email is available 24/7 as well. We sent an enquiry to the FBS email support and got an auto-response acknowledging receipt of our enquiry but no live agent replied after several hours. The FBS email address for enquiries in Uganda is [email protected].

3) Phone support: FBS does not offer phone line supports to clients in Uganda, although you can request a call back from the support team via live chat by providing your phone number and the customer support representative will call you within 7 days.

Does FBS Allow Scalping?

Yes, FBS permits Scalping. FBS is an Electronic Communication Network (ECN) broker, which implies that they connect buyers and sellers using electronic communication networks. This feature enables them to offer a tight spread and fast execution speed.

To commence scalping on FBS, they suggest using the ECN account available on MT4. However, it’s essential to remember that scalping is risky, and you must have robust risk management strategies to avoid or mitigate losses.

Do we Recommend FBS Uganda?

FBS is regulated by Tier-1 and Tier-2 financial regulators. This means the broker is obliged to protect clients’ funds. FBS also offers negative balance protection for all clients.

The fees on the platform are moderate as they offer commission-free trading and competitive spreads, and zero inactive account fees, although the broker charges withdrawal fees on all payment methods.

FBS offers a variety of account types to choose from, including demo and Islamic Accounts. This means both beginners and expert traders can sign up on the platform and find an account that is right for them. Although they offer few tradable instruments.

FBS customer support is fair, as they respond fast to enquiries via live chat alone and it is available 24/7.

We recommend that you try FBS after reviewing the instruments available on the platform to be sure they have the assets you want to trade.

FBS Uganda FAQs

IC Markets minimum deposit in Ugandan Shillings is 740,000UGX ($200).

IC Markets is a forex broker that provides financial services to traders in Uganda. They are licensed with Financial Services Authority (FSA) based in Seychelles and offer varying trading accounts to meet their clients’ need.

In Uganda, IC Markets has a single minimum deposit. Though their accounts have different trading conditions, one thing is common with all of them. It is the minimum deposit.

We have expertly researched all the four live accounts. you can open with IC Markets if you are resident in Uganda.

Let us show you what we found.

How Much is IC Markets’ Minimum Deposit in Uganda?

Now, we go into IC Markets’ trading account in brief details.

1) cTrader Raw Spread Account

The cTrader Raw Spread Account is an electronic communication network (ECN) account. You will need $200 (740,000 UGX) minimum deposit to open this account.

Because it is an ECN Account, the spreads are razor sharp and begin from 0.0 pips. Typical with most ECN trading account, there will always be a commission.

Per standard lot, your commission for trading on this account is $3.0 ($6.0 per lot roundturn). This account allows all trading styles but it is most suitable for day traders and scalpers.

Finally, you can have this account on cTrader and TradingView only.

2) MT4/MT5 Raw Spread Account

This is the MetaTrader version of the cTrader Raw Spread Account. It is also an ECN account and you will need $200 (740,000 UGX) minimum deposit to have one.

The pricing of the spreads is raw beginning at 0.0 pips. The spreads are institutional grade and executable streaming prices. They come from IC markets’ liquidity providers and are sent to to you without a dealing desk or manipulation.

You will pay a commission of $3.5 ($7 roundturn) per every standard lot traded. If you trade with EA, or you are a scalper, this account is suitable for you. You can have it on MT4 and MT5 only.

3) Standard Account

IC Markets’ Standard Account is available on MT4 and MT5. It is a zero commission account and the spreads are not razor sharp. Your minimum deposit for this account is also $200 (740,000 UGX).

Spreads begin from 0.8 pips and you have access to an extensive network of up to 25 liquidity providers. This account is suitable for all trading styles.

However, it is more suitable for traders who are more discretionary.

4) Islamic Account

This account complies with the Shariah Law. If you cannot pay or earn interest because of your religious beliefs, this is the account for you.

The account is swap-free which means you will not receive or pay overnight charges. However, there is an holding fee for positions held overnight. You can open the Islamic as a Standard Account or Raw Spread Account on cTrader, MT4, and MT5.

Minimum deposit for IC Market’s Islamic Account is $200 (740,000 UGX). IC Markets may require some documents in order to offer you their swap-free account.

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Note: CFD trading is risky

5) IC Markets Demo Account

IC also offers a Demo Account. This account is available across all of their trading platforms. You can practice with the Raw Spread Account or Standard Account.

A demo account helps you learn about the trading conditions of your account without risk.

IC Markets Deposit Methods and Required Fees

When we reviewed IC Markets, we found that they offer seven (5) payment methods that allow you fund your account in USD. None of the payment methods support deposits in Uganda Shillings (UGX).

Here is a brief breakdown of these methods.

1) Credit/Debit Cards: IC Markets accept debit/credit cards from Visa and MasterCard only. Funding is instant without extra charges.

2) Neteller: Deposit is instant and free of charge.

3) Skrill: IC Markets offer Skrill as a funding method too. Your money reflects in your account instantly.

4) Wire Transfer: Bank wire transfer is also supported by IC Markets. It may take 2-5 business days to complete the transaction.

5) Broker-to-Broker: You can transfer funds from another broker too. Your money should get to your account in 2-5 business days.

Note: Your bank or payment service providers may charge you a commission. IC Markets does not charge any fees for deposits. In addition, you will find PayPal as one of the deposit options on IC Markets Global website. However, you should know that PayPal no longer offer services to Ugandan residents.

IC Markets Deposit Rules

1) It is best to fund your account via your client secure client area. Your payment is processed speedily and your money gets to your account quickly and securely.

2) IC Markets will not process payments from third parties. Make sure all payments into your trading account come from a bank in your name.

3) Payments from joint bank accounts or credit card are accepted if you are one of the parties on the bank account or credit card.

How to Deposit Funds Into Your IC Markets’ Account

1) Log in to your secure client area through https://secure.icmarkets.com/Account/LogOn?ReturnUrl=%2f. Enter your email address and password.

2) On the left side menu, click ‘Deposit’. You will see different deposit methods. Choose the method and base currency you prefer for the transaction.

3) Enter the minimum deposit required for your account and other needed information. Then click ‘PROCEED’.

Comparison Of IC Markets Minimum Deposit With Other Brokers

Here is how IC Markets minimum deposit compare to other brokers in Uganda.

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Note: CFD trading is risky

What base currencies are accepted by IC Markets?

The base currencies accepted by IC Markets are AUD, USD, EUR, GBP, CHF, NZD, JPY, SGD, CAD, and HKD

Frequently Asked Questions

IC Markets is a CFDs broker offering trading services for foreign exchange, commodities, bonds, digital currencies, indices and stocks.

IC Markets was established in 2007 and is regulated in Seychelles and other top-tier jurisdictions. Traders from Uganda are registered under IC Markets Seychelles entity.

In this post, we take a look at the trading fees, deposit and withdrawal options, account opening process, customer support and safety of IC Markets to help you get to know more about this broker.

IC Markets Review Summary
🏢 Broker Name	Raw Trading Ltd
📅 Establishment Date	2007
🌐 Website	www.icmarkets.com
🏢 Address	Raw Trading Ltd, Eden Plaza, Office 209, Eden Island, Mahe, Seychelles
🏦 Minimum Deposit	$200 (740,000 UGX)
⚙️ Maximum Leverage	1:1,000
📋 Regulation	ASIC, CySEC, FSA Seychelles
💻 Trading Platforms	MT4, MT5 and cTrader available on PC, Mac, Web, Android, & iOS
Visit IC Markets

Although IC Markets is not regulated in Uganda as such it is best to avoid them. However, the broker is licensed by tier-1 and tier-2 financial regulators.

Below are the major regulations with which IC Markets are regulated.

1) Financial Services Authority (FSA), Seychelles: IC Markets is incorporated in Seychelles as Raw Trading Ltd and is regulated by the FSA with license number SD018, authorised as a securities dealer in 2020.

They operate under the trading name IC Markets Global with a dedicated website www.icmarkets.sc.

Traders from Uganda are registered under this offshore regulation. It is important to know that the broker is not regulated in Uganda and their offshore regulation may not cover Ugandan traders. Trading with them is at your own risk.

2) Australian Securities & Investments Commission (ASIC): IC Markets is registered in Australia as International Capital Markets Pty Ltd with ACN (Australian Company Number) 123-289-109 since 2007 and is regulated by ASIC.

3) Cyprus Securities and Exchange Commission (CySEC): IC Markets is also regulated in Europe by CySEC as IC Markets (EU) Ltd and authorized to offer investment service, license number 362/18 issued in 2018. The broker serves European clients through this license and a dedicated website, www.icmarkets.eu.

Ugandan clients are registered under IC Markets’ Seychelles entity. Therefore, there is no negative balance protection for traders based in Uganda. Here is a statement from IC markets website that confirms this.

“Events such as markets gapping over the weekend or on major holidays, where liquidity is thin, can increase the chance of your positions being stopped out and a negative equity situation occurring. In case you lose more than your current account balance, you should be aware that you will bear the negative consequences of such adverse events.”

The maximum leverage on IC Markets is 1:1,000 for forex and commodities, 1:200 for indices, bonds, and futures, and 1:20 for stocks, while cryptocurrencies have a maximum leverage of 1:5 on cTrader and 1:200 on MT4/MT5. You can change your maximum leverage in your account client area.

With a leverage of 1:1,000, you can open a trade position worth 1,000 times the value of your deposit. For example, if you deposit $100, you can place a trade worth a notional value of $100,000.

Note that some instruments have lower leverage limits than the stated maximum.

It is important to know that trading leveraged products involves risk and you can lose all your money. It is best to only trade if you understand it and do not use high leverage.

IC Markets offer two main types of trading accounts for clients: Raw Spread and Standard Accounts, along with a Raw Spread Account for cTrader only. Each type of account has varying fees and some trading conditions.

They also offer Islamic Accounts for Muslim traders that are swap-free and demo accounts to help beginners get familiar with the platform.

Below are details of the various account types currently available on IC Markets and their features:

1) Raw Spread Account (MetaTrader): The IC Markets Raw Spread Account (MetaTrader) is only available on the MetaTrader trading application and allows you to trade CFDs on Forex, indices, bonds, cryptocurrencies, commodities and stocks.

This account attracts a commission of up to $3.50 per side lot traded, which amounts to up to $7 for a round turn. Spreads on this account start from 0.0 pips, and swap fees are applied for keeping a position open overnight.

This account requires a minimum deposit of $200 with a minimum trade lot size of 0.01, a maximum number of position orders of 200 and maximum leverage of 1:1,000.

2) Raw Spread Account (cTrader): The IC Markets Raw Spread Account (cTrader) is only available on the cTrader platform and allows you to trade CFDs on Forex, indices, bonds, cryptocurrencies, commodities and stocks.

A commission of up to $3 per side lot traded is charged on this account, which amounts to up to $6 for a round turn. Spreads start from 0.0 pips, and swap fees are applied for keeping a position open overnight.

In order to trade on this account, you must have a minimum of $200 in your account with a minimum trade lot size of 0.01. The maximum number of open positions is 2,000 and the maximum leverage is also 1:1,000.

3) Standard Account: The IC Markets Standard Account is available exclusively on the MetaTrader platform and lets you trade CFDs on Forex, indices, bonds, cryptocurrencies, commodities and stocks.

This account is spread only and charges no commission for opening or closing trade positions. Spreads start from 0.8 pips and usually have a markup because you pay no commissions. You also pay swap fees for keeping a position open overnight on the Standard Account.

You must have at least $200 in your account, with a trade lot size of 0.01, to trade on this account. The maximum number of open positions is 200 and the leverage limit is 1:1,000.

4) Islamic Account: The Islamic Account at IC Markets is a swap-free account for Muslim traders who want to adhere to the Sharia law of no-riba.

This account is similar to the Raw Spread & Standard Accounts, with the same spreads, commission fees, leverage, and minimum deposit, except that it does not charge swap fees.

Note that you will pay a flat rate financing fee if you keep the trade position open for more than one night.

If you want an Islamic account, you will have to select the Islamic Account Option while creating your account.

IC Markets Base Account Currency

The 10 base account currencies supported on IC Markets are AUD – Australian Dollar, USD – United States Dollar, EUR – Euro, CAD – Canadian Dollar, GBP – British Pound Sterling, SGD – Singapore Dollars, NZD – New Zealand Dollars, JPY – Japanese Yen, CHF – Swiss Franc and HKD – Hong Kong Dollar.

You can select any of these during account registration, but cannot change it once the account is opened.

IC Markets fees vary based on currencies traded, account type, and trading instruments. Find an overview of IC Markets fees here:

Trading fees

1) Spreads: IC Markets charges spread fees whenever you trade instruments, which is the difference between the bid and ask prices. The lowest spreads start at 0.0 pips for Raw Spread Account and 0.8 pips for the Standard Account. Here are the average spreads on IC Markets for Raw Spread & Standard Accounts:

2) Commission fees: IC Markets offers commission-free trading for Standard Accounts, and Raw Spreads accounts incur commission fees for opening and closing trade positions. The Raw Spreads (MetaTrader) round-turn commission fee is $7 and Raw Spread (cTrader) is $6.

3) Swap fees: If you keep a trade position open overnight, you will pay either a swap fee or gain swap interest, this is applicable to all account types on IC Markets except Islamic Accounts.
Typical swap fees for major pairs like EURUSD on MetaTrader are $-4.35 for long (buy) swap and $1.34 short (sell).

Islamic Accounts are swap-free and won’t pay any swap fees for holding a position overnight. However, if you hold the position open for more than one night, you will start to pay a flat financing fee based on the instruments you are trading.

Non-trading fees

1) Deposit and Withdrawal fees: IC Markets does not charge any fees for deposits and withdrawals on all payment methods for all account types.

Some international banking institutions may charge independent fees.

2) Account Inactivity charges: IC Markets does not charge inactive account fees, which means that you won’t be charged anything if you don’t log into your account or trade. Any funds in your account will be untouched.

How to Open IC Markets Account in Uganda

To start trading on IC Markets, follow these steps to open an account.

Step 1: Visit the IC Markets website homepage at www.icmarkets.com and click on ‘Start Trading’ tab on the top right corner of the home page.

Step 2: Fill out your name, email, and phone number on the form that appears and click the ‘NEXT’ button.

Step 3: Select whether you are opening an individual, joint or corporate account, check the box beside Islamic Account, if you are a Muslim, then provide your date of birth and fill in your address. Check the referral box if you were referred and click on ‘NEXT’.

Step 4: Now, choose your preferred trading platform and the account type you want, and select a base account currency. Then click on ‘NEXT’ to proceed.

Step 5: You will be required to set a security question and the answer. After that, check the box to show you have read and agree with the terms and conditions, then click ‘SUBMIT’ to continue with the account registration.

Step 6: You will be redirected to the IC Markets Secure Client Area where you will be required to answer some questions to complete the registration and verify your account.

Answer the questions about your employment & income then click ‘NEXT’.

Answer the questions regarding your trading knowledge and experience then click ‘SUBMIT’.

Step 7: You will be required to upload your identity and address documents to verify your account.

You can choose to do this later and fund your account instead.

Payment methods accepted for deposits and withdrawals on IC Markets include cards, e-wallets (Skrill, Neteller, PayPal, & AstroPay), and bank wire transfers.

Learn about the minimum amount and the time it takes to process deposits and withdrawals from IC Markets below:

IC Markets Deposit Methods

Here is a summary of payment methods accepted by IC Markets for deposits.

IC Markets Withdrawal Methods

Here is a summary of payment methods for withdrawals accepted on IC Markets.

What is IC Markets Minimum deposit?

The recommended minimum deposit on IC Markets Uganda is $200 (740,000 UGX) for all payment methods. You may make a deposit of less than $200, but this may limit the types of trades you can execute and the volume you can trade.

What is the IC Markets Minimum withdrawal?

The minimum withdrawal on IC Markets is $1 (3,700 UGX) for cards and e-wallets while bank transfers require a minimum withdrawal amount of $50 (185,000 UGX).

How do I deposit on IC Markets in Uganda?

Step 1: Log in to your account Client Area through the IC Markets website or by visiting https://secure.icmarkets.com/, type in your email as username and enter the password that was sent to your email after registration then click ‘LOGIN’.

Step 2: Once you are logged in, click on Deposit on the left side menu and select a payment method you would like to use for your deposit.

Step 3: Enter the amount you want to deposit and provide other information required then click ‘PROCEED’ and follow the on-screen instructions to complete the deposit.

How to Withdraw Funds from IC Markets in Uganda?

You can follow these steps to withdraw your money from IC Markets Uganda.

Step 1: Log in to your IC Markets clients area (dashboard).

Step 2: Click on withdraw on the left side menu.

Step 3: Select a withdrawal method and the trading account you wish to withdraw from, enter the amount you want to withdraw, click on ‘SUBMIT’ and follow the on-screen instructions to complete your funds’ withdrawal on IC Markets.

Below are financial instruments that can be traded on IC Markets

Trading platforms supported by IC Markets are:

1) MetaTrader 4 and MetaTrader 5: The MT4 & MT5 trading applications are supported by IC Markets for trading and can be accessed via the web, desktop and mobile devices (Android & iOS).

The MetaTrader is supported for The Raw Spread and Standard Account.

2) cTrader: IC Markets supports cTrader for trading using only the Raw SPread Account. The cTrader is available on the web, desktop (Windows & macOS) as well Google Play Store and App Store.

The cTrader copy trading app is also supported on IC Markets.

IC Insights: IC Insights is an investment research and analysis platform. You will data on it that will help your trading decision. It is focused majorly on stocks.

You can catch all the news at once and track trending stocks. You get to keep up with stocks that analysts are focusing on. In addition, you will also get investment insights from experts and pros. These insights are backed by thorough research.

Finally, IC Insights has a community called Crowd Wisdom. You can connect with fellow traders and identify opportunities together.

Trading Central: Trading Central has seven features. Economic calendar, Alpha generation, Newsletter, Featured ideas, TC videos, Technical view, and Market buzz.

Market buzz is the most exciting of these tools. Instead of having information overload, market buzz creates data visualisations that improve your trading decisions.

With Alpha Generation, you get three innovative indicators. These indicators capture market psychology. The indicators are integrated with MT4/MT5. They help you identify trading opportunities with potential entry and exit points.

Does IC Markets have a mobile app?

No, IC Markets does not have a proprietary mobile trading app. However, there is IC Social for copy trading. IC Social is powered by Pelican Trading and it is available on the Play Store and App Store.

IC Markets have different education channels. We look at them in detail below:

1. Demo Account: IC Markets, like many forex brokers, have a demo account. It is free to open with zero risk. You will get an account with virtual funds that support all IC Markets account types, products, and platforms.

You can use the account to backtest your strategy, and get acquainted with the trading platforms, and the trading fees. In addition, IC Markets’ demo account does not expire so it is easy tracking your progress.

2. Video Tutorials: IC Markets’ video tutorials are largely about trading platforms. We found 17 videos that cover all about how to use and log in on the trading platforms, how to place an order, upload a credit card, and much more.

3. IC Markets’ Blog: There are a lot of educational articles on the broker’s blog. The blog is well structured with a good user interface. At a glance, you can see the technical analysis section and fundamental analysis section.

Also, there is an ‘education section’ with topics like trading psychology, risk management, and how to develop a trading plan.

IC Social is a trading app created by IC Markets that lets you copy the trades of other traders. So, if you’re new to trading or want to learn from the experts, you can follow the trades of experienced traders and potentially make a profit.

To start copying trades, you need to have a live account with IC Markets and sign up with your registered email address. However, keep in mind that this feature is only available for the IC Markets MT4 account.

If you find a trader whose performance you like, you may have to pay a fee to copy their trades. But the fees will vary depending on the trader you’re copying.

You can find more information about copy trading on IC Markets on their website.

IC Markets is not a market maker. They are the issuers of CFDs they offer and do not have a proprietary trading book. This means they do not determine the bid-ask prices of trading instruments. Since we have established this, the question is – what type of broker is IC Markets?

IC Market is an ECN broker. Their pricing model is ECN as well. This is made clearer with their Raw Spread Account. The average spreads on the account are raw and low. The prices they stream to traders are from IC Market’s liquidity providers with no price manipulations or requotes.

Furthermore, their execution model ensures fast execution speed. IC Markets achieve this by not hedging each of your positions with their hedge counterparties. In simple words, they do not open the opposite side of your trades with counterparties. Consequently, your trades are executed quickly.

IC Markets offers 24 hours a day, 7 days a week online customer support to clients via the following channels.

1) Live chat support: The IC Markets live chat is available 24/7 for client enquiries and can be accessed on their website. When you start the live chat, the IC Markets chatbot will respond first and show you quick option answers to some questions.

You can switch to a live agent by typing ‘chat with an agent’ in the chat, and the bot will show you options that will connect you to a live support agent.

When our team tested, the wait time for a live agent to connect was under 2 minutes and the answers provided were relevant. Although the live agent seemed to have delays of up to 3 minutes before answering some questions.
You will need to provide your email and name to start the chat.

2) Email support: IC Markets offers email support for clients, you can find the email on the contact us page of their website. You can fill in an enquiry to quickly send them a message or type a message in your email app and send it to the IC Markets email address at [email protected].

When our team tested their email support, we got a response in 10 minutes and the answer to our questions were correctly answered. The email support is available from 10:00 PM on Sundays to 10:00 PM on Fridays (GMT).

3) Physical Office: IC Markets has no physical office in Uganda, the headquarters of IC Markets is Level 4 50 Carrington Street, Sydney NSW, 2000 Australia.

4) Phone support: IC Markets offers international phone support for clients that is also available from 10:00 PM on Sundays to 10:00 PM on Fridays (GMT). The phone number is +248-467-1976.

Do we Recommend IC Markets Uganda?

IC Markets is licensed by ASIC which is a tier-1 financial regulator as well as CySEC a tier-2 financial regulator, and FSA which is a tier-3 financial regulator. This means broker is obligated to protect deposited clients’ funds based on the regulation and can be sanctioned in the event of a default. However, because they are not regulated in Uganda, Ugandan traders may not be protected by the offshore regulations.

IC Markets have moderate spreads and swap fees, offers commission-free trading on some account and charges zero dormant account fees. They also process deposits relatively faster than some brokers.

The customer support of IC Markets is good, they have 24/7 live chat and responsive email and phone support for 6 days (Sundays to Mondays).

The website of IC Markets is easy to navigate and has details about the account types, fees, trading conditions and other information that clients might have. The FAQ section of their website is highly informative.

We recommend that you visit their website to see if their conditions match your needs, you can also chat with their support to answer any questions you have. Remember that trading CFDs involves risk and only experienced traders should engage in it.

IC Markets Uganda FAQs