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Uganda is not a very popular destination for business and it comes as no surprise that Forex trading isn’t very popular in the country. The country has been ruled for over 30 years by a one-man regime and the economy is strictly controlled by the state. However, online Forex trading is integrated within the regulatory framework of the country and brokerages registered elsewhere do target Ugandan traders without much trouble from the authorities.
Uganda is noteworthy for having a total of six regulatory agencies which is a recipe for bureaucratic labyrinths which up and coming companies have to conquer in order to start a business. Furthermore, even though neighbouring countries such as Kenya are seeking to cut red tape and combine state agencies into one, Uganda, on the other hand, has plans for creating yet another regulatory financial agency.
Forex trading in Uganda falls under the regulatory oversight of the Capital Markets Authority of Uganda which supports a website with an English language option. We do not know yet of a regulated, licensed Ugandan brokerage, however, many well-known regulated in Europe brokers target quite successfully Ugandan traders who are not harassed by the state for contracting their services.
An important thing to note is that they should support one of the several languages that are spoken in the country. Swahili remains the official language, along with English, and the most popular one. Brokerages also have to provide withdrawals and deposits via the national currency – Ugandan Shilling (UGX). The standard Visa and MasterCard, as well as the e-wallet PayPal are the most popular and widely preferred by traders in the country payment methods.