FXTM (ForexTime) — review & details
Ugandan clients are taken on by Exinity Limited under a Mauritius FSC licence. Uganda's Capital Markets Authority has the statutory power to license online forex brokers but its published register of licensed firms contains none, so every broker reachable from Uganda is an offshore one.
FXTM (ForexTime)
★★★★☆
Exinity Limited, Financial Services Commission of Mauritius (Investment Dealer C113012295); group also holds FSCA South Africa FSP 50320. Not licensed by CMA Uganda.
Regulator (Local Clients)
Not verified in this research - check whether UGX funding or mobile money is offered before opening an account.
Local Currency Support
Web and mobile trading platforms; the exact platform list was not read during this research.
Platforms
Ugandans who want the covering entity named and its licence checkable, given no local licence exists.
Best For
forex
Type
Pros
- The covering entity, Exinity Limited, and its Mauritius FSC licence number are published rather than buried.
- The group holds an FSCA licence in South Africa, so it has passed an African regulator's authorisation somewhere.
- Uganda does not appear on FXTM's published list of jurisdictions it refuses to serve.
Cons
- Most retail investors lose money trading leveraged CFDs, and Uganda has seen aggressive promotion of forex trading with little investor protection behind it.
- A Mauritius licence gives a Ugandan client limited protection and no access to a local compensation scheme or ombudsman.
- CMA Uganda has the power to license online forex brokers but has licensed none, so your counterparty is unsupervised locally and a dispute must be pursued abroad.
Fees, eligibility & documents
Fees
Spreads and commissionsNot verified in this research; compare account types on FXTM's own site.
Deposit and withdrawal chargesNot verified; payment and conversion costs are usually the largest real cost from Uganda.
Eligibility
- Aged 18 or over and resident in a country Exinity Limited serves - Uganda is not on its published exclusion list.
- Able to complete identity and address verification.
- Able to fund an offshore account from Uganda, which may require a card or e-wallet.
Documents needed
- Government-issued photo ID (passport, national ID or driving licence)
- Recent proof of address
- Proof of ownership of the funding method, if requested
How FXTM (ForexTime) compares in forex & cfd brokers
| FXTM (ForexTime) | Tickmill | |
|---|---|---|
| Regulator (Local Clients) | Exinity Limited, Financial Services Commission of Mauritius (Investment Dealer C113012295); group also holds FSCA South Africa FSP 50320. Not licensed by CMA Uganda. | Tickmill Ltd, Financial Services Authority of Seychelles (SD008). FCA UK (717270), CySEC (278/15) and FSCA South Africa (49464) entities do not cover Ugandan clients. |
| Local Currency Support | Not verified in this research - check whether UGX funding or mobile money is offered before opening an account. | Not verified in this research - check UGX or mobile-money funding before opening an account. |
| Platforms | Web and mobile trading platforms; the exact platform list was not read during this research. | Margin trading on the group's platforms; the exact list was not read during this research. |
| Best For | Ugandans who want the covering entity named and its licence checkable, given no local licence exists. | Traders who want the group's licence structure spelled out before they decide. |
| Visit FXTM → | Visit Tickmill → |
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