Uzbekistan is the largest Central Asian country and the world’s seventh-largest gold miner. Read on to discover how to partner with the best Forex brokers in Uzbekistan and jump-start your Forex career.
- Pepperstone, Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platform.
- XM, Exception range of assets + negative balance protection.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- Eightcap, Competitive pricing + excellent daily videos.
- FXTM, Best all-around broker with high floating leverage and fast execution.
Pepperstone
In Summary Great ECN execution on MT4/5, cTader, TradingView and Pepperstone proprietary platformTraders get the Smart Trader Tools package, consisting of 28 plugins, and Autochartist for MT4, which ensures a competitive edge. Pepperstone also has a mobile app, while copy and social traders can diversify via Myfxbook Autotrade, DupliTrade, and TradingView. It ranks Pepperstone among the best Forex brokers in Uzbekistan on my listing.
The Islamic account requires a $200 deposit and is available for the commission-free Standard account with minimum spreads of 1.0 pips or $10.00 per 1.0 lot. Islamic traders get five days of swap-free trading before Pepperstone levies a $100 administrative fee on Forex and precious metals positions.
Pros & Cons
- Excellent choice of trading platforms consisting of MT4/MT5, cTrader, TreadingView and Pepperstone Platform
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Signal Start, MetaTrader Signals, Copy Trading by Pepperstone, DupliTrade
- Leverage of up to 1:400 depends on jurisdiction and superb trade execution
- Demo accounts have 60-day time limits
XM
In Summary Exception range of assets + negative balance protectionXM offers unlimited swap-free trading for Islamic accounts, and the minimum deposit is $5, while traders can qualify for bonuses up to $10,500. It also assists beginners with industry-leading educational resources, including a live education room available Monday through Friday between 06:00 and 15:00 GMT. Therefore, I rank XM highly on my listing, covering the best Forex brokers in Uzbekistan.
The well-balanced asset selection exceeds 1,000 trading instruments and includes cryptocurrencies and in-house managed thematic indices. XM upgrades the MT4/MT5 platforms with six exclusive technical indicators. Traders receive commission-free spreads from 0.8 pips or $8.00 per 1.0 standard lot.
Pros & Cons
- Outstanding trading tools and loyalty program
- Low minimum deposit, high leverage*, and competitive trading cost
- Excellent research and education
- Trustworthy and transparent with generous bonuses and incentives
- Inactivity fee
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsI consider AvaTrade among the best Forex brokers in Uzbekistan, offering industry-leading beginner education via the Ava Academy, the MT4 Guardian Angel plugin, and the fee-based Ava Protect insurance policy, protecting against trading losses. Traders can choose from the user-friendly WebTrader and mobile app AvaTradeGO, which includes Trading Central, MT4/MT5 for algorithmic traders, the specialized alternatives Ava Option, Ava Futures, and Ava Social, and ZuluTrade and DupliTrade for copy traders.
AvaTrade maintains a well-balanced asset selection, including options, futures, ETFs, and cryptocurrencies. The high-paying partnership program features 70,000+ partners and $250M+ commission payouts, catering to passive income seekers.
Pros & Cons
- High quality educational offering via AvaAcademy
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
Eightcap
In Summary Competitive pricing + excellent daily videosEightcap ranks among the best Forex brokers in Uzbekistan due to the availability of Capitalise AI, enabling algorithmic trading in a code-free MT4 environment. It also upgrades MT5 with the FlashTrader plugin, features an AI-powered economic calendar for news traders, and offers algorithmic trades VPS hosting for 24/5 low-latency Forex trading. Social traders can connect to TradingView and engage with 50M+ peers.
Traders benefit from deep liquidity pools, fast order execution, and raw spread trading in MT4/MT5 with spreads from 0.0 pips for a commission of $7.00 per 1.0 standard round lot. Eightcap also supports cryptocurrency deposits and withdrawals.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
FXTM
In Summary Best all-around broker with high floating leverage and fast executionFXTM ranks highly on my listing of the best Forex brokers in Uzbekistan. This is due to its cutting-edge price improvement technology, which lowers trading fees by an average of $3.00 per lot, applicable to 97.18% of trades. Deep liquidity ensures an average execution time of 0.071 seconds, and FXTM offers raw spread trading with spreads from 0.0 pips for a commission of $7.00 per 1.0 standard round lot.
Traders get MT4/MT5 enhanced with Trading Central, the upgrade package from FX Blue, and its in-house Pivot Point Strategy plugin. FXTM maintains a balanced asset selection and offers 24/5 low-latency trading via VPS hosting.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- Limited choice of commodities
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Regulators | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | ASIC, CySEC, DFSA, FSC Belize | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | ASIC, CySEC, FCA, SCB | CMA, FCA, FSC Mauritius, FSCA |
Year Established | 2010 | 2009 | 2006 | 2009 | 2011 |
Execution Type(s) | No Dealing Desk, NDD | Market Maker | Market Maker | ECN/STP, Market Maker | ECN/STP, Market Maker |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 1.1 pips | 0.1 pips | 0.9 pips | 1.0 pips | 0.1 pips |
Average Trading Cost GBP/USD | 1.4 pips | 0.2 pips | 1.5 pips | 1.2 pips | 0.2 pips |
Average Trading Cost Gold | $0.15 | $0.19 | $0.29 | $0.12 | $0.18 |
Trading Platform(s) | Other, MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Trading View+ | MetaTrader 4, MetaTrader 5, Proprietary platform | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, Proprietary platform |
Islamic Account | |||||
Negative Balance Protection | N/A | N/A | N/A | ||
Get Started Visit Website75-95% of traders on margin lose | Visit Website | Visit Website | Visit Website | Visit Website |
What to Look for in a Forex Broker from Uzbekistan
Despite varying requirements among Forex traders, the best Forex brokers in Uzbekistan share similarities in their core trading environment, enabling Uzbek traders to maintain a competitive edge.
My analysis of the best trading platforms in Uzbekistan is focused on the below criteria and all competitive Uzbekistan Forex brokers should offer the following:
- Regulation - A clean regulatory record exceeding 10+ years.
- Low trading fees - Low Forex trading fees, with the EUR/USD not exceeding costs of $10.00 per 1.0 standard round lot or 1.0 pips.
- Trading platforms - MT4 or MT5, as they support copy and auto-trading and include a user-friendly mobile app.
- Asset diversity - A balanced asset selection for increased trading opportunities and profit potential.
- Deposits/withdrawals - No internal transaction fees and low minimum requirements with a choice of e-wallets and preferably cryptocurrency deposits and withdrawals.
Forex Trading Regulations in Uzbekistan
The Capital Market Development Agency regulates domestic brokers, but Uzbekistan lacks notable local Forex brokers. Uzbekistan does not require off-shore brokers to obtain a domestic license, and there are no restrictions to prevent Uzbek Forex traders from opening off-shore Forex brokerages. Therefore, the best trading platforms in Uzbekistan cater to Uzbek Forex traders from business-friendly off-shore jurisdictions.
How Much Is Forex Leverage in Uzbekistan?
Uzbek Forex traders can trade major currency pairs with 1:500 leverage, the industry standard, available at the best Forex brokers in Uzbekistan. Forex traders must always use proper risk management when trading leveraged accounts and understand the relationship between leverage and risk management.
The best trading platforms in Uzbekistan offer automatic stop-outs and negative balance protection, ensuring traders cannot lose more than their deposit. Despite offering Forex leverage of 1:500, actual leverage in portfolios is notably smaller, a concept most traders and regulators fail to differentiate.
How to Start Forex Trading in Uzbekistan
I advise beginners to consider my tips below to shorten their learning curve. I have highlighted areas of study to focus on before charting a course through the Forex market and funding an account with some of the best Forex brokers in Uzbekistan.
Here are my Forex trading tips:
- Begin with in-depth education.
- Approach Forex trading as the highly skilled profession it represents.
- Trading psychology separates up to 90% of unprofitable traders from profitable ones, making it the first challenge to master.
- Understand the leverage-risk management relationship.
- Leverage magnifies profits and losses.
- Risk management ranks on par with the trading strategy, as a top priority.
- Your trading strategy should reflect your personality.
- Low trading fees determine a competitive trading environment.
- Master proper take-profit and stop-loss placement.
Forex Trading Taxation in Uzbekistan
While I found no verifiable information about Forex taxation during my Forex Brokers in Uzbekistan review, Uzbekistan levies a 12% personal income tax. This may apply to Forex income, but I urge Forex traders in Uzbekistan to consult a licensed professional to seek tax advice to ensure compliance with local rules and regulations.
Pros and Cons of Forex Trading in Uzbekistan
Forex traders should consider the pros and cons of Forex trading in Uzbekistan before opening an account with the best Forex brokers in Uzbekistan.
The Pros of Forex Trading in Uzbekistan
- Stable internet connection
- Acceptable time zone to trade during the most liquid trading periods
- Stable electricity grid
- Competitive trading conditions
The Cons of Forex Trading in Uzbekistan
- No domestic assets
- Average internet speed
- No local presence by Forex brokers
- Forex education requires more focus
Bottom Line
Forex trading in Uzbekistan has tremendous growth potential due to its young, educated population and an expanding economy driven by commodities. There are no strategy restrictions, and some Uzbek Forex traders require ultra-competitive trading technology. The best trading platforms in Uzbekistan offer competitive trading fees and swap-free trading for Islamic traders. Beginners should start with in-depth education to deepen their understanding of the Forex market, which also helps beginners avoid traps, scams, and fraud. Funding an account with the best Forex brokers in Uzbekistan includes industry-leading education and competitive trading services in a secure trading environment.
