Best Forex Brokers in Uzbekistan 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the top 10 Forex brokers Uzbekistan based on our analysis:
- 1
Roboforex - Best Forex broker in Uzbekistan - A variety of trading platforms. Over 12,000 trading assets. Different types of trading accounts. - 2
FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools. - 3
AMarkets - A wide range of trading assets. Extensive analytical capabilities using modern tools and trading robots. No commissions on many operations. - 4
Deriv - Simple and fast account opening process. A wide variety of account types cater to different trading needs. Low commission structure. - 5
InstaForex - Large selection of trading instruments. PAMM accounts and the ForexCopy automatic trade copying service for passive income. 24/7 efficient customer support. - 6
Libertex - Tight spreads and attractive trading conditions. Wide selection of trading assets. Rich selection of educational materials and analytics. - 7
Alpari - A wide range of trading accounts. Flexible conditions for depositing and withdrawing funds. Diversity of trading platforms. - 8
- 9
Gerchik & Co - Transparent information about the broker's owners. A large number of trading accounts. Decent services that can help improve Forex trading. - 10NPBFX - A rich selection of analytical tools and resources. Extensive education section. A variety of trading account types.
In 2024, the Uzbek Forex market is undergoing significant changes, opening up new horizons for traders. Taking into account the latest trends and requirements, we have compiled a list of Forex brokers in Uzbekistan that guarantee reliability, innovative trading platforms, and a high level of customer service.
Top 10 Forex Brokers in Uzbekistan 2024
1. RoboForex
RoboForex is recognized as one of the few Forex brokers with an impeccable reputation. The company strictly adheres to its regulations, does not delay payments, and provides fair quotes. RoboForex can be a good choice for both novice and professional traders due to its robust offerings, which include a variety of trading instruments, account types, platforms, and competitive trading conditions. The broker's commitment to transparency and customer service further solidifies its standing in the Forex community.
Pros and Cons of Roboforex
Pros
- A variety of trading platforms.
- Over 12,000 trading assets.
- Different types of trading accounts.
- Competent 24/7 customer support.
- Loyalty programs and bonus offers for clients.
- Low spreads and fees.
Cons
- Regulation in an offshore jurisdiction.
- Beginner traders may find a lack of educational materials.
2. FxPro
FxPro provides a comprehensive range of services and tools for traders. With its variety of trading accounts, platforms, and available markets, it is well-suited to meet the needs of different traders. This broker suits traders looking for a wide selection of markets, diverse platforms, and analytical tools. It is also apt for beginner traders, thanks to the educational materials and experienced traders who value flexible trading conditions.
Pros and Cons of FxPro
Pros
- Various trading platforms.
- A diverse range of available markets and products.
- Multiple analytics tools.
- Extensive educational materials.
Cons
- An inactivity fee.
- Absence of cent accounts and services for copying trades.
3. AMarkets
AMarkets is a versatile broker offering a full range of services in the Forex market. It enables independent trading and investing funds in copy trading with equal success.
Traders can access several accounts with low spreads, permitted scalping, and fast trade execution. Up-to-date analytics, valuable services, and rapid fund withdrawal support a stable technical platform.
Investors who are not keen on engaging in independent trading can still achieve significant profits by copying the trades of successful traders. Building a portfolio is time-efficient and offers the possibility of passive income.
Pros and Cons of AMarkets
Pros
- A wide range of trading assets.
- Extensive analytical capabilities using modern tools and trading robots.
- No commissions on many operations.
- Convenience and simplicity of opening an account and managing it.
Cons
- Not the most extensive educational materials.
- On some assets, spreads are higher than those of competing Forex brokers.
4. Deriv
Deriv is an appealing choice for a wide array of traders, particularly those who are just beginning or are at an intermediate level. Its user-friendly approach, diverse platforms, and low-cost structure make it ideal for individuals seeking a straightforward trading experience. While it may not fully satisfy the needs of highly advanced traders due to some limitations in educational and analytical resources, Deriv's overall offering is solid, making it a reliable and accessible broker for most trading requirements.
Pros and Cons of Deriv
Pros
- Simple and fast account opening process.
- A wide variety of account types cater to different trading needs.
- Low commission structure.
- A wide range of trading platforms.
- High-quality technical support with fast and effective responses.
Cons
- Some essential asset classes are absent, and a limited number of CFDs on stocks exist.
- Educational materials are confined to a blog and lack comprehensive learning resources.
5. InstaForex
InstaForex is a popular broker that offers a wide range of trading instruments and specialized accounts. The unique possibility of accruing interest on the account balance, ForexCopy's automatic transaction copying service, and support for cryptocurrency trading make InstaForex an attractive choice for a variety of traders. Customer support is available round the clock, and account replenishment does not charge any commission, which is a significant plus.
InstaForex is suitable for beginner traders and investors interested in passive income through PAMM accounts, as well as for those looking for innovative features such as cryptocurrency trading and automatic trade copying.
Pros and Cons of InstaForex
Pros
- Large selection of trading instruments.
- PAMM accounts and the ForexCopy automatic trade copying service for passive income.
- 24/7 efficient customer support.
- Wide range of methods for depositing and withdrawing funds.
- Decent analytical section.
Cons
- Trading commissions are above average.
- No trading accounts with market execution of orders (ECN or STP).
- Broker commission on fund withdrawals.
6. Libertex
Libertex is an established broker offering various trading instruments and educational resources. With zero commission on deposits and various analytical tools, this broker can appeal to novice and experienced traders.
Pros and Cons of Libertex
Pros
- Tight spreads and attractive trading conditions.
- Wide selection of trading assets.
- Rich selection of educational materials and analytics.
Cons
- High swaps and inactivity fee.
7. Alpari
Alpari has established itself as a stable and reliable broker, providing its services on Forex for over 20 years. The broker is widely popular among professional traders due to its wide range of trading accounts and instruments and convenient and practical services for investing—PAMM accounts and portfolios. Beginning traders will find quality support, training courses, and favorable trading conditions at Alpari.
Overall, Alpari is an excellent choice for beginners and professional traders.
Pros and Cons of Alpari
Pros
- A wide range of trading accounts.
- Flexible conditions for depositing and withdrawing funds.
- Diversity of trading platforms.
Cons
- Licensing in the Comoros does not provide the same level of investor protection as in countries with stricter regulators.
- Fees for fund withdrawal and inactivity charges.
- Limited choice in terms of different asset classes.
8. Grand Capital
Grand Capital is a broker that offers a wide range of trading instruments and account types, making it an attractive choice for traders with different strategies and experience. Narrow spreads, especially on major currency pairs, ensure competitive trading conditions and the availability of educational materials that support novice and experienced traders in their development. The 24/7 multi-lingual support ensures that assistance is promptly provided.
Grand Capital will suit traders who appreciate a variety of trading tools and account types, as well as those who actively utilize educational resources to enhance their skills. The broker will be especially attractive for those who prefer to use MetaTrader platforms and are not concerned about the potential risks of the lack of strict regulation.
Pros and Cons of Grand Capital
Pros
- Diversity of trading account types.
- Tight spreads.
- A wide range of trading assets.
- Multilingual support 7 days a week, 24 hours a day.
Cons
- It is not regulated by leading financial regulators.
- High swaps.
- Lack of MetaTrader alternatives.
9. Gerchik & Co
Gerchik & Co. serves as a commendable platform for traders of all levels. The wide array of trading instruments and platforms makes this broker attractive to novices and seasoned traders.
The educational materials provided by the broker can be particularly beneficial for beginners and those looking to deepen their knowledge. In addition, the broker offers a variety of technical support communication options, which can be valuable for traders requiring immediate assistance.
This broker is suitable for novice and experienced traders due to its comprehensive approach and attention to detail regarding trading and education.
Pros and Cons of Gerchik & Co
Pros
- Transparent information about the broker's owners.
- A large number of trading accounts.
- Decent services that can help improve Forex trading.
- Educational courses, webinars, analytics.
- Opportunity for passive income on TIMA accounts.
- Contests on demo accounts and broker promotions.
Cons
- High commission for transactions on certain types of accounts.
- The website and personal account area may seem inconvenient (according to reviews).
- High deposit requirements for training or using services.
10. NPBFX
NPBFX is suitable for novice and experienced traders, thanks to its extensive educational program, various account types, and set of trading instruments. The broker is particularly noteworthy for those who value quality technical analysis and a diversity of trading instruments.
Despite certain drawbacks, NPBFX provides quality service and can be used by most traders.
Pros and Cons of NPBFX
Pros
- A rich selection of analytical tools and resources.
- Extensive education section.
- A variety of trading account types.
- Numerous available methods for depositing and withdrawing funds.
Cons
- High commission per trade on the Zero account.
- Lack of alternatives to the MetaTrader 4 platform.
- Regulation in an offshore jurisdiction.
Forex Regulation in Uzbekistan
In Uzbekistan, the regulation of Forex brokers is under the control of the national financial regulator – Central Bank of the Republic of Uzbekistan (CBU). To provide brokerage services in the Uzbek market, companies must obtain the appropriate license from the CBU, which serves as a guarantee of their reliability and compliance with international financial standards. Licensed brokers are required to adhere to the rules established by the CBU, including capitalization and transparency requirements.
Additionally, Uzbek investors can also choose foreign brokers operating in the global market, providing them with a wide range of trading opportunities. This allows local traders to find brokers offering optimal trading conditions and tools that best match their individual strategies and needs.
How We Compiled the List of the Best Forex Brokers in Uzbekistan
The list of Forex brokers in Uzbekistan was meticulously developed based on strict and objective criteria:
The ranking of brokerage companies is based on our general list of Forex brokers.
Each broker was evaluated according to a unique methodology, considering key aspects including their reliability, trading conditions, variety of available trading instruments, as well as the quality and accessibility of customer support.
All brokers presented in the ranking offer their services in Uzbekistan, providing local traders with access to global financial markets.
These criteria ensure that the brokers we selected meet the highest standards of quality and safety, providing Uzbek traders with optimal conditions for safe and effective trading in Forex and CFD markets.
FAQ
Is trading allowed in Uzbekistan?
Yes, trading is allowed in Uzbekistan. The country has a legal framework regulating activities in financial markets, including Forex trading. However, it is important to note that traders are recommended to choose licensed and regulated brokers to ensure the safety of their investments.
Is trading allowed in Islam?
Trading is allowed in Islam, but it must adhere to certain Shariah rules. The main requirements include the absence of interest (riba), meaning that trading should be free from any forms of profit associated with interest. To meet this requirement, there are special Islamic (swap-free) accounts that do not charge or pay interest for holding positions overnight. Additionally, trading should be free from excessive risk and speculation (gharar), and transactions should be transparent and fair. Furthermore, transactions should be tied to real assets or commodities, not just financial instruments with no intrinsic value. Many brokers offer Islamic accounts that meet these requirements, allowing Muslim traders to conduct their activities in accordance with Shariah. Before starting to trade, it is recommended to consult with a religious advisor or an expert in Islamic finance to ensure compliance with all rules.
Which broker is best for trading in Uzbekistan?
Choosing the best broker for trading in Uzbekistan depends on many factors, such as minimum deposit requirements, trading conditions, availability of local support, and the broker's reputation. Some of the popular brokers offering good conditions for traders in Uzbekistan include RoboForex, AMarkets, and FxPro. It is recommended to conduct thorough research and choose a broker that meets your individual requirements and preferences.
Who is the most reliable Forex broker?
The reliability of a Forex broker is determined by its regulation, reputation, and the quality of services provided. Some of the most reliable Forex brokers include companies like IG, Oanda, IC Markets, and CMC Markets. These brokers are regulated by reputable financial authorities and have many years of experience in the market, making them a reliable choice for traders.
Is it possible to trade Forex without a broker?
No, it is not possible to trade Forex without a broker, as the broker provides access to trading platforms and markets. Brokers act as intermediaries between traders and the interbank market, ensuring order execution and providing currency pair quotes.
Is it possible to earn consistently on Forex?
Consistent earnings on Forex are possible but require significant knowledge, experience, and discipline. Successful traders spend a lot of time studying the market, developing and testing strategies, managing risks, and continuously learning. It is important to remember that Forex trading involves high risks, and success is not guaranteed.
What is the difference between Forex and the stock exchange?
The main difference between Forex and the stock exchange is that Forex (FX) is a decentralized market for trading currencies, whereas the stock exchange (e.g., stock exchange) is a centralized platform for trading stocks, bonds, and other financial instruments. Forex trading operates 24 hours a day on weekdays, while the stock exchange operates during set trading sessions. Additionally, participants in the Forex market include central banks, commercial banks, investment funds, and individual traders, whereas the stock exchange involves issuing companies and investors.
