Short answer: open a local Uzbek broker account — it works, remotely. Uzbekistan is accessible to foreign individuals as of 2026 (accounts opened and full withdrawal tested first-hand). Onboarding is remote: a video of yourself signing the forms plus original documents posted to Uzbekistan (~4 weeks transit). The catch is the interface — all Uzbek brokers route order entry through a clunky national platform, fondbozori.uz. If you’d rather skip all of it, UzNIF — a London-listed GDR — gives diversified Uzbekistan exposure through any normal broker.
Best route
Freedom Finance Uzbekistan — verified end to end (open, trade, withdraw). It activates the account on electronic copies so you can trade in the interim while the posted originals are in transit, and the support is unusually attentive (a dedicated WhatsApp contact). KapDepo is a solid alternative but waits for the physical originals before enabling trading. Uzbek brokers generally charge no account-opening or maintenance fees, which makes the market unusually retail-friendly.
Important non-conflation: Freedom Finance Uzbekistan is operationally distinct from Freedom Finance Kazakhstan, even though both belong to Freedom Holding Corp (Nasdaq: FRHC). The Uzbek branch tested fine; the Kazakhstan/Freedom24 arm has a documented withdrawal failure — see the warning.
Can you use IBKR?
Not for UZSE single names — no mainstream international broker offers the Tashkent exchange. But IBKR (or any broker covering London) can buy UzNIF (LSE GDR: UZNF), the offshore Uzbekistan vehicle, below.
Local broker route
- Freedom Finance Uzbekistan / KapDepo — remote onboarding without an Uzbek phone number (video signing + posted originals).
- Jett (jett.uz) — much the nicest interface, but signup requires an Uzbek mobile number (eSIM workaround possible).
- Avesta Investment Group — a relationship-driven local investment bank, more advisory/institutional than self-directed app.
Video signing is an Uzbek regulatory requirement for all foreign-individual onboarding, not a broker quirk. Then you trade via fondbozori.uz (archaic but functional) — directly with Freedom Finance/KapDepo, or behind a modern front-end with Jett.
Listed-abroad alternative (no local account)
- UzNIF — National Investment Fund of Uzbekistan (LSE GDR: UZNF) — a Franklin Templeton-managed state fund holding stakes in 13 Uzbek SOEs; LSE-listed via GDRs (dual-listed Tashkent, May 2026). It’s the first meaningful offshore Uzbekistan vehicle. Being a fund, it can trade at a premium/discount to NAV and gives portfolio exposure rather than single UZSE names.
What can go wrong
The fondbozori.uz interface is archaic; postal transit is ~4 weeks; liquidity is thin (perhaps 15–20 of ~50–80 listings trade meaningfully). And although the Uzbek branch has been fine, Freedom Holding counterparty caution applies given the Kazakhstan precedent — see the counterparty-risk guide.
Next step
The Uzbekistan country page has the full broker breakdown, the lived onboarding/withdrawal account, and the UzNIF detail.
Last updated 15 June 2026. Verified — accounts opened at Freedom Finance Uzbekistan and KapDepo, traded, and full withdrawal tested.