9 Best Low-spread Forex Brokers in Rwanda
The 9 Best Low Spread Forex Brokers in Rwanda revealed. We tested and verified the best low-spread forex brokers for Rwandan Traders.
This is a complete list of low-spread forex brokers operating in Rwanda.
In this in-depth guide you’ll learn:
• What are spreads in trading?
• Why traders should consider spreads before choosing a trading broker?
• Which brokers offer zero-spread accounts?
• Which local brokers have the lowest commissions in Rwanda?
• How to choose a forex broker – Compare them against each other.
• Which broker offers ZERO spreads and Rwandan Accounts.
• Which broker offers a sign-up BONUS for first-time traders.
Which low-spread broker can you use with M-PESA?
• Which broker offers a low minimum deposit of $5 (5 415 RWF)?
And lots more…
So if you’re ready to go “all in” with the best-tested low spread forex brokers for Rwandans…
Let’s dive right in…
- Louis Schoeman
9 Best Low-spread Forex Brokers in Rwanda
- FBS – Overall, Best Low-Spread Forex Broker in Rwanda
- XM – Best NDD Forex Broker
- IC Markets – Top Broker for Beginner Forex Brokers
- FXTM – Best STP Forex Broker
- Axiory – Top NASDAQ100 Forex Broker in Tanzania
- AvaTrade – Best Forex Trading App Forex Broker
- HFM – Top Low Minimum Deposit Broker
- Exness – Top ECN Forex Broker
- FP Markets – Best MetaTrader 4/MT4 Forex Broker
Best Low-spread Forex Brokers in Rwanda
| 💻 Broker | ✔️ Low Spread Forex Broker? | 💵 Minimum Deposit | 💸 EUR/USD Margin | 👉 Open Account |
| 1. FBS | 1:3000 | 3,700 UGX ($1) | 0.03% | 👉 Open Account |
| 2. XM | 1:1000 | 18,500 UGX ($5) | 0.1% | 👉 Open Account |
| 3. IC Markets | 1:1000 | 18,500 UGX ($5) | 0.1% | 👉 Open Account |
| 4. FXTM | 1:2000 | 37,000 UGX ($10) | 0.05% | 👉 Open Account |
| 5. Axiory | 1:1000 | 3,700 UGX ($1) | 0.1% | 👉 Open Account |
| 6. AvaTrade | 1:400 (Pro) | 370,000 UGX ($100) | 0.25% | 👉 Open Account |
| 7. HFM | 1:1000 | 18,500 UGX ($5) | 0.1% | 👉 Open Account |
| 8. Exness | Unlimited | 37,000 UGX ($10) | 0.05% | 👉 Open Account |
| 8. FP Markets | 1:2000 | 3,700 UGX ($1) | 0.05% | 👉 Open Account |
What is the “Spread,” and what information does it provide?
👉 The “spread” is the difference in price between the bid and the ask (offer) price of a security, such as a stock, currency, or commodity.
👉 The bid price is the highest price a buyer is willing to pay for the security, while the ask price is the lowest price a seller is willing to accept. The spread represents the difference between the highest price a buyer is willing to pay and the lowest price a seller is willing to accept.
👉 It can provide information about the market’s liquidity and the security’s supply and demand. The spread can also indicate the cost of trading the security, as some brokers charge based on the spread.
1. FBS
Overall Rating
- 4.7/5
Min Deposit
1 USD / 1 020 RWF
Regulators
IFSC, FSCA (South africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
No
Trading Fees
Low
Welcome Bonus
$140 / 142 877 RWF
Account Activation Time
Instant
Overview
👉 FBS is a highly regulated international brokerage firm that offers its clients a diverse range of account options. It stands out among its peers by providing six distinct account types, while most other firms offer only three or fewer.
👉 Three of FBS’ account options feature significantly lower trading expenses than the industry average, while the remaining three have higher trading costs.
👉 The Cent account type is particularly suitable for novice traders, as it allows for the trading of micro-lots with a minimum initial deposit of 1 USD, an average floating spread of 0.8 pips for the EUR/USD pair (which is notably narrower than other brokers), and a maximum leverage of 1:1000.
👉 The ECN account type is the most appropriate for experienced traders, requiring a minimum deposit of 1,000 USD and offering variable spreads that start from a low -1 pip for the EUR/USD pair, costing $6 per lot.
👉 Additionally, the maximum leverage on the ECN account is 500:1. While the initial deposit may be substantial, the trading fees, particularly the spreads, are among the lowest in the industry compared to competitors.
Features
| Feature | Information |
| ⚖️ Regulation | IFSC, CySEC |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Rwandan Traders? | Yes |
| 💳 Minimum deposit (NGN) | 400 Rwandan Naira ($1) |
| Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:3000 |
| 👥 Customer Support | 24/7 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FBS offers competitive trading conditions with some of the lowest spreads | There are wide spreads charges on some accounts |
| There are several account types to choose from | There is a limited number of tradable instruments |
| There are many social trading opportunities | There are several regional restrictions applied |
| There is an ultra-low minimum deposit requirement | |
| The broker is well-regulated and trusted |
2. XM
Overall Rating
- 4.5/5
Min Deposit
USD 10
Regulators
IFSC, CySec, ASIC
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
55
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 XM Broker, a leading online Forex and commodity trading platform, is considered the next generation of brokerage services. The company caters to novice and experienced traders, offering a range of options to suit various levels of investment and experience.
👉 Investors can start trading with a real account or test the platform with a demo account with 100,000 USD in virtual currency.
👉 One of the key features of XM Broker is its robust auto-trading system, which allows for fast and efficient order execution. With a reported 99.35% of orders executed in under one second, this service is designed to accommodate the needs of even the most demanding traders.
👉 Additionally, XM operates with variable spreads that start as low as 0.0 pips, with an average spread of 0.1 for major pairs such as EUR/USD.
👉 Another important aspect of XM Broker is its transparent and honest approach to fees and commissions. The company has a strict “no hidden fees or commission” policy, meaning that clients are only charged a commission on XM Zero accounts.
👉 Furthermore, XM covers all transfer fees and guarantees same-day withdrawals, ensuring that clients can access their funds quickly and easily.
👉 Finally, XM Broker also offers fractional pip pricing, which allows clients to benefit from even the smallest movements in the market. This innovative feature, combined with the company’s other advantages, makes XM an ideal choice for online traders of all skill levels.
Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Rwandan Traders? | Yes |
| 💳 Minimum deposit (NGN) | 2,000 Rwandan Naira ($5) |
| Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:888 |
| 👥 Customer Support | 24/5 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Negative balance protection is applied to retail investor accounts | US clients are restricted from accessing XM’s trading services |
| There are several secure payment methods to choose from | There are no fixed spread accounts offered |
| The broker is known for low spreads, low commissions, and reliable trade execution speeds | There is an inactivity fee applied to dormant accounts |
| Traders can use hedging, scalping, and expert advisor trading strategies | |
| The broker offers personal customer service to its clients |
3. IC Markets
Overall Rating
- 4.7/5
Min Deposit
USD 200 / 205 900 RWF
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 IC Markets is a well-established and reputable online trading brokerage based in Sydney, Australia. Regulated by the Australian Securities and Investments Commission (ASIC), the company was founded in 2007 and operated by International Capital Markets PTY.
👉 IC Markets is considered one of the market’s most reputable online trading brokers. In addition to ASIC regulation, the brokerage is also a member of the Financial Ombudsman Service (FOS), which enables clients to resolve any complaints promptly and professionally.
👉 IC Markets offers three different trading accounts, with a minimum deposit requirement of $200 for all accounts. The trading accounts are available on three different platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader.
👉 The Standard Account has trading costs included in the spread, while the Raw Spread and cTrader accounts offer tighter spreads in exchange for a commission per lot. Notably, the trading costs on the cTrader Raw Spread Account are lower than those of the other two accounts.
👉 This makes IC Markets one of the most cost-effective brokers for Rwandans, as most other brokers typically offer trading costs of $9.
Features
| Account Features | Value |
| 💻 Trading Platform | cTrader |
| 💵 Commission | $3 per side and $6 per round turn |
| 📊 Typical Average Spreads | 0.0 pips |
| 💰 Minimum Deposit Requirement | 200,000 RWF or an equivalent to $200 |
| 💸 Leverage | 1:500 |
| 📈 Maximum positions per account | 2,000 |
| 📍 Server Location | London |
| ✔️ Micro trading allowed? | Yes |
| 📉 Currency Pairs | 64 |
| 💵 Index CFD Trading | Yes |
| 📞 Margin Call | 100% |
| 🛑 Stop-out | 50% |
| ✔️ One-Click Trading offered? | Yes |
| ☪️ Islamic Accounts | Yes |
| ✅ Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic strategies, etc. |
| 💻 Programming Language | C# |
| ✔️ Suitable for | Day traders, scalpers, active traders |
| ✅ Demo Account offered? | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| IC Markets has regulations and authorization with four market regulators in Australia, Cyprus, Seychelles, and the Bahamas | Rwandan traders are not given an RWF-denominated account |
| There are social trading opportunities offered to Rwandan social traders | There are currency conversion fees charged on RWF deposits and withdrawals |
| There are no hidden costs and inactivity fees are not applied to a dormant account | There are no fixed spread trading accounts offered by IC Markets |
| IC Markets accepts and accommodates all types of trading strategies, including scalping, hedging, auto trading, and more. | |
| IC Markets accepts and accommodates all types of trading strategies, including scalping, hedging, auto trading, and more. | |
| There is a range of trading tools offered to more advanced Rwandan traders | |
| Beginner traders can expect a range of educational materials and tools | |
| IC Markets offers a genuine ECN model with a superior trading environment |
4. FXTM
Overall Rating
- 4.6/5
Min Deposit
USD 10
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 FXTM offers a wide range of financial instruments for traders, including currencies, indices, commodities, and precious metals, with over 70 currency pairings and an array of stocks, commodities, and indexes.
👉 The standard spreads for these instruments may vary depending on the account type and financial instrument being traded. For example, the EUR/USD spread can range from 0.1 pips for Standard accounts to 0.0 for ECN Zero accounts.
👉 FXTM charges a fee on certain account types, ranging from $4 per lot for Standard accounts to $2 for ECN Zero accounts.
👉 Traders have access to multiple trading platforms and tools through FXTM, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms and the FXTM Trader platform.
👉 These platforms provide comprehensive charting and analytical capabilities, automated trading options, and the ability to conduct trades remotely via the FXTM mobile application.
👉 In addition, FXTM offers a variety of educational materials and trading tools, such as market analysis, trading signals, and market news, to assist traders in making informed decisions.
Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| ✅ CBN Regulation? | No |
| 📊 Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💰 Minimum Deposit (RWF) | 10024 |
| 💰 Trading Assets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs (including minor, major, and exotic pairs), Commodities, Stock Baskets |
| 🔎 Rwandan-based Account? | Yes |
| 💳 RWF Deposits Allowed? | Yes |
| 💰 Bonuses for Rwandan traders? | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXTM is a multi-regulated and a reputable broker that has gained a high level of trustworthiness | Inactivity fees apply when the retail investor account becomes dormant |
| Dedicated customer support offered for Rwandan traders Several deposit options and withdrawal methods offered | |
| There is a low minimum deposit requirement | |
| Commission-free trading is offered | |
| Deposit fees are not charged on any payment methods | |
| Withdrawal processing times are quick | |
| There are several educational tools offered | |
| There is an exclusive risk management tool offered |
5. Axiory
Overall Rating
- 4.7/5
Min Deposit
10 USD/122 BWP
Regulators
IFSC, MFSC and FSC
Trading Desk
MetaTrader 4, MetraTrader 5, CopyTrade and cTrader
Crypto
No
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Axiory Global Ltd, a financial services company founded in 2011, has offered online services in the financial markets since 2011. With headquarters in Belize, the company maintains representative offices worldwide, including the Middle East, the United Kingdom, Dubai, and Singapore.
👉 Axiory Global Ltd has created a user-friendly and intuitive platform for investors to access the forex and CFDs market, with a focus on meeting the needs of its clients.
👉 Trading with Axiory can be accomplished using the MetaTrader4, MetaTrader 5, and cTrader platforms, all of which offer a feature-rich experience.
Features
| Account Features | Value |
| 💸 Minimum Deposit Requirement | 10,000 RWF or an equivalent to $10 |
| 💻 Platforms Available for Account Type | MetaTrader 4, cTrader |
| 📈 Average Spread on Forex Major Pairs | 0.13 pips |
| 📊 Maximum Leverage Ratio | 1:400 |
| 💵 Commissions on trades | None |
| 📲 Commissions on Stock CFDs | $0.04 per CFD with a minimum of $6 |
| 💰 Account Base Currency Options | EUR or USD |
| ❌ Negative Balance Protection Offered | Yes |
| ✔️ Is Hedging Allowed? | Yes |
| 📊 Minimum Forex Trading Volume | 0.01 lots |
| 💵 Maximum Forex Position Size | 1 Standard Lot or 100,000 |
| 📈 Maximum Open and Pending Positions | Unlimited |
| ☪️ Islamic Account Conversion Offered? | Yes |
| ✔️ Access given to Axiory CopyTrade? | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Axiory is well-regulated and offers transparent trading conditions | Rwandan traders cannot set RWF as their base account currency |
| Negative balance protection is applied to retail trading accounts | There are no local Rwandan funding options offered |
| Segregation of client funds with top-tier banks | There are only a few asset classes offered |
| There is an extremely low minimum deposit requirement on all accounts | Crypto trading is not supported |
| Muslim traders can convert four of the five accounts into a Swap-Free Islamic Account | |
| The broker offers a demo account via powerful trading platforms |
6. AvaTrade
Overall Rating
- 4.9/5
Min Deposit
USD 100
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 AvaTrade is a CFD trading platform that offers a wide range of currency pairs to trade, with leverage options up to 200:1 for retail and 1:400 for professional Rwandan traders.
👉 The platform is regulated by several bodies, such as the Central Bank of Ireland, ASIC, FCA, and FSCA, providing an elevated level of investor protection.
👉 AvaTrade is a Market Maker and STP broker that charges tight fixed spreads, starting from 0.9 pips for highly liquid pairs, with no additional commissions charged when opening a trade.
👉 In addition to forex trading, AvaTrade offers other trading instruments and PAMM forex trading accounts, allowing users to allocate fractions of their investment capital to professional money managers who then invest on their behalf.
Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| ✅ CBN Regulation? | No |
| 📊 Trading Accounts | Retail Investor Account, Professional Account Option |
| 💻 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💰 Minimum Deposit (RWF) | 101464 |
| 💰 Trading Assets | Foreign currencies, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals |
| 🔎 Rwandan-based Account? | No |
| 💳 RWF Deposits Allowed? | No |
| 💰 Bonuses for Rwandan traders? | Yes |
| 📈 Minimum spread | 0.9 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| AvaTrade is multi-regulated and one of the most trusted online trading brokers in the world | Variable spreads are not offered |
| There is a wide range of financial instruments that can be traded across financial markets | There is a limited choice between account types |
| There are several technical indicators, economic indicators, and other solutions for advanced traders | Inactivity fees are applied |
| There are several trading platforms to choose from | Currency conversion fees may be applied |
| There is a decent selection of educational material that helps beginner traders navigate complex instruments and lower the degree of risk they are often exposed to | There is a limited number of base currency options offered on accounts |
| There is a multitude of social trading opportunities offered | |
| The broker accepts any trading strategy including automated trading, expert advisors, scalping, hedging, and others. |
7. HFM
Overall Rating
- 4.8/5
Min Deposit
USD 5
Regulators
CySEC, FSC, CFTC
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
No
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 HFM is a reputable international broker that has a strong presence in Africa. They offer four types of retail trading, with the Micro Account being the most popular due to its low minimum deposit of $5 and reasonable trading fees.
👉 The Micro Account also has tight spreads starting at 1 pip and no commission fees. HFM’s more premium accounts have even lower spreads, starting at 0 pips on EUR/USD.
👉 They provide various trading platforms, including MT4, MT5, and their mobile app, allowing clients to trade from charts and manage their accounts. HFM also offers a variety of trading tools to assist traders in their trades.
👉 They offer four account types, with the Micro Account ideal for beginners and the ZERO Spread Account catering to more experienced traders.
👉 Although the overall trading costs are slightly higher than average, each account offers different benefits regarding trading strategies and minimum deposits.
Features
| Account Features | Value |
| 💰 Minimum Deposit Requirement | 5,100 RWF or an equivalent to $5 or 70 ZAR |
| 📱 Average Spread | 1 pip EUR/USD |
| 💻 Trading Platform | • MetaTrader 4 • MetaTrader 5 |
| 🔨 Trading Instruments | All |
| ➡️ Execution | Market Execution |
| 📊 Maximum Leverage Ratio | 1:1000 |
| 📉 Minimum Trade Size | 0.01 lot |
| 📈 Maximum Trade Size | 7 Standard Lots (100,000 base currency) |
| 💰 Maximum Open Orders | 150 lots (Simultaneous) |
| 📞 Margin Call (%) | 40% |
| 🛑 Stop-Out (%) | 10% |
| 💳 Account Base Currency | USD, ZAR, NGN |
| 🗣 Personal Account Manager | Yes |
| 💰 Commission Charges | None |
| 💸 Bonuses Offered | Flexible bonus offering |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| HF Markets is well-regulated, and all licenses can be confirmed with the market regulators indicated on the official website | There is no RWF-denominated account offered by HF Markets |
| There are no fees charged on deposits or withdrawals | Rwandan traders who deposit in RWF could face currency conversion fees |
| HF Markets caters for Muslim traders who follow Sharia law by offering an Islamic account option | There are limited options where deposits and withdrawals are concerned |
| HF Markets applies negative balance protection to retail accounts to protect Rwandan traders from negative balances | |
| Rwandan traders can choose between MetaTrader 4, MetaTrader 5, and the HF App | |
| There is a vast selection of educational materials and trading tools | |
| With HF Markets, all client funds are kept in segregated accounts | |
| HF Markets is audited frequently to ensure compliance |
8. Exness
Overall Rating
- 4.9/5
Min Deposit
USD 10
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Exness, a popular online broker, boasts hundreds of thousands of active clients and trillions in trading volume since April 2022.
👉 Though it is recommended for traders with some industry knowledge, it offers a range of account options, including Standard Accounts with slightly above-average trading costs at 9 USD per lot of EUR/USD traded.
👉 However, these accounts do not have strict minimum deposit requirements, making them suitable for beginner traders. Furthermore, the fees are particularly low on the six Pro accounts, with trading costs as low as 6-7 USD per lot of EUR/USD traded.
Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| ✅ CBN Regulation? | No |
| 📊 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💰 Minimum Deposit (RWF) | 100,10 Franc (or equivalent to $10) |
| 💵 Trading Assets | Forex minor pairs, forex major pairs, forex exotic currency pairs, Metals, Crypto, Energies, Indices, Stocks |
| 🔎 Rwandan-based Account? | No |
| 💳 RWF Deposits Allowed? | Yes |
| 💰 Bonuses for Rwandan traders? | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Social Trading Offered | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Exness is a reputable international broker authorized by several reputable market regulators | There is a limited selection of tradable instruments in only a few financial markets |
| The broker offers some of the tightest spreads across all types of accounts | There is a limited selection of funding options offered |
| There are several account types to choose from, each accommodating different types of traders | |
| There are various market metrics available including exchange rates, overall trading activities available, current market conditions, and more. | |
| Exness is ideal for any Rwandan beginner traders and institutional investors | |
| There are solutions offered for any type of professional trader who needs advanced options | |
| There is a powerful proprietary mobile app offered | |
| Client fund safety and investor protection is guaranteed | |
| Multilingual 24/7 customer support is offered | |
| Instant withdrawal methods are available |
9. FP Markets
Overall Rating
- 4.9/5
Min Deposit
100 USD/101 652 RWF
Regulators
ASIC, CySEC, FSCA, CMA
Trading Desk
MetaTrader 4, MetaTrader 5
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 FP Markets is a low-cost broker for trading Forex and CFDs, particularly when using the MetaTrader platform. The minimum deposit for the Standard and Raw Metatrader accounts is 100 USD, and trading costs are around or below industry averages.
👉 The MetaTrader offering from FP Markets is highly competitive, making it one of the most cost-effective brokers globally, especially for its commission-based ECN account.
👉 Other brokers typically have trading costs around 9 USD per lot of EUR/USD, while FP Markets’ MT4/MT5 Standard Account costs are average, but the MT4/MT5 Raw Account offers low costs with a round turn commission of 6 USD and tighter spreads.
Features
| Account Features | Value |
| 💰 Minimum Deposit Requirement | 71,000 RWF or an equivalent to AU$100 |
| 📊 Average spread | Variable, from 1 pip |
| 💸 Instruments Available | 60+ Forex pairs, metals, indices, commodities |
| 📈 Maximum Leverage Ratio | 1:500 |
| ⬆️ Execution Type | ECN |
| 💵 Commissions | None |
| ✔️ Expert Advisors Offered? | Yes |
| 📱 Mobile App Offered? | Yes |
| ✅ VPS Available? | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FP Markets is a trusted and well-regulated forex and CFD broker for Rwandan traders | There are additional fees applied to the Islamic account |
| FP Markets accepts traders of all experience levels despite their trading strategies | Withdrawal fees are charged on several of the payment providers that FP Markets offers |
| There is a choice between the account types that FP Markets offers | |
| Traders have access to unlimited demo accounts if they keep using the account frequently | |
| There are powerful trading platforms to choose from | |
| FP Markets offers advanced trading tools to experienced Rwandan traders | |
| There are a plethora of educational materials and options for beginners | |
| There is no inactivity fee and deposit fees are not charged |
What to Consider when Choosing a Low-spread Broker in Rwanda
👉 It is necessary to choose a trustworthy CFD broker before beginning to trade products like the VIX 75. Brokers connect investors with exchanges where they may purchase and sell currencies.
👉 Rwandan traders must evaluate the following components of a CFD broker to decide whether the broker is suited to their unique trading objectives and needs.
Regulation
👉 Ensuring that you only use the services of a well-regulated broker is a crucial factor when you choose a CFD broker that offers VIX 75. Regulation ensures that the broker will ensure client fund security and that disputes will be managed effectively.
👉 Furthermore, regulation ensures that client funds are only used for trading activities and that the broker can fulfil its financial obligations towards its clients.
Trading Platform
👉 Traders in Rwanda should put money into a trading platform they feel confident using. Before registering a live trading account with a CFD broker, be sure the trading platform meets your needs.
Leverage Ratios
👉 The CFD market is often leveraged to allow traders to open larger positions with less capital. However, to effectively manage a trading position and account, it is crucial to understand your leverage limit.
👉 Your broker should offer flexible leverage, allowing you to choose a ratio according to your trading strategy and risk tolerance.
The ability to use Scalping Strategies
👉 If you are interested in high-frequency CFD day trading, ensure that trading styles are not restricted. For example, a broker who engages in scalping has no minimum time requirement between the market price, the stop-loss, and the take-profit.
Custom Trading Tools
👉 Brokers that care about their clients should provide them with helpful services. These aids are designed to make it easier for Forex and CFD traders to maximize their profits.
Trader Education
👉 Most CFD brokers provide their clients with educational materials and opportunities to attend seminars. However, for new traders, familiarity with the jargon is crucial. Therefore, choosing a broker that also offers educational resources is best.
Trade Execution Quality
👉 When searching for a broker, it is important to choose one that can guarantee your orders will be executed at the exact price you specify.
Spreads and Fees
👉 Selecting a broker with the tightest Volatility 75 spreads is usually the best strategy. While important, this element alone should not be used to decide; rather, it should be weighed with all other factors.
The Type of Trading Accounts offered
👉 A good CFD broker will provide a few account options, each with unique benefits. For example, more safety, more leverage, risk management, narrow spread, etc., are all advantages that might accrue.
The Best Forex Brokers in Rwanda
👉 In this article, we have listed the best brokers that offer forex and CFD trading to Rwandan traders. In addition, we have further identified the brokers that offer additional services and solutions to Rwandan traders.
Best MetaTrader 4 / MT4 Forex Broker in Rwanda
Overall Rating
- 4.8/5
Min Deposit
USD 5
Regulators
CySEC, FSC, CFTC
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
No
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, HFM is the best MT4 forex broker in Rwanda. In addition, HFM is the most recommended MT4 broker for Rwandan traders since it allows traders to manage several accounts from a single platform.
👉 Over 1,000 CFD instruments are offered to Rwandans on any MT4 mobile, browser, or desktop application, allowing traders to integrate their HFM accounts across platforms seamlessly.
Best MetaTrader 5 / MT5 Forex Broker in Rwanda
Overall Rating
- 4.7/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, RoboForex is the best MetaTrader 5 forex broker in Rwanda. RoboForex is a multi-asset and versatile MT5 broker with a low minimum deposit of 10 USD / 10,000 RWF.
👉 Rwandans can trade various markets with leverage of up to 1:3000 using a RoboForex account and MetaTrader 5 on multiple devices.
Best Forex Broker for beginners in Rwanda
Overall Rating
- 4.8/5
Min Deposit
USD 50
Regulators
CySec, FCA
Trading Desk
None
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
* Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland.
👉 Overall, eToro is the best forex broker for beginners in Rwanda. eToro is ideal for beginners due to the availability of a demo account, educational materials, and user-friendly copy trading options.
👉 Furthermore, since eToro charges fixed spreads and no commission fees, inexperienced traders may easily calculate their trading costs.
Best ECN Forex Broker in Rwanda
Overall Rating
- 4.7/5
Min Deposit
USD 200 / 205 900 RWF
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, IC Markets is the best ECN forex broker in Rwanda. IC Markets is the leading ECN broker that offers VIX 75 to Rwandan traders. IC Markets aggregates prices from 25 major liquidity providers, ensuring zero-pip spreads on key instruments for Rwandans.
Best Islamic / Swap-Free Forex Broker in Rwanda
Overall Rating
- 4.9/5
Min Deposit
USD 10
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Exness is the best Islamic / Swap-Free forex broker in Rwanda. Each of Exness’ retail account choices includes an Islamic account. Exness provides Rwandan traders with unlimited leverage and an UGX-denominated account.
Best Forex Trading App in Rwanda
Overall Rating
- 4.6/5
Min Deposit
USD 10
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, FXTM is the best forex trading app in Rwanda. Registration for a micro account with FXTM Trader is quick and simple for Rwandans interested in trading Forex, commodities, metals, equities, and indices.
👉 Rwandans can easily deposit and withdraw money using the app and the MyFXTM dashboard.
Best Lowest Spread Forex Broker in Rwanda
Overall Rating
- 4.7/5
Min Deposit
1 USD / 1 020 RWF
Regulators
IFSC, FSCA (South africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
No
Trading Fees
Low
Welcome Bonus
$140 / 142 877 RWF
Account Activation Time
Instant
👉 Overall, FBS is the best lowest-spread forex broker in Rwanda. In terms of low spreads, FBS is among the best brokers. Spreads on popular instruments such as EUR/USD start at -0.1 pips on FBS’ ECN account.
Best Nasdaq 100 Forex Broker in Rwanda
Overall Rating
- 4.9/5
Min Deposit
200 USD / 21 7071 RWF
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradeView
Crypto
Yes (Not available in Africa)
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Pepperstone is the best Nasdaq 100 forex broker in Rwanda. In addition, Pepperstone’s Razor Account charges some of the lowest spreads on important instruments such as EUR/USD, Nasdaq, and others.
👉 Pepperstone offers various trading platforms to Rwandans, and the broker caters to newcomers by providing comprehensive educational tools and information.
Best Volatility 75 / VIX 75 Forex Broker in Rwanda
Overall Rating
- 4.9/5
Min Deposit
USD 100
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, AvaTrade is Rwanda’s best Volatility 75 / VIX 75 forex broker. Rwandans trading VIX 75 with AvaTrade can anticipate competitive fixed spreads, zero commission costs, and some of the greatest trading and analytical tools to guide their trading selections.
Best NDD Forex Broker in Rwanda
Overall Rating
- 4.5/5
Min Deposit
USD 1
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, SuperForex is the best NDD forex broker in Rwanda. SuperForex is a multi-asset broker that offers Rwandans 11 retail accounts. As a result, Rwandans can easily trade 400 instruments on ECN and STP accounts, with up to 1:2000 leverage on main instruments.
Best STP Forex Broker in Rwanda
Overall Rating
- 4.1/5
Min Deposit
–
Regulators
–
Trading Desk
–
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, FOREX.com is the best STP forex broker in Rwanda. Based on its execution scorecard and high trust score, FOREX.com is regarded as one of the finest STP brokers. Furthermore, FOREX.com provides some of the most competitive spreads from prominent liquidity providers.
Best Sign-up Bonus Broker in Rwanda
Overall Rating
- 4.8/5
Min Deposit
USD 1
Regulators
CySEC, FSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
4
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, InstaForex is the best sign-up bonus broker in Rwanda. Rwandans who open an account with InstaForex will get a $1,000 no-deposit incentive, which they can use to study the broker’s website and platforms, and perfect their trading methods.
Conclusion
👉 Trading costs have decreased annually as forex brokers compete for clients, with many now offering zero-spread trading accounts as an incentive.
👉 However, Rwandans should exercise caution as some zero-spread account offerings may be misleading tactics brokers use to attract traders. Therefore, it is crucial to carefully read the fine print and know what to look for when selecting a broker.
FAQ
Who are the best Low-spread forex brokers in Rwanda?
Many brokers offer Low-spreads. However, the brokers we listed are some of the best and most-regulated options that offer user-friendly platforms, flexible accounts, and top trading conditions for Rwandan traders.
Which are the best Low-spread currency pairs to trade in 2024?
The best currency pairs that typically have Low-spreads include EUR/USD, USD/JPY, GBP/USD, USD/CHF, and EUR/JPY.
What is the difference between a zero spread vs. a standard account?
As the name suggests, a standard account is a typical trading account with conventional trading conditions, such as marked-up spreads and commission-free trading. The broker typically takes their fee from the spread on a standard account.
In contrast, a Zero Spread account has zero-pip spreads on major instruments such as EUR/USD, but the broker charges a commission fee per lot or side traded. Here, the broker does not take its fees from the spread but from the commission fee.
What is the lowest spread forex broker for gold trading in Rwanda?
The best forex brokers for Rwandans who want to trade gold with Low-spreads include XM, Tickmill, FXTM, Pepperstone, and others.
Who is the best Low-spread no commission forex broker in Rwanda?
Tickmill, FP Markets, and IC Markets are some of the best Low-spread brokers who offer commission-free options to Rwandan traders.
Table of Contents
