7 Best Forex Brokers in Rwanda
The 7 Best Forex Brokers for Rwandans revealed. We tested the best forex brokers for Rwandan Traders.
This is a complete guide to forex brokers in Rwanda.
In this in-depth guide you’ll learn:
- What is a Forex Broker?
- Which forex brokers offer the best trading platforms for Rwandan traders?
- Which trading platforms can you use with M-PESA?
- How to compare the best trading platforms against each other.
- Which Forex Brokers Are Best for Beginner Rwandan Traders?
- Which brokers offer a sign-up bonus for first-time traders in Rwanda?
- Which brokers offer a low minimum deposit of $5 (4769,19 RWF) to start trading?
- Which brokers offer a mobile app on IOS and Android for Rwandan Traders?
- Which brokers offer online trading platforms to Rwandan traders?
And lots more…
So if you’re ready to go “all in” with the best-tested forex brokers…
Let’s dive right in…
10 Best Forex Brokers in Rwanda for 2024
Rank
Broker
Review
Regulators
Min Deposit
Official Site
. 
- Louis Schoeman
Best Forex Brokers Rwanda (Updated 2024)
| 🥇 Broker | ✔️ Rwandan Franc Account? | 💰 Minimum Deposit? | 💸 Rwandan Franc (RWF) Deposits Allowed? | 👉 Open Account |
| 1. IG | Yes | $250 (287070,75 RWF) | Yes | 👉 Open Account |
| 2. AvaTrade | Yes | $100 (114828,30 RWF) | Yes | 👉 Open Account |
| 3. HF Markets | Yes | $5 (5741,42 RWF) | Yes | 👉 Open Account |
| 4. XM | Yes | $5 (5741,42 RWF) | Yes | 👉 Open Account |
| 5. FXTM | Yes | $10 (11482,83 RWF) | Yes | 👉 Open Account |
| 6. Capital.com | Yes | $20 (22965,66 RWF) | Yes | 👉 Open Account |
| 7. OANDA | Yes | $1 (1148,28 RWF) | Yes | 👉 Open Account |
7 Best Forex Brokers in Rwanda (Updated 2024)
- IG – Overall, Best Forex Broker in Rwanda
- AvaTrade – Best MetaTrader5/MT5 Forex Broker in Rwanda
- HF Markets – Best Nasdaq100 Forex Broker
- XM – Best Forex Broker for Beginner Traders
- FXTM – Best Forex Trading App in Rwanda
- Capital.com – Best RWF Trading Account Forex Brokers in Rwanda
- Oanda – Best STP Forex Broker in Rwanda
What is a forex broker in Rwanda?
A forex broker in Rwanda is a broker who has specific and targeted knowledge about Rwandan markets. Such knowledge includes insights into tradable assets and different Rwandan trading styles. The best brokers in Rwanda also offer packages that are advantageous to Rwandan traders.
Best Forex Brokers in Rwanda
In this list of the 7 best forex brokers in Rwanda, we will enumerate important features to assist you in your choice of broker. The forex brokers dealt with here offer trading platforms and tradable assets that will make your trading experience smoother and more successful.
1. IG
Overall Rating
- 4.8/5
Min Deposit
USD0
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
IG is a great choice for both beginners and professional traders. IG has the most secure trading environment in the industry and offers a wide range of account types and competitive spreads, with more than 17 000 trading instruments.
IG offers a resource to those wishing to trade in CFDs. AS one of the most popular brokers in the world, it offers the best and most comprehensive trading environments.
Its user-friendly interfaces, excellent educational tools, and actionable research place IG in a competitive position among brokers in Rwanda. Though not regulated by the Capital Markets Authority (CMA), IG enjoys regulation by a number of reputable entities.
IG has a strong focus on ethical practice, social responsibility, and environmental awareness.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA |
| 📱 Social Media Platforms | • LinkedIn • YouTube |
| 💻 Trading Accounts | • IG Trading Account • Limited Risk Account • Islamic Account (Dubai traders only) • Demo Account |
| 📊 Trading Platform | • MetaTrader 4 • IG Platform • ProRealTime (PRT) • L2 Dealer • FIX API |
| 💰 Minimum Deposit | 287070,75 RWF or an equivalent to $250 |
| ✅ Trading Assets | • Forex • Indices • Shares • Commodities • Cryptocurrencies • Futures • Options |
| ✔️ Rwandan Franc-based Account? | No |
| 💵 RWF Deposits Allowed? | No |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes (Dubai customers only) |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| IG is a multi-regulated and multi-asset online broker with one of the highest trust scores in Rwanda | The minimum deposit is very high |
| IG offers a choice between several account types and trading platforms | Deposit fees are charged |
| Rwandan traders can use different trading strategies when they join IG | The Islamic account is only offered to Dubai traders |
| There are Islamic accounts offered to Dubai traders | There is a limited selection of payment options for deposits and withdrawals |
| Beginners are given access to the IG Academy | There are currency conversions if Rwandan traders deposit in Rwandan Franc |
| Advanced traders can expect several advanced and sophisticated trading tools |
2. 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 accommodating to Rwandan traders with their specific trading styles and objectives. Launched in 2006 as a global CFD and FX broker, AvaTrade enjoys oversight by numerous financial institutions, including the Irish Central Bank.
Though it is extensively regulated internationally, AvaTrade is not regulated by the Rwandan Capital Markets Authority (CMA). It is a highly reputable company that segregates Rwandan money in top-tier banks globally.
The fact that AvaTrade is a member of the Investor Compensation Company Limited in Europe means that a high level of financial protection is offered to European investors. In general, this broker provides a safe, fair, and transparent trading environment.
Unique features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC |
| 📱 Social Media Platforms | • Twitter • YouTube |
| 💻 Trading Accounts | Standard and Options accounts |
| 📊 Trading Platform | • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade |
| 💰 Minimum Deposit | Equivalent to $100 – 114828,30 RWF |
| ✅ Tradable Assets | • Forex • Metals • Crypto • Energies • Indices • Stocks |
| 💵 Trading Assets | Equivalent to $100 – 114828,30 RWF |
| 📉 Minimum spread | From 0.9 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| AvaTrade is an internationally recognised and award-winning broker that is regulated in multiple jurisdictions. | The demo account is only available for a period of thirty days. |
| The broker enables customers to choose from a variety of trading strategies, providing Rwanda investors with flexibility. | The spreads are not at their most competitive levels. |
| A demo account is available for both inexperienced and seasoned traders to use. | On inactive accounts, administrative fees come in the form of inactivity fees, which must be paid. |
| AvaTrade provides Muslim traders with trading circumstances based on Islamic law. | Retail traders have access to a relatively low ratio of leverage. |
| Both social trading and trading in cryptocurrencies are supported. | |
| The services provided by AvaTrade will meet the needs of Rwandan merchants of all experience levels, to their complete satisfaction. | |
| Different trading platforms accessible, accessed from a variety of devices. | |
| Traders just starting out have access to a variety of learning resources that can help them expand their expertise and knowledge. |
3. HF Markets
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
HF Markets is heavily regulated, including by the Rwandan Capital Markets Authority (CMA). It is a low-risk CFD and forex broker with an 83 percent trust rating. It receives a 9/10 rating for a variety of client services.
Its retail accounts cater to both inexperienced and experienced traders, with tools that provide professional investors an advantage. A variety of features and trading conditions appeal to different trading styles, capabilities, and aims.HF Markets is one of the top 20 forexes and CFD brokers for Rwandan traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📱 Social Media Platforms | • Facebook • Telegram • YouTube |
| 💻 Trading Accounts | Micro Account, Premium Account, HF copy Account, Zero Spread Account, Auto Account |
| 📊 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💰 Minimum Deposit | 5 USD or 5741,42 RWF |
| 💵 Trading Assets | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| ✔️ Rwandan Franc-based Account? | No |
| 💵 RWF Deposits Allowed? | Yes |
| 💸 Bonuses for Rwandan traders? | Yes |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Tight, competitive spreads from 0.0 pips on EUR/USD are offered | HF Markets only offers a few deposit and withdrawal methods to Rwandans |
| Rwandantraders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms | |
| A demo account is available for beginners who are learning to trade and professional traders who are testing strategies | |
| Rwandan traders can register a trading account in either USD, ZAR, or RWF | |
| Several asset classes can be traded through HF Markets |
4. 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
As an average-score broker with a high trust score of 84%, XM offers minimum fees with good security, customer services, and account financing.
Though headquartered in Belize, this broker has a network of global offices and is licensed by the IFSC. Established in 2009, it operates in almost 200 countries. It has a working team that communicates in more than 30 languages.
As one of the top 50 brokers in Rwanda, it disposes of a wide and versatile range of trading options. Being a member of the Investor Compensation Fund, XM complies with all criteria laid down by the Markets in Financial Instruments Directive to safeguard investors (MiFID).
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💰 Minimum Deposit | 5 USD / 5741,42 RWF |
| ✅ Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
| ✔️ Rwandan Franc-Based Account | No |
| 💳 Bonuses for Rwandan traders? | Yes |
| 📉 Minimum spread | from 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| XM is a low-cost forex broker with a high trust score | No fixed spreads offered on accounts |
| XM has more than 5 million active clients from around the world | Inactivity fees apply for dormant accounts |
| Client fund safety is guaranteed | |
| XM offers investor protection to Rwandan traders | |
| There are no commissions charged on deposits or withdrawals | |
| XM has won several industry awards since its establishment in 2009 |
5. 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
Founded in 2011, FXTM is one of the fastest-growing brokers globally. Focusing on Africa and Asia, the company has enjoyed large growth over a relatively short period of time.
FXTM is licensed by several tier regulators and offers three retail trading accounts with solid trading conditions and an extensive educative feature.
The company does not have a very large market share in Rwanda but is rated among the top 20 brokers in the region. It is therefore a good fit for Rwandan traders with a variety of trading styles.
It is a reputable, fair, and transparent broker, adhering strictly to principles laid down by global regulatory instances.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📱 Social Media Platforms | • Instagram • YouTube • Telegram |
| 💻 Trading Accounts | • Micro Account • Advantage Account • Advantage Plus Account • Demo Account • Islamic Account |
| 📊 Trading Platform | • MetaTrader 4 • MetaTrader 5 • FXTM Trader |
| 💰 Minimum Deposit | 11482,83 RWF or an equivalent to $10 |
| ✅ Trading Assets | • Precious Metals • Stocks • CFDs on Stocks • Indices • Forex • Commodities |
| ✔️ Rwandan Franc-based Account? | No |
| 💵 RWF Deposits Allowed? | Yes |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXTM is a multi-regulated and award-winning forex broker | Inactivity fees are charged on dormant accounts |
| There is a dedicated customer support team available | FXTM does not offer its services to United States clients |
| There are several easy and quick funding and withdrawal methods offered | |
| There are three dynamic retail investor accounts to choose from with high maximum leverage ratios | |
| Low minimum deposit requirements and commission-free trading offered | |
| Deposit fees are not charged on any of the payment methods offered and the processing times on withdrawals are quick | |
| There is a selection of educational tools offered and research tools for experienced traders | |
| There is dedicated customer support offered in multiple languages |
6. Capital.com
Overall Rating
- 4.5/5
Min Deposit
USD 20
Regulators
CYSEC, ASIC, FCA and NBRB licence Seychelles coming soon
Trading Desk
Market maker
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
Capital.com is a regularly licensed and reliable forex broker in Rwanda. This forex broker is licensed across all tiers by six international authorities and is an average trust broker with a trust score of 77%. Capital.com belongs in the top 50 international brokers for Rwandan markets.
It has offices based in the UK, Belarus, Gibraltar, Cyprus, Seychelles, and Australia, where it operates under several names. As an entity offering client protection under the Investor compensation fund, it ensures limited protection to non-professional traders.
It offers comprehensive CFD and forex trade through a single live trading account type. Modern identification methods are used to combat identity fraud and validate accounts.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, CySEC, NBRB, FSA |
| 📱 Social Media Platforms | • Instagram • YouTube |
| 💻 Trading Accounts | • One Live Account with the option for Retail or Professional • Demo Account |
| 📊 Trading Platform | • Capital.com • MetaTrader 4 • TradingView |
| 💰 Minimum Deposit | 22965,66 RWF or an equivalent to $20 |
| ✅ Trading Assets | • Indices • Forex • Commodities • Cryptocurrencies • Shares |
| ✔️Rwandan Franc-based Account? | No |
| 💵 RWF Deposits Allowed? | Yes |
| 📉 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Capital.com offers regular live updates and price alerts for a wide range of markets | The spreads are marked-up |
| There are no commissions charged on trades | There is no RWF-denominated trading account offered to Rwandan traders |
| Rwandan traders can expect market-leading spreads and fast trade execution speeds | |
| Well-regulated and considered a safe broker | |
| The demo account is available for an unlimited time | |
| There are excellent training materials, and the broker offers an AI-technology driven platform |
7. Oanda
Overall Rating
- 4.9/5
Min Deposit
USD 0
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
Oanda is a low-risk forex and CFD broker for Rwandans. In addition to its award-winning proprietary platform, it has competitive trading conditions and high-quality trading solutions.
Although not regulated locally by the Capital Markets Authority (CMA) in Rwanda, Orca is regulated by several other recognized authorities. This company is a prominent broker and trading platform established in 1996.
It has a large selection of indicators and charting tools suitable both for beginners and experienced traders. Placed among the top 50 forex brokers for Rwandan traders, Oanda advertises itself as a company handling ‘all things currency’.
Unique Features
| Feature | Information |
| ⚖️ Regulation | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 💻 Trading Accounts | Standard Account, Core Account, Swap-Free Account |
| 📊 Trading Platform | MetaTrader 4, OANDA Platform, TradingView |
| 💰 Minimum Deposit | 1 USD (1148,28 RWF) |
| ✅ Trading Assets | Index CFDs, Forex, Metals, Commodity CFDs, Bonds CFDs, Precious Metals, Real-time Rates |
| ✔️Rwandan Franc-based Account? | No |
| 💵RWF Deposits Allowed? | Yes |
| ✔️ Rwandan Franc-Based Account | No |
| 💳 Bonuses for Rwandan traders? | Yes |
| 📉 Minimum spread | 0.1 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Oanda has an award-winning proprietary trading platform | There is an inactivity fee on dormant accounts |
| Negative balance protection is automatically applied to the retail accounts | No fixed spreads are offered on accounts. |
| The broker offers a dedicated account for Muslim traders | |
| No deposit fees are charged when accounts are funded | |
| There is a large selection of educational materials |
How to Choose a forex broker in Rwanda
Rwandan traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Rwandans must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
Rwandans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
The range of markets offered refers to the number and range of tradable instruments that the broker offers. Rwandans must consider what they wish to trade and what is available.
Customer Support
Customer Support is another crucial factor and Rwandans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
A trading platform is the Rwandan trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
- eBooks
- Trading guides
- Trading knowledge on leveraged products
- A risk warning on complex instruments
- Educational videos
Research can include some of the following:
- Trading tools
- Commentary
- Status of International Markets
- Price movements
- Market sentiments
- Whether there is a volatile market
- Exchange Rates
Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best Forex Brokers in Rwanda
The list above provides important insights into the best forex brokers in Rwanda, with a special emphasis on such aspects as regulation, tradable assets, trading accounts, and trading platforms.
We also examine some aspects that are specific to trading in Rwanda, such as possibilities for RWF deposits and bonuses, and special assistance for Rwanda forex traders.
In the next section, we will look at some of the best forex brokers in Rwanda that offer forex trading solutions across a variety of platforms and trading tools.
Best MetaTrader 4 / MT4 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 MetaTrader 4 forex broker in Rwanda. Its regulation record with a variety of authorities together with its high leverage ratios makes it a sought-after broker. With 24/7 customer support and special services in RWF, it offers a tailored solution for Rwandans.
Best MetaTrader 5 / MT5 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 the best MetaTrader 5 forex broker in Rwanda. This is a well-regulated company with over 1250 trading instruments across a range of financial markets. It offers competitive trading conditions to Rwandan traders in particular.
Best Forex Broker for Beginners in Rwanda
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
Overall, XM is the best forex broker for beginners in Rwanda. While this company accepts numerous trading strategies, it is especially welcoming to beginners. To this end, it has a rich collection of educational and research tools.
Best Minimum Deposit Forex Broker in Rwanda
Overall Rating
- 4.7/5
Min Deposit
USD 100
Regulators
FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
48
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, Alpari is the best minimum deposit forex broker in Rwanda. Alpari offers local deposit and withdrawal options to Rwandans, with tight spreads and competitive commissions. It also provides copy trading opportunities and has its own proprietary trading app.
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. This entity is one of the only tried and tested ECN brokers in the industry. Hedging, scalping, and many other strategies are allowed, with low trading fees and demo and Islamic accounts.
Best Islamic / Swap-Free Forex Broker in Rwanda
Overall Rating
- 4.5/5
Min Deposit
–
Regulators
–
Trading Desk
–
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overall, Exinity is the best Islamic/swap-free forex broker in Rwanda with its Rwanda-based office and special attention to Rwandan traders. It is well-regulated and reputable, and negative balance protection is offered. It also has local CMA regulations.
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 has the best forex trading app in Rwanda. FXTM offers advanced trading tools and a choice between three live trading accounts. It also has good educational materials. All trading accounts can be registered as a demo.
Best RWF Trading Account 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 RWF trading account forex broker in Rwanda. With Pepperstone Rwandan traders are given local deposit and withdrawal options. Social trading features are also provided together with a comprehensive affiliate program.
Best Lowest Spread Forex Broker in Rwanda
Overall Rating
- 4.7/5
Min Deposit
USD 100
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, Tickmill is the best lowest-spread forex broker in Rwanda. This is one of the lowest-cost brokers in the industry, with supreme liquidity depth and numerous enabled strategies. It offers flexible funding options, as well as commission-free trading.
Best Nasdaq 100 Forex Broker in Rwanda
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 RWF
Regulators
CMA, CySEC, FSC, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, HF Markets is the best Nasdaq 100 forex broker in Rwanda. It has an ultra-low minimum deposit on accounts and offers several educational materials to beginner traders.
Best Volatility 75 / VIX 75 Forex Broker in Rwanda
Overall Rating
- 4.8/5
Min Deposit
USD0
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, IG is the best Volatility 75/VIX 75 forex broker in Rwanda. In addition, beginners are given access to the IG academy. Advanced traders have access to several sophisticated trading tools.
Best NDD Forex Broker in Rwanda
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
Overall, FP Markets is the best NDD forex broker in Rwanda. FP Markets offers several deposit and withdrawal options. It is known for its ECN pricing model that includes raw and tight spreads.
Best STP Forex Broker in Rwanda
Overall Rating
- 4.9/5
Min Deposit
USD 0
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overall, Oanda is the best STP forex broker in Rwanda. Oanda offers advanced trading tools with no specific minimum deposit. It also has flexible and powerful trading tools.
Best Sign-Up Bonus 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 sign-up bonus forex broker in Rwanda. RoboForex has a wide range of tradable instruments and offers a 100% bonus for first deposits. It is an award-winning broker that has Verify My Trade.
Understanding how forex trading in Rwanda works
Trading in a variety of different currency pairs with a profit-earning goal is the aim of forex trading. Profit is taken from the current value of a given currency pair as it shifts with moving markets.
In Rwandan terms, the trader might be dealing with a currency pair consisting of the Rwandan Franc (RWF) and US Dollars (USD). Due to the relative weakness of the RWF, 5000 USD might equate to 5741415,00 RWF.
Should the RWF strengthen for a period due to market shifts, less RWF would have to be spent for purchasing USD. In this case, selling USD would earn a profit on all the RWF earned by the trader in that transaction.
Profitable trading in RWF, therefore, requires careful study of the relevant currency pairs and an eye for the right conditions for investing.
In addition to understanding how currency pairs operate in the markets, traders will also have to become familiar with aspects of trading valuation such as pips, which are the smallest decimal value of the currency in question.
Other aspects such as leveraged forex trading in Rwanda require close study and the acquisition of fine trading skills.
Also, study bid and ask prices, which make up the difference that equals the broker’s spread. The lower your broker’s spread, the lower the fees the trader will pay for a trade.
Together with lower spreads, which make for higher profits or lower losses, traders should also take into account other fees charged by forex brokers in Rwanda. These might include commissions and withdrawal/deposit fees which represent an increase in a trader’s overall costs.
In terms of regulation, it is often recommended that traders register with forex brokers in Rwanda who are regulated by the local Rwandan entity, the Capital Markets Authority (CMA), though there are relatively few of these.
Other forex brokers operating in the Rwandan context are regulated by non-Rwandan instances such as the Financial Conduct Authority (FCA) or the Financial Sector Conduct Authority (FSCA).
These, and other international regulators ensure that your forex broker of choice in Rwanda is operating in a safe and transparent way.
Advantages of Forex trading in Rwanda
Rwanda is a growing market for forex trading
Many international, well-regulated forex brokers have entered the Rwandan market
The Rwandan forex market has its own regulator, the Capital Markets Authority (CMA)
Many trading instruments and educational materials are available
Demo accounts are at the trader’s disposal
Most forex brokers in Rwanda also offer Islamic swap-free accounts
Disadvantages of Forex trading in Rwanda
As in all forex markets, the Rwandan market is very volatile
Forex trading in Rwanda can be risky when dealing with unregulated entities
In forex trading in Rwanda generally, about 60% of traders lose money
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FAQs
Is it safe to trade with Rwandan forex brokers?
It is safe to trade with forex brokers in Rwanda if traders ensure that these brokers have the required regulation and follow transparent practices.
What are the risks of unregulated Rwandan forex brokers?
Unregulated forex brokers in Rwanda may mislead traders with fraudulent schemes and divert monies for use other than forex trading.
How unpredictable are forex markets in Rwanda?
Rwandan markets are known to be volatile. It is therefore good practice for traders using forex brokers in Rwanda to learn risk management principles and to begin trading with a demo account.
What educational tools are available from forex brokers in Rwanda?
Educational tools offered by forex brokers in Rwanda include e-books, educational videos, as well as specific tools such as risk management guides.
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