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6 Best CMA Regulated Forex Brokers in Rwanda

The 6 Best CMA Regulated Forex Brokers in Rwanda revealed. We tested and verified the best CMA-regulated forex brokers for Rwandan Traders. 

This is a complete guide to CMA-regulated forex brokers for Rwandans. 

In this in-depth guide you’ll learn: 

  • What is the Capital Market Authority (CMA)? 
  • Why traders in Rwanda should sign up with a Kenyan CMA-regulated broker? 
  • Who are the best CMA-regulated forex brokers for Rwandans in 2022? 
  • How to choose a forex broker – Compare them side by side by market activities, licensing, and best minimum deposits. 
  • Which brokers offer a sign-up bonus for first-time traders? 
  • List of licensed forex brokers in Kenya
  • Forex brokers with Mpesa

 

And lots more… 

So if you’re ready to go “all in” with the best-verified Capital Market Authority (CMA) forex brokers for Rwandans… 

Let’s dive right in… 

 

10 Best Forex Brokers in Rwanda for 2024

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

4.8/5

User Score

#2

4.7/5

User Score

#3

4.5/5

User Score

#4

4.4/5

User Score

#5

4.7/5

User Score

#6

4.6/5

User Score

#7

4.7/5

User Score

#8

4.8/5

User Score

#9

4.7/5

User Score

#10

4.7/5

User Score

.
Updated : August 21, 2024

Best CMA Regulated Forex Brokers in Rwanda – Comparison

🥇 Broker✔️ CMA Regulated Broker?⚖️ Regulation🏛 BNR Regulation?💸 RWF Deposits Allowed?👉 Open An Account
1. FXPesaYesCMANoNo👉 Open Account
2. Exinity East Africa LimitedYesCMANoNo👉 Open Account
3. Scope MarketsYesCMA, CySEC, FSCANoNo👉 Open Account
4. PepperstoneYesASIC, BaFin, CMA, CySEC, DFSA, FCA and SCBNoYes👉 Open Account
5. HFMYesFSCA, CySEC, DFSA, FSA, FCA, FSC, CMANoYes👉 Open Account
6. Windsor MarketsYesCMA, CySEC, FCA, FSCNoNo👉 Open Account

What is a CMA Regulated Broker?  

A CMA regulated broker is a financial intermediary that operates under the oversight and compliance of the Capital Markets Authority (CMA). 

6 Best CMA Regulated Forex Brokers in Rwanda (2024)

  1. Pepperstone – Overall, Best Mpesa Broker
  2. FXPesa – Best Low Minimum Deposit for Rwandans
  3. Exinity East Africa Limited – Top Islamic Account Broker
  4. Scope Markets – Verified MT5 Forex Broker
  5. HFM – Best Broker that offers RWF Accounts
  6. Windsor Brokers – Top Commission-Free Trading in Rwanda

1. Pepperstone

Overall Rating

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

 

Overview 

  Pepperstone Best CMA Regulated Forex Brokers in Rwanda

 

Pepperstone Markets Kenya Limited offers STP trading executions, ensuring no conflict of interest between Rwandan traders and the brokerage firm. They provide low commissions on trades and facilitate trading on secure platforms like MetaTrader 4 and 5, web-based platforms, and cTrader for PC. 

  

Unique Features 

FeatureInformation
⚖️ RegulationASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 BNR Regulation?No
💻 Trading AccountsStandard account, Razor Account, Professional Account,
📱 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade
💸 Minimum Deposit (RWF)88,906
💵 Trading Assets• Forex
• Cryptocurrencies
• Shares
• ETFs
• Indices
• Commodities
• Currency Indicies
💰 Rwandan Franc-based Account?No
💳 RWF Deposits Allowed?Yes
💸 Bonuses for Rwanda traders?No
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Pepperstone ensures client fund security by keeping it in segregated accountsRwandan traders do not have a Franc-denominated trading account
Pepperstone is both a multi-regulated and multi-award-winning brokerThere are additional fees applied to the Islamic account
Pepperstone caters for all types of traders despite their trading experience or styleThere are some leverage restrictions
Well-regulated by some of the top market regulatory entities
Pepperstone accepts Rwandan traders and provides a plethora of educational material for beginners
There is a demo account and Islamic account offered
There are several funding options offered to traders
When using M-Pesa, Pepperstone doesn’t charge fees to process withdrawals or deposits.

2. FXPesa

Overall Rating

Min Deposit

USD 5 / 3036 RWF

Regulators

Capital Markets Authority Kenya

Trading Desk

FXPesa mobile, MyFXPesa, MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview 

 FXPesa Best CMA Regulated Forex Brokers in Rwanda

 

FXPesa is a versatile exchange that enables Rwandan clients to trade on both Windows and Mac operating systems simultaneously. Additionally, they offer access to trading services via Apple or Android mobile devices. Recognizing the popularity of mobile trading, FXPesa provides a reliable mobile service to Rwandan users. New clients can also benefit from instructive trading videos and guided tutorials to help them get started with these products. 

  

Unique Features 

FeatureInformation
⚖️ RegulationCMA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 BNR Regulation?No
💻 Trading AccountsExecutive Account, Premier Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, FXPesa Mobile App, FXPesa proprietary platform
💸 Minimum Deposit (RWF)3,034
💵 Trading Assets• Index CFDs
• Forex
• Commodity CFDs
• Share CFDs
💰 Rwandan Franc-based Account?No
💳 RWF Deposits Allowed?No
💸 Bonuses for Rwandan traders?No
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FXPesa offers over 60 currency pairs, many of which minor or exotic like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDMXN, USDNOK, USDHKD, USDDKK and USDCNH. Other instruments include CFDs on silver, gold, platinum and oil, 11 indices and stocks. The benchmark EUR USD spread on the FXPesa web based trading platform floated above 1,6 pips and that is somewhat higher than the levels traders would usually consider attractive
Since the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions offered to retail clients at 1:30 in the summer of 2018, currently leverage as high as 1:400.the benchmark EUR USD spread on the FXPesa web based trading platform floated above 1,6 pips and that is somewhat higher than the levels traders would usually consider attractive.
You can open a trading account at FXPesa with just 5 USD and that is in the lower range of what most brokers would usually require.

3. Exinity East Africa Limited

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview 

  Exinity Best CMA Regulated Forex Brokers in Rwanda

 

Exinity, a subsidiary of Exinity Group, is a new global wealth management organization with 20 years of trading and investment experience. It offers a competitive trading environment to Rwandan traders, featuring an ECN pricing structure, industry-renowned platforms, and various benefits, including swap-free and halal trading options. 

  

Unique Features 

FeatureInformation
⚖️ RegulationCMA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 BNR Regulation?No
💻 Trading AccountsSingle retail trading account
📱 Trading PlatformMetaTrader 4, MetaTrader 5
💸 Minimum Deposit (RWF)Not indicated
💵 Trading Assetscurrencies, metals, energies, commodities, indices, and equity CFDs
💰 Rwandan Franc-based Account?No
💳 RWF Deposits Allowed?No
💸 Bonuses for Rwandan traders?No
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Great trading costs with raw spreads from 0.0 pips and high leverageLimited selection of withdrawal options
Seven days swap free trading followed by a fixed feeMinimum deposit not indicated by broker – larger entity has a very high minimum deposit of $10 000.
Regulated broker with a trusted management team
Competitive trading tools and Live workshop for beginner traders

4. Scope Markets

Overall Rating

Min Deposit

50% of your initial deposit

Regulators

Trading Desk

MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview 

  Scope Markets Best CMA Regulated Forex Brokers in Rwanda

 

Scope Markets is a worldwide online trading broker offering forex, commodities, stocks, and indices trading, along with leveraged and investment products in diverse Rwandan markets. They provide access to MetaTrader 5 and offer various account types, payment methods, and educational materials to cater to the needs of traders from Rwanda, Kenya, Mexico, and beyond, as stated by the company. 

  

Unique Features 

FeatureInformation
⚖️ RegulationCMA, CySEC, FSCA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 BNR Regulation?No
💻 Trading AccountsStandard Account, Gold Account, Platinum Account, Investment Account
📱 Trading PlatformMetaTrader 5
💸 Minimum Deposit (RWF)121,422
💵 Trading AssetsForex, CFDs on commodities, stocks and indices
💰 Rwandan Franc-based Account?No
💳 RWF Deposits Allowed?No
💸 Bonuses for Rwandan traders?No
📊 Minimum spreadfrom 1.5 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Great trading costs with raw spreads from 0.0 pips and high leverageLimited selection of withdrawal options
Seven days swap free trading followed by a fixed feeMinimum deposit not indicated by broker – larger entity has a very high minimum deposit of $10 000
Regulated broker with a trusted management team
Competitive trading tools and Live workshop for beginner traders

5. HFM

Overall Rating

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

 

 

Overview 

  HFM

 

Established in 2010, HFM is a Forex and commodities trader headquartered in London. In 2012, it proudly announced its accreditation with the Financial Conduct Authority (FCA), holding license number 801701. 

  

Setting itself apart from competitors, HFM offers the HF App, granting Rwandan traders access to their accounts and a variety of trading tools, news, and financial analysis. As a HFM customer, you can trade a broader array of assets, including specialty CFDs. 

  

Unique Features 

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA
📲 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
• LinkedIn
🏛 BNR Regulation?No
💻 Trading AccountsMicro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
📱 Trading PlatformMetaTrader 4 and MetaTrader 5
💸 Minimum Deposit (RWF)2,929
💵 Trading AssetsForex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
💰 Rwandan Franc-based Account?Yes, along with ZAR and USD
💳 RWF Deposits Allowed?Yes
💸 Bonuses for Rwandan traders?Yes
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
There are tight, competitive spreads from 0.0 pips on EUR/USDHFM only offers a few deposit and withdrawal methods to Rwandans
There is a demo account for beginners who are learning to trade and professional traders who are testing strategies
Rwanda traders can register a trading account in either USD, ZAR, or RWF
Several asset classes can be traded through HFM
Rwandan traders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms

6. Windsor Brokers

Overall Rating

Min Deposit

USD 100 / 96416 RWF

Regulators

CySEC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

50

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

 

Overview 

  Windsor Brokers

 

Windsor Brokers has much to offer for both new and experienced traders in Rwanda. They provide low spreads for forex and CFD trading, along with a wealth of training materials and CySEC regulation. 

  

The spreads vary based on the type of account. Prime account holders typically have an EUR/USD spread of 1.5 pips, while Zero account holders enjoy approximately 0.2 pips, and for Rwandan traders, it can even go as low as 0. 

  

Unique Features 

FeatureInformation
⚖️ RegulationCMA, CySEC, FCA, FSC
📲 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
• LinkedIn
🏛 BNR Regulation?No
💻 Trading AccountsPrime or Zero MT4 Account
📱 Trading PlatformMetaTrader 4
💸 Minimum Deposit (RWF)60,713
💵 Trading Assets• Forex
• Metals
• Spot and CFD indices
• Spot and CFD energies
• Commodities
• Treasuries
• Shares
💰 Rwandan Franc-based Account?No
💳 RWF Deposits Allowed?No
💸 Bonuses for Rwandan traders?Yes
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Well-regulated broker in several jurisdictionsLimited selection of trading platforms
Commission-free trading available to Rwandan traders.
Technical Signals updated up to four times a day.
Over 33 years of experience in the global markets and a well-established reputation.

The Role of the CMA

The primary role of the CMA is to supervise, license, and monitor market intermediaries, including the stock exchange, central depository, settlement system, and all authorized entities under the Capital Markets Act of 2000. 

  

This mechanism plays a crucial role in financing long-term productive investments, thereby significantly impacting the economy. 

  

Some of the Authority’s responsibilities include: 

  • Granting licenses and overseeing activities of capital market intermediaries. 
  • Monitoring the conduct of licensed individuals and market institutions. 
  • Controlling the issuance of capital market products. 
  • Fostering market development by exploring new products and institutions. 
  • Promoting investor education and public awareness. 
  • Safeguarding investors’ interests, among other duties. 

 

Benefits of trading with a CMA-regulated Forex broker

Benefits of trading with a CMA-regulated Forex broker

 

Trading with a CMA-regulated Forex broker offers several benefits: 

  

Safety and Security:  

CMA regulation ensures that the broker operates with transparency, adheres to strict financial standards, and safeguards clients’ funds, providing a secure trading environment. 

  

Client Protection:  

CMA-regulated brokers are required to implement measures to protect clients’ interests, including fair pricing, transparent trading conditions, and clear disclosure of risks. 

  

Fair Practices:  

CMA oversight ensures that the broker follows ethical and fair trading practices, reducing the risk of market manipulation and fraudulent activities. 

  

Dispute Resolution:  

In case of any disputes, traders have recourse to CMA’s dispute resolution mechanisms, providing a fair and impartial resolution process. 

  

Financial Stability:  

CMA-regulated brokers are subject to financial audits, ensuring they maintain sufficient capital to handle market volatility and unexpected events. 

  

Adherence to Regulations:  

CMA-regulated brokers comply with all relevant laws, regulations, and industry standards, promoting a more trustworthy trading environment. 

  

Quality Services:  

Regulated brokers are more likely to offer quality services, reliable trading platforms, and access to various financial instruments and markets. 

  

Peace of Mind:  

Trading with a CMA-regulated broker gives traders peace of mind, knowing that their investments are protected by a reputable regulatory authority. 

How to Choose a Forex Broker

How to Choose a Forex Broker

 

Choosing a forex broker in Rwanda is a crucial step for traders to ensure a smooth and successful trading experience. Here are some essential factors to consider when making this important decision: 

  

Regulation and Licensing:  

Verify that the forex broker is regulated and licensed by the Financial Sector Conduct Authority (FSCA) in Rwanda. Regulation ensures that the broker operates under strict guidelines, providing a level of protection to traders. 

  

Reputation and Reliability:  

Research the broker’s reputation in the market. Look for reviews and feedback from other traders to gauge their reliability and trustworthiness. 

  

Trading Platforms:  

Evaluate the trading platforms offered by the broker. Ensure that the platform is user-friendly, stable, and equipped with essential tools and features for analysis and execution. 

  

Trading Instruments:  

Check the range of trading instruments offered. A diverse selection of currency pairs and other financial assets can provide more trading opportunities. 

  

Spreads and Fees:  

Compare the spreads and fees charged by different brokers. Lower spreads can reduce trading costs and improve overall profitability. 

  

Leverage:  

Consider the leverage offered by the broker. While higher leverage can amplify profits, it also increases the risk, so choose leverage levels that align with your risk tolerance. 

  

Customer Support:  

Look for brokers with responsive and reliable customer support. Efficient support is essential, especially in case of technical issues or queries. 

  

Educational Resources:  

Some brokers offer educational resources and tools to help traders improve their skills and knowledge. Consider this factor, especially if you are a beginner. 

  

Deposit and Withdrawal Options:  

Check the deposit and withdrawal methods available. Ensure they are convenient and secure for your needs. 

  

Regulatory Compliance:  

Confirm that the broker complies with anti-money laundering (AML) and know-your-customer (KYC) regulations to safeguard against fraud and unauthorized activities. 

  

Demo Account:  

Many brokers offer a demo account for practice trading. Utilize this feature to test the platform and understand the broker’s services before committing real funds. 

  

Local Presence:  

Consider brokers with a local presence or support in Rwanda. Local offices or representatives can provide additional convenience and support. 

  

By carefully evaluating these factors, traders can select a forex broker that aligns with their trading goals and ensures a safe and rewarding trading experience in Rwanda. Remember to start with a smaller investment and gradually increase as you gain confidence in your chosen broker. 

The Best Forex Brokers in Rwanda

In this article we have outlined the best CMA-regulated Forex brokers which operate in Rwanda. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Rwandan traders.

 

Best Forex broker with no withdrawal fees for Rwandan trader

Overall Rating

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 considered a low-risk broker and can be summarised as a trustworthy and reliable agency-execution broker. Regarding spread and security, Pepperstone guarantees fast trading speeds from a few milliseconds. In terms of users, Pepperstone has over 8000 registered clients in the UK.

 

Best Forex broker with a low minimum deposit for Rwandan traders

Overall Rating

Min Deposit

USD 5 / 3036 RWF

Regulators

Capital Markets Authority Kenya

Trading Desk

FXPesa mobile, MyFXPesa, MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overall, FXPesa is considered a low-risk broker and can be summarised as a trustworthy and reliable NDD broker. Regarding spread and security, FXPesa guarantees fast trading speeds from a few milliseconds. In terms of users, FXPesa has over 2000 registered clients in Rwanda.

 

Best Forex broker offering Islamic Accounts to Rwandan traders

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overall, Exinity East Africa is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, Exinity Easy Africa guarantees fast trading speeds from a few milliseconds. In terms of users, Exinity has registered clients from over 120 countries.

 

Best MT5 Forex broker for Rwandan traders

Overall Rating

Min Deposit

50% of your initial deposit

Regulators

Trading Desk

MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overall, Scope Markets is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, Scope Markets guarantees fast trading speeds from a few milliseconds.

 

Best Forex broker with RWF accounts for Rwandan traders

Overall Rating

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, HFM is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, HFM guarantees fast trading speeds from a few milliseconds. In terms of users, HFM has over 2.5 million registered clients around the world.

 

Best Forex broker with commission-free trading for Rwandan traders

Overall Rating

Min Deposit

USD 100 / 96416 RWF

Regulators

CySEC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

50

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overall, Windsor Brokers is considered a low-risk broker and can be summarised as a trustworthy and reliable market-making broker. Regarding spread and security, Windsor Brokers guarantees fast trading speeds from a few milliseconds. In terms of users, Windsor Brokers has registered traders from over 80 countries.

FAQ’s 

What is the significance of CMA regulation for Forex brokers in Rwanda? 

Understanding the importance of CMA regulation ensures you are trading with a broker that complies with strict financial standards and protects your interests. 

  

How can I verify if a Forex broker in Rwanda is CMA-regulated? 

Learn the process of verifying a broker’s CMA regulation status to ensure you are dealing with a legitimate and authorized entity. 

  

What are the benefits of choosing a CMA-regulated Forex broker in Rwanda? 

Discover the advantages, such as safety, fair trading practices, and client protection, that come with trading through a CMA-regulated broker. 

  

Does CMA regulation ensure my funds are secure with a Forex broker? 

Understand how CMA regulation provides measures to safeguard your funds and ensure financial stability with the broker. 

  

How does CMA regulation impact the overall trading experience with Forex brokers in Rwanda? 

Explore how CMA regulation influences trading conditions, services offered, and the overall reliability of Forex brokers in Rwanda. 

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