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
. 
- Louis Schoeman
Best CMA Regulated Forex Brokers in Rwanda – Comparison
| 🥇 Broker | ✔️ CMA Regulated Broker? | ⚖️ Regulation | 🏛 BNR Regulation? | 💸 RWF Deposits Allowed? | 👉 Open An Account |
| 1. FXPesa | Yes | CMA | No | No | 👉 Open Account |
| 2. Exinity East Africa Limited | Yes | CMA | No | No | 👉 Open Account |
| 3. Scope Markets | Yes | CMA, CySEC, FSCA | No | No | 👉 Open Account |
| 4. Pepperstone | Yes | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB | No | Yes | 👉 Open Account |
| 5. HFM | Yes | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA | No | Yes | 👉 Open Account |
| 6. Windsor Markets | Yes | CMA, CySEC, FCA, FSC | No | No | 👉 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)
- Pepperstone – Overall, Best Mpesa Broker
- FXPesa – Best Low Minimum Deposit for Rwandans
- Exinity East Africa Limited – Top Islamic Account Broker
- Scope Markets – Verified MT5 Forex Broker
- HFM – Best Broker that offers RWF Accounts
- Windsor Brokers – Top Commission-Free Trading in Rwanda
1. Pepperstone
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
Overview
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
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 BNR Regulation? | No |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account, |
| 📱 Trading Platform | MetaTrader 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 spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Pepperstone ensures client fund security by keeping it in segregated accounts | Rwandan traders do not have a Franc-denominated trading account |
| Pepperstone is both a multi-regulated and multi-award-winning broker | There are additional fees applied to the Islamic account |
| Pepperstone caters for all types of traders despite their trading experience or style | There 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
- 4.1/5
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 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
| Feature | Information |
| ⚖️ Regulation | CMA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 BNR Regulation? | No |
| 💻 Trading Accounts | Executive Account, Premier Account |
| 📱 Trading Platform | MetaTrader 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 spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ 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
- 4.5/5
Min Deposit
–
Regulators
–
Trading Desk
–
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
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
| Feature | Information |
| ⚖️ Regulation | CMA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 BNR Regulation? | No |
| 💻 Trading Accounts | Single retail trading account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💸 Minimum Deposit (RWF) | Not indicated |
| 💵 Trading Assets | currencies, metals, energies, commodities, indices, and equity CFDs |
| 💰 Rwandan Franc-based Account? | No |
| 💳 RWF Deposits Allowed? | No |
| 💸 Bonuses for Rwandan traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Great trading costs with raw spreads from 0.0 pips and high leverage | Limited selection of withdrawal options |
| Seven days swap free trading followed by a fixed fee | Minimum 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
- 4.6/5
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 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
| Feature | Information |
| ⚖️ Regulation | CMA, CySEC, FSCA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 BNR Regulation? | No |
| 💻 Trading Accounts | Standard Account, Gold Account, Platinum Account, Investment Account |
| 📱 Trading Platform | MetaTrader 5 |
| 💸 Minimum Deposit (RWF) | 121,422 |
| 💵 Trading Assets | Forex, CFDs on commodities, stocks and indices |
| 💰 Rwandan Franc-based Account? | No |
| 💳 RWF Deposits Allowed? | No |
| 💸 Bonuses for Rwandan traders? | No |
| 📊 Minimum spread | from 1.5 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Great trading costs with raw spreads from 0.0 pips and high leverage | Limited selection of withdrawal options |
| Seven days swap free trading followed by a fixed fee | Minimum 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
- 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
Overview
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
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📲 Social Media Platforms | • Facebook • Telegram • YouTube |
| 🏛 BNR Regulation? | No |
| 💻 Trading Accounts | Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 📱 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💸 Minimum Deposit (RWF) | 2,929 |
| 💵 Trading Assets | Forex, 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 spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| There are tight, competitive spreads from 0.0 pips on EUR/USD | HFM 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
- 4.7/5
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 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
| Feature | Information |
| ⚖️ Regulation | CMA, CySEC, FCA, FSC |
| 📲 Social Media Platforms | • Facebook • Telegram • YouTube |
| 🏛 BNR Regulation? | No |
| 💻 Trading Accounts | Prime or Zero MT4 Account |
| 📱 Trading Platform | MetaTrader 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 spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Well-regulated broker in several jurisdictions | Limited 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
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
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
- 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 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
- 4.1/5
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
- 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 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
- 4.6/5
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
- 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, 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
- 4.7/5
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.
you might also like: Best CySEC Regulated Forex Brokers in Rwanda
you might also like: Best FCA Regulated Forex Brokers in Rwanda
you might also like: Best ASIC Regulated Forex Brokers for Rwanda
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.
Table of Contents
