10 Best Islamic Swap-Free Forex Brokers in Rwanda
The Best 10 Best Islamic Swap-Free Forex Brokers in Rwanda revealed.
This is a complete list of the best licensed Islamic swap-free brokers in Rwanda.
In this in-depth guide you’ll learn:
- What is Swap-Free?
- Who are the best Islamic Swap-Free brokers for Rwandans?
- How to choose the right broker for your trading style?
- How to begin trading with a Shariah-compliant broker?
- Which halal brokers offer the lowest spreads and minimum deposits?
And lots more…
So, if you’re ready to go “all in” as a Muslim trader with the best-tested Islamic swap-free 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
What is an Islamic Swap-Free Forex Broker?
An Islamic Swap-Free Forex broker, also known as an Islamic Forex broker or Shariah-compliant Forex broker, is a type of broker that offers trading accounts that are compliant with Islamic principles. In Islamic finance, earning or paying interest (known as “riba”) is prohibited.
Best Islamic Swap-Free Forex Brokers – Comparison
| 🏛️ Broker | ✔️ Islamic Swap-Free Account? | ☪️ Islamic Account | 💳 RWF Deposits | 💰 RWF Deposits Allowed? | 👉 Open Account |
| 1. Exness | Yes | Yes | Yes | Yes | Open Account |
| 2. XM | Yes | Yes | Yes | Yes | Open Account |
| 3. HFM | Yes | Yes | Yes | Yes | Open Account |
| 4. AvaTrade | Yes | Yes | No | Yes | Open Account |
| 5. Alpari | Yes | Yes | Yes | Yes | Open Account |
| 6. SuperForex | Yes | Yes | Yes | Yes | Open Account |
| 7. FXTM | Yes | Yes | Yes | Yes | Open Account |
| 8. Tickmill | Yes | No | Yes | Yes | Open Account |
| 9. LiteFinance | Yes | Yes | Yes | Yes | Open Account |
| 10. OANDA | Yes | No | Yes | Yes | Open Account |
10 Best Islamic Swap-Free Forex Brokers in Rwanda
- Exness – Overall, the Best Islamic Swap-Free Broker
- XM – Best No-Deposit Bonus Forex Broker
- HFM – Best Franc (RWF) Account Broker
- AvaTrade – Best Options Mobile App
- Alpari – Forex Broker with the Largest Range of Markets
- SuperForex – Lowest Initial Deposit Broker
- FXTM – Best Copy Trading Broker in Rwanda
- LiteFinance – Best ECN Forex Broker in Rwanda
1. 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 is a global forex broker that offers trading services to clients worldwide. Founded in 2008, Exness has gained popularity for its user-friendly trading platform, competitive spreads, and wide range of trading instruments.
Exness provides traders with access to various financial markets, including forex, commodities, indices, and cryptocurrencies. They offer multiple account types to cater to the different needs and trading styles of their clients, including standard accounts, ECN accounts, and Islamic swap-free accounts for those who adhere to Islamic principles.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 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 | 100,68 Franc |
| 📈 Trading Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| 💰 Rwandan Franc-based Account? | Yes |
| ✔️ RWF Deposits Allowed? | Yes |
| 💸 Bonuses for Rwandan traders? | Yes |
| 📊Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutions | There is a limited portfolio of financial instruments offered |
| Rwandan traders can choose between several retail investor accounts | Exness offers a limited number of payment methods that can be used for deposits and withdrawals |
| Exness offers an Islamic account conversion with no additional fees charged | |
| Instant deposits and withdrawals are offered | |
| Exness has customer support available 24 hours a day, 7 days a week |
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 offers different types of trading accounts to cater to the needs of different traders, including Micro, Standard, and XM Ultra Low accounts. They also provide Islamic accounts for traders who follow Islamic principles and require swap-free trading.
When it comes to trading conditions, XM is known for competitive spreads and fast trade execution. They offer flexible leverage options and provide access to various trading tools and resources to support traders in their decision-making process.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💵 Minimum Deposit | 4,91 Franc |
| 📈 Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
| 💰 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
| XM has more than 5 million active clients from around the world | Inactivity fees apply |
| Client fund safety is guaranteed, and XM offers investor protection to Rwandan traders | There are no fixed spreads offered |
| XM has won several industry awards since its establishment in 2009 | |
| There are no commissions charged on either deposits or withdrawals | |
| XM is a low-cost forex broker with a high trust score |
3. 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 one of Rwanda’s most popular brokers, with a 2.5%+ market share and local office, HFM offers unique and tailormade solutions to its clients, which includes the option to convert the Micro, Premium, Auto, or the HFcopy account into an Islamic Account.
This provides Rwandan Muslim traders with the versatility they need to add a competitive edge to their trading.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💵 Minimum Deposit | 4,91 Franc |
| 📈 Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
| 💰 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
| There are tight, competitive spreads from 0.0 pips on EUR/USD | HFM only offers a few deposit and withdrawal methods to Rwandan |
| There is a demo account 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 HFM | |
| Rwandan traders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms |
4. 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 well-established forex broker that serves traders globally, including those in Rwanda.
AvaTrade was established in 2006 and for the past six years, the broker has expanded around the globe, infiltrating several regions.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| 📱 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Retail Account, Professional Account |
| 💻 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💵 Minimum Deposit | 101,91 Franc |
| 📈 Trading Assets | Forex, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals |
| 💰 Rwandan Franc-based Account? | No |
| ✔️ RWF Deposits Allowed? | No |
| 💸 Bonuses for Rwandan traders? | Yes |
| 📊Minimum spread | From 0.9 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| AvaTrade caters specifically to the unique needs of Muslim traders | There are no variable spreads offered |
| There is a dedicated selection of financial markets that Muslim traders can trade | There are inactivity fees applied as well as currency conversion fees |
| There is a demo account that can be used to test strategies, and practice trading | |
| There are no additional charges on the Islamic Account | |
| Professional traders can employ advanced technical indicators and access powerful research tools and resources | |
| There is a large range of financial instruments offered |
5. Alpari
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
Overview
Alpari has been around since 1998 and while it was first established in Russia, the broker expanded across the globe and even set an office up in Rwanda, where it started offering tailor-made solutions to Rwandan traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Commission Mauritius (FSC) |
| 📱 Social Media Platforms | • Facebook |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Forex Standard Account (MT4), Forex Micro Account (MT4), Forex ECN Account (MT4/5), Forex Pro Account (MT4) |
| 💻 Trading Platform | MetaTrader 4 and 5 |
| 💵 Minimum Deposit | 2,46 Franc |
| 📈 Trading Assets | Forex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices |
| 💰 Rwandan Franc-based Account? | Yes |
| ✔️ RWF Deposits Allowed? | Yes |
| 💸 Bonuses for Rwandan traders? | Yes |
| 📊Minimum spread | From 0.4 |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Alpari is one of the best brokers in Rwanda with a market share of over 14% | There is a limited selection of financial assets that can be traded |
| Advanced traders have access to AutoChartist, news from FxWirePro, and several additional tools | There are no fixed spread accounts offered |
| There are dynamic trading accounts that satisfy the trading needs of several types of traders | |
| Alpari offers MetaTrader 4 and 5 across devices | |
| Alpari has won several awards in the years that the broker has been offering trading services |
6. SuperForex
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
Overview
SuperForex is a reputable forex broker that provides trading services to clients worldwide, including Rwanda. Established in 2013, SuperForex has quickly gained recognition for its customer-centric approach and wide range of trading offerings.
Unique Features
| Feature | Information |
| ⚖️ Regulation | None |
| 📱 Social Media Platforms | • Telegram • YouTube |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Standard Account, Swap-Free Account, No Spread Account, Micro Cent Account, Profi STP Account, Crypto Account, ECN Standard Account, ECN Standard Mini Account, ECN Swap-Free Account, ECN Swap-Free Mini Account, ECN Crypto Account |
| 💻 Trading Platform | MetaTrader 4, SuperForex App |
| 💵 Minimum Deposit | 982,25 Franc |
| 📈 Trading Assets | Forex, Precious Metals, Stocks, Indices, Cryptocurrencies, Commodities, Energies, ETFs, Futures, CFDs |
| 💰 Rwandan Franc-based Account? | Yes |
| ✔️ 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 |
| There are three Islamic accounts for Rwandan traders to choose from according to their trading needs and objectives | MetaTrader 5 is not offered |
| The accounts can be registered with Franc as the base currency | There are only a few advanced trading tools offered to experienced traders |
| There is a demo account for beginners to practice their trading | |
| There are local deposit and withdrawal methods offered |
7. 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, also known as ForexTime, is a well-regulated and reputable forex broker based in Cyprus. With over 11 years of experience, FXTM has gained a strong reputation in the industry. The broker has local offices in Rwanda, which demonstrates its commitment to serving Rwandan traders.
FXTM offers a range of trading accounts to cater to different trading preferences, including ECN (Electronic Communication Network) and STP (Straight Through Processing) accounts. These account types provide traders with competitive pricing and fast execution.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💵 Minimum Deposit | 24,56 Franc |
| 📈 Trading Assets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets |
| 💰 Rwandan Franc-based Account? | Yes |
| ✔️ 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 |
| FXTM is a popular and multi-regulated trading provider | There are inactivity fees that will be applied if the trading account goes dormant |
| FXTM offers its clients quick deposit and withdrawal methods with short processing times | |
| There are no deposit fees charged | |
| There are several educational materials offered | |
| FXTM offers dedicated, local support in multiple languages |
8. Tickmill
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
Overview
Tickmill is an award-winning ECN broker and the trading division of the Tickmill Group of Companies. It operates under various regulatory bodies globally, ensuring a high level of trust and security for traders. With over 350,000 registered retail investors, Tickmill has established itself as a prominent brand in the industry.
Tickmill prides itself on being a trader-oriented broker, offering advanced solutions such as fully automated and No-Dealing Desk (NDD) execution. This means there are no requotes, providing traders with a seamless and efficient trading experience. Moreover, Tickmill offers Islamic accounts for Muslim Rwandan traders, allowing them to adhere to Sharia principles while participating in the financial markets.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Pro Account, Classic Account, VIP Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💵 Minimum Deposit | 101,91 Franc |
| 📈 Trading Assets | Forex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies |
| 💰 Rwandan Franc-based Account? | No |
| ✔️ RWF Deposits Allowed? | No, only USD, GBP, EUR, IDR, CNY, VND, or RUB |
| 💸 Bonuses for Rwandan traders? | Yes |
| 📊Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Tickmill offers robust trading platforms and innovative mobile trading | Currency conversion fees will apply for Franc deposits |
| Tickmill has a very high trust score and is known for its competitive trading conditions | There are no fixed spread accounts offered |
| There are several convenient funding options available including Skrill, Neteller, and others | The spreads are not the tightest |
| Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and others |
9. LiteFinance
Overall Rating
- 4.5/5
Min Deposit
USD 50
Regulators
CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, Web-based
Crypto
No
Total Pairs
40
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
LiteFinance, formerly known as LiteForex, has been operating since 2005, making it a well-established forex and CFD broker. The company offers competitive liquidity across various global financial markets, providing traders with access to a wide range of trading opportunities.
With its extensive network of offices, LiteFinance aims to provide local support and tailored solutions to traders in different regions. This reflects its commitment to serving clients and understanding their unique needs in various markets.
Overall, LiteFinance’s longevity in the industry and global presence make it a notable choice for traders looking for a reliable and diverse trading experience.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | ECN Account, Classic Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, LiteFinance Mobile Trading App |
| 💵 Minimum Deposit | 50,83 Franc |
| 📈 Trading Assets | Forex, Precious Metals, Oil, Global Stock Indexes, CFD NYSE, CFD NASDAQ, CFD EURONEXT, CFD LONDON LSE, CFD XETRA, Cryptocurrencies |
| 💰 Rwandan Franc-based Account? | No |
| ✔️ RWF Deposits Allowed? | Yes |
| 💸 Bonuses for Rwandan traders? | Yes |
| 📊Minimum spread | From 0.0 |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| LiteFinance has a large presence in Rwandan, with four offices in the country | Free VPS is not available |
| There is a selection of trading platforms offered | Commission charges are not the lowest |
| Multilingual support is offered to Rwandan traders locally | There is a limited range of financial instruments offered |
| LiteFinance offers an ECN account with competitive trading conditions | |
| There is a large range of research tools offered |
10. 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 renowned broker and trading platform that was founded in 1996 by a team of experienced traders. The company has gained popularity and trust in the industry over the years. OANDA is well-regulated by multiple respected authorities such as IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, and MFSA. This extensive regulation ensures that OANDA adheres to strict standards and provides a secure trading environment for Rwandan traders.
One notable feature of OANDA is its offering of an Islamic Swap-Free account. This account type is designed to cater to the needs of Muslim traders in Rwanda who wish to adhere to Islamic principles. The Islamic Swap-Free account provides unique trading conditions and features that comply with Sharia law.
Unique Features
| Feature | Information |
| ⚖️ Regulation | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | Standard Account, Core Account, Swap-Free Account |
| 💻 Trading Platform | MetaTrader 4, OANDA Platform, TradingView |
| 💵 Minimum Deposit | 0 Franc |
| 📈 Trading Assets | Index CFDs, Forex, Metals, Commodity CFDs, Bonds CFDs, Precious Metals, Real-time Rates |
| 💰 Rwandan Franc-based Account? | No |
| ✔️ RWF Deposits Allowed? | Yes |
| 💸 Bonuses for Rwandan traders? | Yes |
| 📊Minimum spread | From 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 |
| There is a dedicated account for Muslim traders | There are no fixed spreads |
| Negative balance protection is automatically applied to the retail accounts | |
| There are no deposit fees charged | |
| There is a large selection of educational materials |
Understanding Sharia and Forex Trading
When it comes to forex trading, adhering to Sharia principles involves avoiding certain practices that are considered prohibited or “haram” in Islamic law. The key considerations in Sharia-compliant forex trading are:
Riba (Interest):
Islamic law prohibits the charging or payment of interest, as it is seen as exploitative. This means that earning or paying interest on overnight positions (known as swaps or rollovers) is not allowed.
Gharar (Uncertainty):
Sharia also prohibits excessive uncertainty or speculation in financial transactions. This means that engaging in speculative or gambling-like behavior is not allowed.
Haram Industries:
Trading in certain industries or activities that are considered haram, such as alcohol, gambling, tobacco, or pork, is not permissible.
To comply with Sharia principles, Islamic forex trading accounts, also known as Swap-Free accounts, are offered by some brokers. These accounts eliminate the payment or receipt of interest on overnight positions, making them suitable for Muslim traders. Instead of interest, brokers may charge administrative fees or adjust the spreads to accommodate the no-interest requirement.
It’s important for Muslim traders to ensure that the broker they choose offers a genuine Swap-Free account that adheres to Sharia principles. They should also consult with a knowledgeable Islamic scholar or advisor to ensure their trading activities align with their religious beliefs.
What is an Islamic Account for Rwandan Muslim Traders?
An Islamic account, also known as a Sharia-compliant account or Swap-Free account, is a specialized trading account designed for Muslim traders in Rwanda who want to participate in financial markets while adhering to Islamic principles.
Islamic accounts are structured to comply with Sharia law, which prohibits the payment or receipt of interest (known as Riba). In conventional trading accounts, overnight positions accrue or pay interest, which is not permissible under Islamic finance principles.
In an Islamic account, the broker eliminates the charging or payment of interest on overnight positions, making it suitable for Muslim traders. Instead of interest, brokers may apply other methods, such as adjusting the spreads or charging administrative fees, to accommodate the no-interest requirement.
The key features of an Islamic account include:
No Rollover Fees:
Islamic accounts do not charge or pay rollover fees on overnight positions, ensuring compliance with the prohibition of interest.
Transparency:
Islamic accounts are designed to be transparent, with brokers clearly outlining the fee structure and any adjustments made to accommodate the no-interest requirement.
Asset Selection:
Islamic accounts typically have limitations on trading certain financial instruments that are not compliant with Islamic principles, such as those related to haram industries like alcohol, gambling, or pork.
It’s important for Rwandan Muslim traders to ensure that the broker they choose offers a genuine Islamic account that complies with Sharia principles. They should carefully review the account terms and conditions, consult with Islamic scholars or advisors if necessary, and select a reputable broker that is known for providing reliable and transparent Islamic accounts.
What are the restrictions implied by Sharia Law?
Prohibition of Riba (Interest):
Sharia law strictly prohibits the payment or receipt of interest. Muslims are not allowed to engage in transactions that involve the charging or earning of interest, as it is considered exploitative and against the principles of economic justice.
Prohibition of Gharar (Uncertainty):
Sharia law prohibits transactions that involve excessive uncertainty or ambiguity. This means that contracts or agreements with unclear terms or excessive speculation are not permitted.
Prohibition of Haram Activities:
Sharia law prohibits engaging in activities that are considered haram (forbidden). This includes industries related to alcohol, gambling, pork, weapons, and other prohibited goods or services.
Prohibition of Speculation and Gambling:
Sharia law discourages speculative activities and gambling-like practices. Investments should be based on genuine trade and productive economic activities rather than pure speculation or chance.
Ethical Considerations:
Sharia law encourages ethical and responsible financial practices. Muslims are encouraged to consider the social and environmental impact of their investments and avoid engaging in activities that harm society or the environment.
These restrictions aim to promote fairness, transparency, and ethical behavior in financial transactions. Muslims who wish to adhere to Sharia principles in their financial activities, including forex trading, should seek out Sharia-compliant financial products and services, such as Islamic accounts offered by certain brokers, that align with these principles. It is also advisable for individuals to consult with Islamic scholars or advisors for specific guidance regarding compliance with Sharia law.
What can Rwandan Muslims trade when they use an Islamic Account?
Rwandan Muslims who use an Islamic account can engage in trading various financial instruments while adhering to the principles of Sharia law. The specific instruments available for trading may vary depending on the broker and the type of Islamic account offered. However, generally, Islamic accounts allow Rwandan Muslims to trade the following:
Forex (Foreign Exchange):
Islamic accounts typically allow Muslims to trade major currency pairs, such as EUR/USD, GBP/USD, USD/JPY, etc., without earning or paying interest (riba).
Cryptocurrencies:
Some brokers offering Islamic accounts may allow trading in cryptocurrencies like Bitcoin, Ethereum, or others, provided they are obtained and traded in a permissible manner according to Sharia law.
It’s important for Rwandan Muslims to carefully review the terms and conditions of the Islamic account offered by their chosen broker to ensure that the trading instruments available comply with the principles of Sharia law. Additionally, consulting with Islamic scholars or advisors can provide further guidance on permissible trading activities within the scope of Islamic finance.
The Best Halal Trading Platform for Rwandans – MetaTrader 4
Here are some reasons why MT4 is considered a favorable choice for halal trading in Rwanda:
Availability:
MT4 is available from various reputable brokers, including those that offer Islamic accounts. This allows Rwandan Muslims to access the platform and trade in a halal manner.
Customizable Interface:
MT4 provides a user-friendly and customizable interface, allowing traders to set up their preferred trading environment. Traders can adjust chart settings, indicators, and other features according to their preferences and trading strategies.
Technical Analysis Tools:
MT4 offers a wide range of technical analysis tools, including various chart types, indicators, and drawing tools. These tools assist traders in analyzing price movements and making informed trading decisions.
Expert Advisors (EAs):
MT4 supports the use of Expert Advisors, which are automated trading systems. Traders can develop or use pre-built EAs to execute trades based on predetermined rules, helping to remove emotions from trading and adhere to halal trading principles.
Mobile Trading:
MT4 is available as a mobile app, allowing Rwandan traders to access the platform and trade on the go using their smartphones or tablets. This flexibility is convenient for traders who prefer to monitor and manage their trades anytime, anywhere.
It’s important to note that while MT4 provides a robust and versatile platform for halal trading, it is crucial for Rwandan Muslims to choose a broker that offers Islamic accounts and adheres to the principles of Sharia law. By selecting a reputable broker with an Islamic account option, Rwandan Muslims can ensure they are trading in a halal and compliant manner.
The Best Islamic Swap-Free Forex Brokers in Rwanda
When it comes to finding the best Islamic swap-free forex brokers in Rwanda, there are several reputable options to consider.
FXTM (ForexTime):
FXTM is a well-regulated broker that offers Islamic accounts, allowing Rwandan Muslim traders to participate in the forex market while complying with Sharia law. They provide a range of trading instruments, competitive spreads, and a user-friendly trading platform.
XM:
XM is another popular broker that offers Islamic accounts tailored for Rwandan Muslim traders. With a strong reputation and multiple regulatory licenses, XM provides a wide range of trading instruments, educational resources, and excellent customer support.
Tickmill:
Tickmill is known for its competitive trading conditions and is a reputable broker offering Islamic accounts to Rwandan Muslim traders. They provide access to various financial instruments, including forex, commodities, and indices, along with advanced trading tools and platforms.
HotForex:
HotForex is a globally recognized broker that offers swap-free Islamic accounts for Rwandan Muslim traders. They offer a wide range of tradable assets, competitive spreads, and multiple trading platforms to cater to different trading preferences.
LiteFinance (LiteForex):
LiteFinance is another broker that provides Islamic accounts for Rwandan Muslim traders. With a global presence and a diverse range of trading instruments, LiteFinance offers a user-friendly trading platform and educational resources to support traders.
How to Choose a Forex Broker
Trading Platform and Tools:
Evaluate the trading platforms offered by the broker. A good trading platform should be user-friendly, stable, and equipped with essential trading tools and indicators. Consider if the broker offers a platform that suits your trading style and preferences.
Range of Instruments:
Check the range of financial instruments offered by the broker. Ensure that they provide access to the markets and assets you are interested in trading, such as forex pairs, commodities, indices, stocks, or cryptocurrencies.
Spreads and Trading Costs:
Compare the spreads and trading costs offered by different brokers. Lower spreads can result in lower trading costs, especially for frequent traders. However, be cautious of brokers with excessively low spreads, as they may have hidden fees or poor execution quality.
Educational Resources and Research Tools:
Assess the broker’s educational resources and research tools. A good broker should provide educational materials, tutorials, webinars, and market analysis to help enhance your trading knowledge and skills.
Reputation and Reviews:
Research the broker’s reputation and read reviews from other traders. Look for brokers with positive feedback, a strong track record, and good standing in the industry. Be cautious of brokers with multiple complaints or negative reviews.
Account Types and Minimum Deposit:
Check the different account types offered by the broker and their corresponding minimum deposit requirements. Consider whether the broker offers account types suitable for your trading needs and budget.
The Best Forex Brokers in Rwanda
The brokers that we covered on this list offer the best Islamic Trading accounts. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Rwandan traders.
Best TradingView Broker in Rwandan
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
Only a few Rwandan brokers offer access to TradingView and OANDA is our best option because of its competitive trading conditions and dedicated Swap-Free account for Muslim Traders.
Best ECN Forex Broker for Rwanda
Overall Rating
- 4.5/5
Min Deposit
USD 50
Regulators
CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, Web-based
Crypto
No
Total Pairs
40
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
LiteFinance is the best ECN broker on our list with a dedicated account, competitive trading conditions, and some of the best liquidity that is sourced from Tier-1 Liquidity Providers.
Best Options Mobile App
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
AvaOptions is the best Options trading mobile app for Rwandan options traders who need a competitive edge, a range of markets, and a reliable trading partner.
Best Copy-Trading Broker
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
FXTM offers a vast range of comprehensive trading solutions including social trading and copy trading opportunities. This is an ideal option for beginner Rwandan traders, allowing them to experience the markets hands-on by copying the trades of professional traders.
Best NDD Broker for Day Traders
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
Tickmill is a reputable and well-regulated broker and the best No-Dealing Desk (NDD) broker on the list. In addition, Tickmill also offers a plethora of trading tools for advanced traders who need that competitive edge.
Forex Broker in Rwanda with the Lowest Initial Deposit
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
SuperForex not only offers eleven trading accounts but offers an initial deposit that starts from 982,25 Franc and high leverage up to 1:2000, allowing Rwandan traders to start trading with small amounts of capital.
Forex Broker with the Largest Range of Markets 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
Alpari offers Rwandan traders a wide selection of financial assets across several asset classes including Forex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, and Spot Indices.
Best Franc Account Broker
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
We chose HFM for its range of account options and the benefit that Rwandan can use the Franc as their base account currency on these accounts. This provides Rwandan traders with the advantage that they need, and it exempts them from currency conversion fees.
Best No-Deposit Bonus Forex Broker 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
XM offers Rwandan traders a $30 no-deposit bonus when they register an account. This gives them credit that they can use to trade financial markets risk-free and to withdraw the profits that they make on this bonus.
Best Broker with 24/7 Customer Support 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
Exness is one of the best Franc-account brokers in addition to being an overall trustworthy and versatile forex and CFD trading provider. In addition, Exness’ dedicated customer support team is available 24 hours a day, 7 days a week to offer prompt and informative assistance on a broad range of topics.
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FAQ
What is a swap?
In the context of forex trading, a swap refers to the overnight interest or rollover fee charged or paid to hold a trading position open overnight. It is a mechanism through which the interest rate differential between two currencies is accounted for.
What makes an Islamic Forex Trading Account Different?
An Islamic Forex trading account, also known as a swap-free account, is designed to cater to the needs of Muslim traders who want to participate in Forex trading while adhering to Islamic principles. The key difference between an Islamic account and a regular trading account lies in the treatment of swaps or overnight interest.
What can I trade using an Islamic Account?
With an Islamic Forex trading account, you can trade a wide range of financial instruments, just like you would with a regular trading account. The main difference is that the Islamic account is structured to comply with Sharia law by eliminating or substituting interest-based transactions.
Are all Islamic Accounts in Rwanda regulated?
In Rwanda, Islamic Forex trading accounts are subject to the regulations set by the Rwanda Utilities Regulatory Authority (RURA) and other relevant financial authorities. These regulatory bodies ensure that brokers offering Islamic accounts comply with the necessary guidelines and standards to provide a fair and transparent trading environment for traders.
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