10 Best STP Brokers in Rwanda
The 10 Best STP Brokers for Retail Traders in Rwanda revealed. We tested and verified the best STP Forex Brokers for Rwandan Traders.
This is a complete list of STP forex brokers in Rwanda.
In this in-depth guide you’ll learn:
- What is a Straight Through Processing (STP) broker?
- What is the difference between an STP and an ECN forex broker?
- What is a market maker and how to compare it to STP brokers?
- Our recommended STP Forex Brokers for Rwandan Beginner Traders?
- How to compare STP/ECN forex trading brokers against each other?
- Which STP brokers offer a low minimum deposit of $5 (5075 RWF)?
- Which STP/ECN brokers offer MetaTrader 4 (MT4) and MetaTrader 5 (MT5) Platforms?
- Which brokers offer a signup bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with the best STP 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
10 Best STP Brokers in Rwanda – Comparison
| 🥇 Broker | ✔️ STP Broker | 💸 Minimum Deposit (RWF) | ✔️ Rwanda RWF-based Account? | 💰 RWF Deposits Allowed? | 👉 Open An Account |
| 1. XM | Yes | 4889 | No | Yes | 👉 Open Account |
| 2. Alpari | Yes | 2444 | Yes | Yes | 👉 Open Account |
| 3. FXTM | Yes | 24449 | Yes | Yes | 👉 Open Account |
| 4. AvaTrade | Yes | 101464 | No | Yes | 👉 Open Account |
| 5. FP Markets | Yes | 75303 | No | Yes | 👉 Open Account |
| 6. GO Markets | Yes | 150852 | No | No | 👉 Open Account |
| 7. OctaFX | Yes | 101464 | No | No | 👉 Open Account |
| 8. Pepperstone | Yes | 148407 | No | Yes | 👉 Open Account |
| 9. FXCM | Yes | 50610 | No | Yes | 👉 Open Account |
| 10. IG Group | Yes | 251827 | No | No | 👉 Open Account |
What is an STP Forex Broker?
An STP forex broker is a type of broker that operates by routing client orders directly to liquidity providers without any intervention or dealing desk. STP brokers facilitate the execution of trades in a fast and efficient manner by automatically matching client orders with the best available prices from the liquidity providers.
10 Best STP Brokers in Rwanda (Updated 2024)
- XM – Overall, Best STP Forex Broker in Rwanda
- Alpari – Best MT4 Broker
- FXTM – Best STP Broker for Beginner Traders
- AvaTrade – Best Proprietary Trading App in Rwanda
- FP Markets – Best Commission-Free Broker
- GO Markets – Best Trading Central STP Broker
- OctaFX – Best Islamic Account in Rwanda
- Pepperstone – Best TradingView Forex Broker
- FXCM – Best ZuluTrade STP Broker in Rwanda
- IG Group – Best Wide Market Access to Traders in Rwanda
1. 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 is a well-known and favored broker among Rwandan traders, providing access to a range of CFD and Forex trading instruments. With its commitment to offering competitive pricing, XM ensures that traders can benefit from favorable spreads and commissions.
One of the key advantages of trading with XM is its collaboration with reputable liquidity providers. This allows for reliable trade execution with both instant and market execution options, ensuring that trades are executed efficiently and at the best available prices.
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 (RWF) | 4850 RWF |
| 💸 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
| ✔️ Pros | ❌ 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 |
2. 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 is a well-established and reputable independent Forex broker that offers a wide range of services and products for Rwandan traders.
Alpari provides Rwandan traders with various types of trading accounts to cater to different needs and preferences. Additionally, the company offers multilingual customer support, with their customer service team available in over 30 languages, ensuring efficient assistance to traders.
For novice traders, Alpari offers demo accounts, which allow beginners to practice trading in a risk-free environment. They also provide copy trading services, which enable traders to automatically copy the trades of successful and experienced traders, potentially benefiting from their expertise.
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 (RWF) | 2444 |
| 💸 Trading Assets | Forex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices |
| 💵 Rwandan RWF-based Account? | Yes |
| ✔️ RWF Deposits Allowed? | Yes |
| 💰 Bonuses for Rwandan traders? | Yes |
| 📊 Minimum spread | From 0.4 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated and award-winning CFD broker | Fixed spreads are not offered |
| Offers forex trading signals from AutoChartist and automatic trading | Not regulated by the Financial Conduct Authority, Cyprus Securities and Exchange Commission, or any other popular market regulators |
| MetaTrader 4 and MetaTrader 5 are supported across devices | There is a limited selection of trading instruments, educational tools, and research |
| News is streamed from FxWirePro | There are restrictions on several jurisdictions |
| A dedicated customer support team offers multilingual customer support | |
| Offers unique solutions to both beginner and experienced traders | |
| There are four retail investor accounts to choose from, demo accounts, and Islamic accounts | |
| There are several convenient funding options to choose from and deposit fees are not charged |
3. 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 is a leading broker in Rwanda, commanding a significant market share in the region. The company has established offices in Lagos, Abuja, and Port Harcourt, further emphasizing its commitment to serving Rwandan traders. FXTM is known for its competitive pricing, providing traders with favorable conditions such as low commissions and the availability of both instant and market execution on trades.
Moreover, FXTM offers a range of trading accounts, allowing Rwandan traders to choose an account type that suits their preferences and trading style.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| ✅ CBN Regulation? | No |
| 📊 Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💰 Minimum Deposit (RWF) | 10024 |
| 💰 Trading Assets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs (including minor, major, and exotic pairs), Commodities, Stock Baskets |
| 🔎 Rwandan-based Account? | Yes |
| 💳 RWF Deposits Allowed? | Yes |
| 💰 Bonuses for Rwandan traders? | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXTM is a multi-regulated and a reputable broker that has gained a high level of trustworthiness | Inactivity fees apply when the retail investor account becomes dormant |
| Dedicated customer support offered for Rwandan traders Several deposit options and withdrawal methods offered | |
| There is a low minimum deposit requirement | |
| Commission-free trading is offered | |
| Deposit fees are not charged on any payment methods | |
| Withdrawal processing times are quick | |
| There are several educational tools offered | |
| There is an exclusive risk management tool offered |
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-known and successful Forex/CFD broker with a long history in the industry. They have established a global presence with offices in multiple countries.
AvaTrade places great emphasis on regulatory compliance, making it one of the most regulated online brokerages worldwide. They adhere to strict regulatory standards and hold licenses in six different jurisdictions. With a large client base of over 200,000 traders and a high monthly trade volume of more than 2 million trades, AvaTrade has earned a reputation as a trustworthy broker.
Their commitment to regulatory oversight ensures that traders can have confidence in the security and integrity of their trading activities. By maintaining offices in various regions, AvaTrade aims to provide localized support and services to its clients.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| ✅ CBN Regulation? | No |
| 📊 Trading Accounts | Retail Investor Account, Professional Account Option |
| 💻 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💰 Minimum Deposit (RWF) | 101464 |
| 💰 Trading Assets | Foreign currencies, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals |
| 🔎 Rwandan-based Account? | No |
| 💳 RWF Deposits Allowed? | No |
| 💰 Bonuses for Rwandan traders? | Yes |
| 📈 Minimum spread | 0.9 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| AvaTrade is multi-regulated and one of the most trusted online trading brokers in the world | Variable spreads are not offered |
| There is a wide range of financial instruments that can be traded across financial markets | There is a limited choice between account types |
| There are several technical indicators, economic indicators, and other solutions for advanced traders | Inactivity fees are applied |
| There are several trading platforms to choose from | Currency conversion fees may be applied |
| There is a decent selection of educational material that helps beginner traders navigate complex instruments and lower the degree of risk they are often exposed to | There is a limited number of base currency options offered on accounts |
| There is a multitude of social trading opportunities offered | |
| The broker accepts any trading strategy including automated trading, expert advisors, scalping, hedging, and others. |
5. FP Markets
Overall Rating
- 4.9/5
Min Deposit
100 USD/101 652 RWF
Regulators
ASIC, CySEC, FSCA, CMA
Trading Desk
MetaTrader 4, MetaTrader 5
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
FP Markets is a reputable and affordable broker that offers Rwandan traders a wide range of trading opportunities. They provide access to over 8,000 tradable instruments across different asset classes, including forex, stocks, commodities, indices, and cryptocurrencies. This diverse selection allows traders to explore various markets and find trading opportunities that suit their preferences and strategies.
By offering such a broad range of instruments, FP Markets enables traders in Rwanda to diversify their portfolios and take advantage of different market conditions. Whether traders are interested in currency pairs, stocks of global companies, precious metals like gold and silver, or popular cryptocurrencies such as Bitcoin, FP Markets provides the platform and tools to participate in these markets.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC |
| 📲 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📱 Trading Platform | MT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account |
| 💰 Minimum Deposit (RWF) | 75303 |
| 💸 Trading Assets | • Forex • Shares • Metals • Commodities • Indices • Cryptocurrencies • Bonds |
| ✔️ Rwanda RWF-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 and Cons
| ✔️ Pros | ❌ Cons |
| FP Markets is a trusted and well-regulated forex and CFD broker for Rwandan traders | There are additional fees applied to the Islamic account |
| FP Markets accepts traders of all experience levels despite their trading strategies | Withdrawal fees are charged on several of the payment providers that FP Markets offers |
| There is a choice between the account types that FP Markets offers | |
| Traders have access to unlimited demo accounts if they keep using the account frequently | |
| There are powerful trading platforms to choose from | |
| FP Markets offers advanced trading tools to experienced Rwandan traders | |
| There are a plethora of educational materials and options for beginners | |
| There is no inactivity fee and deposit fees are not charged |
6. GO Markets
Overall Rating
- 4.9/5
Min Deposit
200 USD/204 461 RWF
Regulators
ASIC, CySec, FSC, FSA & SCA
Trading Desk
Hybrid
Crypto
Yes
Total Pairs
600+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
GO Markets is an established forex broker that was founded in Australia in 2006. They have expanded their operations to include offices in Mauritius and Saint Vincent in the Grenadines, providing a global reach to their services.
GO Markets offers a wide range of trading instruments, including access to over 50 currency pairs for forex trading. In addition to forex, they also offer CFD trading in over 600 assets, encompassing commodities, indices, and individual shares. This extensive range of instruments provides traders with diverse trading opportunities across various financial markets.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, FSA Seychelles, FSC Mauritius, CySEC |
| 📲 Social Media Platforms | • Instagram • YouTube |
| 🏛 RWF Regulation? | No |
| 💻 Trading Accounts | Standard Account, GO+ Account |
| 📱 Trading Platform | • MetaTrader 4 • MetaTrader 5 |
| 💸 Minimum Deposit (RWF) | 150852 |
| 💵 Trading Assets | • Forex CFDs • Share CFDs • Index CFDs • Metal CFDs • Commodity CFDs |
| 💰 Rwanda RWF-based Account? | No |
| 💳 RWF Deposits Allowed? | No |
| 💸 Bonuses for Rwanda traders? | No |
| 📊 Minimum spread | From 0.1 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| GO Markets is an Australian-based broker that is licensed and regulated by ASIC, CySEC, FSC, and FSA | There is no Islamic account offered |
| There are commission-free trades offered on the Standard Account | There are commission-free trades offered on the Standard Account |
| The GO+ Account offers zero-pip spreads and competitive commissions | There is a high minimum deposit requirement on both account types offered |
| GO Markets offers dedicated 24/5 customer support to help traders | |
| There is a selection of tradable financial instruments offered |
7. OctaFX
Overall Rating
- 4.6/5
Min Deposit
USD 5
Regulators
FCA UK
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
OctaFX is a reputable and reliable broker that offers a range of trading accounts to suit the needs of Rwandan traders. With a focus on low trading costs, OctaFX ensures competitive pricing and aims to provide a slippage-free trading experience.
OctaFX utilizes Straight Through Processing (STP) and Electronic Communication Network (ECN) execution models, which help to ensure efficient trade execution and minimize slippage. This means that a significant majority of orders, specifically 97.5%, are executed without slippage, providing traders with the expected price levels for their trades.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, SVG FSA |
| ⚖️ CBN Regulation? | No |
| 📊 Trading Accounts | OctaFX MetaTrader 4 Habitual Trader, OctaFX MetaTrader 5 Smart Trader |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, OctaFX App |
| 💰 Minimum Deposit (RWF) | 101464 |
| 💰 Trading Assets | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies. |
| 🔎 Rwandan RWF-based Account? | No |
| 💳 RWF Deposits Allowed? | No |
| 💰 Bonuses for Rwandan traders? | Yes |
| 📈 Minimum spread | 0.6 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✴️ Social Trading Offered | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Fixed spread accounts are offered to retail traders | US clients are restricted |
| The broker accepts hedging and scalping strategies | There are only a few financial markets that can be traded |
| Negative balance protection is applied to retail investor accounts | |
| The broker is well-regulated and has a decent trust score | |
| There is commission-free trading |
8. 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 is a broker that offers Rwandan traders a wide variety of platforms and markets to choose from. They provide a diverse range of trading instruments, allowing traders to access different financial markets and explore various opportunities.
One of the key advantages of trading with Pepperstone is the availability of multiple trading platforms. Traders can select from a range of platforms that suit their preferences and trading styles. These platforms are designed to offer advanced functionality, user-friendly interfaces, and efficient trade execution.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account, |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💰 Minimum Deposit (RWF) | 148407 |
| 💸 Trading Assets | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indices |
| ✔️ Rwandan RWF-based Account? | No |
| 💳 RWF Deposits Allowed? | Yes |
| 💵 Bonuses for Rwandan traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Pepperstone is well-regulated by seven entities in global regions | Pepperstone has limited market analysis |
| Rwandan traders can expect zero-pip spreads on the Razor account with competitive commission fees | The fee schedules can be complex for beginners to understand |
| Pepperstone offers a great platform choice between MetaTrader 4, MetaTrader 5, TradingView and cTrader across desktop, web, and mobile | There is no RWF-denominated trading account for Rwandan traders |
| There is a wide range of tradable assets offered by Pepperstone | Currency conversion fees are charged when traders deposit or withdraw in currencies other than AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, or HKD |
| Pepperstone is partnered with Equinix to ensure low latency and superior trade execution speeds | The Islamic account option is limited to only a few countries in the world |
| Pepperstone caters for all its clients’ needs and objectives by offering a range of tools, resources, and materials | Leverage restrictions apply to each trader’s country of residence |
| Pepperstone has an excellent online customer support | |
| Rwandan traders can expect access to demo accounts on both live accounts and all three trading platforms |
9. FXCM
Overall Rating
- 4.6/5
Min Deposit
USD 300 / 321 847 RWP
Regulators
FCA
Trading Desk
MetaTrader 4, Trading Station
Crypto
Yes
Total Pairs
7
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
FXCM is an online brokerage that has established a strong reputation for serving Rwandan traders, both those who are new to trading and experienced traders. What sets FXCM apart is not only their market research but also their comprehensive instructional resources and dedicated support personnel.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, CySEC, FSCA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Spread betting account, CFD Trading account, Active Trader account, Professional Trader Account |
| 📲 Trading Platform | • Trading Station • MetaTrader 4 • NinjaTrader • ZuluTrade |
| 💸 Minimum Deposit (RWF) | 50610 |
| 💰 Trading Assets | • Forex • Shares • Indices • Commodities • Cryptocurrencies |
| ✔️ Rwandan RWF-based Account? | No |
| 💵 RWF Deposits Allowed? | Yes |
| 💰 Bonuses for Rwandan traders? | Yes |
| 📉 Minimum spread | From 0.2 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXCM offers flexible trading platforms that can be used to trade VIX and other instruments | Only one standard retail account is available |
| Rwandans can use leverage up to 1:20 on VIX | The commissions with FXCM are high |
| FXCM offers competitive trading conditions | MT5 is not offered |
| Rwandans can access a demo account | |
| FXCM is well-regulated and trusted by traders worldwide |
10. IG Group
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
Since their inception in 2003, IG has expanded to more than 178,000 clients in a variety of nations. With a public stock exchange listing, they are now a leading Forex broker in Britain. Regulated by the FCA and ASIC in the UK, IG operates in 16 countries across the world.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, BaFin, CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, CFTC, FINRA, NFA, BMA |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | IG Trading Account, IG Professional Account, IG Options Trading Account, IG Turbo24 Account, Limited Risk Account, Share Dealing Account, Exchange Account (NADEX) |
| 📲 Trading Platform | MetaTrader 4, IG Platform, ProRealTime (PRT), L2 Dealer, FIX API |
| 💸 Minimum Deposit (RWF) | 251709 |
| 📊 Trading Assets | Forex, Shares, Indices, Commodities, Cryptocurrencies, Interest Rates, Bonds, ETFs, Futures, Options |
| ✔️ Rwanda RWF-based Account? | No |
| 💰 RWF Deposits Allowed? | Yes |
| 💵 Bonuses for Rwanda traders? | No |
| 💳 Minimum spread | 0.1 pips (DMA) on EUR/USD |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📱 Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| There is a diverse range of trading instruments offered to beginner traders and professional investors | There is a high initial deposit required with account registration |
| IG Group offers free trading signals | There is an inactivity fee charged on a dormant account |
| There are competitive trading conditions offered | |
| IG Group offers its proprietary IG Academy for beginner traders | |
| There are convenient funding options offered | |
| The broker provides FIX API Direct Market Access trading |
What is Straight Through Processing?
Straight Through Processing (STP) is a term commonly used in the financial industry to describe a seamless and automated process of handling transactions without the need for manual intervention or reentering data. In the realm of forex trading, STP involves the direct transmission of client trade orders to liquidity providers or other market participants, bypassing the involvement of a dealing desk or intermediary.
This streamlined approach enables quicker trade execution, minimizes latency, and potentially offers improved pricing opportunities for traders.
How STP Brokers operate
STP (Straight Through Processing) brokers operate by facilitating the direct transmission of client trade orders to liquidity providers or the interbank market without any intervention or manipulation. Here’s a breakdown of how STP brokers typically operate:
Trade Execution:
When a client places a trade order, an STP broker immediately sends the order to the liquidity providers or market participants connected to their network. This is done electronically and in real-time, ensuring fast execution.
Liquidity Providers:
STP brokers have established relationships with multiple liquidity providers, which can include banks, financial institutions, and other brokers. These liquidity providers supply the pricing and liquidity for various financial instruments, allowing the STP broker to offer competitive prices to their clients.
Pricing Aggregation:
STP brokers aggregate pricing from different liquidity providers, collecting bid/ask quotes for each currency pair or financial instrument. They then present the best available bid and ask prices to their clients, aiming to provide the most favorable trading conditions.
Transparent Spreads:
STP brokers typically offer variable spreads, meaning the spread can fluctuate depending on market conditions. The spreads are derived from the liquidity providers’ prices and may vary across different currency pairs and trading sessions. Traders can see the live spreads and market prices on the trading platform.
No Dealing Desk (NDD):
STP brokers operate on a no dealing desk model, which means they do not act as counterparties to client trades. Instead, they act as intermediaries, passing client orders directly to the liquidity providers. This eliminates potential conflicts of interest and ensures fair and transparent trade execution.
Trade Sizes:
STP brokers can generally accommodate both small and large trade sizes due to the access they have to a wide range of liquidity providers. This allows traders to execute trades of various volumes without significant slippage or order rejections.
Straightforward Commission Structure:
Some STP brokers charge a small commission per trade, which is separate from the spread. The commission is usually a fixed amount or a percentage of the trade volume. This transparent commission structure ensures that the broker’s compensation is independent of the client’s trading outcomes.
Market Depth:
STP brokers often provide access to the depth of market (DOM) information, which displays the order book showing pending buy and sell orders at different price levels. Traders can see the market depth and gauge the liquidity available at specific price points, enabling them to make more informed trading decisions.
By operating as intermediaries and connecting traders directly to liquidity providers, STP brokers aim to provide efficient trade execution, competitive pricing, and a transparent trading environment for their clients.
Benefits of using STP Brokers for Rwanda Traders
Using STP (Straight Through Processing) brokers can offer several benefits to traders in Rwanda. Here are some advantages of utilizing STP brokers:
Direct Market Access:
STP brokers provide direct access to the interbank market, allowing traders in Rwanda to trade directly with liquidity providers and other market participants. This provides the opportunity for faster trade execution and potentially better pricing.
Transparent and Competitive Pricing:
STP brokers offer transparent pricing by aggregating quotes from multiple liquidity providers. Traders in Rwanda can see the live bid/ask prices and choose from the best available options, ensuring fair and competitive pricing.
No Dealing Desk (NDD) Execution:
STP brokers operate on an NDD model, which means they do not act as counterparties to client trades. This eliminates potential conflicts of interest, as the broker has no incentive to manipulate prices or interfere with trade execution. Traders can enjoy a more transparent and fair trading environment.
Faster Order Execution:
With STP brokers, trade orders are executed swiftly and efficiently, as there is no manual intervention or dealing desk. This is particularly beneficial for day traders or those who rely on quick trade execution to capture opportunities in fast-moving markets.
Reduced Slippage:
STP brokers aim to execute orders at the best available prices from liquidity providers. By accessing a larger pool of liquidity, traders in Rwanda may experience reduced slippage, which is the difference between the expected price and the actual executed price.
Access to Deep Liquidity:
STP brokers connect traders to a network of liquidity providers, including banks and financial institutions. This ensures access to deep liquidity, meaning there is a higher probability of getting orders filled at desired prices, even for larger trade sizes.
Diverse Range of Trading Strategies:
STP brokers in Rwanda allow for various trading strategies, such as scalping, news trading, or algorithmic trading. The direct market access and competitive pricing environment enable traders to implement their preferred strategies effectively.
Enhanced Trade Transparency:
STP brokers provide visibility into market depth, allowing traders to see the order book and pending buy/sell orders at different price levels. This information empowers traders in Rwanda to make informed trading decisions based on real-time market dynamics.
Trade Anonymity:
Trading with STP brokers offers a certain level of anonymity, as the liquidity providers do not see the individual trader’s identity. This can be advantageous for traders who prefer to keep their trading activities private.
It’s important for Rwanda traders to conduct thorough research and choose reputable STP brokers that align with their trading needs and preferences. Consider factors such as regulation, customer support, trading platform features, available trading instruments, and overall trading conditions to ensure a reliable and suitable trading experience.
How to Choose a Forex Broker
Choosing the right forex broker is crucial for traders. Here are some important factors to consider when selecting a forex broker:
Regulation:
Ensure that the broker is regulated by a reputable financial authority. Look for brokers regulated by well-known authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).
Security:
Verify the broker’s security measures to safeguard your funds and personal information. Look for brokers that use strong data encryption, offer segregated client accounts, and have strict security protocols in place.
Trading Platform:
Assess the broker’s trading platform for its user-friendliness, stability, and fast trade execution. Popular platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5) are widely used and offer a range of trading tools and indicators.
Trading Instruments:
Check if the broker offers a wide range of trading instruments, including major, minor, and exotic currency pairs. Consider if they provide access to other markets like stocks, commodities, or cryptocurrencies if you have an interest in trading those assets.
Spreads and Fees:
Compare the spreads and trading fees charged by different brokers. Lower spreads can reduce trading costs and enhance profitability. Also, consider other fees such as deposit/withdrawal charges or account maintenance fees.
Deposit and Withdrawal Options:
Assess the available deposit and withdrawal methods offered by the broker. Look for options that are convenient and secure for you, such as bank transfers, credit/debit cards, or electronic payment systems.
Customer Support:
Evaluate the quality and responsiveness of the broker’s customer support. Choose a broker that offers reliable customer service, preferably with multilingual support.
Educational Resources:
Consider brokers that provide educational resources such as trading tutorials, webinars, or market analysis to help you improve your trading skills and knowledge.
Reputation and Reviews:
Research the broker’s reputation by reading reviews from other traders and checking online forums. Look for brokers with a positive track record and good customer feedback.
Account Types:
Check if the broker offers different types of trading accounts to suit your needs. They may offer different account tiers based on factors like minimum deposit requirements, leverage options, or additional features.
Thoroughly research and compare multiple brokers before making a decision. Choose a forex broker that aligns with your specific requirements and goals.
The Best Forex Brokers in Rwanda
The brokers included in this list offer the best STP trading conditions to Rwandan traders. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Rwandan traders.
Best broker with no deposit or withdrawal fees for Rwanda traders
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 makes the list for its commission-free deposit and withdrawal conditions, resulting in a competitive and transparent pricing structure for Rwanda traders.
Best MT4 Forex broker for Rwanda traders
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 International is the best MT4 Forex broker for Rwanda traders that comes with enhanced features and additional trading features.
Best Forex broker for beginner Rwanda traders
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 makes the list as the best Forex broker for Rwanda traders due to its excellent educational resources and user-friendly trading environment, coupled with great customer support.
Best proprietary trading app Forex broker for Rwanda traders
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
AvaTrade’s award-winning AvaTradeGO app is the best option for Rwanda traders looking for enhanced features and tools.
Best commission-free Forex broker for Rwanda traders
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
FP Markets provides commission-free trading alongside tight spreads to its Rwanda traders, resulting in a competitive pricing model of enhanced profitability
Best Trading Central Forex broker for Rwanda traders
Overall Rating
- 4.9/5
Min Deposit
200 USD/204 461 RWF
Regulators
ASIC, CySec, FSC, FSA & SCA
Trading Desk
Hybrid
Crypto
Yes
Total Pairs
600+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
GO Markets provides full access to Trading Central, allowing Rwanda traders to enjoy improved analytical capabilities.
Best Islamic Account Forex broker for Rwanda traders
Overall Rating
- 4.6/5
Min Deposit
USD 5
Regulators
FCA UK
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
OctaFX offers an excellent Islamic account with swap-free conditions to Rwanda traders of the Muslim faith along with competitive pricing on all instruments.
Best TradingView Forex Broker for Rwanda traders
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
Pepperstone provides Rwanda traders with access to TradingView along with other excellent trading platforms and enhanced analytical tools
Best ZuluTrade Forex Broker for Rwanda traders
Overall Rating
- 4.6/5
Min Deposit
USD 300 / 321 847 RWP
Regulators
FCA
Trading Desk
MetaTrader 4, Trading Station
Crypto
Yes
Total Pairs
7
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
FXCM provides access to ZuluTrade which enhances Rwanda trader’s analytical capabilities and trade execution.
Best Forex Broker with wide market access to Rwanda traders
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
IG Group is a highly established Forex broker which gives Rwanda traders access to a whopping 17000 markets to trade.
FAQ
What is an STP Broker?
Bypassing the dealing desks, STP brokers expedite the execution of trades placed by their clients’ accounts. Liquidity providers validate and ‘fill’ orders made directly by traders, ensuring that traders get in at the price they desire (or as close to as possible). Market maker brokers, on the other hand, are more likely to take the other side of a user’s trade or pass the trade on to a third party.
How do I get started with an STP Broker?
To get started with an STP broker, find a regulated company and test their trading features using a demo account. Once you have decided to open a live account, follow the registration process, and make your first deposit in order to start trading.
Are STP brokers worth it?
If you’re looking to trade at market rates and need your orders to be filled as quickly as possible, an STP broker is the best option for you. STP brokers are ideal for scalpers since they ensure that the executed price is as close to the target level as feasible due to the fast-moving nature of the FX market.
How much do STP brokers cost?
Most STP brokers will have their own set of fees, which may include a variety of charges. Commissions, fees for deposits and withdrawals, spreads, and inactivity fees are all examples of these. Because the fees charged by each broker vary differently, doing your homework before selecting one is essential.
What is the best STP broker?
Not all brokers operate using Straight Through Processing, but we have included the best STP brokers for Rwandan traders on this list.
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