Best Currencies to Trade in Rwanda
Best Currencies to Trade in Rwanda revealed. We tested and verified the best currencies to trade for Rwandan traders.
This is a complete guide to the best currencies to trade in Rwanda.
In this in-depth guide you’ll learn:
- What is a currency pair?
- Our recommended forex brokers?
- How to compare forex trading brokers against each other?
- Best currencies to trade in with Franc?
- Best currencies for beginner traders?
- Best pairs to trade with a small account?
- What are the most traded currencies in Franc land?
And lots more…
So if you’re ready to go “all in” with the best currencies to trade with for Rwandans…
Let’s dive right in…
10 Best Forex Brokers in South Africa for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
. 
- Louis Schoeman
Best Currencies to Trade in Rwanda (Updated 2023)
- ✅ What are the most important currency pairs to trade in Rwanda?
- ✅ What is a currency pair?
- ✅ Why the Exchange Rate between Currencies Matters
- What are major, minor, and exotic forex pairs?
- What are the best currency pairs to trade in Rwanda?
- How to find the right currency pair to trade in Rwanda
- How to choose the right Forex Broker in Rwanda
- The Best Forex Brokers in Rwanda
What are the most important currency pairs to trade in Rwanda?
The four currency pairings that see the largest volume of the transaction in the foreign exchange (FX) market are known as the main pairs.
The Group of Ten (G10) currency group includes these four main currency pairings, all of which are deliverable currencies.
What is a currency pair?
A currency pair is a quotation of two independent currencies in which the value of one is stated against the value of the other. This code is used to identify currencies, and the ISO code for the Rwandan Franc is RWF.
Trading currency pairings is undertaken in the foreign exchange market, commonly known as the forex market. The financial world’s biggest and most liquid market where the buying, selling, converting, and speculating of currencies are all possible in this market.
It also permits the conversion of currencies for worldwide commerce and investment. Because it is open every day of the week, including most holidays, the FX market sees a tremendous amount of trading activity.
There are two currencies involved in every forex transaction, but the currency pair itself may be seen as a single unit—an item that is purchased and sold simultaneously. Currency pairs are purchased through a forex broker by purchasing one currency and selling another.
Why the Exchange Rate between Currencies Matters
Exchange rates reflect a multitude of economic factors and variables, and they might vary for a variety of causes. Among the causes for fluctuating currency rates are:
- Inflation Rates
- Interest Rates
- Exports and/or Imports
- Political Stability in the Country
- Signs of recession
- Speculation for profit
Inflation Rates
Inflation rates have an impact on currency value and exchange rates. A higher inflation rate in a local country lowers the demand for domestic currency since the value of the currency depreciates more rapidly than other foreign currencies over time.
Exports and/or Imports
The value of a country’s currency and exchange rates are impacted by its net exports and imports. When a country exports more goods than it imports, the value of its currency appreciates against other foreign currencies.
Political Stability in the Country
The currency value and exchange rates are impacted by a nation’s political environment, as a country with greater political turmoil is less likely to attract international investment.
Political instability raises investor risk because they are worried about whether fair market procedures or a solid judicial system will preserve their investments.
Signs of recession
A country that is going through a recession will have fewer foreign investors interested in investing there. This is because investing in an economy with a grim future carries a greater risk. Secondly, when a recession occurs, interest rates tend to decrease, limiting foreign demand for local currency.
Exchange Rates and Monetary Policy
A policy that allows for flexible exchange rates not only enables monetary policy to concentrate on unemployment and inflation but also enables exchange rates to fluctuate in response to changes in inflation and rates of return.
However, this presents a risk that exchange rates will sometimes make sudden and significant movements.
What are major, minor, and exotic forex pairs?
There are an equal number of currency pairings available as there are total currencies in circulation across the globe.
The overall number of available currency pairings is always changing since new currencies are always being introduced. The amount of daily volume that a currency pair does in terms of trades is used to classify all the different currency pairings. The following currencies are significant:
- United States Dollar (USD)
- Euro (EUR)
- Canadian Dollar (CAD)
- Australian Dollar (AUD)
Major Currency Pairs
Many people believe that the big currency pairings are what drive the global foreign exchange market, and these pairs see the largest volume of trading.
Prices for these pairings often vary within narrower ranges, although the range of their changes may still be unpredictable.
Although there is considerable disagreement over the exact composition of the ultimate list of major currencies, most of them contain the conventional “four majors,” which are as follows:
- EUR/USD
- USD/JPY
- GBP/USD
- USD/CHF
- AUD/USD
- USD/CAD
- NZD/USD
- GBP/EUR
- EUR/CHF
- EUR/JPY
Minor Currency Pairs
The second most often traded items on the foreign exchange market are minor currency pairings, which are sometimes frequently referred to as ‘crosses.’
Because these currency pairings have a lower level of liquidity compared to big currency pairs, forex traders sometimes engage in more deals with small currencies to lower their overall trading expenses.
The United States Dollar is not included among the main currencies that are included in the minor pairings. The Euro, the Japanese Yen, and the British Pound are the minor pairings that see the largest trading volume.
The most popular minor forex pairs are:
- EUR/GBP
- NZD/JPY
- EUR/AUD
- CHF/JPY
- EUR/JPY, and others
Exotic Currency Pairs
The lack of market liquidity that characterizes exotic currency pairings sets them apart from the main currency pairs that are most often traded.
Despite this, there are a few exotic currencies that are worth trading due to the distinct price action and tactics associated with them.
Alternative currencies and third-world currencies are also other names for exotic currencies. Because they have the potential for bigger returns than other currencies, trading them comes with a certain level of risk.
Nevertheless, this also means that they might provide interesting possibilities in the foreign exchange market. Some popular exotic pairs include:
- AUD/NOK
- AUD/PLN
- EUR/CZK
- EUR/HUF
- GBP/SGD
- MXN/JPY
- TRY/JPY
- USD/ZAR
- USD/RON, and more
What are the best currency pairs to trade in Rwanda?
In contrast to equities markets, currency markets allow traders to use a higher degree of leverage while imposing lower margin requirements.
Here is a rundown of six of the most actively traded currency pairings in the foreign exchange market:
- EUR/USD
- USD/JPY
- GBP/USD
- USD/CHF
- AUD/USD
EUR/USD
This currency pair comprises the European Union (EU) and United States official currencies (USD). The USD is the quotation currency, and the forex pair reflects the number of USD required to acquire one Euro, the pair’s base currency.
Traders refer to the EUR/USD exchange as “Euro trading.” The EUR/USD exchange rate is 1 euro for x dollars. The orientation of a chart is thus decided by the base currency. However, it is essential to highlight that the pair’s base currency is fixed and always equals one unit.
Either of these circumstances increases the rate (price) and a corresponding rise in the price chart. The Euro to US Dollar exchange rate is exceptionally tight, resulting in reduced expenses for traders. Because of the vast number of transactions involving this pair, this market is very liquid.
USD/JPY
This pair is sometimes referred to as the Ninja due to the Japanese origins of the mythical warrior. Dollar to Yen is a member of the majors group and the second most active currency pair on the Forex market, after the EUR/USD.
The United States dollar is the base currency in this pair, while the Japanese yen is the quote currency. This implies that if the USD/JPY exchange rate is 110, one dollar will cost 110 Japanese yen.
The USD/JPY currency pair has always been appealing to all sorts of forex traders due to the intrinsic liquidity it provides throughout the day, and notably at “odd” Asian hours, assuring a liquid 24-hour market.
GBP/USD
The British pound sterling and the United States dollar comprise this currency pair. The sign for the GBP/USD currency pair is 1 British pound for X US dollars.
GBP/USD is now one of the most valuable technical analysis forex pairs that can be traded. Due to its reactivity to key indications, most technical traders like trading this pair. Correlation is another reason why both novice and expert traders choose this combination.
USD/CHF
As of October 2019, the USD/CHF, sometimes known as the “Swissie,” is the sixth most traded forex pair on the foreign exchange market.
The only European currency still in circulation today is the Swiss franc. Switzerland, a nation with a neutral stance in Europe, uses the Confoederatio Helvetica Franc, or simply CHF, as its currency.
Due to its financial secrecy, Switzerland has remained a preferred location for keeping currency. Consequently, the Swiss Franc has strengthened significantly, putting pressure on the nation’s exporters.
As the dollar is involved, USD/CHF is one of the most important currency pairings in the foreign exchange market. In addition, this currency pair’s spreads are less than those of minor and exotic currency pairings due to its substantial trading volume and liquidity.
The US dollar is the base currency in the USD/CHF forex pair, while the Swiss franc is the quote currency. At any one time, the USD/CHF pair’s price indicates the number of Swiss francs required to exchange one US dollar for one franc.
AUD/USD
The Australian dollar was proclaimed a “floating” currency in 1983. Numerous causes associated with factors such as geology, geography, government policy, and several others, endear it to novice and experienced traders alike.
When traders engage in AUD/USD trading, it is sometimes referred to informally as “trading the Aussie.”
How to find the right currency pair to trade in Rwanda
As Rwanda primarily uses the Rwandan franc (RWF) as its official currency, trading the RWF in the foreign exchange market (forex) may be limited due to its lack of widespread international trading. Instead, traders in Rwanda typically focus on major currency pairs that involve widely traded currencies.
Find the Trend in the Market When deciding on a currency pair to trade, the first thing you need to do is recognize the trend in the market. For example, “the AUD/USD has been in a downtrend for the last six months,” which means that the general direction in which the market has moved in the recent past has been downward.
Trends are described as the total direction in which the market has moved. Either trend lines or moving averages (MA) applied to your charts may be used to determine the direction of a trend in the data. Before you determine which pair to trade, it will be crucial to make a mental note of the pair’s sideways trend if the pair has not been going in any direction.
Pair the Trend with a Forex Trading Strategy The next thing you need to do to select the proper pair to trade is to check and see whether the pairs in question are compatible with the trading method you want to use.
If you are trading using a trending technique, then the pairs you choose to trade must also be trending. If you attempt to trade using a trending approach on a pair that is moving sideways, you will have a strategy that is designed to lose money. If you have a trending technique and you can recognize currency pairings that are trending, your likelihood of becoming a successful trader will increase significantly.
In addition, if you locate a pair that has been going sideways for an extended length of time, you must choose range trading or a sideways market trading strategy to match up with such pairings. You can also opt to match up your technique with a sideways market trading strategy.
There are a lot of alternative tactics that you may use for each distinct pair, but before you trade any pair, you must have a good understanding of how that pair behaves. A common error that many traders make is mismatching the appropriate trading approach with the appropriate pair. Average True Range The average true range (ATR) is the number of pips moved on a particular day.
ATR is significant since it is more probable to hit your stop loss if you do not know how much a pair moves on average. This is vital when deciding on certain pairings to trade depending on your approach and trading goals. If you are a scalper looking to achieve a big percentage gain in a short amount of time, you should pay extra attention to pairings with a high ATR since they may fluctuate a lot and you do not want your stop loss to be too tight.
Knowing the average real range of the currency pair and the technique you want to trade makes a major difference in your trading’s success or failure. Most traders underestimate the importance of properly picking the currency pair with which they trade and feel that they can trade any pair with any method.
This trading technique is one of the most common reasons that beginners lose money, therefore do not make the same error of pairing the incorrect pair/strategy.
How to choose the right Forex Broker in Rwanda
Rwandan traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
This is the first vital component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Rwandans must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
Rwandans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
The range of markets offered refers to the number and range of tradable instruments that the broker offers. Rwandans must consider what they wish to trade and what is available.
Customer Support
Customer Support is another crucial factor and Rwandans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
A trading platform is the Rwandan trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
- eBooks
- Trading guides
- Trading knowledge on leveraged products
- A risk warning on complex instruments
- Educational videos
Research can include some of the following:
- Trading tools
- Commentary
- Status of International Markets
- Price movements
- Market sentiments
- Whether there is a volatile market
- Exchange Rates
Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best Forex Brokers in Rwanda
In this article, we have listed the best Forex brokers for traders in Rwanda. We have further identified the forex brokers that offer additional services and solutions to Rwandan traders.
Best MetaTrader 4 / MT4 Forex Broker in Rwanda
Overall Rating
- 4.7/5
Min Deposit
USD 200 / 205 900 RWF
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, IC Markets is the best MT4 forex broker in Rwanda. The MetaTrader offering from IC Markets has an amazing selection of third-party research and trading tool plugins. IC Markets has clients based around the world and offers some of the best true ECN execution to Rwandans.
Best MetaTrader 5 / MT5 Forex Broker in Rwanda
Overall Rating
- 4.9/5
Min Deposit
100 USD/101 652 RWF
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, FP Markets is the best MetaTrader 5 forex broker in Rwanda. FP markets are well-established and offer Rwandans over 10,000 instruments that can be traded using MetaTrader 5. FP markets provide industry-leading trading solutions and affordable trading costs.
Best Forex Broker for beginners in Rwanda
Overall Rating
- 4.8/5
Min Deposit
USD0
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, IG is the best forex broker for beginners in Rwanda. IG offers a broad range of tradable markets and provides a plethora of educational resources for beginners. The IG Academy is provided as a free resource that can help beginner traders learn new trading skills.
Best Low Minimum Deposit Forex Broker in Rwanda
Overall Rating
- 4.7/5
Min Deposit
1 USD / 1 020 RWF
Regulators
IFSC, FSCA (South africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
No
Trading Fees
Low
Welcome Bonus
$140 / 142 877 RWF
Account Activation Time
Instant
Overall, FBS is the best Minimum Deposit Forex Broker in Rwanda. FBS has an ultra-low minimum deposit of 590,68 Franc and high leverage of 1:3000. FBS allows Rwandans to get started in trading immediately and guarantees fast trade execution speeds with minimal slippage.
Best ECN Forex Broker in Rwanda
Overall, HF Markets is the best ECN forex broker in Rwanda. HF Markets is known for its well-regulated trading environment in which traders get tight spreads and competitive commissions. HF Markets provides ECN execution on all trades with no requotes and minimal slippage.
Best Islamic / Swap-Free 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
Overall, XM is the best Islamic / Swap-Free forex broker in Rwanda. XM is an international broker that accommodates all types of traders including those who follow Sharia law. XM provides an Islamic account with competitive trading conditions and access to more than 1,000 financial instruments.
Best Forex Trading App in Rwanda
Overall Rating
- 4.9/5
Min Deposit
USD 100
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, AvaTrade is the best forex trading app in Rwanda. AvaTradeGO is the leading mobile trading app for Rwandans. AvaTradeGo allows you to trade while you travel and offers several advanced features to give you a competitive edge in the forex market.
Best Franc Trading Account Forex Broker in Rwanda
Overall Rating
- 4.7/5
Min Deposit
USD 10 / 10 670 RWF
Regulators
FSC
Trading Desk
MetaTrader4
Crypto
Yes
Total Pairs
60+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, Tifia is the best Franc trading account forex broker in Rwanda. Tifia is an international broker that offers Rwandan an RWF-denominated account. Tifia has a low minimum deposit and offers expert market analysis provided by Claws and Horns.
Best Lowest Spread Forex Broker in Rwanda
Overall Rating
- 4.9/5
Min Deposit
USD 10
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, Exness is the best lowest-spread forex broker in Rwanda. Exness is a low-risk broker that charges zero-pip spreads on major currency pairs such as EUR/USD. The leverage that traders can use is unlimited on some accounts.
Best Nasdaq 100 Forex Broker in Rwanda
Overall Rating
- 4.8/5
Min Deposit
USD 0
Regulators
FSA, FCA, ASIC, DFSA
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
66
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, Axi is the best Nasdaq 100 forex broker in Rwanda. Axi was created by professional traders and therefore the broker has tailor-made solutions for Rwandans. Axi offers a range of markets including CFDs on Indices where Rwandans can trade NAS100.
Best Volatility 75 / VIX 75 Forex Broker in Rwanda
Overall Rating
- 4.9/5
Min Deposit
USD100
Regulators
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Trading Desk
WebTrader
Total Pairs
70
Crypto
Yes (Availability subject to regulations)
Trading Fees
Low
Account Activation Time
24 Hours
Overall, Plus500 is the best Volatility 75 / VIX 75 forex broker in Rwanda. Plus500 offers a range of contracts for differences spread over 2,000 individual instruments including VIX. Plus500 also offers proprietary trading platforms that can be used by traders to access these markets.
Best NDD Forex Broker in Rwanda
Overall Rating
- 4.9/5
Min Deposit
200 USD / 21 7071 RWF
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradeView
Crypto
Yes (Not available in Africa)
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overall, Pepperstone is the best NDD forex broker in Rwanda. Pepperstone is one of the largest No-Dealing Desk brokers that offer ECN and STP execution on all trades. Pepperstone is committed to providing innovative technology along with the lowest latency trade execution.
Best STP Forex Broker in Rwanda
Overall Rating
- 4.1/5
Min Deposit
–
Regulators
–
Trading Desk
–
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, FOREX.com is the best STP forex broker in Rwanda. FOREX.com provides trading services to more than 200,000 global clients. FOREX.com is one of the best STP Forex brokers that provide Rwandans with over 80 currency pairs that can be traded.
Best Sign-up Bonus Broker in Rwanda
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
Overall, SuperForex is the best sign-up bonus broker in Rwanda. Once Rwandans have signed up for a live trading account with SuperForex they can access several welcome bonuses. SuperForex is an extremely versatile broker with 11 trading accounts and a range of markets that can be traded.
You might also like: Best Cent Account Forex Brokers
You might also like: Best Micro Currency Trading Platforms
You might also like: What is Swing Trading
You might also like: Best PAMM Account Forex Brokers
You might also like: Best Social Trading Platforms
FAQ
What is the most profitable currency to trade in Rwanda?
GBP/USD (British Pound/US Dollar) and EUR/USD (Euro/US Dollar) are two of the most frequent currency pairings in forex trading.
What is the most frequently traded currency in Rwanda?
The USD is the most frequently traded currency in Rwanda, accounting for over 90 percent of the country’s foreign exchange transactions, according to sources.
How much will I need to start trading in Rwanda?
You can start trading forex with an initial deposit of 590,68 RWF. However, Rwandan traders are urged to deposit at least 73,84 RWF to cover both trading and non-trading fees that they may encounter and to cover any losses that they could experience in the forex market.
Is forex trading considered gambling?
No, forex might seem like a gamble, but several differences set these activities apart. Forex trading involves risk management techniques to mitigate and minimize loss while gambling involves taking a chance and hoping the odds are in your favor.
Forex trading can be planned by analyzing charts, trends, and other metrics by using technical analysis.
Is forex trading a skill in Rwanda?
Yes, forex trading is a skill that must be learned and practiced consistently.
Table of Contents
