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Regulation of Forex trading in Rwanda is the responsibility of the National Bank of Rwanda (BNR), but it does not take any active involvement, aside from issuing rogue-trader warnings. While Forex trading is legal, there are restrictions on trading with the Rwandan Franc, and, like many countries in the region, several scams are masquerading as Forex trading. So new traders must be wary and trade with internationally regulated brokers.

To test these brokers, we verified their regulation and accepted clients with Rwandan residency and Rwandan bank accounts. We signed up for a live account, checked the platform selection, trading desk type, and minimum deposit requirements. Further testing focused on the trading conditions, the total cost of trading, withdrawal fee requirements and additional fee structures so traders can keep trading costs as low as possible. These are the best Forex brokers in Rwanda for 2022, according to our testing and our research.

Best Forex Brokers in Rwanda for 2022

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Broker
Overall Rating
Official Site
Min. Deposit
Max. Leverage (Forex)
Cost of Trading
Platforms
Beginner Friendly
Beginner Course
Regulators
Compare
XM
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
888:1
USD 16
Excellent
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
International Financial Services Commission
FXTM
4.33 /5
Read Review
Visit Broker >
Your capital is at risk
USD 10
2000:1
USD 15
Excellent
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Financial Services Commission
HotForex
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
ZAR 70
1000:1
USD 10
Excellent
FSCA Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
Financial Services Commission
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
USD 0
200:1
USD 7.70
Excellent
FCA Regulated Brokers
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
Dubai Financial Services Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Securities Commission of the Bahamas
Capital Markets Authority
FxPro
4.29 /5
Read Review
Visit Broker >
Your capital is at risk
USD 100
200:1
USD 14
FxProEdge
Excellent
FCA Regulated Brokers
CySEC Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
Securities Commission of the Bahamas
Exness
4.12 /5
Read Review
Visit Broker >
Your capital is at risk
USD 3
2000:1
USD 7
Standard
FSCA Regulated Forex Brokers
The Seychelles Financial Services Authority
XTB
4.14 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
500:1
USD 14
xStation5
Excellent
CySEC Regulated Brokers
FCA Regulated Brokers
Dubai Financial Services Authority
International Financial Services Commission
IC Markets
4.46 /5
Read Review
Visit Broker >
Your capital is at risk
USD 200
500:1
USD 8
Zulu Trade
Excellent
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
Capital.com
4.68 /5
Read Review
Visit Broker >
Your capital is at risk
USD 20
100:1
USD 6
Capital.com
Excellent
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers

Forex Industry in Rwanda and the BNR

Like other countries in the region, Rwanda has been dealing with a foreign exchange crisis in recent years and has cracked down hard on illegal foreign exchange bureaus. While this has little to do with online CFD Forex trading, it does mean that trading with the Rwandan Franc is strictly prohibited and should be avoided.

Also, much like its neighbours in the region, Rwanda has suffered from the impact of scams – known as pyramid schemes – that often use Forex or cryptocurrency trading as their disguise.

The National Bank of Rwanda recently released a warning against these scams, highlighting their illegal nature and that any investors in these schemes are highly likely to lose their money.

So, while Forex traders in Rwanda should be wary of schemes that sound too good to be true and pushy salespeople, there is no real obstruction to online Forex trading.

We would like to see the BNR take a more active role in regulating the Forex market, as this would do much to prevent scams and provide a safer trading environment for new Forex traders. Until the BNR do take such steps, we do recommend trading with one of the larger international brokers on the list above.

FAQs

What is the best Forex broker in Rwanda?

The best brokers in Rwanda are AvaTrade, FXTM and XM. AvaTrade is a great all-around broker with low fees and tight spreads. FXTM is trusted by thousands of traders across Africa and has a great range of account types. XM is the best overall broker, with great customer support and education for new traders.

I am a beginner trader, what should I look for in a broker?

As a beginner trader, choose a broker with an unlimited demo account, as this will give you the opportunity to practice before making a deposit. Limited demo accounts usually expire after 1-3 weeks, which is not enough time to learn how to profit from CFD trading.

Beginner traders should get educational support when starting, and each broker varies significantly in what material they provide. The minimum you should accept is some general videos and articles, but some brokers have invested in creating small trading universities that include video material as well as live webinars hosted by experts.

Each of our reviews has a section on the educational content to help beginner traders decide the best path forward.

Which is the best Forex brokers for beginners?

The Forex broker for beginners is XTB.  Customer service is available 24/7 with both one-on-one mentoring and dedicated account managers provided for new traders. Educational material is excellent and is presented via XTB’s Trading Academy, which is both well-structured and clear. Finally, minimum deposit requirements are low, and spreads are tight.

How do you trade Forex in Rwanda?

To trade Forex in Rwanda you will need a trustworthy Forex broker, which you can find here at TradeForexSA. Before you start trading, you should open a demo account with the broker so you can gain experience with the Forex market and with the broker’s trading platform. Once you have gained enough experience you will need to deposit funds with the broker via bank transfer or a payment system like Ozow or Neteller. Once your live account is funded, you will be able to start trading.

Is Forex trading legal in Rwanda?

Yes, Forex trading is legal in Rwanda and you can trade with any Forex broker in the world.

How do I know I can trust a Forex broker?

Four things should be considered when determining if a broker may be trusted – regulation, trade execution method, client funds management, and industry recognition of their achievements.

The more major regulators the broker group is regulated by, the more oversight the group has. The number of regulators overseeing their processes gives a strong indication of the level of trust the government regulatory agencies have in them.

The execution method of trades is another component because if the broker profits from your loss – as is the case with market maker brokers – this can be seen as making the broker less trustworthy.

This is more of a concern if fewer major regulators regulate a market maker. Therefore, a heavily regulated market maker is considered more reputable than one with lesser regulation. It is noteworthy that some market makers have strong reputations and lots of client resources.

Most regulators require strict processes to keep client funds safe. This process includes placing client funds in segregated accounts at major banks in the local jurisdiction. Segregated bank accounts that are audited every evening means that client funds are protected against any bankruptcy.

Industry awards are given to brokers from journalists, financial watchdog organisations and their peers. While it can be argued that these award ceremonies are biased, they remain the best gauge of industry recognition.

Do brokers trade against you?

If the broker is a market maker, then they are the market and will be trading against you by being the counterparty to your trade to create the liquidity you need. Since a vast majority of trades by retail traders are lost, a market maker is making money in most client trades. DMA brokers do not have any conflict of interest and do not trade against you.

How do brokers make money?

Market Makers will make money only from the spread – the difference between the buying and selling price of the currency pair. Since a Market Maker will become the counterparty to any trade, they will also make money when clients lose trades.

DMA brokers will make money from a tight spread and a commission, which is calculated on a per lot amount.

How to deposit with a broker?

Each broker is going to have different deposit methods, but all will have a deposit by credit/debit card and bank transfer option. Most brokers will also accept Neteller or Skrill, which are favoured by many traders because deposits and withdrawals are instant and usually free.

Some will accept regional payment methods, but local deposit methods have not yet been adopted in Rwanda. On occasion, brokers will accept Bitcoin deposits, and PayPal in addition to standard currency.

Which broker should I choose?

Traders have different requirements of Forex brokers, and thus there is no single best choice. This is how we compare them, and we offer insight into your choices. At the top of this article, there is a list of those that we believe are the best brokers for traders based on their reputation, platform, trading conditions and resources available to beginners.

How can I report scam brokers?

If you believe you have been scammed by your broker, the first thing to do is warn others and tell your story.  We have a report a scam broker form which we use to gather information so that we get the word out.  If you have been scammed, please complete the form.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Rating & Review Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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Featured Brokers

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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