By Chris Cammack Updated: May 29, 2020

These are the best Forex brokers in Rwanda; they are all well-regulated, suitable for beginner traders and have excellent trading conditions.

By Chris Cammack Updated: May 29, 2020
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  • Broker
    AvaTrade

    AvaTrade  - Best Forex Broker in Rwanda

    REGULATED BY
    ASIC ASIC
    FSCA FSCA
    B.V.I FSC B.V.I FSC
    FSA FSA
    Trading Desk Type
    Minimum Deposit
    USD 100
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5

    AvaTrade is one of the largest brokers in the world, with more than 200,000 registered clients globally and regulation from ASIC and the South African FSCA. Trading conditions are uniformly excellent, with a wide range of assets to choose from and spreads starting at 0.9 pips on the EUR/USD and 1.1 pips on the USD/JPY. A minimum deposit of 100 USD is required to open the single account, but higher minimum deposits grant access to a personal account manager, 20% deposit bonus and the DupliTrade copy trading platform.

    AvaTrade has full support for MT4, with hedging, scalping and the use of EAs and other trading robots all allowed. Deposit and withdrawals are fast and free, withdrawal times to e-wallets will take a maximum of 24 hours, though are often much quicker. AvaTrade also offers clients with deposits of more than 500 USD access to AutoChartist, a powerful pattern recognition tool which seeks out trading opportunities based on deep technical analysis of markets.

    Swap-free accounts are also available for Muslim clients and with low fees, tight spreads, a range of trading tools and great customer service, AvaTrade is an easy broker to recommend.

    • Good for beginners
    • Well regulated
    • Low minimum deposit
    • Dealing desk
    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic1.2 pipsNoneInstantUSD 100 Account Details
    Professional0.9 pipsNoneInstantUSD 100 Account Details
    Retail0.9 pipsNoneInstantUSD 100 Account Details
  • Broker
    FXTM

    FXTM  - Most Trusted Broker

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    FSC FSC
    Trading Desk Type
    Minimum Deposit
    USD 10
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5

    Established in 2011 and regulated by both CySEC and the UK’s FCA, FXTM has also held a licence from the South African FSCA since 2016. This means that funds are kept in local accounts and managed according to South African regulatory policies. 

    FXTM offers six accounts overall and splits its account types into two groups: Instant execution accounts and ECN Accounts:

    Instant Execution Accounts: The Cent Account, with a minimum deposit of only 10 USD, has spreads starting from 1.5 pips on the EUR/USD. With a higher minimum deposit of 100 USD you can open a Standard Account, where the spread is down to 1.3 pips on the EUR/USD. FXTM also offers a Shares Account for those interested in trading stocks.

    ECN Accounts: The ECN Zero Account has a 200 USD minimum deposit and minimum spreads of 1.5 pips on the EUR/USD but no commission. A 500 USD minimum deposit will get you access to the ECN Account, which has spreads as low as 0.1 pips on the EUR/USD and a commission of 2 USD per lot. FXTM also offers an ECN Pro Account, though this requires a minimum deposit of 25,000 USD.

    All accounts are available on the MT4 and MT5 platforms, except the Cent Account and Shares Account which are only available for MT4. Leverage is variable but can be raised to 1:1000 on most accounts type. Demo accounts are available for all accounts except the Shares Account and ECN Pro Account, demo accounts are unlimited and only expire after 90 days of inactivity. 

    FXTM has a great deal of quality educational material and market analysis, though this is focused on beginner traders. Swap-free accounts are also available for Muslim clients and hedging and scalping are both allowed.

    • Good for beginners
    • Excellent education
    • Well regulated
    • Low minimum deposit
    • Expensive withdrawals
    AccountSpread FromCommissionExecutionMin. Deposit
    Cent Account1.5 pipsNoneInstantUSD 10 Account Details
    Standard Account1.3 pipsNoneInstantUSD 100 Account Details
    ECN Zero Account1.5 pipsNoneMarketUSD 200 Account Details
    ECN Account0.1 pips$2.00MarketUSD 500 Account Details
    FXTM Pro Account0.0 pipsNoneMarketUSD 25000 Account Details
  • Broker
    Blackstone Futures

    Blackstone Futures  - Best Research

    REGULATED BY
    FSCA FSCA
    Trading Desk Type
    Minimum Deposit
    ZAR 1000
    Trading Conditions
    Trading Platforms
    • MT4
    • Cloud Trade

    Based in Johannesburg and active since 2009, BlackStone Futures is an established and well-regarded FSCA regulated broker.

    Trading conditions are particularly good for a South African broker, with both ZAR and USD accounts offered on the MT4 and CloudTrade platforms. Minimum spreads are as low as 0.6 pips on major pairs and STP execution ensures no conflict of interest and limited slippage or requotes. Maximum leverage is 400:1 but BlackStone Futures responsibly only offers this to experienced traders with a proven track record.

    BlackStone Futures has wisely invested in educating new traders and the educational material available here is of a higher quality than we are used to seeing at local brokers. Both webinars and in-person classes are offered, alongside a collection of guides and educational articles.

    Deposits and withdrawals are fast and free for South African clients, with withdrawals to local bank accounts posting same-day via the OZOW payment platform.

    Overall, BlackStone Futures are a responsible and dependable South African broker with the trading conditions and funding policies to keep all traders satisfied.

    • ZAR accounts
    • Tight spreads
    • Fast and free withdrawals
    • Limited platform choice
    • Local regulation only
    AccountSpread FromCommissionExecutionMin. Deposit
    USD Account0.6 pipsNoneMarketUSD 100 Account Details
    ZAR Account0.6 pipsNoneMarketZAR 1000 Account Details
  • Broker
    HotForex

    HotForex  - Best Trading Conditions

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    DFSA DFSA
    FSC FSC
    Trading Desk Type
    Minimum Deposit
    ZAR 70
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5

    An STP broker with tight spreads and low minimum deposits, HotForex is also extremely well regulated, with oversight from CySEC, the FCA and South Africa’s FSCA.

    With six different trading accounts, including the market execution Zero Account, traders will be spoiled for choice. Trading conditions at HotForex differ depending on account type, with minimum deposits starting at 70 ZAR on the Micro Account. The Micro, HF Cory, Auto, Premium and Premium Pro accounts have spreads starting at 1.0 pips and leverage starting at 400:1, though this can be increased to 1000:1. The Zero Spread account requires a minimum deposit of 2800 ZAR (200 USD), has a spread starting at 0.0 pips and a cost of 3 USD (6 USD round trip) commission per lot.

    Deposits and withdrawals are free and fast, and we recommend HotForex to new traders due to the high quality of its well-structured educational material and unlimited demo accounts. Both MT4 and MT5 are fully supported with a host of tools available for either platform, including free VPS hosting, free access to Autochartist and a collection of Premium Trader Tools such as live sentiment and correlation tracking, tick charts and an MT5 indicator package.

    Swap-free accounts are available, hedging and scalping are both allowed, and HotForex runs several bonus schemes - including demo account contests and a 2 USD rebate for every lot traded.

    • Low minimum deposit
    • Tight spreads
    • Well regulated
    • Good range of accounts
    • Limited base currencies
    AccountSpread FromCommissionExecutionMin. Deposit
    Micro1.0 pipsNoneMarketUSD 5 Account Details
    Islamic1.0 pipsNoneMarketUSD 100 Account Details
    Premium1.0 pipsNoneMarketUSD 100 Account Details
    Auto1.0 pipsNoneMarketUSD 200 Account Details
    Zero0.0 pips$3.00MarketUSD 200 Account Details
    HFCopy1.0 pipsNoneMarketUSD 300 Account Details
    Premium Pro1.0 pipsNoneMarketUSD 5000 Account Details
  • Broker
    XM

    XM  - Best Overall Broker

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    IFSC IFSC
    Trading Desk Type
    Minimum Deposit
    USD 5
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5

    A large and heavily awarded market maker, XM was founded in 2009 and is particularly well-regulated - with oversight from all three major regulators: CySEC, ASIC and the FCA.

    XM offers three account types - the Micro, Standard and the XM Ultra Low - with a maximum leverage of 1:888 available on all three. Spreads are tightest on the XM Ultra Low Account, with average spreads on the EUR/USD at 0.7 pips. Spreads on the Micro Account and Standard Account are wider, with EUR/USD spreads usually around 1.6 pips, but minimum deposit on these accounts is only 5 USD, while minimum deposit for the XM Ultra Low is 50 USD. All accounts are available as Islamic accounts, and XM charges no extra fee for this - neither in the spread or in commission. 

    XM has a strong focus on client retention via excellent customer support, a wide range of account types and highly competitive trading conditions. Also notable is the quality and depth of its educational and analytical output and unlimited demo accounts, of which five can be active simultaneously.

    Both the MT4 and MT5 trading platforms are supported with a no-requotes policy and deposits and withdrawals are fast and free, with XM covering all bank transfer costs on deposits and withdrawals over 200 USD. Scalping and hedging are both allowed across a wide range of assets and 57 currency pairs.

    • Well regulated
    • Excellent education
    • Wide range of assets
    • Fast and free withdrawals
    • Dealing desk
    AccountSpread FromCommissionExecutionMin. Deposit
    Micro1.0 pipsNoneInstantUSD 5 Account Details
    Standard1.0 pipsNoneInstantUSD 5 Account Details
    XM Ultra Low0.6 pipsNoneInstantUSD 50 Account Details
    XM Zero0.6 pips$7.00InstantUSD 100 Account Details
  • Broker
    FxPro

    FxPro  - Best Trading Platforms

    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    Trading Desk Type
    Minimum Deposit
    USD 100
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5
    • cTrader
    • FxProEdge

    A strictly no dealing desk (NDD) broker, FxPro is known for its fast market execution and first-class international regulation, with oversight from the FCA, CySEC and the South African FSCA. A wide range of account currencies are available, including ZAR, and over 70 currency pairs are available to trade.

    FxPro offers three account types, depending on which platforms you wish to use. MT4, MT5 and cTrader are all supported, with the cTrader account having the tightest spreads in return for a commission of 4.5 USD per lot traded, while the MT4 and MT5 accounts incorporate the fees in the spread. Spreads on the cTrader Account can get as low as 0.1 pips on the EUR/USD but often average about 0.4 pips. Spreads on the MT4 and MT5 accounts are decent, averaging about 1.5 pips on the EUR/USD, and fixed spreads are available on the MT4 account - though these are slightly higher at 1.6 pips.

    The minimum deposit for all accounts is 100 USD, though FXPro recommends a balance of 500 USD before you start trading, and deposits and withdrawals are fast and free for all funding methods. While FXPro does allow South African traders to deposit in ZAR, be aware that your trading will still take place in USD - so currency conversion costs will apply.

    Overall, FxPro is a solid, dependable broker with great platform choice and competitive trading conditions for all types of traders.

    • Well regulated
    • Great platform choice
    • Tight spreads
    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    FxPro cTrader0.45 pips$4.50MarketUSD 100 Account Details
    FxPro MT41.2 pipsNoneMarketUSD 100 Account Details
    FxPro MT51.52 pipsNoneMarketUSD 100 Account Details
    Islamic1.2 pipsVariableMarketUSD 100 Account Details
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Minimum Deposit
    USD 100
    Trading Conditions
    Trading Platforms
    • MT4

    Founded in 2001, easyMarkets is a large but standard market maker, it states its values as Simple, Honest and Transparent and much of its product offering reflects this aspiration. Traders will find three simple live accounts, distinguished by the required minimum deposit, and the same set of services no matter which account you open – including an account manager, platform tour, Forex education, and an introduction to technical and fundamental analysis.

    Trading conditions are good, with fixed spreads on all accounts, 103 currency pairs to trade and leverage of 1:400. On the Standard Account, which requires a 100 USD minimum deposit, spreads on the EUR/USD are 1.9 pips, this tightens to 1.4 pips on the Premium Account (2000 USD minimum deposit) and even further to 0.9 pips on the VIP Account (and eyewatering 10,000 USD minimum deposit).

    Where easyMarkets really shines is in its innovative trading tools. easyMarkets was the first to introduce negative balance protection and guaranteed stop loss, and it now offers the unique easyTrade, Freeze Rate and dealCancellation tools, all intended to assist new traders and keep trading transparent and simple.

    MT4 is fully supported, though to take advantage of the tools mentioned above, traders will need to use the easyMarkets platform, a robust and simple platform that many beginner traders will find easier to use.

    • Well regulated
    • Wide range of assets
    • Innovative trading tools
    • Limited platform choice
    • Limited account options
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic1.9 pipsNoneInstantUSD 100 Account Details
    Standard1.9 pipsNoneInstantUSD 100 Account Details
    Premium1.4 pipsNoneInstantUSD 2000 Account Details
    VIP0.9 pipsNoneInstantUSD 10000 Account Details
    Super VIP1.2 pipsNoneInstantUSD 50000 Account Details
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Minimum Deposit
    USD 200
    Trading Conditions
    Trading Platforms
    • MT4
    • MT5
    • cTrader

    A well-regulated Australian ECN broker, IC Markets is consistently one of our highest rated brokers – ranking well for its regulation, platform choice, customer service and trading conditions.

    Oversight comes from both CySEC and ASIC, ensuring a fair and secure trading environment and all three major platforms are supported with a single account type per platform. The MT4 account is commission-free and includes its fee in the relatively low spread, averaging 1.1 pips on the  EUR/USD and equally tight across all majors pairs. The cTrader and MT5 accounts attract a commission per trade but both have spreads down to 0 pips (averaging 0.1 pips on the EUR/USD) and the cTrader account has a lower commission of 3 USD per lot (MT5 commission is 3.5 USD per lot). The minimum deposit on all three accounts is 200 USD and 64 currency pairs are available to trade with scalping and hedging both allowed.

    Deposits and withdrawals are fast and free, customer service is best in class and cutting-edge trading technology ensures ultra-fast order execution across all platforms. The only minor downside to IC Markets’ offering is a lack of structured trading course for beginners, but frequent market analysis is available through the IC Markets blog and the Trading Central application.

    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Great platform choice
    • High minimum deposit
    • Limited market analysis
    AccountSpread FromCommissionExecutionMin. Deposit
    RAW - cTrader0.0 pips$3.00MarketUSD 200 Account Details
    RAW - MetaTrader0.0 pips$3.50MarketUSD 200 Account Details
    Standard - MetaTrader1.0 pipsNoneMarketUSD 200 Account Details
  • REGULATED BY
    FSCA FSCA
    Trading Desk Type
    Minimum Deposit
    USD 250
    Trading Conditions
    Trading Platforms
    • MT4
    • Sirix

    Active since 2012, CM Trading is an FSCA-regulated South African broker with a large client base and competitive spreads. A market-maker broker, CM Trading supports both MT4 and the Sirix Webtrader and hosts a range of trading tools, including the CopyKat copy-trading system and the Guardian Angel automated feedback tool.

    Four account options are available, each with a different level of required minimum deposit - the Bronze Account offers spreads on the EUR/USd of 1.5 pips and can be opened with 250 USD - but all have a maximum leverage of 200:1. The other three accounts require a much higher level of minimum deposit (Silver Account: 1000 USD, Gold Account: 10,000 USD, Premium Account: 25,000 USD) but spreads are tighter with the EUR/USD spread at 0.9 pips on the Gold Account. The higher tier accounts also come with other perks including risk-free trades and personal account managers

    Education and market analysis are basic but available and customer support is available 24/5 via a range of methods. Deposit and withdrawals are fast for South African customers, though fees for both deposits and withdrawals are quite high. We recommend getting in touch with CM Trading customer support for more information on funding fees.

    • Good for beginners
    • Great customer support
    • Copy trading accounts
    • Expensive withdrawals
    • Local regulation only
    AccountSpread FromCommissionExecutionMin. Deposit
    Bronze1.5 pipsNoneInstantUSD 250 Account Details
    Silver1.2 pipsNoneInstantUSD 1000 Account Details
    Gold0.9 pipsNoneInstantUSD 10000 Account Details
    PremiumNot Published pipsNoneInstantUSD 25000 Account Details
  • REGULATED BY
    CySEC CySEC
    FCA FCA
    FSA-Seychelles FSA-Seychelles
    Trading Desk Type
    Minimum Deposit
    USD 100
    Trading Conditions
    Trading Platforms
    • MT4

    Tickmill is an FCA and CySEC regulated STP broker with tight spreads and full support for the MT4 platform.

    Tickmill offers three accounts, the Classic Account has a minimum deposit of 100 USD and a minimum spread of 1.6 pips with no commission taken on trades. The Pro Account is a direct market access account and also has a minimum deposit of 100 USD but spreads can be down to 0 pips on the major pairs. The Pro Account has a commission of 2 USD per lot per side (4 USD round turn), but this is one of the cheapest commissions available for a direct market access account.

    The direct market access VIP Account is only available for those with a minimum account balance of 50,000 USD but commission is only 1 USD per lot per side.

    Tickmill runs a zero fees policy on all deposits and withdrawals and will even reimburse any fees charged by your bank up to 100 USD. Educational material is strong and useful for new traders and Tickmill has some great trading tools, including AutoChartist and a discounted VPS service.

    • Tight spreads
    • Well regulated
    • Fast and free withdrawals
    • Wide range of assets
    • MT4 only
    AccountSpread FromCommissionExecutionMin. Deposit
    Classic1.6 pipsNoneMarketUSD 100 Account Details
    Pro0.0 pipsVariableMarketUSD 100 Account Details
    VIP0.0 pipsVariableMarketUSD 50000 Account Details
  • Broker
    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    FSCA FSCA
    MAS MAS
    FMA FMA
    Trading Desk Type
    Minimum Deposit
    ZAR 1500
    Trading Conditions
    Trading Platforms
    • Plus500

    A London-based broker with a single account, Plus500 keep things simple and straightforward. Plus500 only allows trading on its own platform, but this is easy to use, quick for new traders to learn and has a solid reputation in the industry.

    The minimum deposit is 100 USD but spreads on the EUR/USD average about 0.7 pips – as spreads are variable, expect spreads to be wider in times of low liquidity or high volatility. No commission is ever charged on trades and leverage up to 300:1 is available, depending on your location and traded asset.

    Customer support is open 24/7, but education and market analysis are slightly lacking compared to Plus500’s competitors.

    • Well regulated
    • Wide range of assets
    • Limited education
    • Limited account options
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard0.0 pipsNoneInstantUSD 100 Account Details

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Forex Industry in Rwanda

Regulation of Forex trading in Rwanda is the purview of the National Bank of Rwanda (BNR – to use its French acronym) but it does not take any active involvement, aside from issuing warnings of rogue traders.

While Forex trading is legal, there are restrictions on trading with the Rwandan Franc and, like many countries in the region, there are several scams masquerading as Forex trading – so new traders must be wary.

Above is our list of the best Forex brokers in Rwanda, they are all well-regulated and trustworthy and have excellent trading conditions. Importantly, they also have excellent education and research sections.

Forex Trading 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 has 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.

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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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