All over the globe, more traders are realizing the potential that lays in the forex market for great profits. However, even though it is the financial market which offers easy access, traders may not always know where to start.
Once Rwandan traders have educated themselves more in forex trading, how the market works, what the driving forces are of prices in the market, and how they can go about trading, Rwandan traders can begin to evaluate traders.
In doing this, traders can see which brokers better suit their individual trading needs and objectives better. The list provided below will grant traders valuable insight into the offering of some of the best forex brokers that welcome Rwandan traders.
You might also like: BEST FOREX BROKERS IN NIGERIA
CM Trading
Overview
CM Trading has been in operation since 2011 and is a well-regulated and reputable STP broker with headquarters based in South Africa. With regulation through the reputable FSCA, CM Trading offers traders around the world with comprehensive trading services and unbeatable solutions.
Traders can trade in financial markets through the variety of financial instruments that CM Trading offers, including commodities, shares, forex, and several others. CM Trading has an award-winning history in catering for traders despite their level of experience, their needs or trading objectives.
Pros and Cons
| PROS | CONS |
| Commission-free accounts offered | Fixed spread accounts not offered |
| Daily Market analysis offered | High minimum deposit requirement |
| Hedging and scalping allowed | US Clients not accepted |
| Regulated | |
| Variety of educational resources provided |
Features
| Feature | Information |
| Regulation | FSCA |
| Minimum deposit from | $250 |
| Average spread from | 0.9 pips |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:200 |
| Bonuses | Yes |
| Customer Support | 24/5 |
AvaTrade
Overview
AvaTrade is a popular and reputable online trading broker in addition to being multi-regulated and offering the trade in more than 250 financial instruments. These can be traded through powerful trading platforms, including AvaTrade’s proprietary trading platform.
There are also numerous social trading opportunities and traders can expect fast trade execution, commission-free trading options, and dedicated customer support.
Pros and Cons
| PROS | CONS |
| Award-winning broker | Variable spreads not offered |
| Competitive trading conditions | Only one account type for either retail or professionals |
| Fast trade execution | US Clients not allowed |
| Social trading offered | |
| Well-regulated |
Features
| Feature | Information |
| Regulation | ASIC, BVI, CBI, FFAJ, FSA, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | Yes |
| Customer Support | 24/5 |
FXTM
Overview
FXTM is a popular, well-regulated, and established broker that is based in several jurisdictions around the world with strict regulation through CySEC, FCA, FSC, and FSCA, allowing FXTM to facilitate trades across numerous asset classes.
Pros and Cons
| PROS | CONS |
| Commission-free trading offered | Restricted leverage for EU-clients |
| Low minimum deposit | US Clients not allowed |
| Strictly regulated | |
| Variety of account types offered | |
| Variety of financial instruments offered |
Features
| Feature | Information |
| Regulation | CySEC, FCA, FSC, FSCA |
| Minimum deposit from | $10 |
| Average spread from | 0.0 pips |
| Commissions from | $2 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:2000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
BDSwiss
Overview
BDSwiss is a reputable STP and ECN broker which was established in 2012 and since its inception, set the goal on providing traders from around the world with some of the best trading conditions possible. Traders have access to more than 250 financial instruments, powerful trading platforms, and the option for commission-free trading on some accounts.
Pros and Cons
| PROS | CONS |
| More than 250 financial instruments | US Clients not allowed |
| Strict regulation | Fixed spreads not offered |
| Commission-free accounts offered | Restricted leverage for EU-clients |
| Advanced trading tools offered | |
| Competitive trading conditions |
Features
| Feature | Information |
| Regulation | CySEC, FSC, NFA |
| Minimum deposit from | $200 |
| Average spread from | 1.1 pips |
| Commissions from | $4 |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:400 |
| Bonuses | None |
| Customer Support | 24/5 |
XM
Overview
XM has been in operation since 2009 and has been offering more than 2.5 million traders from 196 countries competitive, comprehensive, and tailormade solutions and services.
Traders who make use of XM to facilitate their trades will discover that the broker makes adequate provision for both beginners and professional traders. Traders are also offered with a choice in trading accounts, negative balance protection, and a variety of bonuses and rewards.
Pros and Cons
| PROS | CONS |
| Competitive trading conditions | Fixed spreads not offered |
| Negative balance protection offered | US Clients not allowed |
| Well-regulated |
Features
| Feature | Information |
| Regulation | FCA |
| Minimum deposit from | $5 |
| Average spread from | 0.0 pips |
| Commissions from | $1 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:888 |
| Bonuses | Yes |
| Customer Support | 24/5 |
FXCM
Overview
FXCM was established in 1999 and is a STP broker with offices in several jurisdictions around the world. FXCM offers traders with a choice in financial instruments and trading platforms through which trades can be executed.
Traders also have access to AutoChartist, PsyQuation Premium, and commission-free trading options on the trading accounts offered.
Pros and Cons
| PROS | CONS |
| Well-regulated | US clients not accepted |
| Client funds kept in segregated accounts | EU clients restricted to 1:30 leverage |
| Commission-free trading offered | No fixed spreads |
| MetaTrader 4 NextGen offered | |
| Access to AutoChartist and PsyQuation premium |
Features
| Feature | Information |
| Regulation | FCA, ASIC, FSCA |
| Minimum deposit from | $50 |
| Average spread from | 0.2 pips on EUR/USD |
| Commissions from | $0.10 on CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | None |
| Customer Support | 24/5 |
HotForex
Overview
HotForex is a popular choice in the online trading industry due to the unique services that the broker offers. HotForex makes adequate provision for an array of trading accounts, each with their own dynamic and competitive trading conditions and features.
Traders are also provided with a plethora of bonuses, rewards, and a variety of financial instruments which can be traded through flexible trading platforms.
Pros and Cons
| PROS | CONS |
| Strictly and well-regulated | US Clients not allowed |
| Strong international presence | |
| Competitive trading conditions offered | |
| Vast variety of account types offered |
Features
| Feature | Information |
| Regulation | CySEC, FCA, DFSA, FSCA |
| Minimum deposit from | $5 |
| Average spread from | 0.0 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
IQ Option
Overview
IQ Option has been operating since 2014 and is a Market Maker broker headquartered in Cyprus, serving more than 20 million traders from around the world. Traders are connected to global financial markets through IQ Option’s impressive portfolio of tradable financial instruments.
Traders can expect a powerful proprietary trading platform, fast and clear solutions, and transparent fee schedules that are suited for a variety of traders.
Pros and Cons
| PROS | CONS |
| Strictly regulated | US Clients not allowed |
| Segregated client funds and member of ICF | Restricted leverage for non-professional traders |
| Wide variety of financial instruments | Fixed spread accounts not offered |
| User-friendly trading platform | |
| Advanced trading tools |
Features
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | $10 |
| Average spread from | 5 pips on GBP/USD |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:30 |
| Bonuses | No |
| Customer Support | 24/5 |
IC Markets
Overview
IC Markets has been in operation since 2007 and is a reputable broker that offers more than 230 financial instruments spread across a variety of asset classes. With IC Markets, traders are provided with some of the best trading conditions, transparent trading fees, and a choice in dynamic trading accounts.
Pros and Cons
| PROS | CONS |
| Strictly regulated | US Clients not allowed |
| Low trading and non-trading fees | Fixed spreads not offered |
| Tight and competitive spreads | |
| Hedging and scalping allowed | |
| Social trading supported |
Features
| Feature | Information |
| Regulation | ASIC |
| Minimum deposit from | $200 |
| Average spread from | 0.0 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
NSFX
Overview
NSFX was founded in 2010 and is a Malta-based STP and ECN broker under strict authorisation and regulation from MFSA. NSFX serves traders from around the world, accepting all traders except those based in the United States.
Traders can expect an ECN trading environment along with competitive trading conditions which are spread across dynamic and flexible trading account types.
Pros and Cons
| PROS | CONS |
| Both MetaTrader and JForex offered | US Clients not accepted |
| Variety of accounts | High minimum deposit |
| Competitive trading conditions | Spread list not transparent |
| Trading academy provided | |
| Trading tools provided |
Features
| Feature | Information |
| Regulation | MFSA |
| Minimum deposit from | $300 |
| Average spread from | Variable and fixed spreads |
| Commissions from | $8 per lot round turn |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:50 |
| Bonuses | None |
| Customer Support | 24/5 |
easyMarkets
Overview
easyMarkets is a well-regulated Cyprus-based broker that offers trading solutions and services to traders from around the world. With easyMarkets, traders can expect fixed spread accounts which feature negative balance protection, a range of tradable financial instruments and opportunities for investment, and the use of popular, reliable trading platforms.
Pros and Cons
| PROS | CONS |
| Commission-free trading offered | Forex spreads start from 1 pip |
| Fixed spread accounts offered | Variable spread accounts not offered |
| Free guaranteed stops | US Clients not allowed |
| Negative balance protection | |
| Well-regulated |
Features
| Feature | Information |
| Regulation | ASIC, CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Markets.com
Overview
Markets.com is a STP broker which has offices in South Africa, Australia, and Cyprus, with corresponding and strict regulation through reputable entities in each. Markets.com has a global reach in offering the competitive trade of financial instruments in global markets, making use of only the best trading technology offered.
Pros and Cons
| PROS | CONS |
| Strict regulation | No regulation by FCA |
| Wide variety of financial instruments | No US Clients |
| Commission-free accounts offered | Best trading conditions requires a professional account |
| Advanced trading tools | |
| Fixed spreads offered |
Features
| Feature | Information |
| Regulation | ASIC, CySEC, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 0.6 on EUR/USD |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:300 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Trading 212
Overview
Trading 212 is a UK-based fin-tech broker which caters for traders by offering an impressive range of financial instruments. These can be traded seamlessly through some of the best trading platforms available, making use of the competitive trading conditions that Trading 212 offers its traders.
Pros and Cons
| PROS | CONS |
| Strict regulation | US clients not allowed |
| Member of FSCS | Limited leverage for non-professional traders |
| Commission-free trading | MetaTrader not offered |
| Intuitive and user-friendly trading platform | |
| Low minimum deposit |
Features
| Feature | Information |
| Regulation | FCA, FSC |
| Minimum deposit from | $1 |
| Average spread from | Not indicated |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:300 |
| Bonuses | None |
| Customer Support | 24/7 |
Capital.com
Overview
Capital.com has been offering its services for the past five years, aiming to expand its existing customer base of 360,000 registered traders. With Capital.com, traders can trade more than 2,000 financial instruments through powerful trading platforms.
In addition, traders are also offered with a variety of educational materials, access to Investmate, and numerous other features as part of the broker’s unique offering.
Pros and Cons
| PROS | CONS |
| Well-regulated | US clients not allowed |
| Investmate offered | Restricted leverage for non-professionals |
| Adequate education offered | MetaTrader not offered |
| Variety of financial instruments | |
| Advanced proprietary trading platform offered |
Features
| Feature | Information |
| Regulation | FCA, CySEC, NBRB |
| Minimum deposit from | $20 |
| Average spread from | 0.6 pips EUR/USD |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:30 |
| Bonuses | Yes |
| Customer Support | 24/5 |
FXPRIMUS
Overview
FXPRIMUS is a reputable ECN and STP broker that has regulation and authorisation through FSCA, CySEC, and VFSC in facilitating the trades of numerous traders worldwide. Traders can expect commission-free trading options, negative balance protection for retail clients, and access to VPS when trading with FXPRIMUS.
Pros and Cons
| PROS | CONS |
| Well-regulated | No US Clients |
| Negative balance protection offered | No FCA Regulation or authorization |
| Commission-free trading on some accounts | Restricted leverage of 1:30 for EU-clients |
| ECN Accounts offered | VIP Account necessary to gain access to the best trading conditions |
| VPS Service offered | Fixed spread accounts not offered |
Features
| Feature | Information |
| Regulation | CySEC, FSCA, VFSC |
| Minimum deposit from | $500 |
| Average spread from | 0.0 pips |
| Commissions from | £10 per lot |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
IronFX
Overview
Based in Australia, the United Kingdom, and Cyprus, with respective and corresponding regulation in each jurisdiction, IronFX is an ECN and STP broker that provides for a variety of traders.
IronFX offers the trade in a range of markets through award-winning trading platforms and traders can take advantage of the competitive trading conditions which are offered by the broker.
Pros and Cons
| PROS | CONS |
| Well-regulated | Limited trading tools |
| Variable and fixed spread accounts offered | US Clients not accepted |
| Commission-free trading | EU clients have restricted leverage |
| Award-winning trading platforms offered | |
| Good range of financial instruments |
Features
| Feature | Information |
| Regulation | ASIC, CySEC, FCA |
| Minimum deposit from | $50 |
| Average spread from | 0.5 EUR/USD |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
NordFX
Overview
Established in 2008, NordFX is a well-regulated NDD, ECN, and STP broker that offers traders with some of the most competitive trading conditions in the industry. With access to a range of markets, high leverage up to 1:1000, and low minimum deposit requirements, traders can start trading in financial markets with ease.
Pros and Cons
| PROS | CONS |
| Strictly regulated | Limited financial instruments |
| High leverage up to 1:1000 | Lack of daily market analysis |
| Low minimum deposit requirements | Social trading not offered |
| PAMM Accounts offered | US Clients not allowed |
| Discounted VPS access offered |
Features
| Feature | Information |
| Regulation | VFSC, CySEC |
| Minimum deposit from | $10 |
| Average spread from | 0.0 pips |
| Commissions from | 0.0035% |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:1000 |
| Bonuses | None |
| Customer Support | 24/5 |
GO Markets
Overview
Established in 2006, GO Markets is another popular name in trading circles, offering traders with more than 250 financial instruments. With more than 80,000 registered traders, GO Markets is a popular choice in offering commission-free trading accounts, the use of MetaTrader 4 and MetaTrader 5, and the option for a swap-free account which is offered to Muslim traders.
Pros and Cons
| PROS | CONS |
| Well- and regulated | US Clients not allowed |
| Commission-free trading offered | No fixed spreads |
| MetaTrader 4 and MetaTrader 5 offered | |
| Demo account offered | |
| Islamic Account option provided |
Features
| Feature | Information |
| Regulation | ASIC |
| Minimum deposit from | AU$200 |
| Average spread from | 0.0 pips |
| Commissions from | $3 per single side |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
ThinkMarkets
Overview
ThinkMarkets offers traders with a variety of trading options through unique account types, allowing traders to trade in global markets with ease. Traders are offered a grand range of tradable financial instruments, variable and tight spreads, low commissions, and access to VPS service.
Pros and Cons
| PROS | CONS |
| Strict regulation | No US Clients |
| Commission-free trading account | Leverage restricted for EU clients |
| VPS service | Fixed spread accounts not offered |
| Islamic Account option and demo account provided | |
| Competitive trading conditions |
Features
| Feature | Information |
| Regulation | ASIC, FCA |
| Minimum deposit from | $250 |
| Average spread from | 0.1 pips |
| Commissions from | $3.5 per side |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/6 |
XTB
Overview
XTB is a large and reputable CFD and forex broker in addition to being one of few brokers listed on a stock exchange. Traders are provided with access to a range of markets, a choice in dynamic account types which are designed to meet the trading needs and objectives of various traders, and the use of powerful trading platforms through which trading can be executed at optimum speeds.
Pros and Cons
| PROS | CONS |
| Strict regulation | US Clients not allowed |
| Competitive trading conditions offered | EU Clients restricted to leverage of 1:30 |
| Negative balance protection offered | Fixed spreads not offered |
| Variety of financial instruments | |
| Islamic Account provided as a standalone account |
Features
| Feature | Information |
| Regulation | ACPR, BaFin, CNMV, FCA, IFSC, KNF |
| Minimum deposit from | $250 |
| Average spread from | 0.1 pips |
| Commissions from | $3.50 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Olymp Trade
Overview
Olymp Trade was established in 2014 and has built up a name for itself by offering comprehensive trading solutions which include market news, analysis, and a variety of training resources. In addition, traders are also offered with a range of markets and 24/7 dedicated customer support.
Pros and Cons
| PROS | CONS |
| Low minimum deposit requirement | No MetaTrader |
| Market news as well as analysis | No regulation |
| Multilingual customer support available 24/7 | Social trading not offered |
| Proprietary trading platform | Trade automation not supported by trading platform |
| Training resources offered | US and UK clients not accepted |
Features
| Feature | Information |
| Regulation | None |
| Minimum deposit from | $10 |
| Average spread from | None charged |
| Commissions from | 0.00400% |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:500 |
| Bonuses | No |
| Customer Support | 24/7 |
Grand Capital
Overview
Grand Capital was established in 2006 and is a Market Maker and ECN broker based in Russia, with corresponding regulation through FinaCom. Grand Capital has offices around the globe and serves traders from a variety of countries, except Japan and the United States.
When trading with Grand Capital, traders can expect multilingual customer support, competitive trading conditions, and flexible funding methods for deposits and withdrawals.
Pros and Cons
| PROS | CONS |
| Powerful and intuitive trading platforms offered | USA and Japan clients not accepted |
| Variety of funding methods supported | Lack of regulation |
| RAMM and LAMM Accounts offered | Lack of education |
| Multilingual customer support | Incomprehensive market analysis |
| Competitive trading conditions |
Features
| Feature | Information |
| Regulation | FinaCom |
| Minimum deposit from | $10 |
| Average spread from | 0.4 pips on ECN Prime |
| Commissions from | $5 |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
ForexChief
Overview
Founded in 2014, ForexChief is an online forex and CFD broker that offers the trade in more than 60 financial instruments. These can be traded through the popular, customisable, and user-friendly MetaTrader 4 and MetaTrader 5 trading platforms on an array of devices.
Pros and Cons
| PROS | CONS |
| MetaTrader 4 and MetaTrader 5 supported | US clients not allowed |
| A choice in 8 different account types | Offshore regulation |
| Multiple payment options | Limited financial instruments |
| Dedicated customer support | Incomprehensive market news and market analysis |
Features
| Feature | Information |
| Regulation | VFSC |
| Minimum deposit from | $50 |
| Average spread from | 0.0 pips |
| Commissions from | $1.5 per lot per side |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/7 |
AM Broker
Overview
Established in 2018, AM Broker is a broker headquartered in Saint Vincent and the Grenadines, offering traders from around the world with access to global markets through the provision of financial instruments spread across commodities, forex, indices, shares, and funds.
Pros and Cons
| PROS | CONS |
| MetaTrader 5 offered | Offshore broker and corresponding regulation |
| Three account types to choose from | Limited account funding options |
| Competitive trading conditions offered | EU and US clients are not accepted |
| Trading tools offered | Only one type of retail account offered |
| Education provided |
Features
| Feature | Information |
| Regulation | FSA SVG |
| Minimum deposit from | $100 |
| Average spread from | 0.0 pips |
| Commissions from | 0.01 USD |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/7 |
Tickmill
Overview
Tickmill is a reputable online trading broker that offers the trade in more than 80 financial instruments. With Tickmill, traders can expect a variety of trading tools to help them refine their trading skills along with a choice in powerful trading platforms, through which trades can be executed at reliable execution speeds.
Pros and Cons
| PROS | CONS |
| Strictly regulated by multiple regulatory entities | US clients not allowed |
| Commission-free trading offered | Fixed spreads not offered |
| Variety of trading tools offered | Cryptocurrency trading not supported |
| Variety of financial instruments | |
| Powerful trading platforms supported |
Features
| Feature | Information |
| Regulation | FCA, CySEC, FSA |
| Minimum deposit from | $100 |
| Average spread from | 0.0 pips |
| Commissions from | From $1 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
You might also like: BEST FOREX BROKERS IN NIGER
FAQ
What is forex trading?
Foreign Exchange, or forex, trading involves the exchange of currencies over the counter, or OTC, by using computers, networks, trading platforms, and through brokers that facilitate such exchanges.
Which forex brokers are the best?
The brokers that are mentioned in this article are some of the best offering their services to Rwandan traders.
Can beginners trade in forex?
Yes. Anyone can start trading in forex once they have learnt the basics, set up a trading plan, chosen a broker, and practiced trading using a demo account.
Do these forex brokers offer demo accounts?
Yes. These forex brokers offer traders with the option of registering a demo account.
Is forex trading legal in Rwanda?
Yes. However, there is no regulatory framework that oversees forex trading in Rwanda. There are many brokers who make provision for traders from many African countries.
Top 4 Brokers
