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Rwanda allows a free-wheeling foreign exchange market where commercial banks are allowed to buy foreign currency at set floating rates.
Given Rwanda’s pro-business position on forex, finding an internationally registered online forex broker to trade from Rwanda should not be difficult.
There are many options available to Rwandan traders in terms of forex brokers, and here we will discover the 5 Best Forex Brokers in Rwanda.
Exness
Overview
Exness allows Rwandan customers and offers a 0.0 pips average spread with fees starting at $0.1 per lot, on each side. Exness offers an unrestricted maximum leverage ratio as well as a demo and Islamic account. Platforms such as MT4, MT5, and Exness are supported.
Exness is based in Cyprus and is governed by the FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, and FCA.
Pros
- Exness offers proprietary and third-party trading software that is user-friendly and feature-rich.
- Rwandans have access to 24-hour customer support 7 days a week.
- There are competitive trading conditions offered by Exness including tight spreads and low commission charges.
Cons
- Rwandan traders have a limited asset portfolio to choose from.
- Beginners may find it difficult to get started as Exness does not offer comprehensive educational materials.
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OctaFX
Overview
OctaFX allows Rwandan customers and charges no commissions on average spreads of 0.6 pips. OctaFX is a technology-based brokerage firm founded in 2011 that provides industry-leading platforms including MetaTrader 4, MetaTrader 5, the OctaFX App, and the CopyTrading app making it one of the best forex brokers in Rwanda.
Pros
- OctaFX offers Rwandans a reasonable range of tradable instruments including 32 forex pairs, 5 commodities, 10 indices, 30 crypto assets, and 2 precious metals.
- OctaFX offers advanced traders a range of research options from trading calculators to a comprehensive proprietary economic calendar.
Cons
- There is no dedicated RWF-denominated account.
- There is a limited choice between trading accounts.
AvaTrade
Overview
AvaTrade serves over 300,000 traders, is one of the best forex brokers in Rwanda, and is regulated in each area where they provide trading services. Rwandan traders can easily make use of superior mobile trading platforms such as AvaTradeGO to seamlessly access over 1,260 instruments.
Pros
- AvaTradeGO is trusted and even as a Market Maker broker, does not cheat its customers when it takes the opposite side of trades.
- AvaTrade is the go-to forex broker for beginners because of its extensive educational materials.
- Rwandans can use any given trading strategy when they use AvaTrade.
Cons
- The spreads are marked-up and there are no variable spreads offered.
- AvaTrade currently does not offer an RWF-denominated account.
HF Markets
Overview
HF Markets has over 200 workers worldwide, over 2.5 million active accounts, and over 50 awards from various industry groups, therefore it has a formidable reputation in its field.
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HF Markets is well-known for providing Rwandan traders with unrestricted access to a liquidity pool as well as a selection of trading platforms, trading tools, and account types that can be adapted to their specific needs.
Pros
- HF Markets offers Rwandans over 1,000 tradable instruments.
- Rwandans can expect some of the best customer support, rated 4.7/5 by users.
- HF Markets offers a dedicated option to Muslim traders to convert an account to an Islamic account.
Cons
- HF Markets only offers ZAR, USD, or NGN as the base account currencies.
- Rwandan traders can deposit in RWF but will be charged a currency conversion fee.
FBS
Overview
FBS serves Rwandan traders and has licenses and authority to provide trading solutions and services from four renowned market authorities.
FBS allows traders to trade a broad variety of assets, including stocks, commodities, indices, bonds, and foreign exchange. FBS is also one of the few brokers that provide access to 30 Crypto CFDs.
Pros
- Rwandan traders who register an FBS account can access a no-deposit bonus.
- FBS offers a proprietary trading app for iOS and Android devices.
- Rwandans have access to leverage up to 1:3000.
Cons
- FBS charges a widespread from 3 pips on basic account types.
- There is an inactivity fee of $5 applied to dormant accounts.
Conclusion
Rwandan traders are discovering the world of forex with an increase in the best forex brokers in Rwanda that cater for all trading styles.
The brokers we have listed provide some of the best and most competitive trading conditions and useful features to both beginner and professional Rwandan traders.
FAQ
Is online forex trading in Rwanda?
Yes, forex trading is legal in Rwanda, and the country has established a regulatory environment that allows foreign exchange activities.
Does PayPal work in Rwanda for Forex Trading?
PayPal can be used to send payments, but not to receive them in Rwanda. Thus, Rwandan traders must use other options offered by their forex broker.
Also Read: What’s the future looking like for gold trading?
