The 5 best Forex Brokers and platforms in Rwanda – Comparison and reviews
Table of Contents
The forex industry is one of the biggest financial industries worldwide, and on day-to-day basics, the industry experiences an influx of traders into the industry from all around the world; Rwanda as a country is not left out.
Brokers that offer their services worldwide have allowed African countries such as Rwanda to begin trading forex through their trading platforms; Rwanda traders are welcomed to sign up for a live trading account, allowing them to get into the forex industry.
Comparing the reputable and well-regulated forex brokers, as a trader in Rwanda, several brokers offer services to Rwandan traders through account types that suit Rwanda traders and provide a competitive and user-friendly trading environment.
See the list of the best Forex Brokers in Rwanda:
Forex Broker: | Review: | REgulation: | Spreads: | Assets: | Advantages: | Open account: |
|---|---|---|---|---|---|---|
1. Capital.com  | CySEC, FCA, ASIC | Starting 0.0 pips variable & no commissions | 6,000+ (70+ currency pairs) | + Best platform + TradingView charts + MT4 + Leverage up to 1:500 + Best education + Personal support | Live-account from $ 20(Risk warning: 78.1% of retail CFD accounts lose money) | |
2. BlackBull Markets  | FSPR, FSCL | Starting 0.0 pips & negotiable commission per 1 lot | 500+ (64+ currency pairs) | + ECN Broker + Deep pool execution + High liquidity + Best execution + Leverage 1:500 + MT4/MT5 | Live-account from $ 200(Risk warning: 78.1% of retail CFD accounts lose money) | |
3. RoboForex  | IFSC | Starting 0.0 pips & $ 4.0 commission per 1 lot traded | 9,000+ (50+ currency pairs) | + Huge variety + Micro accounts + Free bonus program + Leverage up to 1:2000 + ECN accounts + MT4/MT5/cTrader | Live-account from $ 10(Risk warning: 78.1% of retail CFD accounts lose money) | |
4. Pepperstone  | FCA, ASIC, DSFA, SCB | Starting 0.0 pips & $ 3.5 commission per 1 lot | 1,000+ (40+ currency pairs) | + Fast execution + Large FX Broker + Good service + MT4/MT5/cTrader + TradingView Charts | Live-account from $ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs) | |
5. IQ Option  | CySEC | Starting 0.1 pips variable & no commission | 500+ (25+ currency pairs) | + Easy to use + Binary Trading + Support 24/7 + Min. Deposit 10$ + Lowest spreads on main trading hours | Live-account from $ 10(Risk warning: Your capital might be at risk.) |
(5 / 5)
(4.9 / 5)
(4.8 / 5)As a beginner in the Forex trading industry in Rwanda, I am sure you are looking for the top best forex brokers who are trustworthy and reliable to trade within Rwanda. This article will provide you with extensive knowledge about the top best five brokers in Rwanda, who also allow their traders to trade in Rwanda franc (FRW).
The list of the top 5 best forex brokers and platforms in Rwanda includes:
- Capital.com
- Blackbull Markets
- Roboforex
- Pepperstone
- IQ Option
1. Capital.com
Capital.com is a worldwide CFD broker established in 2016. It is owned and run by Capital.com SV Investments Limited.
Its offices are well situated in five countries: Seychelles, Cyprus, United Kingdom, Australia, and Gibraltar.
Each office is regulated by reputable regulatory bodies, which include:
- The Financial Services Authority of Seychelles (FSA)
- The Cyprus Securities and Exchange Commission (CySEC)
- The Financial Conduct Authority (FCA)
- The Australian Securities and Investments Commission (ASIC).
Capital.com is well known for providing its traders with excellent quality, good educational content, and a user-friendly web platform; these qualities make Capital.com stand out as exceptional among other brokers and trading platforms. Capital.com is a platform where both newbies and experts can trade on.
Capital.com has few regulatory licenses and provides its traders with a narrower range of markets than other brokers. Capital.com performs way above average in the industry. The platform was voted “Most Innovative Tech” in 2021 by TradingView.
Benefits of Capital.com
- Capital.com provides its traders with great educational courses and articles.
- Traders also provided videos that helped them understand the market analysis before trading.
- Customer service is available to traders all round the clock.
- Capital.com has an eQ patented AI trade bias detection system.
Drawbacks of Capital.com
- United Kingdom clients can only trade with CFD, spread betting, and real stock.
- Capital.com doesn’t have small accounts for traders.
(Risk warning: 78.1% of retail CFD accounts lose money)
2. BlackBull Markets
BlackBull Markets is an ECN trading platform located in New Zealand; there are over 300 tools available to trade on this platform.
BlackBull Markets was established in 2014 by the BlackBull Group Limited, its headquarters is located in Auckland, New Zealand, and another office is located in Kuala Lumpur, Malaysia. BlackBull Markets is licensed by the New Zealand Financial Markets Authority and the Financial Services Authority (FSA) of Seychelles.
Traders on BlackBull Markets have access to additional tools such as Myfxbook and ZuluTrade. As an organization on BlackBull Markets, you have access to excellent services and PAMM accounts.
BlackBull Markets have an affordable pricing structure and an excellent transaction process available to their traders. Traders are also given free virtual private servers (VPS) and API trading.
There are MT4 and MT5 platforms available to traders. On the MT4 Platform, traders are connected to the Equinix NY4 server. Its platform completes transactions swiftly, and the server is high-speed.
Benefits of BlackBull Markets
- BlackBull Markets offers their traders low forex and CFD fees.
- Opening an account on BlackBull Markets is a fast and seamless process.
- The platform is fully digital, and it is user-friendly.
- Traders are provided with educational tools such as videos and articles to help make their trading experience more straightforward.
Drawbacks of BlackBull Markets
- For every withdrawal you make, traders are charged a withdrawal fee.
- The required deposit amount is high for traders who open a Prime account.
(Risk Warning: Your capital can be at risk)
3. RoboForex
RoboForex and Robomarkets Ltd make up the RoboForex Group, established in 2009. RoboForex provides customers worldwide, while Robomarkets offers services to customers only in Europe Union and EEA. The IFSC regulates this platform.
RoboForex has clients in about 169 countries globally and a total of about 800,000 clients. As a trader on RoboForex language would not be a challenge for you as this platform has fixed that problem by providing customer support in over 18 languages.
RoboForex provides trading platforms that include cTrader, MT5, and MT4. The MT4 platform is well known to traders. It is a trading site that has multiple functionalities. The MT5 platform is not as standard as the MT4. The cTrader is mainly used by traders that trade ECN.
RoboForex is a trading platform that aims at making sure the platform is a risk-free investment platform for traders. This helps boost their reputation and make them reliable.
As a trader on RoboForex, the platform provides technical analysis, expert trading analysis, and market analysis.
Advantages of RoboForex
- On the RoboForex trAding platform, favorable trading conditions are available to traders.
- RoboForex provides a Unique investment program such as CopyFx.
- When you withdraw on RoboForex, you get your funds instantly without delay.
Disadvantages of RoboForex
- A minimum deposit of $10 is required on RoboForex.
- RoboForex cryptocurrency tools are unavailable to traders trading on the R Trader platform.
(Risk Warning: Your capital can be at risk)
4. Pepperstone
Pepperstone is a reputable trading platform that was established in 2010. Pepperstone accepts traders worldwide except in countries like the US, Canada, Japan, and New Zealand.
Pepperstone Group has become a top-tier trading platform to build a competitive trading portal that focuses on assets such as indices, metals, commodities, shares, and cryptocurrencies.
On the Pepperstone platform, the minimum amount you can deposit into your account immediately after you create an account is $200. Pepperstone is regulated in the United Kingdom and registered with the Financial Conduct Authority (FCA #684312) and the Australian Securities and Investments Commission (ASIC #147055703). Pepperstone doesn’t offer its service to United States traders.
Pepperstone separates the company funds from customers’ accounts, providing them with added security for their investment. They offer various customer support options equally and offer educational materials to their traders.
Advantages of Pepperstone
- When you create an account on Pepperstone, you can create a demo account you can practice with first before you start trading with real money.
- You are provided with a trading tutorial video.
- Pepperstone customer support response time is fast.
Disadvantages of Pepperstone
- Pepperstone support system isn’t available round the clock.
- Pepperstone news flow is effortless within MetaTrader.
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
5. IQ Option
IQ Option is a Forex trading platform; you can trade with various tools. These tools include but are not limited to; Cryptocurrencies, stocks, CDs on Forex, indices, commodities, and ETFs. You will find the assets available for you to trade with on the Assets tab, and you get to see their price performance and trading hours.
IQ Options trading platform has been one of the fastest-growing trading platforms since it was established in 2013. It got voted as the best movie trading platform. IQ Option now has about 40 million clients, and they aim to serve their customers better daily by providing an accurate, fast, and accessible platform for their users.
Pros of IQ Options
- IQ Options provides their traders with $10,000 in their demo account to practice trading.
- You are not charged a withdrawal fee when you withdraw on IQ Options.
- The process of opening an account on IQ Option is straightforward.
- There are various trading assets available on the IQ Option platform for you to trade with.
Cons of IQ Options
- IQ Options doesn’t provide MT4 and MT5 platforms for their traders.
- IQ Options doesn’t offer service for customers in Canada, the United States, Australia, and Japan.
(Risk warning: Your capital might be at risk.)
What are the financial regulations in Rwanda?
In Rwanda, the National Bank of Rwanda is responsible for regulating and supervising the Financial Institutions. The stability and promotion of a banking system are achieved by applying international standards and principles. They are reviewed by reputable organizations such as the International Monetary Fund (FSI), Financial Stability Institute, and Bank for International Settlements.
Rwanda has several commercial banks, about 16 in total. There are also several microfinance firms, savings, and predictive institutions. About 77% of Rwanda’s population is involved in the financial sector.
If you want to set up a bank in Rwanda, you must obtain a license obtained from the National Bank of Rwanda. All you need to do is present a business proposal to them clearly stating the gap you wish to fill in the Rwanda financial market and provide a minimum capital share of $8 million.
A private credit agency has been set up for any bank or financial institution to improve access to credit. It is voluntary for utility companies to be a member of the agency. All banks are also required to be members of this credit agency.
The top three commercial banks in Rwanda are; The Bank of Kigali, I&M Bank, and Banque Populaire du Rwanda. Other commercial banks located in Rwanda include the following: GT Bank, EcoBank, NCBA, Kenya Commercial Bank, Equity Bank, Access Bank, and much more.
(Risk warning: 78.1% of retail CFD accounts lose money)
Security for traders from Rwanda – Good to know
Traders in Rwanda are provided with security when trading on any platform. The securities market is a platform that helps channel money from the buyer to the seller, which helps fulfill the country’s capital market function and social responsibility.
Rwanda Stock Exchange constantly helps in listing applications and fundraising to help companies expand their scale of operation, create more jobs, and improve their effectiveness. As they ensure to help maintain fairness and transparency in the financial market, protect the rights of investors, and promote Rwanda’s economy.
When you look at the attributes of Rwanda’s local security industry and the aim of promoting the country’s economy.
The RSE has the following primary duties towards the Financial market, which include:
- Expanding the market scale.
- Forming international alliances.
- Introducing innovative products.
- Also, they stay informed on international practices and trends.
As a new trader who wants to trade in Rwanda, ensure to trade with a reputable trading platform, ensure the trading platform is internationally recognized, and look out for their historical spread before trading on the platform.
Is it legal to trade Forex in Rwanda?
Trading of Forex is allowed in Rwanda; there is some misinformation about trading in Rwanda not being safe. That is not quite the case. Trading Forex in Rwanda is entirely legal, and trading activity goes on often.
In Rwanda, trading Forex is a significant component of export and investing Internationally. It is essential to pick a reputable trading platform to trade on and ensure that accredited bodies regulate it.
The government has not banned forex trading in Rwanda. There are a lot of international brokers online that render their services to traders in Rwanda.
As a trader on any trading platform in Rwanda, ensure you remit your tax as soon as your income gets to the level of paying tax. Ensure you file your tax even in a situation where to incur losses. File your taxes with the appropriate government agency in Rwanda. Consult a Rwanda tax official to make sure you are filing your taxes according to the Rwanda tax laws. In Rwanda, there are no restrictions on Islamic accounts on trading platforms.
How to trade Forex in Rwanda – Tutorial
Open account for Rwandan traders
Before starting trading, you need to create a forex trading account in Rwanda. You need to table two primary documents to open an account, including your proof of residency and a valid identity card. Your proof of residence can be your bank statement or your utility bill.
Start with a demo account or real account
As a beginner, under no circumstance should you trade directly on a live account with real money without trying with a demo account to familiarize yourself with the trading platform first. You should open a demo account to trade on the broker platform you decide to trade. Trading with a demo after helps you get a hand of the platform works, and you can also use the demo account to try out which strategy works best for the trading platform, which can help you decide if you should trade with real money.
Deposit money
After you have chosen the trading platform you want to trade with, the next step is to deposit money into the account to start to trade.
The method you use to fund your account depends on the platform you are trading on. You can find your account through a bank transfer, credit card use, or payment methods such as Skrill and PayPal.
Notice:
The payment methods are depending on your country of residence. Forex Brokers are offering all kinds of methods separately for each country.
Use analysis and strategies
As a forex trader, if you intend to trade on a trading platform for the first time before you trade, ensure you know which strategy will work best on the said trading platform. Below are some of the techniques that could work for you.
Scalping
This is a well-known forex trading strategy focusing on small market changes. This strategy entails opening a large number of trades to make small returns on all the accounts.
Day trading
Day trading as a forex trading strategy involves the exchange of currencies on trading platforms within the time frame of a day. That is, the trade is open and closed in one day.
Position trading
Position trading involves a trader being in a position for a long time, ranging from a few weeks to a year or more. This strategy requires traders to adjust to any slight change on the trading platform.
Make profit
Every trader’s trading aims to make a profit, as a trader always has a pen-down strategy that works for you before you start trading on any forex trading platform. Also, have the amount you want to earn at the back of your mind on every trade you close. Forex trading is a two-way thing. You either make a profit or lose money.
(Risk warning: 78.1% of retail CFD accounts lose money)
Conclusion: The best Forex Brokers are available in Rwanda
Rwanda is a country that has a lot of misconceptions about Forex trading but does not let that stop you from trading forex on any repeatable platform because that information is not accurate.
As a trader just starting in trader forex, do not get disappointed when you lose money on your first try. It happens to most people. You need to either change the strategy you are using to trade or study the platform you are trading on very well and get better at it. Hence you will start making profits.
Ensure that the platform you are trading on is trusted and regulated by a reputable body to avoid falling into the hands of fraudsters.
FAQ – The most asked questions about Forex Broker Rwanda:
What are the benefits of choosing the top forex brokers in Rwanda?
The benefits of choosing the top brokers in Rwanda are many. First, you have a perfect trading experience. The leading forex brokers keep all your trading needs in mind. They offer you all the top features that make trading the best. Thus, you can fetch more money and profits when trading with the best forex brokers in Rwanda.
How can I maximize my profits while trading forex?
There are several ways for forex traders can maximize their profits while trading forex:
1. You should choose a broker that offers you the top features.
2. You must choose an underlying asset that is high-performing.
3. You must conduct proper research before placing your forex trades with the broker.
Remember to use the leading tools and technical indicators while making a proper trading analysis.
Which forex brokers in Rwanda are ideal for trading?
If you want the best forex brokers in Rwanda, you can choose:
RoboForex
IQ Option
Capital.com
Pepperstone
Apart from offering traders the best services, these brokers also ensure that you can trade forex by paying fewer fees and commissions. Their spreads are the best. Plus, they also make sure that they offer innovative forex trading solutions to traders.
Last Updated on January 27, 2023 by Arkady Müller
