Beginner-friendly Forex brokers will offer Rwandan traders with sound regulation, great educational tools, and excellent customer support. Here, we have listed the 5 best Forex brokers for beginner traders in Rwanda.

1. Exness

Exness is a reliable and worthwhile broker that offers low trading costs. Exness is considered a leading Forex broker, and offers a Forex no deposit bonus when signing up for a trading account.

Pros

• Well-regulated

• Tight spreads

• Over 130 currency pairs

Features

• Regulation: CySEC, FCA

• Minimum deposit from US$1

• Average spread from 1.3 pips

• Commissions from 3 US$ and 10 USD per 1 lot for CFDs

• Deposit/Withdrawal Fees: None

• Maximum Leverage - 1:2000

• Bonuses Standard : +10% Bonus Programme

• Customer Support : 24/5 - multilingual

2. AvaTrade

AvaTrade is a reliable broker with a user-friendly copy trading interface and is considered to be one of the best Forex brokers in Rwanda. AvaTrade clients have a number of platform options, each of which may be tailored to their own needs.

AvaTradeGo, a mobile interface, and the popular MetaTrader4 (MT4) desktop platform are both available to manual traders.

Pros

• Broad range of tradable instruments

• MetaTrader 4 and 5 available

• Excellent educational resources

Cons

• High EURUSD and inactivity fees

Features

• Regulation : Central Bank of Ireland, MiFID, ASiC, BVI

• Minimum deposit from US$100

• Average spread from 0.9 pips

• Commissions from : No commission on Forex

• Deposit/Withdrawal Fees : None

• Maximum Leverage - 1:400

• Bonuses : First Deposit Bonus

• Customer Support : 24/5 - multilingual
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3. Pepperstone

Pepperstone has expanded tremendously since its inception in 2010. All traders, whether they specialize in CFDs or FX, may take advantage of competitive spreads, responsive customer service, and a wide selection of third-party platforms, including a number of social copy trading solutions.

Pros

• No minimum deposit

• Low trading fees for forex

• No added costs for withdrawals or deposits

Cons

• Limited number of instruments

• No additional research tools

Feature

• Regulation : FCA, ASIC

• Minimum deposit from : AUD200

• Average spread from : 0.4 pips

• Commissions from US$3.76 commission per lot per trade

• Deposit/Withdrawal Fees : None

• Maximum Leverage - 1:500

• Bonuses - None

• Customer Support : 24/5

4.XM

In the world of foreign exchange, XM is a household name. XM’s enhanced MetaTrader 4 and MetaTrader 5 trading platform gives its users access to over a thousand assets at affordable prices.

Pros

• Low minimum deposit

• Comprehensive educational offering

• Streamlined account opening process

Cons

• Inactivity fee charged after 90 days on live accounts

• Limited product portfolio

Features

• Regulation : IFSC, ASIC, CySEC, FCA and DFSA

• Minimum deposit from US$5

• Average spread from - 0.1 pips

• Commissions from US$3.5 commission per US$100 000 traded

• Deposit/Withdrawal Fees - None

• Maximum Leverage - 1:30

• Bonuses : US$30 Trading Bonus

• Customer Support : 24/5

5. OctaFX

OctaFX is an ECN Forex broker that makes it simple to trade CFDs on a variety of underlying assets, including indices, metals, and cryptocurrencies. OctaFX also provides extensive research tools, copy trading, bonus promotions, and a variety of trading accounts.

Pros

• Ultra-fast execution

• More than 30 forex pairs available

• Well-regulated

Cons

• No VPS available

• No Forex educational tools

Features

• Regulation - CySEC

• Minimum deposit from US$100

• Average spread from 0.7 pips

• Commissions from - None

• Deposit/Withdrawal Fees - None

• Maximum Leverage - 1:500

• Bonuses : 50% Deposit Bonus

• Customer Support : 24/5

Also Read: New investment opportunities for Rwandans in Botswana

For beginner traders, choosing the right Forex broker with which to open a trading account is a crucial first step.