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Five Best Forex Trading Brokers in Rwanda for beginners

By IGIHE
On 23 août 2022 at 02:56

Forex trading has become more popular than ever in Rwanda. For beginner traders, choosing the right Forex broker with which to open a trading account is a crucial first step.

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.

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