Best Forex Brokers in Iran 2024
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He's a professional forex, crypto, and gold market analyst based in Dubai.
Iran is an Islamic republic with a population of over 80 million. Iran is a member of the United Nations, the World Bank and the International Monetary Fund, but has been under international sanctions since 1979. These sanctions have prevented most major forex brokers from doing business with Iran. However, few forex brokers in Iran still accept clients from this country. Most of the brokers are located in offshore jurisdictions such as Cyprus and Malta.
Iran does not have any specific regulations related to forex trading. However, the Central Bank of Iran places some restrictions on the use of foreign currencies.
Best forex brokers in Iran
Choosing a broker for an Iranian citizen could be a hard task due to those international restrictions, and make it difficult for Iranians to open forex accounts with international brokers.
Forex brokers in Iran are located in offshore jurisdictions offering Islamic accounts , also known as Sharia forex trading accounts, which are forex investment products specifically designed by financial institutions so that Muslims in Iran and other countries adhering to Islamic principles can benefit from forex trading without violating the provisions of Islamic Law.
Please find below the best forex brokers that accept traders from Iran.
- IFC Markets - Best Overall Broker for Iran
- ForexChief - Free $100 No Deposit bonus
- HYCM - Best Forex Broker and CFD Trading
- PU Prime - Best Broker for Support & Deposit Bonus
- OlympTrade - Best Broker for Beginners
- FXTM - Best MT4 (currently, it's not available in Iran).
- Alpari - Good customer service (currentl, it's not available in Iran).
#1. HYCM - Best Forex Broker and CFD Trading
HYCM provides a trustworthy, regulated platform with over 300 trading instruments and five asset classes including cryptocurrencies.
They have been around for decades because their services are constantly inspected to ensure they're up-to-date on all recent regulations since 1998!
You'll find an excellent selection of spreads at 0 .1 pips* on average across many markets, which means you can invest safely without worrying about getting hurt by inflation or currency fluctuations abroad.
You'll also find 24/5 customer service available to you 365 days per year through their regional offices located where staff speak Farsi fluently.
So, we've chosen HYCM as the best overall broker Iran.
Average HYCM Spreads / Commissions 2022
|0.1 + $4 per round *
|0.2 + $4 per round *
|17 + $5 per round *
Read our HYCM review
Your capital is at risk
#2. PU Prime - Best Broker for Support & Deposit Bonus
If you’re looking for the best offshore broker that offers a range of products and services, then PuPrime is your go-to place. With their minimum deposit set at just $20 dollars with 50% bonuses on top! They also have options like Islamic forex accounts or even CFDs which can be traded up 1:500 depending on what type suits YOU more!!
PuPrime Fees and Spreads
Your capital is at risk
#3. Olymp Trade - Best broker for beginners
Olymp Trade is a popular online trading platform founded in 2014, with traders from over 194 countries, and based and regulated in St. Vicent & the Grenadines.
They provide a friendly platform (mobile and desktop), where you can trade cryptocurrencies, currencies, stocks, commodities, and indices with a minimum deposit of only $10.
You can test your skill and learn with a free $10,000 demo account.
The Brazilian football legend Ronaldinho is their global ambassador.
We've selected them as one of the best Iran forex brokers for beginners.
Average Olymp Trade Commissions
Your capital is at risk
FXTM - Best MT4 (currently, it's not available in Iran).
FXTM offers an award-winning broker service for good reason. Whatever your financial interests, they can provide trading solutions to suit you and even offer the widest selection of instruments across all platforms to make life easier when it comes time to trade.
They offer efficient resources like educational tools demo accounts webinars etc.
With regulated by multiple regulatory bodies globally like those found within top tier Financial Conduct Authority (FCA), FXTM’s customer support team gives fast responses that are both relevant AND answer any questions pertaining directly to their business operations or policies.
FXTM average commissions
#5 – Alpari – Best Customer Service (Not available in Iran)
Since 1998 Alpari International offers traders the opportunity to trade CFDs on more than 250+ financial markets from both MetaTrader 4 and 5, with supported exchanges including Forex, Metals Commodities Stocks Indices.
Alpari offers a low minimum deposit of just $5, with free demo accounts available to those who want to try them out before making an investment.
Alpari average commissions
Iran Forex Brokers Comparison
Find below the top regulated forex platforms that accept residents from Iran.
*Minimum commission for opening a deal
About the Central Bank of Iran
The central bank of Iran is the central bank of the Islamic Republic of Iran. The Central Bank of Iran was established in 1960, and its primary purpose is to maintain price stability and promote economic growth.
In addition to these two main objectives, the central bank is also responsible for the regulator banking sector. Banking regulation is the process by which banks are supervised to ensure that they are safe and sound and that they comply with laws and regulations.
The central bank of Iran has been successful in achieving its objectives, and it has played a pivotal role in the development of the Iranian economy.
Can I trade forex in Iran? Is forex trading legal in Iran?
Yes, you can trade forex in Iran. There are a number of forex brokers that offer online trading platforms that allow Iranians to trade foreign currencies. Some of these brokers may require you to open an account with them before you can start trading, while others may offer an “Iran-friendly” platform that does not require any special account setup. Either way, it is relatively easy to get started with forex trading in Iran.
The Iranian government has placed some restrictions on foreign exchange trading in recent years, but these restrictions were mostly aimed at curbing the activities of currency speculators and leaving room for more "real" economic activity. For example, the government has banned the use of Iranian credit cards
What is the best broker for Iranians?
There is no one-size-fits-all answer to this question, as the best broker forex for Iranian clients may vary depending on individual needs and preferences. However, we can narrow the list of potential candidates by looking at Iran forex brokers that are popular among traders and offer features that are important for this group of traders.
One such broker is HYCM (formerly HY Markets), a member of the Henyep Group - a global conglomerate with over 25 years of experience in the financial markets. They offer a selection of trading platforms (including MT4 and their own WebTrader), Islamic account types, a free demo account, and a wide range of currency pairs to trade.
In addition, the broker is regulated by reputable financial authorities such as the FCA (UK), CySEC (Cyprus) and the Dubai Financial Services Authority (Dubai).