Top brokers in Iran: Full guide for the beginners

The Islamic Republic of Iran is located in Western Asia, and borders Turkmenistan, Pakistan, Afghanistan, Turkey, Iraq, Azerbaijan, and Armenia.  The country occupies a total territory that reaches 1,648, 195 square kilometers, and the population of the country is over 87 million people.

Iran is not only home to one of the world’s oldest civilizations but is also considered to be a regional power with a strategic geopolitical location, and the world’s second-largest natural gas supplier. On top of that, Iran has proven to be home to the world’s third-largest oil reserves.

The majority of the country’s revenues come from oil exports, which make up almost 80% of the country’s total GDP. On top of that, Iran is among the world’s top five producers of cherries, watermelons, apricots, sour cherries, gherkins, cucumbers, figs, pistachios, quinces, walnuts, and eggplants.

Although Forex trading is slowly gaining popularity in Iran, its speed of growth is not nearly as impressive as one would have hoped for. This is due to the regulatory measures that were adopted previously. Iran is sanctioned by the United States and the international community, which makes it difficult for Iran to engage in international financial transactions.

In this guide, we will discuss important aspects of Forex trading in Iran, such as regulations, available trading platforms, trading careers, and more. In addition, we’ll give you tips on how to select the most suitable broker for your trading strategy.

A full list of the best FX brokers in Iran

While Iran is a sanctioned country and there are not much local financial brokers to choose from, residents of Iran can open trading accounts with internationally regulated Forex brokers. In this list, you will find some of the best brokers that offer competitive trading conditions. Before opening an account, it’s best to read more details on each broker by clicking on their logo. Keep in mind that to select the most suitable broker, first you need to define what you are looking for:

• If you are a Forex trader, make sure your broker offers low trading fees and currency pairs that you are looking for.
• For trading various asset classes, such as FX, commodities, indices, CFDs (Contracts for Difference), cryptocurrencies, you will need a broker that offers multi-asset trading capabilities.
• In case you are interested in social and algorithmic trading, your broker needs to have a large customer base and allow use of trading robots.
• Active traders are typically looking for brokers with low spreads, while passive traders are interested in low commissions.

National currency of Iran

The national currency of Iran is the Iranian Rial, however, due to the existing sanctions, it cannot be traded in the Forex market. Nevertheless, a lot of Forex trading brokers in Iran accept deposits made in this currency.

If you are a beginner, the inability to trade Iranian rial should not discourage you. Most professional traders advise beginners to stay away from Exotic currency pairs anyway, as they are highly prone to volatility, and require a substantial amount of knowledge and skill to be traded successfully.

In turn, Major currency pairs are usually less volatile and can serve as a good training ground for one to work out an efficient trading strategy and build up trading confidence. The most popular Major currency pairs include USD/EUR and USD/GBP.

Regulations and Forex trading in Iran

The main financial regulator in Iran is the Central Bank of Iran.  This regulatory body is responsible for the entire financial sector of the country, including the Forex market. Since the Iranian Forex market is not yet fully developed and can be quite unsafe for the local traders, you can go for international brokers that have global license.

Many global brokers offer swap free accounts, better known as Islamic accounts, to enable traders of Muslim fate to engage in Forex markets without going against their religion. In Iran, where religion plays an important role in everyday life, such accounts offer an opportunity for local traders to explore the Forex market without going against the Quran teachings. As an Iranian trader, you should not have a hard time finding the best trading platform in Iran that does offer such an option.

Available trading platforms in Iran

Global Forex brokers offer access to a wide range of trading platforms, among which the most popular ones are: MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and TradingView.

• MT4 is a widely used forex trading platform that was designed in 2005 and hasn’t changed since. The platform is highly reliable and offers user-friendly interface.
• MT5 is a Multi asset platform that enables traders to trade various asset classes, including futures, options, FX, cryptocurrencies and stocks
• cTrader is a modern looking trading platform that offers access to currencies, commodities, crypto derivatives, and indices.
• TradingView offers amazing charting capabilities, as the platform was primarily created for charting purposes and later expanded to offering brokerage services.

Which payment methods can you use in Iran?

Due to sanctions and restrictions, payment methods are limited compared to many other countries.

The most popular payment method in Iran is payment via debit/credit card, and almost 92% of the Iranian citizens use cards for the daily transactions. In addition, bank wire transfers, and cryptocurrency transactions are also available.

How can you become a Forex trader in Iran?

The main legal requirement that you need to meet in order to become a Forex trader in Iran is to be aged 18 or older. As is the case with many other financial enterprises, Forex trading is kept away from minors that do not yet fully understand the risks that come with it.

Moreover, your brokerage of choice is likely to have some requirements of its own. For example, you will probably be asked to show your employment status, salary, and other sources of monthly income. The good news is that once you are able to meet all of those, you should be able to start trading in no time.

If you are registering with an international broker, and aim to open an Islamic account, your broker might ask you to provide additional documentation to let you open the account type. It should be mentioned that not all brokers are offering swap free accounts, and it’s best to contact the customer support before opening an account.

Summary

In summary, Forex trading in Iran is restricted due to global sanctions and local regulations. However, residents of Iran can open accounts with globally licensed Forex brokers. You can check our top brokers recommendation list above. In case you wish to open an Islamic account, make sure your broker offers swap free trading option.

FAQs on top brokers in Iran