Top brokers in Iran: Full guide for the beginners

When you think about Iran, Forex trading is probably not the first thing that comes to mind – the country seems too conservative for a financial enterprise such as trading FX. However, as logical as such a stereotype seems to be, it is far from being accurate.

The Islamic Republic of Iran is located in Western Asia, and birders Turkmenistan, Pakistan, Afghanistan, Turkey, Iraq, Azerbaijan, and Armenia.  The country occupies a total territory that reaches 1,648, 195 square kilometers, and the local population is estimated at 83, 183, 741 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.

Although the field of Forex trading is slowly gaining popularity in Iran, its speed of growth is not nearly as quick as one would have hoped for. This is due to the regulatory measures that were adopted previously, as well as the new regulations that have driven most of the international brokers out of the country.

In this guide, we will discuss how can you, as a trader, find some of the best Forex platforms in Iran, how should you approach trading in this country, and how the local market is currently regulated. Finally, we will provide you with some tips on how to stay safe while trading Forex in Iran, and examine whether or not the country’s national economy provides a favorable environment for the FX market to flourish.

A full list of best FX brokers in Iran

If you are a beginner, how do you even begin to look for a brokerage to join? This question is often the first one to come up for those, who are not yet familiar with the Forex market. To put it simply, you should get yourself prepared for hours upon hours of extensive research and fact-checking, up until you reach the final point of nerve-wracking decision-making.

Since we have all been beginners at some point, we know exactly just how hard it is to make the right choice. In order to help you out, our own experts took it upon themselves to carefully monitor and examine the brokerages that offer their services in Iran. What we came up with is a complete list of the best Forex brokers in Iran that you can find below.

XM Group

XM Group Forex Review

Minimum deposit




Maximum leverage


US Clients



An in-depth review of Exness Forex broker

Minimum deposit




Maximum leverage


US Clients


IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD



Maximum leverage


US Clients

No Review

Minimum deposit

100 currency units



Maximum leverage


US Clients



EagleFX Review – Is it worth your time and money?

Minimum deposit

10 USD



Maximum leverage


US Clients



RoboForex Broker

Minimum deposit




Maximum leverage


US Clients


What is the Iranian national economy like?

With a nominal GDP of a little over 611 billion USD and a GDP per capita of 7, 257 USD, the World Bank considers Iran to be an upper-middle-income economy. Although the Iranian economy seems relatively stable, the recent economic sanctions against it threaten the sustainable development of the national economy.

The majority of the country’s revenues come from crude 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.

Tourism is slowly picking up as one of the industries, that contributes to the country’s total revenues. Although the number of visitors has declined significantly during the war with Iraq, the industry is now in recovery, and 5 million people have visited Iran since 2014, attracted by the countries history, culture, and more than 22 world heritage sites.

What is the national currency of Iran?

The national currency of Iran is the Iranian rial, however,  due to the existing regulations, it cannot be traded. Nevertheless, a lot of Forex trading brokers in Iran accept deposits made in this currency, which means that you can save money on exchange rates and additional commission fees that come with making deposits and withdrawing funds.

If you are a beginner, the inability to trade Iranian rial should not disappoint you too much. Most professional traders advise beginners to stay away from Exotic currency pairs anyways, 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.

How is the Iranian Forex market regulated?

The main regulatory body 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. Although the Central Bank has promised that over the years a working regulatory mechanism for the Forex market will be introduced, it is yet to live up to its promises.

As of right now, Forex trading is not included in the countries’ regulatory framework. The Central Bank of Iran does not issue licenses to the brokers, which means that there are hardly any local FX brokerages to sign up with.

Although you can find some of the international regulated Forex brokers in Iran, the number of them is also quite limited. Having said that, we should, however, mention that it does not mean that you, as a trader in Iran, cannot access the market altogether.  One thing you should keep in mind while choosing a brokerage to join is the license that the broker possesses – a broker can be considered reliable if the license is issued by one of the reputable regulatory authorities – such as the CySEC, BaFIN, or FCA.

How can you trade Forex safely in Iran?

Since the Iranian Forex market is not yet fully developed and can be quite unsafe for the local traders, here are some of the important measures that you can undertake in order to protect yourself and your hard-earned funds.

First of all, the broker’s reputation is something that you should definitely look out for. There are various ways of determining whether a brokerage can be trusted, including online forums, feedback of the customers, and broker reviews from reliable sources. We recommend that you take your time to look through those, as a failure to do so can ultimately result in significant financial losses.

Moreover, before making a final decision to join one of the Iranian Forex brokers in 2021,  we suggest that you double-check the licensing information that it discloses on its official website. As the Forex market began to grow in popularity in counties all over the world, the number of fraud schemes disguised as legitimate brokerages have also grown simultaneously.

You can often come across a brokerage that claims that its license is received from a reputable body, although in reality, it might not have any license at all. It is, therefore, a good idea to contact the relevant regulatory authority directly and make an inquiry about each specific broker.

Which trading platforms do brokers in Iran use?

As mentioned earlier, the number of Forex brokers in Iran is quite limited, however, it does not mean that you cannot access a variety of trading software to choose from. With the best Forex brokers in Iran in 2021, you will be able to find anything from the popular software pieces, such as MetaTrader 4 and MetaTrader 5, as well as cTrader to the trading platforms custom-made for a brokerage and available exclusively to its clients.

Many professionals recommend MetaTrader as the best trading software for beginners, however, many traders do not know why that is the case. First introduced in 2005 by the Russian company called MetaQuotes, the first version of the software – MT4, gas soon managed to prove itself as both efficient and reliable. The consequent, MT5 version is not any less impressive, and the only features that differentiate it from its predecessor, MT4, is the fixed bugs and additional, advanced tools and functions.

Both MetaTrader 4 and 5 are now used by almost 90% of the brokerages, and the community of its users is growing every day. Thus, if you ever encounter any difficulties or would simply want to benefit from the features that this software offers, you can always refer to the large volumes of educational material and informational resources available for these trading platforms.

A trading platform that you will end up using is one of the most important components of your future, as it will determine how efficiently and quickly your orders will be executed, and how exposed you will be to the variety of trading assets. While looking for top Forex brokers in Iran, the trading software that they use is something that you definitely should pay attention to.

Which payment methods can you use in Iran?

Similarly, payment methods that a certain brokerage accepts, can either make your trading experience smooth and profitable or turn it into a complete nightmare with a lot of money lost over simple operations, such as making a deposit or withdrawing your funds.

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. On top of that, online payment solutions began to emerge in Iran, with a large number of startups offering instant payments to Iranian citizens. Unfortunately, most of the international brokerages on the top Forex brokers list do not accept local payment solutions, which means that you might have to look for an alternative.

What is an Islamic account in Forex trading?

In Forex trading, Islamic accounts refer to the swap-free accounts, developed specifically for those, who cannot earn or pay the interest due to their religious beliefs. Today, Islamic accounts are offered by a large number of renowned brokers from all over the world.

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.

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.

Many beginners often wonder whether it is free to become a Forex trader, and it is, indeed, free. You will not be charged for signing up with one of the best online trading platforms in Iran, and you can even practice your skills with a demo account for free – and for as long as you deem necessary.

However, as mentioned earlier, Forex trading is a form of a financial enterprise, which means that you cannot avoid investing some money in it. The requirements for minimum deposit vary from broker to broker, and they are in no way an indicator of how good or bad the broker is.

On the list of best Iranian Forex brokers, you will find that the minimum deposit requirement ranges from 5 to 500 USD or equivalent. We recommend that you take your time to determine what works best for you and only deposit what you will be comfortable losing.

Forex trading in Iran – should you do it?

Trading Forex in Iran is easy. Although it is not illegal, the absence of any regulatory mechanism of the FX market in the country means that it is extremely hard to find a local brokerage to join, and the national currency cannot be traded altogether.

However, if you are currently residing in the country and have long been interested in trading, there is no reason why you should not give it a try. There are a lot of international brokerages offering their services in the country, which means that with some effort you can find yourself the best Forex broker in Iran to sign up with. On top of that, you can use an Islamic account to ensure that your trading career does not compromise your religious beliefs.