Contents
- 1 What are Iran’s best Forex brokers?
- 2 What are Forex regulations in Iran?
- 3 What is the national currency of the country and what are the currency pairs?
- 4 What are the available payment methods in Iran?
- 5 What is the Islamic account and why is it important?
- 6 What are the Softwares that you will come across while Forex trading in Iran?
- 7 Should you start Forex trading in Iran?
The Islamic Republic of Iran is a country in Western Asia, with over 83 million population. Because of its geopolitically important location, the country plays a huge role in international processes. Iran is known to be one of the richest countries when it comes to natural recourses and is one of the founding members of OPEC.
Sadly, because of the previous regulations, the country is not that big of a part of Forex trading. FX trading in Iran has become very slow as the new regulations were adopted, because of these regulations, many internationally well-known companies have left the market and there is no big of choice for traders.
However, there still are a number of Forex brokers in Iran that you can choose from. With this guide, we will try to help you to make a decision and start trading with the best Forex broker in the country!
What are Iran’s best Forex brokers?
Finding the best Forex broker is not an easy thing, especially when it comes to countries like Iran. We want you to remember that you have to do everything in your power to avoid scams and companies that are doing their job wrongfully. Below, you can see some of the best Forex brokers in the country. While working on this list, we did very hard research, we focused on everything from regulations, to payment methods, to available trading software, etc.
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Min. depo
$5
Leverage
1:888
Platform
MT4, MT5, WebTrader
XM
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Min. depo
100 USD
Leverage
400:1
Platform
MT4, MT5
AvaTrade
Licences
FCA, ASIC, CySEC, FSCA, FMA, MAS
Min. depo
$100
Leverage
1:30
Platform
WebTrader, Windows 10 Trader
Plus500
How to find the best Forex broker?
If you are looking for the best Forex broker, there are some things that you need to consider, including:
- Make sure that the broker keeps funds of the users segregated
- Also, check if the broker accepts payments in your national currency
- Check out the licenses that the broker owns
In addition, always make sure that the broker you are using has a good reputation among traders, and it offers access to a large number of currency pairs.
What are Forex regulations in Iran?
The main regulatory body of the financial sector in the country is the Central Bank of Iran, which has promised over the years to implement new Forex policies that could have an adequate effect and that could change the foreign currency exchange regime in the country, Iran still struggles to offers traders a successful market.
Basically, Forex trading is not included in the regulatory framework of the country. The Central Bank does not issue licenses at all, which has resulted in the fact that there simply are no local Iranian Forex brokers.
Because of that, Forex traders in the country will have to use international Forex brokers that offer their services in the country. But, even in this case, they do not have much of an option. However, there are still some options that Iranian Forex traders have. While choosing a Forex broker, something that you need to keep in mind is the regulations. There are a number of international regulators that give out licenses to Forex brokers among them are those like FCA in the UK and many others.
How to stay safe while Forex trading in Iran?
To make sure that you and your funds are safe, try to look up the regulatory bodies that authorize your Forex broker. In many cases, these regulators have special pages dedicated to the brokers that own their license, if they do not have such a list, contact them directly and ask the questions that you have.
Also, make sure that you are always trading with a broker that has a good reputation among Forex brokers in Iran. The fact that there are not so many Forex brokers in the country does not mean that you do not have the ability to make a choice, there are a number of brokers on the market and you should not have to go for the second-best.
So, do your research, and you will be good to go!
What is the national currency of the country and what are the currency pairs?
The national currency of the country is the Iranian rial, which, because of the regulations, is not available for Forex trading. However, there still are a number of Forex brokers on the market that offer people deposits using this currency, even though you will not be able to use it for Forex trading, you can still make deposits and withdrawals using it.
Understanding currency pairs is very important for successful Forex trading. Generally, a currency pair is a pair of two different currencies that you sell and buy at the same time for Forex trading. There are different types of currency pairs, majors, cross-currency pairs, and exotics.
Most of the people are using the majors, they include major currencies, and in the pair, one should always be USD. So, some of the major currencies are USD/GBP, USD/EUR, and others. Cross currencies pairs are pairs of major currencies, except USD, for example, GBP/EUR.
When it comes to exotics, they are one of the hardest pairs to trade. They include USD and one of the exotic currencies, exotic currency pairs include those like, USD/TRY, USD/MXN, EUR/HUF, and many others.
What are the available payment methods in Iran?
Payment methods are probably one of the most important parts of Forex trading. This is something that can make your job either a lot easier, or can make your trading experience look like a total nightmare, so, always make sure that you choose the right payment method.
In Iran, the most used payment methods re the debit cards, 92 percent of the citizens of the country use debit cards very actively. In recent years, online payments have also become very popular. Many startups have emerged, offering the citizens of the country the ability to make transactions in a few seconds.
In most cases, international Forex brokers in Iran do not accept local payment methods, so you might use credit/debit cards for Forex trading in the country.
What is the Islamic account and why is it important?
Islamic accounts are also known as swap-free accounts, these are created especially for those who cannot earn or pay interest because of their religious beliefs. The swap-free option is offered by most of the Forex brokers that offer services to the citizens of the country.
Because of the huge part that the religion place in the lives of Iranian people, it is very important for Forex brokers to offering this option to the citizens of the country, giving them the opportunity to start Forex trading without going against the studies of Quran.
Islamic accounts are very important for those who follow the beliefs of Islam. So, to make sure that the brokers are giving traders the ability to trade while also following their beliefs, many are coming up with the Islamic accounts. We found that there are some brokers that managed to create the best Islamic accounts, you can check these brokers below!
XM
Min. Depo
$5
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Leverage
1:888
Platforms
MT4, MT5, WebTrader
AvaTrade
Min. Depo
100 USD
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Leverage
400:1
Platforms
MT4, MT5
Plus500
Min. Depo
$100
Licences
FCA, ASIC, CySEC, FSCA, FMA, MAS
Leverage
1:30
Platforms
WebTrader, Windows 10 Trader
Exness
Min. Depo
$10
Licences
CySEC, FCA, SFSA
Leverage
1:2000
Platforms
MT4, MT5
Forex.com
Min. Depo
$100
Licences
NFA, CFTC, FCA, FSA, IIROC and CIMA
Leverage
1:50
Platforms
WebTrader, MT4, MT5
CMTrading
Min. Depo
250 USD`
Licences
FSCA
Leverage
1:200
Platforms
MT4, WebTrader, Copykat
What are the Softwares that you will come across while Forex trading in Iran?
There are a number of trading platforms that are available for Forex traders in the country, including MetaTrader 4, MetaTrader 5, cTrader, and many others. Some Forex brokers even have specially created trading platforms, however, MT4 remains to be the most popular one around the world, as 90% of the Forex brokers are using this trading platform.
One of the biggest reasons behind the popularity of the MT4 is the fact that it offers traders huge access to the trading world, with several dozens of currency pairs available. Also, it is very easy to use MT4 and Forex traders can use it both on their computers, and on their smartphones as well.
This is a very important thing for many Forex brokers, especially for those who are always on the go. The fact that you can access the trading market whenever you want to means that you will not have to skip any movements on the market and you will be able to trade from wherever you are.
Should you start Forex trading in Iran?
Something that we would recommend is to wait for some time until you start Forex trading in Iran. The leaders of the country have announced that they are planning to change the way they look at Forex trading, we believe that by doing so, you will be able to make sure that your funds can stay much safer.
However, if you want to start right away, by following our tips, you can make sure that you will stay safe. Your biggest power is the knowledge you have, so do good research about the Forex broker before you start using them! Learn as much as you can about regulations, payment methods, and the trading software that the brokers have, and you will be good to go!