Best Forex Brokers in Iran 2023
From the beginning of forex trading in Iran until now, it has become a very popular and exciting way to make some extra cash. Hence, Iran forex brokers see traders growing at a significant rate. If you are looking for the best forex brokers for Iranians, there are a few things that you should look for before making your decision. These include things like spreads, deposit and withdrawal options, and account types. Luckily, we have done all of the research for you. And we have made the best forex brokers list in Iran. This article also covers everything you need to know about forex trading in Iran.
Best Forex Brokers in Iran List:
Is Forex Available in Iran?
Yes, forex trading is available in Iran. Traders can legally use different offshore brokers to initiate foreign currency trading.
Having said that, you can trade forex from any of the Iran forex brokers list that is not banned by the Central Bank of Iran and are recognized as such by the Tehran Stock Exchange (the nation's regulator). However, these brokers include only a handful.
Besides, trading forex in Iran is normally done through brokers who are based abroad to avoid domestic restrictions. Forex traders in Iran who want to trade on a foreign exchange will find the business environment open to them through brokers based inside European Union and those outside it too.
Iran has no clear-cut regulations on forex trading. Even some advanced traders who try to operate in this sector may find themselves running afoul of Iranian authorities. So, trading via a online broker is the only solution.
As you can see, there are lots of difficulties in this field and you need to have some experience to know how to operate in the market. Additionally, you will have to use a different online broker than most other traders use. Let us point out that Iran has a lively forex market despite regulations by the Iranian government.
Many Iranian professional traders enjoy electronic trading of forex, and they take full advantage of this by engaging in active trading. Despite the turmoil, the forex market has grown steadily and with new investors coming into the market every day. It has continued to grow at a rapid rate and will continue to maintain its rapid growth rate.
How is the Iranian National Economy?
The Iranian economy is one of the most developed in the Middle East with a nominal GDP of over 611 billion dollars and a GDP per capita of about 7,257 dollars. The country has been dealing with sanctions since 2007, however, which threatens sustainable development. On the whole, Iran is seen as one of the fastest-growing economies in the world according to recent reports by World Bank.
How is the Forex Market in Iran Regulated?
The Central Bank of Iran has been in charge of the Iranian forex market for decades and work as one of the regulatory bodies. Even though there have been many international sanctions, this has not prevented the Iranian government from continuing with its projected monetary policies.
The main body, and considering Iran's current economic state as an example, which regulates trading on Forex markets are most likely contracts of various governments, specific legislation on foreign currency trading within a country's economic management framework.
However, Iran's struggle to regulate the financial market can still be seen as rather chaotic. Other examples include their lack of currency regulation and its state-regulated forex markets in both physical and electronic formats.
How to Trade Forex Safely in Iran?
Trading Forex in Iran is becoming a popular activity for traders. However, before you start trading Forex, you should know the basics of how Forex works in Iran.
Basics of Forex Trading in Iran
Forex is the simultaneous buying and selling of one currency against another at a certain price. This process then converts into the other currency value or vice versa. Hence its name "foreign exchange". In most cases, only currencies are traded. This means that traders are essentially betting on which currencies will rise or fall against each other on a given day and time.
Forex markets are open 24 hours a day and 7 days a week. Forex trading is not only for the big trading companies in Iran. Anyone can trade Forex. The minimum amount for trading is traded in lots and represents the smallest unit of trading on the Forex market.
When you click on the choice of currency pair you want to trade- EURUSD, GBPUSD, USDCHF, etc. There will be a seemingly endless list of currencies and pairs. The currency you select is the one you wish to trade in that direction. That was simple, wasn't it?
The second thing you should know about Forex trading is that the trades are made 'at market'. This means that the price on the Forex market at that moment holds sway and is the price used to calculate your profit or loss for a given trade. If for example, Euro was trading at 1.60; so if I wanted to buy 10,000 Euros at 1.60 and sell 10,000 Euros at 1.60 I would make a profit of 1% or 500 Euros for every 10,000 units. If the price changed to 1.61 then the calculation would be 10,000 Euros at 1.61 equals 10,500 Euros so my gain is 500 Euros minus what I paid for the lot (1% of 100,000) which equals 490 gross profit per lot.
Now you should know that Forex trading is about taking advantage of any movement in price upwards or downwards that gradually took place over time.
Trading Forex in Iran
Before you jump in and trade, you will want to understand how Forex works. It is important that you learn from reputable sources of information such as value-based Forecasting books, free or paid courses, and reliable online resources. Here are some tips for you to get started.
Research your forex broker
Research before you invest in one of the hundreds of available Iran forex brokers. It is important that you find a reputable, regulated, and trustworthy broker to trade with. You will also want to make sure they are licensed to operate and offer CFDs on the major currencies that you might be looking for. Look for those who provide fair fee structures, have low trading costs, keep tight spreads and publish all their performance statistics on an annual basis.
Familiarize yourself with Forex trading
Learn about Forex according to your personal goals by testing out various trading strategies on demo trading accounts or live systems with real money risk-free over a prolonged period before taking any steps towards initiating actual transactions.
Iran forex brokers: How it works
The currency trading market represents one of the largest markets in Iran. It brings opportunities for participants to speculate on currency values and make gains by buying at a low price and selling at a higher price. In addition to profit-making, traders can hedge against adverse economic conditions or events affecting their income by using the Forex market to exchange their currencies for less risky ones.
Best forex brokers Iran: What to trade
There are thousands of currencies in the world, any one of which can be traded online by a Forex broker. Trading in forex is available from all major brokers in Iran. The most popular products being traded are foreign currencies and include the U.S. dollar (USD), euro (EUR), the British pound (GBP), the Japanese yen (JPY), and the Chinese yuan.
Iran forex brokers: How to trade?
Trades are made through a forex trader's online account on their chosen regulated forex brokers in Iran. However, the traders must require a minimum initial deposit amount to begin trading with real money risk free. Once the account is linked to their chosen broker, the trader can initiate trades for any product available on that platform. They can do it by simply choosing the currency pair and number of units they wish to trade.
Iran forex brokers: The markets
It is important that you find a CFD broker in Iran who can give you access to a variety of exchanges and financial markets including forex, commodities, stocks, and bonds. These markets are widely recognized as safe opportunities for investors where there are always buyers and sellers that set prices constantly. Forex traders can access several types of markets including Forex, futures, and equities markets.
What is the Best Time to Trade in Iran?
Trading hours are largely unimportant but there are no specific hours to trade. By knowing how long the trading session is and what currency pairs are open you can make a preliminary assessment of the conditions that day.
Which Trading Platforms do Iran Forex Brokers use?
Whenever people think of a Forex trading platform, they immediately think of trading platforms that are available to traders only. In fact, a trading platform is an offering in which someone offers the use of his or her computer skills as a service.
Usually, the best forex brokers Iran use two platforms, MetaTrader 4 and MetaTrader 5.
MetaTrader 4 is the first platform released by MetaQuotes Software. It was mainly developed for traders who wanted to trade Forex on their own. The platform provides the following instruments: currency pairs, stocks, forex, metals, and commodities.
MetaTrader 4 is still widely used by the best forex broker for Iranian as it provides reliability and stability. It is considered a standard solution that allows brokers to transfer their existing infrastructure to the new generation of MetaTrader 5.
MetaTrader 5 is a successor to MetaTrader 4 with improved functionality and performance designed primarily for professional Forex traders. MetaTrader 5 has come to the market in 2010 and is now used by more than 60% of Forex brokers worldwide.
In addition to running on Windows, MetaTrader is available for Linux, Mac OS, iOS, and Android.
Which Payment Methods Can You Use in Iran?
The world of online forex trading is constantly changing. Companies, banks, and governments are developing new payment methods that may be used or are already being used in the Forex market. Forex traders all need to use a Forex trading payment method. In Iran, some of the most popular ones include Bank transfers, Debit cards, Credit Card and more. However, Iranian brokers prefer debit or credit card payment methods.
The cards payment method carries a number of benefits. It allows a trader to make deposits and withdrawals, exchange currencies and makes lending or borrowing money extremely easy. All these things can help you in your Forex trading endeavors.
What is an Islamic account in Forex trading?
An Islamic forex account is a forex trading account that refers to Sharia Law compliance in its trading practices. As such, Islamic accounts are variously called "Shariah-compliant", "Halal", or "Halaal". The idea is to find the most suitable set of rules (also known as guidelines) for institutional investors who wish to trade on the Forex market with religiously permissible products and operations by virtue of their faith.
In another word, Islamic trading is swap-free accounts that follows the finance principles of Islam in managing investments. Hence, it doesn’t involve interest. Usually, trading with interest benefits is forbidden in Islam because of its high possible gain and risk of losses.
So, Is Forex gambling? The answer is "No." Forex is known as the financial market, where there are different parties who trade internationally and globally. Is Forex a business? The answer is "Yes" because Forex provides an open and international trading platform that allows traders to trade in wide range of currencies and assets.
Types of Exchange Trading in Iran
When we talk about Forex Trading in Iran, there are two different categories of trading that you need to know about. The first category is exchange trading and the second one is spot trading.
This type of Forex Trading in Iran refers to buying or selling a currency pair at the current market rates. In other words, you can only do this type of trade if the currency markets are open and active on a certain day. You will need a broker for exchange Trading. You can directly log in to brokers and start trading. The only downside of doing it through a website is that there are lots of hidden charges. But you can be sure that the service is going to be quite professional.
This type of trading is done when there aren't any markets open. In other words, this kind of Forex Trading in Iran happens when you are settling your debts. For example, if you have borrowed money from someone, you need to settle this debt in a certain time period or it will get serious. The same thing goes for a company that had some bad transactions. The same situation happens when you have bought products from a company and there is an agreement about paying in a set period.
Forex Trading in Iran doesn’t have a long history. Trading in Iran is not a complicated process. It should be based on technical analysis and the principles of candlesticks and support and resistance lines. However, for profitable trading, you must need the best forex brokers Iran for Iranian. If you are confused about which one is best, you may pick from the forex brokers list in Iran we have mentioned in this article.