It is worth noting that all the information mentioned regarding brokers in this article is based on user opinions and information provided by the brokers themselves, and it is free from any biased perspectives.
What is a Broker?
As a trader, you do not have the necessary access to conduct transactions personally and directly. Therefore, you need a broker to execute your trades. A broker is essentially a financial service provider that helps you buy and sell currencies. Brokers act as intermediaries between traders and banks, transferring transactions to the global market.
The responsibilities and limitations of brokers are much more detailed than can be covered in this article. To gain a better understanding of brokers and their role in Forex trading, it is recommended to read the article "What is a Broker?".
Criteria for Choosing a Broker
When selecting a suitable broker, you should consider various criteria and compare their offerings from different aspects. Additionally, each individual’s trading strategy and personality may differ from another's.
For example, a trader who has just entered the Forex market with limited capital has different needs compared to a trader who engages in long-term trading. Therefore, you cannot recommend the same broker to both traders. A novice trader requires a broker that offers cent accounts, while a long-term trader needs a broker that provides lower overnight interest rates.
Criteria to Consider When Choosing a Broker
To select a broker, you need to consider the following criteria:Regulation
Leverage
Trading Spreads
Commission
Overnight Interest Rates or Swap
Variety of Trading Accounts
Customer Support
Trading Platforms
Educational Resources
Social Trading Platforms In the following sections of the article, we will introduce 10 brokers that currently provide services to Iranians and will examine their features, strengths, and weaknesses.MondFX broker
The MondFX broker started its operations in the Forex market in 2024. The Mond Trades Ltd company is registered in Saint Lucia and is approved by the main regulatory authority for international companies in Saint Lucia under license number 2024-00109. Despite being newly established, it has a respectable history and credibility. This broker has been launched by a team of experienced professionals in the fields of Forex and CFDs. Its headquarters is located in Saint Lucia, registered by the financial regulatory authority of Saint Lucia, with a branch also in the United Arab Emirates, specifically in Dubai.
MondFX was a sponsor of the most prestigious financial event in the world, the Forex Expo Dubai 2024. Participating in such an event provides traders with a broader perspective of global markets and the prevailing trends within them, ultimately contributing to the advancement and elevation of the Iranian trading community in the long term.
At the prestigious Forex Expo Dubai 2024, consistently recognized as the largest gathering of financial market participants in the Middle East and North Africa region, a significant event unfolded. Mond FX, with its innovative services and exceptional support, successfully clinched the coveted award for the best Persian-speaking broker in the region. This triumph is a testament to Mond FX's dedication to providing a secure, professional, and enjoyable trading experience for its clients.
MondFX, in collaboration with four reputable liquidity providers, offers you access to over 800 diverse symbols, including cryptocurrencies, global indices, and stocks from prestigious exchanges. This unparalleled variety, combined with low spreads and cost-effective trading conditions, provides a unique experience for traders. However, due to its recent establishment, this broker is still in the process of proving itself and may not be an ideal option for some traders.Advantages of MondFX Broker:
Competitive commissions and spreads
Access to over 800 trading symbols
Fast order execution and transactions
24/7 Persian support
Segregation of funds and data protection
Diverse social trading platform
Negative balance protection
Minimum deposit for account opening: $15
Provision of educational content
Fixed and genuine leverage
No common candle manipulation or chart distortions observed with this broker.Disadvantages of Mond FX Broker:
No rial deposits and withdrawals
Being a newly established broker.
Alpari
One of the established and experienced brokers that provides services to Iranians is Alpari. This broker was founded on December 24, 1998, and has been active ever since, experiencing a tumultuous journey throughout its operation. In 2015, it faced bankruptcy, which forced it to shut down its branches in the UK, the USA, and New Zealand. Just 15 days into the new year, the Swiss National Bank (SNB) removed the ceiling on the exchange rate of the Swiss franc against the euro. This shock from the Swiss central bank led Forex brokers to encounter unprecedented challenges, including significant volatility.
The exchange rate of the EUR/CHF pair experienced a dramatic drop within a matter of seconds. Consequently, all positions that were in a buy state suffered losses due to this sudden decline. Furthermore, because of the unexpected nature of this event, the failure to execute stop-loss orders, and the slow execution speed, these trades incurred significant losses. Eventually, all these trades were closed, leading users of this broker in that branch to face multi-million dollar losses. That day, the managers of Alpari UK were yelling at the engineers, asking, "What is the cause?" The reason was the "slow and outdated company system." When the broker's system is neither new nor fast, and the number of active customers exceeds its service capacity, such incidents can occur. This "Black Thursday" became a horrific nightmare for Alpari that they will never forget! Therefore, if you are active in financial markets, especially in the Forex market, try to choose a broker that utilizes the latest and most advanced systems. Alpari currently has regulation from the Comoros, an island in the Indian Ocean, which is an offshore regulation; however, this alone does not undermine Alpari as a broker. The headquarters of this broker is located on Mohéli Island.
Each broker may have features that traders are looking for, but it’s important to note that it is impossible to meet everyone's preferences, and no broker can be considered 100% flawless.Advantages of Alpari Broker:
Offering 160 trading instruments
Diverse deposit and withdrawal methods
High speed of transactions
Cashback program for clients
24/7 support for Persian speakers
Ability to trade on both MetaTrader 4 and 5 platforms
Providing free educational resources in Persian Disadvantages of Alpari Broker:
Unreliable regulation for Iranians
No cent accounts offered
Irregular and disrupted charts during news events
Early execution of pending orders
Hidden spreads
High commissions on trades AMarkets Broker
AMarkets was established in 2007 and, with 17 years of experience, is one of the long-standing brokers that provides services to Iranians. The broker's main office is registered in the island countries of Saint Vincent and the Grenadines and the Cook Islands. Initially, it gained a reputation for having strong and responsive support; however, it seems that with the increase in clients, new individuals have been added to the support team who may not have sufficient technical knowledge. The exit of brokers like HotForex, FXTM, and FBS from Iran created more opportunities for AMarkets to operate. AMarkets offers traders four types of accounts.Advantages of AMarkets Broker:
Offering over 250 trading instruments
Ability to trade on both MetaTrader 4 and 5 platforms
Dedicated app for Android and iPhone (iOS)
Availability of Islamic accounts
Website available in Persian
Option for deposit and withdrawal in Iranian Rials
Provision of a copy trading platform
Various bonuses and incentive programs
Providing free educational resources in Persian Disadvantages of AMarkets Broker:
High initial investment requirement for opening an account, which is $100
No cent accounts available
Lack of oversight from a high-level regulatory authority
Spreads and commissions are higher than normal
No access to cTrader or TradingView trading platforms
Irregular charts
Numerous domain names and hidden costs WM Markets Broker
Windsor Broker was established in 1988, making it about 35 years old, which is unique among active brokers in Iran. Unfortunately, Windsor has not progressed alongside its competitors over the past 15 years and has continued on its path without significant achievements or advancements. The issue is that Windsor's legacy has come to an end, and it ultimately had to sever ties with its Iranian clients due to international sanctions. Now, we are dealing with a new entity called WM Markets. This broker began its operations in 2024, and it is unclear whether it belongs to Windsor or if it has been sold to Iranian clients.
WM Markets Broker is registered and licensed in Mwali. Despite claims that WM Markets is also managed by Windsor, the broker's online chat denies this. However, we can consider the possibility that this response was given to users to avoid legal issues, which raises questions.
In terms of trading platforms, Windsor only provided MetaTrader 4 to its users, and the new broker has followed the same path. Two types of accounts, Prime and Zoer, are offered, with a minimum deposit of $50 for the Prime account.Advantages of WM Markets Broker:
Access to a copy trading platform
Availability of Islamic accounts
Ability to verify accounts with Iranian documents
Diversity of trading instruments
Normal slippage
Support available in Persian
Provision of Zero accounts with minimal spreads
Option for deposit and withdrawal in Iranian Rials Disadvantages of WM Markets Broker:
No ECN or cent accounts available
Lack of live chat support on the website
High trading commissions
Weak customer support
Low server speed
$8 commission for each trade on the Zero account
Early execution of pending orders LiteForex Broker
LiteForex was established in 2005 by Russian founders who aimed to create a niche for themselves in the market through innovation. This broker was the first to offer cent accounts, allowing clients to open accounts with a minimum of $1. This enabled traders with limited capital to trade in smaller volumes and manage their trading risks effectively.
However, in 2013, the broker faced challenges and complaints from traders. The website ForexPeaceArmy, a well-known reference site for Forex brokers at the time, labeled LiteForex as a scam, and the broker bore this "SCAM" label for four years. In 2017, the new CEO decided to address the issue by refunding the money to the complaining traders. ForexPeaceArmy confirmed this action, and the "SCAM" label was removed from LiteForex.
LiteForex provides brokerage services through two registered companies. One is Lite Finance Global LLC, registered in Saint Vincent, an offshore area, which handles services for Iranian users. LiteForex uses CySEC regulation for European traders, where it has very few clients, while for Iranians, it operates under the regulation of the Marshall Islands, which is also considered an offshore regulation.
On the other hand, reports of misconduct related to this broker have increased over the past year, with a growing number of traders experiencing withdrawal issues with Lite Finance. The lack of transparency that has emerged since the rebranding from LiteForex to Lite Finance has led to skepticism among users regarding this broker.Advantages of Lite Finance Broker:
Offering over 150 trading instruments
Low spreads for cent and ECN accounts
Wide variety of trading tools and powerful trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader
Diverse account types
Option for deposit in Iranian Rials
Support available in Persian
Android and iOS app with a user-friendly interface Disadvantages of Lite Finance Broker:
Higher-than-normal slippage
Weaker support compared to other brokers
High commissions on crypto trades
Delays in processing transactions
Limitations on trade volumes
Delays in data updates
Unintentional changes to stop-loss and take-profit orders
Issues related to rebate payments for IBs (Introducing Brokers)HYCM Broker
HYCM can be considered the "elder statesman" among brokers active in Iran. With about 45 years of experience, it is the oldest broker currently providing services to Persian-speaking clients. HYCM was established in 1977 in Hong Kong as a dealer in gold and silver, receiving FCA regulation in the UK in 1998, followed by CySec regulation sixteen years later in 2014. Finally, in 2018, this broker came under CIMA regulation. Iranian clients receive services from HYCM under offshore regulation. The HYCM website is filtered in Iran, so you must use a VPN to access it. This can create issues, as the broker's website is designed to detect users' countries based on their IP addresses and redirect them accordingly. Since Iranian traders often use European IP addresses, they are directed to a domain that generally does not accept Iranian users.Advantages of HYCM Broker:
Variety of trading accounts
Offering over 300 trading instruments
Ability to deposit and withdraw in Iranian Rial
Persian support
Provision of a loss-allowing bonus for clients
Competitive spreads
Offering educational content
High trade execution speed Disadvantages of HYCM Broker:
Need to change IP to connect to MetaTrader
Lack of scalping capability
High stop-out level
Delays in withdrawals
Expiration of the CySec regulation and failure to renew it Errante Broker
Errante Broker was established in Cyprus in 2018 and began offering services to Iranians approximately two years later. Initially, despite having the necessary regulations for Iranian traders, it did not receive significant attention. The Errante Group owns three companies: Errante Securities Ltd, Errante Trading LLC, and Notely Trading Limited. These three companies provide services to users in different geographical areas under various regulatory oversight.
Iranian and Persian-speaking traders can only open accounts with Errante Securities Ltd and Errante Trading LLC. Iranian users of Errante operate under the Seychelles FSA and St. Vincent regulations, which are offshore regulations. Although the FSA regulation is not very reputable, the presence of CySec regulation and available evidence and documentation regarding this broker can provide some reassurance about Errante's credibility.Advantages of Errante Broker:
Variety of trading accounts
Strong support
Deposit and withdrawal in Iranian Rial
Competitive spreads
Diverse methods for financial transactions
Support for MetaTrader 4 and 5, and cTrader platforms
Easy and quick registration and verification
High speed of order execution and trades Disadvantages of Errante Broker:
Low daily withdrawal limit
No cent or nano accounts
Limited number of swap-free nights in Islamic accounts
Variable spreads
Fewer trading currency pairs compared to some competitors
Need to change IP to use the platforms Hot Forex Broker (HFM)
Hot Forex, abbreviated as HFM, was established in 2007 under the brand name Hotforex as part of the HFMarkets group and was officially registered in 2009 in Saint Vincent and the Grenadines. The broker announced a termination of its collaboration with Iranian traders, requesting them to close their accounts and settle their funds within a specified period due to U.S. sanctions against Iran.
As a result, Hot Forex currently does not allow registration or activity for Iranian clients. However, the broker has permitted its previous clients to settle their accounts and withdraw their balances. At present, there is effectively no opportunity for Iranians to operate with this broker unless they reside outside the country and provide the necessary documentation.Advantages of Hot Forex Broker:
Extensive capability in providing trading platforms
Multiple regulatory bodies
Low spreads
Variety of trading accounts (over 1,000 trading instruments)
Numerous market analysis resources
Low fees Disadvantages of Hot Forex Broker:
No services provided to Iranians
Lack of a website and Persian support
No cryptocurrency offerings
Customer support is closed on weekends Oppo Finance Broker
This forex broker started its operations in 2021 and is considered quite young and fresh. It is regulated by the Financial Services Authority (FSA) of Seychelles and legally provides financial services to its clients. The Oppo Finance office is located in Seychelles, with additional branches as well. This broker operates under the supervision of the FSA of Seychelles, which is an offshore regulation. Due to sanctions, all brokers providing services to Iranian users are forced to operate under third-tier regulations. Recently, Oppo Finance announced that it has obtained regulation from ASIC Australia, which is a reputable regulatory body.
There are doubts regarding this matter, which we will explain further. We decided to verify the accuracy of this claim on the ASIC regulatory website. Using the license number provided by Oppo Finance, we were able to find the license information on the ASIC site. Two points drew our attention in the provided information: first, the license was granted to OPO FINANCE PTY LTD in 2011, while the broker was established in 2021. The broker's support response was that they acquired OPO FINANCE PTY LTD, which has recently been transferred to them.
The second point worth considering is that this license is granted solely for advisory activities in financial markets, not for brokerage activities! The license conditions specify that the holder can only provide general financial product advice. Such a license does not enhance the credibility of Oppo Finance in any way.Advantages of Oppo Finance Broker:
Minimum account deposit of $100 for ECN accounts
Offering three platforms: MetaTrader 4, MetaTrader 5, and cTrader
Trading leverage up to 1:2000
Offering prop trading accounts
24/7 Persian support
Fast order and trade execution
Support for deposits and withdrawals using cryptocurrencies Disadvantages of Oppo Finance Broker:
Higher than normal spreads
No system for deposits and withdrawals in Iranian Rial
No bonuses or incentive programs
High capital requirement for PRO ECN accounts
No nano accounts
Limited number of trading servers
Lack of suitable educational content
In conclusion, it is worth noting that all brokers have their flaws. Ultimately, the choice of the right broker largely depends on the trader's needs, and the responsibility for selecting a broker and any resulting gains or losses lies with the individuals themselves. Therefore, it is best to choose a broker based on your needs and priorities.Wishing you success and profitability!