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Best forex brokers in Iran in 2021

To help you find the best forex brokers in Iran in 2021, we went ahead and did the research for you. First, we selected 84 quality online brokers, then we checked and compared fees, currency pairs, charting tools, platforms, practically everything. We dug deep, so you won't have to. And now, without further ado...

Our top 5 picks for the best forex brokers in Iran in 2021:

  1. IC Markets is the winner, the best forex broker in Iran in 2021. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
  2. TMGM takes the second place. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
  3. HYCM rounds out the top three. Low forex and CFD fees. Great educational content. User-friendly account opening.
  4. MultiBank, is ranked fourth. Fast and easy account opening. Free and multiple deposit and withdrawal options. Fast and relevant customer service.
  5. FXTM. Superb customer service. Great educational tools. Digital and fast account opening. Just made it to the list moving to the number five spot.
Best forex brokers in 2021 for Iranian citizens
Broker Info Forex fee score
#1 IC Markets Global forex broker 4.5 stars
#2 TMGM Global forex broker 4.5 stars
#3 HYCM Global CFD and forex broker 3.8 stars
#4 MultiBank Global CFD and forex broker 4.4 stars
#5 FXTM Global CFD and forex broker 4.0 stars

What makes a good forex broker? First of all, fair forex fees and low withdrawal fees. They should also offer a lot of currency pairs and a great platform with advanced charting. Easy to list, but hard to figure out. We test brokers based on more than 300 criteria with real accounts and real money. We know what we are talking about.

If you are a beginner, be careful with forex trading. Forex products are complex and very risky, thus not suitable for everyone. You can easily lose all your invested money. If you don't have a clue how forex trading works, start with forex trading 101.

Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Just enter the name of your country and it will show you only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.

And now, let's see the top forex brokers in 2021 for Iranian citizens one by one, starting with the winner, IC Markets.

IC Markets Logo

#1 Best forex broker
IC Markets

4.5

IC Markets is an Australia-based global forex broker that was founded in 2007. The company has several branches and is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA) and the Australian Securities and Investments Commission (ASIC).

IC Markets is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders who value easy account opening and free deposit/withdrawal options

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73% of retail CFD accounts lose money

#1 IC Markets
Fees

IC Markets has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

IC Markets trading fees
IC Markets TMGM HYCM MultiBank FXTM
EURUSD benchmark fee $6.9 $6.7 $7.1 $6.7 $8.2
GBPUSD benchmark fee $5.3 $5.4 $8.2 $6.1 $7.4
AUDUSD benchmark fee $6.0 $6.9 $10.1 $7.5 $7.0
EURCHF benchmark fee $5.0 $4.1 $9.4 $5.3 $5.5
EURGBP benchmark fee $7.5 $7.7 $11.5 $7.4 $9.7

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

IC Markets non-trading fees
IC Markets TMGM HYCM MultiBank FXTM
Account fee No No No No No
Inactivity fee No Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $3

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73% of retail CFD accounts lose money

#1 IC Markets
Deposit and withdrawal
4.9

IC Markets's deposit and withdrawal services are great, with many options available, mostly free of charge. On the negative side, international bank withdrawals are expensive.
Pros Cons
Credit/Debit card available AUD 20 fee for international bank withdrawal
No deposit fee
Several account base currencies
IC Markets base currencies
IC Markets TMGM HYCM MultiBank FXTM
Number of base currencies 10 5 6 8 4

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

IC Markets withdrawal fee and options
IC Markets TMGM HYCM MultiBank FXTM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card Yes Yes Yes Yes Yes
Electronic wallets Yes Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $3

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73% of retail CFD accounts lose money

#1 IC Markets
Markets and products

IC Markets gives access to 61 currency pairs.
IC Markets currency pairs
IC Markets TMGM HYCM MultiBank FXTM
Currency pairs (#) 61 62 70 27 62
IC Markets products, besides forex
IC Markets TMGM HYCM MultiBank FXTM
Stock No No No No Yes
ETF No No No No No
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes No

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73% of retail CFD accounts lose money

#1 IC Markets
Desktop trading platform
3.4

In design and functionality, IC Markets's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on it.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Price alerts
Best forex brokers - IC Markets trading platform
IC Markets trading platforms
IC Markets TMGM HYCM MultiBank FXTM
Desktop platform score 3.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars
Mobile platform score 3.8 stars 3.8 stars 3.8 stars 3.8 stars 3.8 stars
Web platform score 2.8 stars 2.8 stars 2.8 stars 2.8 stars 2.8 stars
Best forex brokers - IC Markets charting

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73% of retail CFD accounts lose money

#1 IC Markets
Account opening
5.0

The account opening process at IC Markets is user-friendly and fully digital. It was also very quick, as our account was approved within a day.
Pros Cons
Fast None
Fully digital
Low minimum deposit
IC Markets minimum deposit and time to open an account
IC Markets TMGM HYCM MultiBank FXTM
Minimum deposit $200 $100 $100 $50 $10
Time to open account 1 day 1 day 1 day 1 day 1 day

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73% of retail CFD accounts lose money

#1 IC Markets
Verdict

IC Markets is a great forex broker. 

Its forex fees are low and opening an account is fast and easy. Deposits and withdrawals are free and the process is user-friendly. The education section of the website is also a plus.

On the other hand, IC Markets offers only forex and CFD products for trading. In addition, live chat support could be better, and non-EU clients are not covered by any investor protection scheme.

Feel free to try IC Markets, as you can have an account within a day and there is no inactivity fee.

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73% of retail CFD accounts lose money

TMGM Logo

#2 Best forex broker
TMGM

4.3

TMGM, or Trademax Global Markets, is an Australia-based global forex broker founded in 2013. The company has several branches and is regulated by the Australian Securities and Investment Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

TMGM is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders who prefer the metatrader platform

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74-89% of retail CFD accounts lose money

#2 TMGM
Fees

TMGM has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

TMGM trading fees
IC Markets TMGM HYCM MultiBank FXTM
EURUSD benchmark fee $6.9 $6.7 $7.1 $6.7 $8.2
GBPUSD benchmark fee $5.3 $5.4 $8.2 $6.1 $7.4
AUDUSD benchmark fee $6.0 $6.9 $10.1 $7.5 $7.0
EURCHF benchmark fee $5.0 $4.1 $9.4 $5.3 $5.5
EURGBP benchmark fee $7.5 $7.7 $11.5 $7.4 $9.7

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

TMGM non-trading fees
IC Markets TMGM HYCM MultiBank FXTM
Account fee No No No No No
Inactivity fee No Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $3

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74-89% of retail CFD accounts lose money

#2 TMGM
Deposit and withdrawal
4.3

TMGM's depositing and withdrawal services are great. Many options are available for moving your money in and out, and they are free of charge.
Pros Cons
Credit/Debit card available Minor currencies not accepted
Free withdrawal
No deposit fee
TMGM base currencies
IC Markets TMGM HYCM MultiBank FXTM
Number of base currencies 10 5 6 8 4

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

TMGM withdrawal fee and options
IC Markets TMGM HYCM MultiBank FXTM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card Yes Yes Yes Yes Yes
Electronic wallets Yes Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $3

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74-89% of retail CFD accounts lose money

#2 TMGM
Markets and products

TMGM gives access to 62 currency pairs.
TMGM currency pairs
IC Markets TMGM HYCM MultiBank FXTM
Currency pairs (#) 61 62 70 27 62
TMGM products, besides forex
IC Markets TMGM HYCM MultiBank FXTM
Stock No No No No Yes
ETF No No No No No
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes No

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74-89% of retail CFD accounts lose money

#2 TMGM
Desktop trading platform
3.4

In design and functionality, TMGM's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Price alerts
Best forex brokers - TMGM trading platform
TMGM trading platforms
IC Markets TMGM HYCM MultiBank FXTM
Desktop platform score 3.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars
Mobile platform score 3.8 stars 3.8 stars 3.8 stars 3.8 stars 3.8 stars
Web platform score 2.8 stars 2.8 stars 2.8 stars 2.8 stars 2.8 stars
Best forex brokers - TMGM charting

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74-89% of retail CFD accounts lose money

#2 TMGM
Account opening
5.0

The account opening process at TMGM is user-friendly and fully digital. It was also very quick, as our account was approved within a day.
Pros Cons
Fast None
Fully digital
Low minimum deposit
TMGM minimum deposit and time to open an account
IC Markets TMGM HYCM MultiBank FXTM
Minimum deposit $200 $100 $100 $50 $10
Time to open account 1 day 1 day 1 day 1 day 1 day

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74-89% of retail CFD accounts lose money

#2 TMGM
Verdict

TMGM's forex fees are low and account opening is fast and easy. Deposits and withdrawals are free of charge and the process is user-friendly.

On the other hand, the product portfolio covers only forex and CFDs. In addition, clients are not covered by any investor protection.

Feel free to try TMGM, as you will have an account within a day and there is no inactivity fee.

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74-89% of retail CFD accounts lose money

HYCM Logo

#3 Best forex broker
HYCM

4.3

HYCM or Henyep Markets is a global CFD and forex broker. HYCM's parent company, Henyep was established in 1977. The broker is regulated by several financial authorities globally, including the UK Financial Services Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

HYCM's UK operation is considered safe because it has a long track record and it is regulated by the top-tier FCA.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders who prefer the metatrader platform

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71% of retail CFD accounts lose money

#3 HYCM
Fees

HYCM has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

HYCM trading fees
IC Markets TMGM HYCM MultiBank FXTM
EURUSD benchmark fee $6.9 $6.7 $7.1 $6.7 $8.2
GBPUSD benchmark fee $5.3 $5.4 $8.2 $6.1 $7.4
AUDUSD benchmark fee $6.0 $6.9 $10.1 $7.5 $7.0
EURCHF benchmark fee $5.0 $4.1 $9.4 $5.3 $5.5
EURGBP benchmark fee $7.5 $7.7 $11.5 $7.4 $9.7

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

HYCM non-trading fees
IC Markets TMGM HYCM MultiBank FXTM
Account fee No No No No No
Inactivity fee No Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $3

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71% of retail CFD accounts lose money

#3 HYCM
Deposit and withdrawal
4.5

HYCM offers free and fast deposit and withdrawal options, including traditional methods such as bank transfer and credit card funding as well as various e-wallets. On the other hand, the number of available account currencies lags behind some of HYCM's competitors.
Pros Cons
Credit/Debit card available Average account currency selection
Free withdrawal
No deposit fee
HYCM base currencies
IC Markets TMGM HYCM MultiBank FXTM
Number of base currencies 10 5 6 8 4

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

HYCM withdrawal fee and options
IC Markets TMGM HYCM MultiBank FXTM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card Yes Yes Yes Yes Yes
Electronic wallets Yes Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $3

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71% of retail CFD accounts lose money

#3 HYCM
Markets and products

HYCM gives access to 70 currency pairs.
HYCM currency pairs
IC Markets TMGM HYCM MultiBank FXTM
Currency pairs (#) 61 62 70 27 62
HYCM products, besides forex
IC Markets TMGM HYCM MultiBank FXTM
Stock No No No No Yes
ETF No No No No No
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes No

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71% of retail CFD accounts lose money

#3 HYCM
Desktop trading platform
3.4

In design and functionality, HYCM's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Available in several languages
Best forex brokers - HYCM trading platform
HYCM trading platforms
IC Markets TMGM HYCM MultiBank FXTM
Desktop platform score 3.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars
Mobile platform score 3.8 stars 3.8 stars 3.8 stars 3.8 stars 3.8 stars
Web platform score 2.8 stars 2.8 stars 2.8 stars 2.8 stars 2.8 stars
Best forex brokers - HYCM charting

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71% of retail CFD accounts lose money

#3 HYCM
Account opening
5.0

The account opening at HYCM is seamless and fully digital. Our account was verified within one business day. The minimum deposit is also low: $100 for Classic and Fixed accounts and $200 for Raw accounts.
Pros Cons
Fast None
Fully digital
Low minimum deposit
HYCM minimum deposit and time to open an account
IC Markets TMGM HYCM MultiBank FXTM
Minimum deposit $200 $100 $100 $50 $10
Time to open account 1 day 1 day 1 day 1 day 1 day

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71% of retail CFD accounts lose money

#3 HYCM
Verdict

HYCM is a forex and CFD broker regulated by several authorities globally, including the top-tier FCA.

On the plus side, HYCM has low forex and CFD fees. The education section, especially the webinars are more informative and enjoyable than what some other brokers offer. The account opening is seamless and there are a lot of free deposit & withdrawal options.

On the flip side, the product portfolio at HYCM is limited as the broker only offers forex and CFDs. In our view, the MetaTrader platforms that the broker uses have an outdated design. HYCM charges an inactivity fee: $10 per month after only 90 days of inactivity.

We recommend HYCM for those who are interested in CFD and forex trading and prefer MetaTrader trading platforms. Feel free to test it via the demo account.

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71% of retail CFD accounts lose money

MultiBank Logo

#4 Best forex broker
MultiBank

4.0

MultiBank is a global CFD and FX broker. MultiBank Group is a global financial group that includes companies from asset management to brokerage. MultiBank's brokerage service is operating under several legal entities regulated by Australian ASIC and other financial regulators. In this review, we use MultiBank as a name for the brokerage service.

MultiBank is considered safe because it is regulated by the top-tier ASIC and has a long history, dating back to 2005.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders familiar with the metatrader trading platform

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74-89% of retail CFD accounts lose money

#4 MultiBank
Fees

MultiBank has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

MultiBank trading fees
IC Markets TMGM HYCM MultiBank FXTM
EURUSD benchmark fee $6.9 $6.7 $7.1 $6.7 $8.2
GBPUSD benchmark fee $5.3 $5.4 $8.2 $6.1 $7.4
AUDUSD benchmark fee $6.0 $6.9 $10.1 $7.5 $7.0
EURCHF benchmark fee $5.0 $4.1 $9.4 $5.3 $5.5
EURGBP benchmark fee $7.5 $7.7 $11.5 $7.4 $9.7

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

MultiBank non-trading fees
IC Markets TMGM HYCM MultiBank FXTM
Account fee No No No No No
Inactivity fee No Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $3

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74-89% of retail CFD accounts lose money

#4 MultiBank
Deposit and withdrawal
4.5

Deposit and withdrawal at MultiBank are great. You can use many deposit and withdrawal types and withdrawal is free.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
MultiBank base currencies
IC Markets TMGM HYCM MultiBank FXTM
Number of base currencies 10 5 6 8 4

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

MultiBank withdrawal fee and options
IC Markets TMGM HYCM MultiBank FXTM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card Yes Yes Yes Yes Yes
Electronic wallets Yes Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $3

Visit broker More
74-89% of retail CFD accounts lose money

#4 MultiBank
Markets and products

MultiBank gives access to 27 currency pairs.
MultiBank currency pairs
IC Markets TMGM HYCM MultiBank FXTM
Currency pairs (#) 61 62 70 27 62
MultiBank products, besides forex
IC Markets TMGM HYCM MultiBank FXTM
Stock No No No No Yes
ETF No No No No No
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes No

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74-89% of retail CFD accounts lose money

#4 MultiBank
Desktop trading platform
3.4

In design and functionality, MultiBank's MetaTrader 4 or MetaTrader 5 desktop platforms are almost the same as their web trading platform. One major difference is that you can set price alerts on the desktop trading platform.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Price alerts
Best forex brokers - MultiBank trading platform
MultiBank trading platforms
IC Markets TMGM HYCM MultiBank FXTM
Desktop platform score 3.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars
Mobile platform score 3.8 stars 3.8 stars 3.8 stars 3.8 stars 3.8 stars
Web platform score 2.8 stars 2.8 stars 2.8 stars 2.8 stars 2.8 stars
Best forex brokers - MultiBank charting

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74-89% of retail CFD accounts lose money

#4 MultiBank
Account opening
5.0

The account opening procedure with Multibank is easy and straightforward. The account is ready for trading within a day.
Pros Cons
Fast High minimum deposit for ECN Pro and MultiBank Pro accounts
Fully digital
Low minimum deposit
MultiBank minimum deposit and time to open an account
IC Markets TMGM HYCM MultiBank FXTM
Minimum deposit $200 $100 $100 $50 $10
Time to open account 1 day 1 day 1 day 1 day 1 day

Visit broker More
74-89% of retail CFD accounts lose money

#4 MultiBank
Verdict

MultiBank is regulated by more financial authorities globally, including the top-tier ASIC.

The account opening is seamless and hassle-free. Multiple and free options are offered for deposit and withdrawal. The customer service is great.

MultiBank has some drawbacks though. The stock CFD and inactivity fees are high. Its product range is limited to FX, CFDs, and cryptos. The research and educational tools are also basic. 

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74-89% of retail CFD accounts lose money

FXTM Logo

#5 Best forex broker
FXTM

4.3

Disclaimer:  from March 2021, FXTM ends retail operations in the EEA, under CySEC regulation. Only professional clients will be able to use FXTM's services in this region.

FXTM or ForexTime was founded in 2011 and is a global CFD and FX broker. It is regulated by several financial authorities, including the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

FXTM is considered safe because it is regulated by the top-tier FCA.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders familiar with the metatrader platform

Visit broker
81% of retail CFD accounts lose money

#5 FXTM
Fees

FXTM has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

FXTM trading fees
IC Markets TMGM HYCM MultiBank FXTM
EURUSD benchmark fee $6.9 $6.7 $7.1 $6.7 $8.2
GBPUSD benchmark fee $5.3 $5.4 $8.2 $6.1 $7.4
AUDUSD benchmark fee $6.0 $6.9 $10.1 $7.5 $7.0
EURCHF benchmark fee $5.0 $4.1 $9.4 $5.3 $5.5
EURGBP benchmark fee $7.5 $7.7 $11.5 $7.4 $9.7

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

FXTM non-trading fees
IC Markets TMGM HYCM MultiBank FXTM
Account fee No No No No No
Inactivity fee No Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $3

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81% of retail CFD accounts lose money

#5 FXTM
Deposit and withdrawal
3.7

FXTM offers a great variety of deposit and withdrawal options. Almost everything is available, including credit cards, bank transfer and electronic wallets. The main disadvantage is that FXTM charges a fee for most withdrawal types.
Pros Cons
Credit/Debit card available Most of the withdrawal options have a fee
No deposit fee
Quick deposit and withdrawal - within 3 days
FXTM base currencies
IC Markets TMGM HYCM MultiBank FXTM
Number of base currencies 10 5 6 8 4

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

FXTM withdrawal fee and options
IC Markets TMGM HYCM MultiBank FXTM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card Yes Yes Yes Yes Yes
Electronic wallets Yes Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $3

Visit broker More
81% of retail CFD accounts lose money

#5 FXTM
Markets and products

FXTM gives access to 62 currency pairs.
FXTM currency pairs
IC Markets TMGM HYCM MultiBank FXTM
Currency pairs (#) 61 62 70 27 62
FXTM products, besides forex
IC Markets TMGM HYCM MultiBank FXTM
Stock No No No No Yes
ETF No No No No No
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes No

Visit broker More
81% of retail CFD accounts lose money

#5 FXTM
Desktop trading platform
3.4

In design and functionality, FXTM's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Price alerts
Best forex brokers - FXTM trading platform
FXTM trading platforms
IC Markets TMGM HYCM MultiBank FXTM
Desktop platform score 3.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars
Mobile platform score 3.8 stars 3.8 stars 3.8 stars 3.8 stars 3.8 stars
Web platform score 2.8 stars 2.8 stars 2.8 stars 2.8 stars 2.8 stars
Best forex brokers - FXTM charting

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81% of retail CFD accounts lose money

#5 FXTM
Account opening
5.0

FXTM account opening is fully digital, easy and fast. Your account will be ready within 1-2 business days. There are also a lot of account types you can choose from.
Pros Cons
Fast None
Fully digital
User-friendly
FXTM minimum deposit and time to open an account
IC Markets TMGM HYCM MultiBank FXTM
Minimum deposit $200 $100 $100 $50 $10
Time to open account 1 day 1 day 1 day 1 day 1 day

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81% of retail CFD accounts lose money

#5 FXTM
Verdict

FXTM is regulated by several financial authorities globally, including the top-tier Financial Conduct Authority (FCA).

On the plus side, customer support gives fast and relevant answers. There are several educational tools, including demo accounts and webinars. The account opening is fully digital and fast.

FXTM has some drawbacks though: it charges high CFD fees, inactivity, and withdrawal fees, and the product range is limited.

As account opening only takes a short time, and customer support is helpful and reliable, feel free to try FXTM.

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81% of retail CFD accounts lose money

Best forex brokers
What makes a top forex broker?

Trading with forex became really popular over the last decade. Looking at important criteria like fees will help you find the best forex broker for you.

At BrokerChooser, we test online brokers based on more than 300 criteria, with a real account and real money.

The most important factors to consider in selecting the top forex brokers are the fees of forex trading. besides trading fees, you should also look at withdrawal fees and the number of available currency pairs. Check if the broker provides great desktop and mobile platforms, and advanced charting tools.

Best forex brokers
Forex broker fees

Fees, fees, fees. We bet this is always on your mind when you're looking for the best forex broker. It can be complicated. Let's see how we did it.

It is not easy to compare forex broker fees, but we are here to help. Forex brokers can charge commissions, spreads and financing fees.

For commissions, there are two versions forex brokers use:

  1. All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the market.
  2. You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.

The second version is more transparent, but this doesn't mean that the first method cannot be cheaper.

When you trade forex on leverage and hold your position overnight, a fee will be charged. This fee is called financing cost. The financing costs change daily and can be an important cost if you hold your positions for longer.

To make your life easier, we calculated what your overall fee would be if you took a $20,000 position, held it for a week then closed it. We used a 30:1 leverage, the maximum available leverage for major currency pairs at many brokers.

Best forex brokers
Forex trading 101

Forex trading looks simple, but it carries serious risks. Before trading, understand the basics and ask yourself: is this for me?

Understanding the forex market

Forex, FX, foreign exchange or currency market: you have probably already heard one of these expressions. They all mean the same: a market where you can exchange currencies or bet on the price movement of currency pairs.

The forex market has several outlets, from currency exchange booths on the street to the currency trading desks of big banks.

For a non-professional trader, as you probably are, the easiest and safest way to trade forex is by opening an account at a reliable online broker.

The vast majority of currency transactions are conducted on OTC (over-the-counter) markets. An OTC market is a non-regulated market, where you have to assess for yourself how safe your counterparty is. When you travel abroad to an exotic country and you need to exchange some money, you would probably go to a bank branch instead of changing money on the street, right?. This is how you minimize your counterparty risk. You have to do the same when you select your online broker for trading forex. You should always choose a reliable broker.

Forex trading is tempting for the following reasons:

  • everybody has an opinion on where currencies are going

  • at first sight, the forex market is relatively easy to understand compared to other markets, like the stock market

  • by using leverage, traders can easily trade with 100 times more money than they have on their trading account and thus magnify profits (or losses!)

  • the market is open 24 hours a day, 5 days a week

  • it is the most liquid market in the world, meaning there are lots of transactions every second and you don't have to worry about how to find a partner to trade with

Although it looks easy, trading with forex can be risky if you don't know what you're doing. By using high leverage carelessly, you can easily lose all your money within a couple of seconds. So you better start off slow, learn and open a demo account first. If you want to learn more, check out our blog post about the best trading apps for learning.

Forex market trading hours

The forex market is open from 11:00 PM on Sunday until 11:00 PM on Friday, London time.

Trading activity is usually at its highest when London and New York are open.

Top forex brokers - market trading hours

It is good to know that there is a difference between currency conversion and forex trading.

The end result of a conversion is basically changing one currency into another. Imagine that you receive your salary in euros (EUR), but you spend it in British pounds (GBP). In this case, you exchange euros to pounds.

When you trade with currency pairs there is no physical conversion. Imagine that you have an online broker account in US dollars and you want to bet on the price movements in EURUSD. In this case, you never convert your dollars to euros. If your bet was correct, the profit from your trade will be booked to your account in US dollars. If you were wrong, the loss will be deducted from your account in dollars as well.

Breaking down the forex trading jargon

When you trade forex, you bet on the price change of a currency pair, for example, the EURUSD.

EURUSD bid price EURUSD ask price
1.1700 1.1705

First of all, you need to understand what the bid and the ask prices are. Let's take the EURUSD again as an example. The 'bid' is the price at which you can sell the EURUSD, or in other words to go short in it. If the price goes lower, you will generate a profit. The 'ask' price is the opposite. If you want to bet on the price moving up, you can open a trade at the 'ask' price. The mid-price is usually halfway between the two, but this is just a theoretical price that is not used for trading.

The actual bid and ask prices together are called the quote.

A long position is when you bet on the price moving up, while a short position is when you profit from the price going down.

The spread is the difference between the ask and bid prices. In the example above, the spread is 0.0005, which is calculated as 1.1705-1.1700.

The pip is the smallest amount of a currency pair. One pip is equal to 0.0001 for most of the currency pairs. In case of our example, the spread is 5 pips, or 5 times 0.0001, equalling 0.0005. For some currency pairs like the USDJPY, one pip is 0.01.

Leverage allows you to take bigger positions than the amount of money on your account. Imagine this as a multiplier of your profit or your loss. This can be as high as 300. Imagine you have $1000 on your account and your applied leverage is 100. If you open a long position by using all your $1000, this means you open a trade for $1,000*100, or $100,000. If the price drops 1%, you will lose $1000 (1%*$100,000), that is, all the money on your account. And the price of a currency pair can very easily drop by 1%. In case of EURUSD, this would mean a price decrease from 1.1705 to 1.1588.

A lot is the standard number of units of a forex contract. It is usually 100,000 units of the base currency. The base currency is the first currency in a currency pair. For EURUSD, the base currency is the EUR and one lot is €100,000. A mini lot is 10,000, a micro is 1,000 and a nano is 100 units of the base currency.

In forex trading, you can encounter different types of contracts: spot, CFD, forward and futures. Spot and CFD contracts are traded by most people.

A spot contract is by definition settled two days after the trade. Settlement means that the counterparties are converting their currencies between each other at the price of the trade made two days earlier. Imagine the settlement as a currency conversion made at a money exchange booth on the street. The only difference is that this happens two days after the price was agreed on. However, in most cases, the settlement doesn't actually happen, because spot contracts are rolled over before the settlement. The rollover is done because when you are betting on the direction of a currency pair, you do not actually want to convert money into the other currency, you just want to bet on the price movement. The rollover ensures that the conversion will not happen.

To learn what forex CFD is and how you can trade it, read our CFD 101 and CFD trading tips.

When your position is rolled over, your online broker closes your current spot position and opens a new one. This is not visible for you, but it has a fee, called the rollover or financing fee. The rollover fee is calculated from the interest rate difference between the two currencies you are trading. In some cases, you may also receive a fee from the broker, if the interest rates you trade are in your favor.

A forward forex contract is a contract made on the OTC market. The specifics of the contract, like the term, the price and the settlement are defined by the counterparties case by case. Let's take as an example a company that needs $100,000 in 30 days to pay its employees, but its revenues are in euros. Since it wants to lock the exact exchange rate it gets in 30 days, it will seal a forward contract with a big bank at a fixed price, let's say at 1.1710. After 30 days, they will exchange the currencies and the company will receive €85,397 ($100,000/1.1710). In this case, there is an actual settlement.

A futures forex contract is traded on a regulated market, for example, on a commodity exchange, like the Chicago Mercantile Exchange (CME). When you trade futures, your counterparty is the exchange and the specifics of the contract are predefined by the exchange. When your counterparty is a regulated exchange, you don't need to check your counterparty risk, as this is one of the safest ways of trading. However, the exchange requires a large amount of initial money for trading, so this is not suitable for you if you have little money to invest. If you want to trade one EURUSD futures contract on the CME, for example, you need to have more than $2000 on your account.

What drives forex market prices?

As we said before, everybody has an opinion about the forex market, because it seems simple. However, currency markets are among the most unpredictable ones in the world.

Everything from monetary policies and government spending to politics and wars can influence the prices of currency pairs. Thus, it is difficult to predict which way they are going move.

Nevertheless, economic calendars can help, so at least you know about the scheduled events that could have an effect on the forex market.

Best forex brokers
Bottom line

You saw the details, now let's zoom out. Here are the top forex brokers in 2021 for citizens in Iran:

Top forex brokers in 2021 for Iranian citizens
IC Markets TMGM HYCM MultiBank FXTM
Fees score 4.5 stars 4.6 stars 4.1 stars 3.3 stars 3.4 stars
Deposit and withdrawal score 4.9 stars 4.3 stars 4.5 stars 4.5 stars 3.7 stars
Markets and products score 1.8 stars 1.9 stars 2.0 stars 1.4 stars 2.5 stars
Desktop platform score 3.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars
Account opening score 5.0 stars 5.0 stars 5.0 stars 5.0 stars 5.0 stars
Visit broker
73% of retail CFD accounts lose money
Visit broker
74-89% of retail CFD accounts lose money
Visit broker
71% of retail CFD accounts lose money
Visit broker
74-89% of retail CFD accounts lose money
Visit broker
81% of retail CFD accounts lose money

IC Markets is our winner, the best forex broker for Iranian citizens in 2021. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.

All are great choices. Watch out, forex trading can be risky. If you know enough and are good to go, pick your favourite and take the next step in your trading journey. Let us know what you think in the comments section.

Still unsure? Use the broker finder and find the best broker for you.

Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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Visit broker
73% of retail CFD accounts lose money
Visit broker
74-89% of retail CFD accounts lose money
Visit broker
71% of retail CFD accounts lose money
Visit broker
74-89% of retail CFD accounts lose money
Visit broker
81% of retail CFD accounts lose money
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