To help you find the best online brokers in 2021, we went ahead and did the research for you. First, we selected 93 quality online brokers, then checked and compared basically every aspect of their offering: fees, available markets and products, trading platforms, deposit and withdrawal options and much much more. To be selected best online broker, service providers had to prove their excellence in multiple areas. We dug deep, so you won't have to.
5 brokers made it to the top in Iran. We highly recommend all 5 to you. And now, without further ado...
The top 5 picks for best international online broker of 2021 for citizens in Iran:
- IC Markets is the best international online broker in 2021. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
- HYCM takes second place. Low forex and CFD fees. Great educational content. User-friendly account opening.
- TMGM rounds out the top three. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
- FXTM, numero quattro. Superb customer service. Great educational tools. Digital and fast account opening.
- MultiBank just made it to the list at in fifth place. Quick and easy account opening. Free and varied deposit and withdrawal options. Fast and helpful customer service.
| Broker | Info | Score | Best in | |
|---|---|---|---|---|
| #1 | IC Markets | Global forex broker | 4.5 | |
| #2 | HYCM | Global CFD and forex broker | 4.4 | |
| #3 | TMGM | Global forex broker | 4.4 | |
| #4 | FXTM | Global CFD and forex broker | 4.3 | |
| #5 | MultiBank | Global CFD and forex broker | 4.1 |
What makes a good online broker? Surely, they need to provide great service in all areas. First of all, they need to offer fair fees and have a good safety score. Opening an account and depositing money should also be user-friendly processes. They need to provide access to a wide range of products and have a great platform.
These features are 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's up. You can find all the ranking criteria in our methodology.
Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. If you enter the name of your country it will show only the relevant brokers. Want more details? Compare brokers with our in-depth comparison table.
And now, let's see the best international online brokers in 2021 for citizens in Iran one by one, starting with the winner, IC Markets.
#1 Best international online broker for citizens in Iran
IC Markets
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. 75% 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
| Pros | Cons |
|---|---|
| • Low forex fees | • Limited product selection |
| • Easy and fast account opening | • Slow live chat support |
| • Free deposit and withdrawal | • No investor protection for non-EU clients |
#1 IC Markets
Fees
IC Markets has low trading and non-trading fees. There is no inactivity or withdrawal fee. On the negative side, financing rates for CFDs are high.
| Pros | Cons |
|---|---|
| • Low trading fees | • High financing rate for CFDs |
| • Low non-trading fees | |
| • Low forex fees |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| US stock | - | - | - | - | - |
| UK stock | - | - | - | - | - |
| EURUSD benchmark fee | $7.0 | $7.1 | $6.7 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.6 | $9.3 | $6.0 | $6.3 | $6.5 |
| GBPUSD benchmark fee | $5.0 | $7.9 | $5.0 | $7.0 | $5.8 |
| S&P 500 index CFD fee | $1.7 | $1.0 | $0.4 | $2.2 | $1.4 |
| Europe 50 index CFD fee | $1.7 | $0.9 | $0.8 | $2.4 | $2.1 |
The above calculation includes all spreads, commissions and financing rates (if applicable) for opening a position, holding it for a week, and closing it.
#1 IC Markets
Account opening
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 | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Minimum deposit | $200 | $100 | $100 | $50 | $50 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#1 IC Markets
Deposit and withdrawal
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 | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| 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 | $3 | $0 |
#1 IC Markets
Markets and products
At IC Markets, you can trade only forex and CFDs. This means that many popular asset classes, such as real stocks or ETFs, are not available.
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Stocks | No | No | No | Yes | No |
| ETFs | No | No | No | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Funds | No | No | No | No | No |
| Bonds | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFDs | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | No | Yes |
#1 IC Markets
Web trading platform
The web trading platform of IC Markets is provided by MetaTrader. It is highly customizable, available in many languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and the design is outdated.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • No price alerts |
| • Order confirmation | • Poor design |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Web platform score | 2.8 stars | 2.8 stars | 2.8 stars | 2.8 stars | 2.8 stars |
| Mobile platform score | 3.8 stars | 3.8 stars | 3.8 stars | 3.8 stars | 3.8 stars |
| Desktop platform score | 3.4 stars | 3.4 stars | 3.4 stars | 3.4 stars | 3.4 stars |
#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.
| IC Markets | |
|---|---|
| Summary | IC Markets is a global forex and CFD broker. The company is regulated by finanacial authorities globally, including the top-tier ASIC. |
| Fees score | 4.4 stars |
| Recommended for | Forex and CFD traders who value easy account opening and free deposit/withdrawal options |
#2 Best international online broker for citizens in Iran
HYCM
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. 72% 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
| Pros | Cons |
|---|---|
| • Low forex and CFD fees | • Only forex and CFD products |
| • Great educational content | • Trading platforms have outdated design |
| • User-friendly account opening | • Inactivity fee |
#2 HYCM
Fees
HYCM has low forex and CFD trading fees. It's also great that the broker charges no deposit and withdrawal fees in most cases. On the negative side, there is a quite high inactivity fee.
| Pros | Cons |
|---|---|
| • Low forex fees | • Inactivity fee |
| • Low CFD fees |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| US stock | - | - | - | - | - |
| UK stock | - | - | - | - | - |
| EURUSD benchmark fee | $7.0 | $7.1 | $6.7 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.6 | $9.3 | $6.0 | $6.3 | $6.5 |
| GBPUSD benchmark fee | $5.0 | $7.9 | $5.0 | $7.0 | $5.8 |
| S&P 500 index CFD fee | $1.7 | $1.0 | $0.4 | $2.2 | $1.4 |
| Europe 50 index CFD fee | $1.7 | $0.9 | $0.8 | $2.4 | $2.1 |
The above calculation includes all spreads, commissions and financing rates (if applicable) for opening a position, holding it for a week, and closing it.
#2 HYCM
Account opening
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 |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Minimum deposit | $200 | $100 | $100 | $50 | $50 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#2 HYCM
Deposit and withdrawal
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 |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| 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 | $3 | $0 |
#2 HYCM
Markets and products
At HYCM you can only trade with forex and other CFDs (commodities, stock indices, futures, and share CFDs). Popular asset classes, such as real stocks, bonds, mutual funds and options are missing.
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Stocks | No | No | No | Yes | No |
| ETFs | No | No | No | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Funds | No | No | No | No | No |
| Bonds | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFDs | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | No | Yes |
#2 HYCM
Web trading platform
HYCM's web trading platform is provided by MetaTrader. It is highly customizable, available in many languages and has a clear fee report. On the other hand, the platform lacks a two-step login or price alerts and its design is outdated.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • No price alerts |
| • Order confirmation | • Poor design |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Web platform score | 2.8 stars | 2.8 stars | 2.8 stars | 2.8 stars | 2.8 stars |
| Mobile platform score | 3.8 stars | 3.8 stars | 3.8 stars | 3.8 stars | 3.8 stars |
| Desktop platform score | 3.4 stars | 3.4 stars | 3.4 stars | 3.4 stars | 3.4 stars |
#2 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.
| HYCM | |
|---|---|
| Summary | HYCM is a global forex and CFD broker regulated by many financial authorities globally, including the top-tier FCA. |
| Fees score | 4.1 stars |
| Recommended for | Forex and CFD traders who prefer the MetaTrader platform |
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#3 Best international online broker for citizens in Iran
TMGM
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), the Financial Markets Authority (FMA) 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
| Pros | Cons |
|---|---|
| • Low forex fees | • Slim product portfolio |
| • Easy and fast account opening | • Limited research and educational tools |
| • Free deposit and withdrawal | • No negative balance protection |
#3 TMGM
Fees
TMGM has low forex and CFD fees. In addition, non-trading fees are low and the broker doesn't charge fees for withdrawals.
| Pros | Cons |
|---|---|
| • Low forex fees | • Inactivity fee |
| • No withdrawal fee | |
| • No inactivity fee |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| US stock | - | - | - | - | - |
| UK stock | - | - | - | - | - |
| EURUSD benchmark fee | $7.0 | $7.1 | $6.7 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.6 | $9.3 | $6.0 | $6.3 | $6.5 |
| GBPUSD benchmark fee | $5.0 | $7.9 | $5.0 | $7.0 | $5.8 |
| S&P 500 index CFD fee | $1.7 | $1.0 | $0.4 | $2.2 | $1.4 |
| Europe 50 index CFD fee | $1.7 | $0.9 | $0.8 | $2.4 | $2.1 |
The above calculation includes all spreads, commissions and financing rates (if applicable) for opening a position, holding it for a week, and closing it.
#3 TMGM
Account opening
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 |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Minimum deposit | $200 | $100 | $100 | $50 | $50 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#3 TMGM
Deposit and withdrawal
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 |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| 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 | $3 | $0 |
#3 TMGM
Markets and products
At TMGM, you can trade only forex, CFDs and cryptos. This means that many popular asset classes, like real stocks and ETFs, are not available.
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Stocks | No | No | No | Yes | No |
| ETFs | No | No | No | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Funds | No | No | No | No | No |
| Bonds | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFDs | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | No | Yes |
#3 TMGM
Web trading platform
TMGM uses the MetaTrader web trading platform. It is highly customizable and has a clear fee report, but its design is outdated and it lacks a two-step login and price alerts.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • No price alerts |
| • Order confirmation | • Poor design |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Web platform score | 2.8 stars | 2.8 stars | 2.8 stars | 2.8 stars | 2.8 stars |
| Mobile platform score | 3.8 stars | 3.8 stars | 3.8 stars | 3.8 stars | 3.8 stars |
| Desktop platform score | 3.4 stars | 3.4 stars | 3.4 stars | 3.4 stars | 3.4 stars |
#3 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.
| TMGM | |
|---|---|
| Summary | TMGM is an Australian forex broker. It is regulated by both ASIC and VFSC, and is available globally for clients. |
| Fees score | 4.6 stars |
| Recommended for | Forex traders who prefer the MetaTrader platform |
#4 Best international online broker for citizens in Iran
FXTM
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. 77% 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
| Pros | Cons |
|---|---|
| • Superb customer service | • High CFD fees |
| • Great educational tools | • Inactivity and withdrawal fees |
| • Digital and fast account opening | • Limited product portfolio |
#4 FXTM
Fees
FXTM's trading fees are low for forex, but average for CFDs. There is also a withdrawal fee.
| Pros | Cons |
|---|---|
| • Low forex fees | • Withdrawal fee |
| • Low financing rate | • Average CFD fees |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| US stock | - | - | - | - | - |
| UK stock | - | - | - | - | - |
| EURUSD benchmark fee | $7.0 | $7.1 | $6.7 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.6 | $9.3 | $6.0 | $6.3 | $6.5 |
| GBPUSD benchmark fee | $5.0 | $7.9 | $5.0 | $7.0 | $5.8 |
| S&P 500 index CFD fee | $1.7 | $1.0 | $0.4 | $2.2 | $1.4 |
| Europe 50 index CFD fee | $1.7 | $0.9 | $0.8 | $2.4 | $2.1 |
The above calculation includes all spreads, commissions and financing rates (if applicable) for opening a position, holding it for a week, and closing it.
#4 FXTM
Account opening
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 |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Minimum deposit | $200 | $100 | $100 | $50 | $50 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#4 FXTM
Deposit and withdrawal
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 |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| 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 | $3 | $0 |
#4 FXTM
Markets and products
FXTM's product selection covers forex and CFDs. Non-EU clients can also trade with real stocks. On the negative side, it lacks ETFs, mutual funds, bonds, options, and futures.
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Stocks | No | No | No | Yes | No |
| ETFs | No | No | No | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Funds | No | No | No | No | No |
| Bonds | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFDs | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | No | Yes |
#4 FXTM
Web trading platform
The web trading platform of FXTM is provided by MetaTrader. It is highly customizable, available in a lot of languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and the design is outdated.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • No price alerts |
| • Order confirmation | • Poor design |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Web platform score | 2.8 stars | 2.8 stars | 2.8 stars | 2.8 stars | 2.8 stars |
| Mobile platform score | 3.8 stars | 3.8 stars | 3.8 stars | 3.8 stars | 3.8 stars |
| Desktop platform score | 3.4 stars | 3.4 stars | 3.4 stars | 3.4 stars | 3.4 stars |
#4 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.
| FXTM | |
|---|---|
| Summary | FXTM is an international CFD and forex broker, regulated by the UK FCA, CySEC of Cyprus and the Mauritian FSC. It is licensed by South Africa's FSCA. |
| Fees score | 3.4 stars |
| Recommended for | Forex traders familiar with the MetaTrader platform |
#5 Best international online broker for citizens in Iran
MultiBank
MultiBank is a global CFD and FX broker. MultiBank Group is a global financial group whose member companies are active in areas from asset management to brokerage. MultiBank's brokerage service is operating under several legal entities, regulated by the Australian Securities and Investments Commission (ASIC) and other financial authorities. In this review, we will 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 reasonably 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. 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
| Pros | Cons |
|---|---|
| • Quick and easy account opening | • High stock CFD and inactivity fees |
| • Free and varied deposit and withdrawal options | • Limited product coverage |
| • Fast and helpful customer service | • Poor research and educational tools |
#5 MultiBank
Fees
MultiBank has low forex and stock index CFD fees, and doesn't charge any withdrawal fees. On the other hand, stock CFD fees are high, and an inactivity fee kicks in after three months.
| Pros | Cons |
|---|---|
| • Low forex fees | • High inactivity fee |
| • No withdrawal fee | • High stock CFD fees |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| US stock | - | - | - | - | - |
| UK stock | - | - | - | - | - |
| EURUSD benchmark fee | $7.0 | $7.1 | $6.7 | $8.3 | $6.6 |
| AUDUSD benchmark fee | $5.6 | $9.3 | $6.0 | $6.3 | $6.5 |
| GBPUSD benchmark fee | $5.0 | $7.9 | $5.0 | $7.0 | $5.8 |
| S&P 500 index CFD fee | $1.7 | $1.0 | $0.4 | $2.2 | $1.4 |
| Europe 50 index CFD fee | $1.7 | $0.9 | $0.8 | $2.4 | $2.1 |
The above calculation includes all spreads, commissions and financing rates (if applicable) for opening a position, holding it for a week, and closing it.
#5 MultiBank
Account opening
Opening an account at MultiBank is easy and straightforward; your account could be ready for trading within a day. However, some account types require a high minimum deposit.
| Pros | Cons |
|---|---|
| • Fast | • High minimum deposit for ECN Pro and MultiBank Pro accounts |
| • Fully digital | |
| • Low minimum deposit |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Minimum deposit | $200 | $100 | $100 | $50 | $50 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#5 MultiBank
Deposit and withdrawal
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 |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| 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 | $3 | $0 |
#5 MultiBank
Markets and products
At MultiBank, you can trade only forex and CFDs, including stock and stock index CFDs as well as cryptos.
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Stocks | No | No | No | Yes | No |
| ETFs | No | No | No | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Funds | No | No | No | No | No |
| Bonds | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFDs | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | No | Yes |
#5 MultiBank
Web trading platform
Multibank offers the MetaTrader4 trading platform. It's highly customizable, multilingual and has a clear fee report. However, it lacks two-step login and the design is outdated.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • No price alerts |
| • Order confirmation | • Poor design |
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Web platform score | 2.8 stars | 2.8 stars | 2.8 stars | 2.8 stars | 2.8 stars |
| Mobile platform score | 3.8 stars | 3.8 stars | 3.8 stars | 3.8 stars | 3.8 stars |
| Desktop platform score | 3.4 stars | 3.4 stars | 3.4 stars | 3.4 stars | 3.4 stars |
#5 MultiBank
Verdict
MultiBank is a forex and CFD broker regulated by several financial authorities globally, including the top-tier ASIC.
Among its positive features, the account opening process is seamless and hassle-free. Forex fees are competitive, and multiple free options are available for deposit and withdrawal. Customer service is great - quick, helpful and multilingual.
MultiBank has some drawbacks, though. Stock CFD fees are high and there is an inactivity fee. Its product range is limited to FX, CFDs and cryptos. Research and educational tools are quite basic, limited to some charting tools and a newsletter.
As MultiBank has a free demo account, we encourage you to give it a try.
| MultiBank | |
|---|---|
| Summary | MultiBank is an international CFD and forex broker, regulated by several financial authorities such as the top-tier ASIC of Australia. |
| Fees score | 3.4 stars |
| Recommended for | Forex and CFD traders familiar with the MetaTrader trading platform |
Best international online brokers for citizens in Iran
What makes a good online broker
Now that you know the top 5, you are probably curious how we came up with this list. Let's go through a few points quickly. What is an online broker? Why do we think these brokers are safe? What are the most important factors when selecting the best online brokers?
What is an online broker?
Thirty years ago, if you wanted to buy a stock, you had to pick up the phone and call your broker, who executed the transaction in return for a commission. Brokers were like characters in the movie 'Wolf of Wall Street'. They were constantly monitoring stock prices while holding the phone and shouting. The Internet changed all that. Nowadays, if you want to invest in Apple shares, you open an online account, deposit money, and set up an order on the brokers' online platform. These platforms are the online brokers. Online brokers help you buy and sell securities like stocks and ETFs. After creating your order, the online broker executes it immediately. It all takes place online.
Are these brokers safe?
We consider each broker on our list safe. You can be sure none of them is a scam. All the brokers featured on BrokerChooser are regulated by at least one authority.
However, brokerage companies can still go bust. Remember the collapse of Lehman Brothers? In such cases, it is important to know what happens with your securities and cash. Your funds are usually held in segregated accounts, so even if your broker goes bankrupt, your funds are safe.
If all goes wrong, and for example, the broker steals your assets, then you have a last resort: the compensation fund of the country where the broker is regulated.
How did BrokerChooser pick the best online brokers?
At BrokerChooser, we test online brokers based on more than ~300 criteria, with real accounts and real money. We don\'t want to overwhelm you, so we will list the five most important criteria.
| 1. Fees | The trading fees of a typical US equity trade can be 50 times higher at one online broker compared to another. It's definitely worth checking these fees. |
| 2. Account opening | Some online brokers require a minimum deposint to start investing while others don't ask for a fix first-time deposit. Check these reuirements at the best online brokers. |
| 3. Deposit and withdrawal | At some online brokers, funding and withdrawing funds can take 5 times longer and be much more expensive than at others. |
| 5. Trading platform | A user-friendly and well-equipped trading platform can significantly increase your trading comfort. |
| 4. Markets and products | You want to invest in Amazon or trade Bitcoin? They might not be available. Check the product lineup before opening an account. |
Best international online brokers for citizens in Iran
Bottom line
These were the details, now let's zoom out. Here are the best international online brokers of 2021 for citizens in Iran:
| IC Markets | HYCM | TMGM | FXTM | MultiBank | |
|---|---|---|---|---|---|
| Overall score | 4.5 | 4.4 | 4.4 | 4.3 | 4.1 |
| Best in | |||||
| Fees score | 4.4 stars | 4.1 stars | 4.6 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 |
| Deposit and withdrawal score | 4.9 stars | 4.5 stars | 4.3 stars | 3.9 stars | 4.5 stars |
| Markets and products score | 1.8 stars | 2.0 stars | 1.9 stars | 2.5 stars | 1.6 stars |
| Web platform score | 2.8 stars | 2.8 stars | 2.8 stars | 2.8 stars | 2.8 stars |
| Mobile platform score | 3.8 stars | 3.8 stars | 3.8 stars | 3.8 stars | 3.8 stars |
|
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75% of retail CFD accounts lose money |
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72% of retail CFD accounts lose money |
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74-89% of retail CFD accounts lose money |
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77% of retail CFD accounts lose money |
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74-89% of retail CFD accounts lose money |
IC Markets is our winner, the best international online broker in Iran for 2021. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
All of these brokers are considered safe and a great choice. Pick the winner, or any of the runners-up, and take the next step in your investment journey. Let us know what you think in the comments section.
Still unsure? For a tailored recommendation, check out our broker finder tool. If you enter the name of your country it will show only the relevant brokers. Want more details? Compare brokers with the help of our in-depth comparison table.
