Forex Brokers in Iran
Forex trading in Iran is popular amongst residents who are looking to buy and sell currencies to speculate on the fluctuating currency market prices. Whilst international forex brokers can accept traders in Iran as clients, forex brokers in Iran are required to become authorised by the Central Bank of Iran (CBI). The Central Bank also enacts specific laws concerning currency transactions which traders must follow according to the country’s banking regulations board.
Best forex brokers Iran
To find the best forex brokers in Iran, we created a list of all the forex brokers that accept clients in Iran and then ranked them based on our overall rating. You can see our list of our top forex brokers for Iran below.
CBI forex brokers in Iran
As to forex trading in the country, forex brokers Iran are authorized and regulated by the Central Bank of Iran (CBI) CBI issued a statement saying that they will only register and authorize foreign exchange companies who have physical offices within its borders.
Established under the Iranian Banking and Monetary Act in 1960, it serves as the banker to the Iranian government and has the exclusive right of issuing banknote and coinage. CBI is tasked with maintaining the value of Iranian rial and supervision of banks and credit institutions.
The objectives of the Central Bank of the Islamic Republic of Iran as per its charter and according to section 10 of the Monetary and Banking Law of Iran (MBAI) are as follows:
- Maintaining the value of national currency
- Maintaining the equilibrium in the balance of payments
- Facilitating trade-related financial transactions
- Improving the economic growth potential of the country
The Iranian government has placed some restrictions on forex trading in recent years, but these have mostly been aimed at limiting the activities of currency speculators and leaving room for more “real” economic activity. Forex trading is available in Iran. Traders can legally use different offshore brokers to initiate foreign currency trading.
How to verify CBI regulated brokers in Iran
You can find an authorised broker’s license number from the disclosure text at the bottom of their homepage. You can then look up the authorisation number on the CBI website to confirm if the forex broker is regulated in Iran to provide online forex trading products and services.
Some Iranian forex brokers are regulated in more than one jurisdiction so that they can offer a different range of trading accounts and conditions depending on the location of the trader and regulated entity that they choose to open a forex trading account with.
Is forex trading legal in Iran?
Yes, traders are allowed to trade forex in Iran, where there are over 82.91 million potential traders. Forex trading is not clearly categorized as either legal or illegal, thus local forex traders must make sure that the Forex Brokerage firm they choose is legitimately authorized to provide services to traders in Iran. The CBI has been given responsibility by the Iranian government for upholding the nation’s balance of payments and monetary policies.
The Iranian economy is composed of a mix of central planning, state control of the oil industry, a number of other significant businesses, village agriculture, and little private trade. Contrary to common assumption, tourism is crucial to the economy of the nation, which adds another layer of legitimacy to forex trading since currency exchange is necessary for the proper operation of company in the nation.
In addition to conventional forex trading, Islamic forex trading is also permitted and accessible in the nation. Iran’s official religion is Islam, and brokerage companies that welcome local investors typically provide their Muslim customers Islamic or Swap Free Forex trading accounts. To trade in compliance with Sharia Law, nearby Muslim investors must pick a forex broker that offers both conventional and Islamic FX trading accounts.
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