Best Forex Brokers in Iran, Egypt, Argentina, and Pakistan

While several forex millionaires are from the four countries, there seems to be no public trace. Forex trading, however, takes place in countries mainly through brokers, which we’ll look at per country in this post. Beginning with:

1. IRAN

Iran has had regulations that demotivate forex traders, and FX trading in Iran has become very slow as the new rules were adopted.

For that reason, many international forex companies that once operated in Iran have stopped and have blocked the country for online forex activities.

Because of the regulations, the Iranian rial, the country’s currency, is also not available for forex trading.

Moreover, the Central Bank does not issue licenses for forex traders and brokers as it is against the country’s regulations, which has resulted in the fact that there are no known Iranian forex brokers.

Citizens who are interested in trading may opt to go through brokers such as XM, which has introduced a Sharia-compliant account type that is accepted in Iran,

Iranians who are looking for forex brokers other than XM need to consider whether the broker keeps the funds segregated, whether the broker accepts payments in their national currency, the licenses that the broker owns, whether the brokers have a reputation as good as XM, and whether it offers access to a large number of currency pairs.

Most importantly, Iranian traders seeking to join forex must check the payment methods accepted by the platform.

Ninety-two percent of Iran’s citizens use debit cards; however, online payments have become very popular in recent years. International Forex brokers in Iran do not usually accept local payment methods, so you might use credit/debit cards for Forex trading in the country.

2. EGYPT

Far from Iran, young Egyptians are starting to trade using their smartphones to earn profits. Even though specific local laws and regulations still restrict forex in Egypt, you can use either of these brokers to access the forex markets.

a). FXTM

This is the best all-around broker with high floating, fast execution, and an excellent commission-based Forex platform for beginning traders in Egypt.

FXTM also has an upgraded MT4/MT5 trading platform, a proprietary mobile trading app, and quality market research and educational content for beginner traders.

FXTM is highly regularly rated with a Tier-1 license; however, it also has a disadvantage: FXTM offers no cryptocurrencies and a limited choice of commodities.

b) FP Markets

FP Markets has a variety of trading platforms and auxiliary trading tools, a very competitive cost structure, excellent asset selection, a low minimum deposit requirement, and a leverage of up to 1:500.

It’s well-regulated and trustworthy.

c). AvaTrade

Ava offers maximum leverage on forex currency pairs as high as 400 to 1.

It has a high-quality educational offering via SharpTrader and an excellent choice of trading platforms catering to various trading needs.

Ava Trade also has broad asset selection and cross-asset diversification opportunities. It is a well-regulated and trusted broker with oversight from a central bank.

d). Pepperstone

Pepperstone was founded in 2010, is headquartered and regulated in Australia, the U.K., and Dubai, and is arguably the world’s most well-known ECN Forex broker.

It has an excellent choice of trading platforms, including MT4, MT5, and cTrader.

Pepperstone supports social trading via Myfxbook, MetaTrader Signals, and DupliTrade and has a leverage of up to 1:30 and fantastic trade execution.

Its disadvantage is that demo accounts have 30-day time limits.

3. ARGENTINA

Someone may ask, Is forex trading legal in Argentina?

Of course, forex trading is legal in Argentina, and the government, led by its three financial regulators, continues to amend its laws and regulations to make it more accessible, reliable, and transparent

However, there are no traces of forex millionaires online in Argentina. Most retail Forex trading occurs via well-regulated international offshore brokers, which are:

Advantages of using these brokers:

• The Forex market is decentralized, and traders can transact daily, 24/5, plus weekends for indices and other OTC pairs.
• These platforms allow copy-trading
• They enable forex traders to use account management services and mobile apps.
• They support passive income opportunities without placing trades.
• Low minimum deposit requirements
• Low-cost deposit and withdrawal methods, including cryptocurrencies, ensure smoother financial transactions.

4. PAKISTAN

Like in most Arab countries, forex is partially regulated in Pakistan. However, traders who want to access the markets online can always use readily available online resources like the ones listed below to trade.

Let’s look at some of the best Forex brokers in Pakistan:

a). Fusion Markets will be among the best forex brokers in Pakistan in 2024.

It has the lowest commissions on the market, a wide range of currencies, and low withdrawal fees.

b). Global Prime is next with low forex fees, easy and fast account opening, and free deposit and withdrawal.

If you don’t like either of these brokers, you can always sign up with the ones listed below:

What you’re looking for in a broker may differ from another person’s, depending on your experience, trading strategy, and other preferences as a forex trader.

However, make sure you do proper research to help you choose a reliable and trusted broker.