Hey traders, I’m an Iranian student living in Turkey and newbie learning to trade in the forex. I’m so confiused about which broker to choose. Need to know your recomendations for the same. For some time, I have been trying to find a reliable STP (direct processing) broker where I can open an account with a Turkish residence card, but I have not been able to find one, either they have credit issues or they do not open accounts for Iranians (even those residing outside of Iran).
In Iran, there are a series of brokers such as Alpari, Windsor and Amarkets, but they are not STP and their support is weak. I talked to a series of brokers like Roboforex and Pepperstone and they said that I should enter my nationality in Turkey when registering.
Do you think this will not be a problem? If you know a safe STP broker(IR/TR) With low commission and spread, I would appreciate it if you could help me🙏🏼
I don’t see why it would, particularly, if it’s what brokers are advising you to do?
For myself, in your position I would try Pepperstone and avoid Roboforex (after everything I’ve seen and heard about them) but it’s not my area of expertise.
Above all, don’t imagine that a broker describing itself as “STP” means that it isn’t your counterparty. Brokers like to try to use terms like “STP” to give customers that impression, but it actually signifies very little, if anything.
Good luck!
These brokers can’t provide services to Iranians because of the sanctions imposed by USA against Iran. That’s why when registering in the nationality selection option, there is no name of Iran at all, but they tell me that because you have a Turkish residence card, you can choose Turkey in the nationality selection option.
I did not know that brokers can falsely call themselves STP broker.
Thank you very much for your guidance. If it’s possible, could you give me a recommendation to open an account for me among the brokers that have accepted (vantage, Ic markets, pepperstone, fxpro) and the brokers that currently serve Iranians easily (alpari, windsor, Amarkets, opofinance, litefinance) which one is better for me?
pepperstone is more reliable as you said but one problem for me is that i can’t make my lot size less than 0.1,and fir Icmarkets I can’t make lot size less than 1, However, if you still say pepperstone is trustworthy, I have to top up pepperstone account with more capital to comply with the capital management rules.
Thank you very much for letting me know about this because I was really confused about choosing and finding a broker.
I also need to pay attention to the low commission, spread of the broker, the credibility of the broker and whether the broker will open an account for me or not.
That’s definite, and factual.
Sorry that it’s so awkward for you, but I see that it is, of course. And actually quite important. Well, “it is what it is,” as people say, and I guess you just have to do the best you can in your circumstances.
On this front at least you may be slightly better placed living in Turkey than in Iran, maybe?
I have not used most of these brokers, so I have no real first-hand information for you.
I can give you second-hand impressions on the basis of many years’ experience and knowing many people, if that helps? But please appreciate that these are no more than guesses. Good guesses, I hope, but guesses.
Of the ones you mentioned, my own strong preference would be for Pepperstone.
I would not use IC or Vantage or Alpari, myself.
I don’t know enough about the others you mentioned to comment, sorry.
I see the potential position-size problem with Pepperstone (I didn’t know that you can’t trade microlots there). If you can get round that problem, I would.
Sensible, experienced, conservative traders often suggest that when you’re getting started, you need $250 to trade a microlot (0.01 lots) safely, which would mean $2,500 for a minilot (0.1 lots).
Some will say $200; some will say $300; but a decent consensus of informed opinion is probably $250 for a microlot. (I have also seen people here whose names I recognise, and know slightly and trust, saying roughly the same thing).
There are also some people who will tell you that it’s ok and safe to trade 0.1 lots (1 minilot) with a lot less than $2,500, and I really think they’re very, very wrong. That’s just my opinion.
This is one of the problems of being an Iranian 
Turkey is not much different from Iran, the only difference is that the people are free and Turkey is not angry with the world 
I will talk to pepperstone support, I hope they can solve this problem of my account, but if not, there is no second option, right? 
Hi @behnami, I have no qualification to answer others. I want to explain about STP only.
I dont know your purpose of looking for STP’s brokers. STP means the broker won’t interfere with your position. They will send the order directly to their LP.
STP means they just take your order and send to LP. They get profit from commission only. The problem is what the LP is. LP can be Bank, Market Maker, Interbank Network, or bridge that manage where an order to be sent (mix).
In this part, it has no relation with your citizen as long as a broker has accepted you as a client.
If you mention trading volume, every country has their own regulation. As long as you can find one meet good broker’s criteria, I don’t see any problem. Example. tier 1 regulation. Or at least 2nd-tier if you can’t find 1st-tier.
Good regulation usually will guarantee their service to us. But read through their trading rule and policy carefully.
For example Pepperstone, you pick razor type account will guarantee low spread and fast execution. ICMarket you can pick Raw Spread.
Dont pick broker that charge a very low commission. Broker also needs to be profited. The ideal commission for now in between 5 - 7 USD / trade round, or 2.5 - 3.5 USD / lot deal. When you open and close a position it will be 2 deals so the commission will double. Less then 2.5 you need to do research if it will sufficient for broker to stay alive. I had experience a broker with commission 1.5 USD / lot deal. Cheap then the brokers became a magician, vanished in a second, running out of money, also with my money.
If you have getting a good broker then they wont pay you, you need to read the trading term carefully, probably you do something against their trading rule, such as some type of arbitrage, illegal trading method like “illegal hedging” 
or HFT with “specific” intentions. These are illegal thing in most brokers. I wont mention them frankly here, but if you know it, just careful or even avoid it. They will suspend your account, refuse to pay the profit or even blacklisted you for good.
Indeed, but be aware also that very many brokers not regulated e.g. by ASIC/FCA/CFTC will very often claim on their websites to be STP when they’re not. The pretend regulators on the Pacific and Caribbean islands where these brokers have chosen to pay an annual subscription to a “service” that authorizes them to say that they’re regulated there, and that they’re STP, won’t do anything about it because they don’t want to lose a customer. 
Hi @Heteroskedasticity , when they are not regulated, we need to be cautious. Never trust an offshore broker easily.
They can claim to be an stp, the truth can be a dummy broker. I had experienced helped someone to setup a dummy server. I thought for education but it used for scam. They claimed as stp.
If we traced the perception, it was stp. An stp to fake server, candle could be played as we wanted. So good regulator will be a big help to eliminate most of these problems, but not all. 
@TYGMedia @Heteroskedasticity Thank you very much for the useful information you gave me🌺, but now it was difficult for me to decide what kind of broker is right for me. My goal in finding an STP broker was only that the broker does not manipulate my chart for his own profit and that his profit is from the commission, not my loss.
Hi @behnami, nothing is perfect in this world. You wont learn much if that is your attitude. Start from thing you know. Everyone looks for profit for a living and never expect to find 100% win condition for yourself, unless you are the king of the world.
Pepperstone is already the best choice if you can have an account with them. start from this one, then learn and optimize your skill and trading option, a long the time.
If you can’t make profit from a broker, it’s simple because your skill is not good yet. Dont blame brokers or any reason. We are trading CFD, we don’t trade at a real market.
I can trade from any broker, even from the worst broker. The problem is profit wont be big. If you can manage this problem, no broker can stop you from making profit. Just be honest to yourself.