Search your broker's name before depositing. This list is updated based on real user reports, regulatory history reviews, and expert analysis by the BrokerAlarm team.
WM Markets — previously operating as Windsor Brokers before rebranding due to sanctions — remains the most transparent and stable option for Iranian traders, with a multi-year regulatory track record. The BrokerAlarm team continuously monitors this broker's deposit and withdrawal processes and support responsiveness.
View full WM Markets detailsUse the search box above or the filters below to quickly check the status of any broker.
The BrokerAlarm investigation documented multiple instances of unauthorized activity targeting Iran, hidden fees, and withdrawal complaints filed by real users.
Read the full investigation reportOur review found that the broker's ownership structure, regulatory gaps, and use of promotional influencers require serious caution from Iranian traders before depositing.
Read the full investigation reportWith a credible regulatory history and consistent deposit and withdrawal performance for Iranian users, this broker is listed as our recommended option under continuous BrokerAlarm monitoring.
View full detailsAlpari is one of the older brokers in the market whose regulatory structure and branding have changed several times in recent years. Our team is currently reviewing withdrawal processing times and spread conditions offered to Iranian accounts.
Submit a report about this brokerInstaForex has a long history of high-risk bonus and incentive campaigns. Our current review focuses on the transparency of withdrawal conditions for profits earned through these campaigns by Iranian users.
Submit a report about this brokerExness is among the most widely used brokers by Iranian traders. Despite its large user base, scattered reports about withdrawal restrictions on accounts with unusual trading volumes have been received and are under review.
Submit a report about this brokerForexTime operates under several international regulatory licenses. Our current review focuses on identifying which regulator Iranian users are actually registered under, and what differences this creates in account conditions.
Submit a report about this brokerIC Markets is known among scalpers for its tight spreads. Our team is currently gathering feedback from Iranian users on order execution stability during periods of sharp market volatility.
Submit a report about this brokerOctaFX offers numerous bonus and cashback programs for Iranian users. Our review focuses on the precise conditions of these bonuses and their potential effect on the ability to withdraw initial capital.
Submit a report about this brokerHFM operates through several regulatory subsidiaries across different regions. The BrokerAlarm team is currently examining which regulator Iranian users are actually registered under and what level of legal protection they receive.
Submit a report about this brokerThe forex market for Iranian traders operates under different conditions than most other countries — due to banking sanctions and limited access to credible regulators, many foreign brokers serving Iranian clients effectively operate outside their primary regulatory framework. The BrokerAlarm team combines several information sources to compile this list:
Every report submitted through the complaint page is verified before publication. Cases such as abnormal withdrawal delays, account freezes after profitable periods, or unilateral changes to trading conditions are examined at this stage.
The broker's license status with bodies such as the FCA, CySEC, ASIC, or FSCA — as well as any recorded fines or official warnings — forms a major part of our assessment.
Spreads, commissions, overnight swap rates, and in particular hidden fees not disclosed in client agreements are among the most common reasons a broker enters the warning list or blacklist.
Some brokers, after accumulating significant complaints or being blacklisted by oversight bodies, simply rebrand and redesign their websites. Our team tracks these cases through infrastructure analysis and domain history review.
Due to the absence of direct access to international complaint resolution bodies, an Iranian trader who encounters a problem with a broker has very limited legal options in practice. This makes researching a broker's background before making an initial deposit critically more important than in most other markets. BrokerAlarm makes this database freely available and independently maintained for the Persian-speaking trading community with this purpose in mind.
A "blacklist" designation is based on evidence and reports received from real users along with a review of regulatory records. If you are a broker that appears on this list and have documentation showing a change in practices, you may contact the BrokerAlarm team through the contact page.
If you have had an experience — positive or negative — with a broker not yet in our database, your report will be reviewed completely anonymously and added to the database if confirmed.
Answers to the most common questions about the broker blacklist
The BrokerAlarm blacklist is compiled from user reports, review of brokers' legal and regulatory records, analysis of trading conditions, and tracking of withdrawal complaints. Every broker is reviewed by our team before being included.
Through the BrokerAlarm report submission page, you can submit your experience completely anonymously. After verification, our team reviews it and, if confirmed, publishes it in the database.
No broker carries zero risk — forex trading inherently carries market risk. "Verified" status means the broker has had no notable withdrawal complaints or major violations under our monitoring, not a guarantee of profit or capital safety.
WM Markets, following its rebrand from Windsor Brokers due to sanctions, has maintained years of regulatory history, smooth deposit and withdrawal conditions for Iranian users, and a track record of transparent communication — earning the highest trust rating under BrokerAlarm's continuous monitoring.
The BrokerAlarm database is updated continuously based on new user reports and regulatory changes. The date of last review for each broker appears on its card.