4 best Forex Brokers and platforms in Iraq – Comparison and reviews
Table of Contents
A credible forex broker is one of the crucial factors to consider if you want to succeed in forex. Forex trading in Iraq is slowly catching up with the pace of the rest of the world. Many forex brokers are rushing to Iraq to register clients; among them are reputable forex brokers that offer good trading conditions and a variety of trading features for investors.
See the list of the best Forex Brokers in Iraq:
Forex Broker: | Review: | REgulation: | Spreads: | Assets: | Advantages: | Open account: |
|---|---|---|---|---|---|---|
1. BlackBull Markets  | FSPR, FSCL | Starting 0.0 pips & negotiable commission per 1 lot | 500+ (64+ currency pairs) | + ECN Broker + Deep pool execution + High liquidity + Best execution + Leverage 1:500 + MT4/MT5 | Live-account from $ 200(Risk warning: 78.1% of retail CFD accounts lose money) | |
2. RoboForex  | IFSC | Starting 0.0 pips & $ 4.0 commission per 1 lot traded | 9,000+ (50+ currency pairs) | + Huge variety + Micro accounts + Free bonus program + Leverage up to 1:2000 + ECN accounts + MT4/MT5/cTrader | Live-account from $ 10(Risk warning: 78.1% of retail CFD accounts lose money) | |
3. Pepperstone  | FCA, ASIC, DSFA, SCB | Starting 0.0 pips & $ 3.5 commission per 1 lot | 1,000+ (40+ currency pairs) | + Fast execution + Large FX Broker + Good service + MT4/MT5/cTrader + TradingView Charts | Live-account from $ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs) | |
4. IQ Option  | CySEC | Starting 0.1 pips variable & no commission | 500+ (25+ currency pairs) | + Easy to use + Binary Trading + Support 24/7 + Min. Deposit 10$ + Lowest spreads on main trading hours | Live-account from $ 10(Risk warning: Your capital might be at risk.) |
(5 / 5)
(4.9 / 5)
(4.8 / 5)4 best forex brokers and platforms in Iraq
- BlackBull Markets
- RoboForex
- Pepperstone
- IQ Option
1. BlackBull Markets
Since it started operation in 2014, BlackBull Markets has registered thousands of traders in different continents.
Financial assets – traders access indexes, commodities, energies, shares, metals, CFDs, and forex.
Regulation – it has regulation from the Financial Services Authority (FSA) based in Seychelles.
Account types – traders can open three types, ECN Standard with an initial deposit of $200, ECN Prime with $2000, and ECN Institutional with a minimum deposit of $20,000.
Fees – forex spreads vary with the account, and the ECN Standard starts at 0.8 pips, the ECN Prime with 0.1 pips, and the ECN Institutional has 0.0 pips.
Trading costs – ECN Prime charges a commission of $6 for every $100,000; the ECN Institutional commissions vary with the volume, and the ECN Standard has no commission. BlackBull Markets have no Inactivity fee, and rollover charges vary with the position size; deposits and withdrawals are free.
Leverage – the maximum leverage traders, can access is 1:500.
Demo account – it has an unlimited demo account for registered accounts.
Trading platforms – it has integrated the MT5 and MT4.
Payment methods – traders can deposit/ withdraw using bank transfers, debit/credit cards, and e-wallets such as Skrill, Neteller, Fasa Pay, Web Money, QIWI, and bank wire.
Customer care – customer support works 24/6 through live chat, emails, and phone calls.
Pros
- Low trading costs
- A fast account registration process
- High leverage
- Advanced trading tools
Cons
- Limited educational content
- Customer support is only available 24/6
(Risk Warning: Your capital can be at risk)
2. RoboForex
RoboForex got established in 2009 and has since registered more than 800K traders in 169+ countries around the globe.
Financial markets offer commodities, energies, CFDs, forex, metals, stocks, ETFs, and cryptocurrencies.
Regulation – RoboForex has regulations from the International Finance Service Commission (IFSC).
Account types – it offers five types R-stocks trader has a minimum deposit of $100, the Prime, ECN, Pro, and Pro-cent have an initial deposit of $10.
Fees – the spreads depend on the trading account; the ECN and Prime start at 0.0 pips, Restocks trader traders stocks, indices, and CFDs from 0.01 dollars, and the Pro and Pro-cent have forex spreads from 1.3 pips.
Trading costs – It has an inactivity fee of $10 for 12 months of inactivity and commissions for trades. Rollover costs vary with the position size, and deposits/withdrawals are free.
Leverage – the maximum offered is 1:2000 available in the Pro and Pro-cent. The ECN has 1:500 while the R-stocks trader and the Prime accounts have 1:300.
Demo account – they offer a free demo account as long as you register for the account.
Trading platforms – traders can select from the R stocks trader, c Trader, MT4, and MT5.
Payment methods – traders can use bank transfers, debit/credit cards, and digital wallets such as Skrill, Neteller, Paypal, Union Pay, NganLuong, Payoneer, Perfect Money, and AdvCash.
Customer care – Customer support is available 24/7 through live chat, emails, and phone calls; it supports 11 languages.
Pros
- Low trading costs
- Low initial deposit
- Fast order processing rates
- Negative balance protection
- Fast deposits and withdrawals
Cons
- Has limited trading instruments
- It has no fixed spreads
(Risk Warning: Your capital can be at risk)
3. Pepperstone
Founded in 2010, Pepperstone has registered over 300K trading accounts from different regions.
Trading instruments – it offers ETFs, Indices, CFDs, Shares, commodities, and forex.
Regulation –it has regulations from the DFSA, ASIC, and FCA.
Account types – traders can choose from two; the Standard account and the Razor account both have an initial deposit of $200.
Fees – forex spreads start from 0.0 pips for the Razor account and 1.0 pips for the Standard account.
Trading costs – overnight rates depend on the position size and number of nights. It has no inactivity fees, and its deposits and withdrawals are free. The Standard account has no commission; forex traders who trade a volume of $100,000 in the Razor account attract a commission of $7 per round lot.
Leverage – it offers maximum leverage of 1:400.
Demo account – its demo account has a limit of 30 days after registration.
The trading platform – Pepperstone has incorporated the c Trader, MT5, and MT4.
Payment methods – traders can transfer funds through bank transfers, debit/credit cards, and e-wallets such as Neteller, PayPal, Union Pay, Skrill, POLi, and Bpay.
Customer care – its customer support is available through live chat, phone calls, and emails 24/5.
Pros
- Low trading costs
- Fast account registration
- Quality trading resources
- Fast order execution
Cons
- Limited educational resources
- Customer care is only present 24/5.
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
4. IQ Option
Established in 2013, it has registered thousands of traders in different continents.
Trading instruments – its users can access options, stocks, CFDs, Commodities, and cryptocurrencies.
Regulation – it has regulations from Cyprus Securities and Exchange Commission.
Account types – it has two trading accounts; the Standard account has a minimum deposit of $10, while the VIP account is for high volume traders; the deposit varies.
Fees – the forex spreads vary with the account type; the standard account starts at 1.0 while the VIP starts at 0.0 pips.
Trading costs – it has commissioned for cryptocurrencies of 2.9%. The rollover costs vary from 0.1 to 0.5%. It also has an inactivity fee of $10, and withdrawals via bank transfer attract a withdrawal fee of $31, but deposits are free.
Leverage – the maximum leverage is 1:500; EU traders have a limit of 1:30.
Demo account – the demo account in IQ Option is unlimited and has $10,000 virtual funds.
Trading platform – it uses its proprietary trading platform.
Payment methods – traders can deposit via bank transfer, credit/debit cards, and electronic wallets such as Skrill, Cash U, MoneyBookers, Webmoney, and Neteller.
Customer care – customer support is available via emails and phone calls.
Pros
- Low trading costs
- A fast account registration process
- A wide range of trading instruments
- Low initial deposits
Cons
- Limited educational resources
- Limited research tools
(Risk warning: Your capital might be at risk.)
Is it legal to trade Forex in Iraq?
It is legal for Iraqi forex traders to trade forex in Iraq. Forex brokers have expanded their boundaries and now offer services even in Iraq. However, the Iraq forex market is highly unregulated, which means there is a high possibility of getting scammed as an Iraqi forex trader.
Iraqi traders can register trading accounts with regulated international brokers if they want to start trading forex. It is difficult to trade forex with the Iraqi dinar because of the high volatility. Forex brokers can convert their currency to other foreign currencies like the EUR or the USD.
What are the financial regulations in Iraq?
The Iraq government is dealing with many issues affecting the economic growth in Iraq. One of these issues is insecurity which consists of insurgent extremist groups such as ISIS in some parts of the country. There is also corruption and strikes.
It highly affects the economy and how the government functions as it channels most of its resources towards stabilizing the economy. Not all areas of Iraq are affected by insecurity; other regions are stable.
The Central Bank of Iraq acts as the main regulatory body for financial operations, including the securities and exchange sector. It has put a few policies that are the framework that forex traders in Iraq follow. However, these regulations are not strong enough to regulate the financial markets in Iraq.
So, forex traders in Iraq depend on international regulators to get forex-regulated brokers.
Some international regulators include:
It is possible to profit from forex trading in Iraq; traders have first to find a reliable forex broker and register a trading account. Since the securities and exchange market is unregulated, there are many scams from new forex investors.
We recommend traders to use International forex brokers with reliability in the forex market and regulation from credible regulatory institutions. The Iraq Dinar is unstable and may not be available for forex traders, but they can deposit and convert their currency with a small conversion fee.
Security for traders from Iraq
International forex brokers have a few regulations that ensure the safety of investors. Regulatory requirements for most international forex brokers include having a compensation fund if the broker goes bankrupt.
Forex brokers must have segregated accounts for their company funds and another for investor funds to ensure they don’t mix. Traders are also required to register accounts using the Anti- Money laundering laws for brokers to know their clients.
Some laws restrict using high leverage; forex brokers have a limit of 1:30 in the EU and 1:50, although forex brokers can apply to use more. Some forex brokers offer negative balance protection, which prevents the forex trader from completely losing all their account balance.
How to trade Forex in Iraq – A quick tutorial
Find a reliable Forex broker
This first step is crucial and is easy if you know the forex broker you want to trade with. You can consider regulation, trading instruments, platforms, educational and research tools, a demo account, and trading costs.
These factors can act as a guide when you are choosing a forex broker. Confirm the trading license of the forex broker on the website of the regulatory agency it is regulated under. It will help you find reliable brokers from many forex brokers posing as regulated brokers.
Open a trading account for Iraq traders
If you get a regulated broker, the next step is to register a trading account with the forex broker. Registering a trading account is easy and takes a short time. Visit the forex broker website and register on the online form.
The registration form requires you to fill in your name, email address, telephone number, date of birth, account type, and country of residency. They can also ask for your employment status and trading background, which helps them to know more about their client and if they can take a high-risk trade.
The forex broker also requires you to send a copy of utility statements and ID to verify the information you give them. Registration is according to standard AML regulation, in which forex brokers are regulated by tier one, and two jurisdictions comply.
Download a trading platform and deposit funds
After registering a trading account, download a trading platform you prefer. Forex brokers work with various companies that offer trading platforms such as MetaTrader 4 and 5. Others have their proprietary trading platforms.
Deposit funds using any of the payment methods the forex broker supports. International forex brokers now cover a larger area than before, which requires them to support various payment methods that allow traders from countries beyond Europe and America to deposit funds.
Start with a demo account or a real account
It is prudent to start with a demo account if you are a new trader. It allows you to test the trading features and tools and use them to test a trading strategy. A demo account is also where forex traders practice trading a new financial asset before trading in the real account.
Traders who have experience trading cans directly start with a real trading account. New traders, ensure to practice fast before risking real funds to increase chances of making profits.
Use analysis and strategies
Develop a trading strategy that you can use to enter the market. A trading strategy consists of the entry and exit strategy, the stop loss, and the technical tools you apply during a trading strategy. Traders who prefer short-term trading can apply short-term trading strategies like day trading or position trading.
Long-term trading requires you to use long-term strategies that will let you last in the market for long. Ensure you apply stop loss if you are trading long-term. You might also consider analyzing the currency market before opening a trading account.
The analysis involves using technical and fundamental analysis to evaluate the financial markets. Fundamental analysis uses news, financial events, and market signals to evaluate price markets. It allows you to track what happens in case of the market rallies because of an event you can get out of.
Technical analysis involves using technical tools and analyzing the price action to predict the price action. Technical analysis is one-way forex traders use to predict the price action. A forex trader must find a trading strategy that offers consistent returns through practicing on the demo account.
- Start trading
Once you have decided you are ready to start trading, you can start immediately. One tip to follow is to master emotional and trading discipline; you have to follow your trading strategy. It is also crucial to understand the timing of how to enter or exit the market.
Conclusion: The best Forex Brokers are available in Iraq
Since forex brokers can now register accounts, traders can profit from forex trading in Iraq. Traders should be alert when registering and depositing on a forex broker because Iraq’s securities and exchange markets are unregulated.
However, good trading brokers offer brokerage services to Iraq traders and are recognized in the industry.
FAQ – The most asked questions about Forex Broker Iraq:
Do the regulating authorities in Iraq permit traders to trade forex?
Yes, traders in Iraq can trade forex without any legal drawbacks. The regulating authorities in Iraq support all the laws that allow traders to trade forex. Not only forex but traders in Iraq can trade several other underlying assets. So, the traders in Iraq are at par with the traders worldwide. Iraqi traders have the same earning potential as traders elsewhere.
Which forex broker operating in Iraq offers traders to start with a low amount?
Many brokers operating in Iraq might allow you to start trading with a very low investment. However, choosing a broker without reviewing the benefits and drawbacks of trading with them can land you in trouble. So, you must choose a broker with a reputation for offering the best services to forex traders. If traders wish to start trading forex with a low amount, they can choose IQ Option. This broker allows traders in Iraq to start trading with an amount of only $10.
What should a trader in Iraq look for in a forex broker?
The ultimate trading experience of a trader depends upon the broker he chooses. So, if you wish for a perfect trading experience, you should pick a forex broker that offers you top features. Besides, the broker should offer all leading trading tools and technical indicators.
Is the Iraq Dinar available in Forex?
The Iraq dinar is available in forex, but many forex brokers do not offer it for trading because it is highly volatile. It increases the risk of trading, which is why International forex brokers have an option of converting the Iraq dinar to stable currencies like the USD or the EUR.
Do Iraq Forex traders pay tax?
Yes, they can pay taxes; since the forex industry is highly unregulated, the Iraqi government has not yet set specific laws forex traders must follow to pay taxes. However, it has a financial policy stating that all forms of income in Iraq are liable to payment of taxes regardless of the individual’s residence.
Last Updated on October 20, 2023 by Andre Witzel
