Forex Iraq Review – 5 things you should know about forexiraq.net

Beware! Forex Iraq is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

As the name suggests, Forex Iraq is an Iraqi broker apparently targeting customers from the Middle East. We cannot, however, take some of their claims seriously. An example is the statement that Forex Iraq is the leading broker offering the best conversion rates, lowest spreads and variety of options. It’s online for less than a year and is registered in a country imposing no Forex regulations whatsoever, so it cannot be a leader. Forex Iraq is risky, and we’ll prove it in the following review.

Forex Iraq Regulation and safety of funds

Forex Iraq is a brand of Myrtle Financial Consultation Co., Ltd – a company headquartered in Erbil, Iraq. It claims to be registered and authorised by the Ministry of Commerce in the country, which may as well be true. However, it’s practically impossible to confirm this information, and even if it’s correct, nothing would really change. Iraq does not license or regulated brokers, so all FX companies from this country are considered overly risky.

Nevertheless, we could verify that Myrtle Financial Consultation Co., Ltd exists. It also has an online presence with social media accounts, LinkedIn and so forth, which is a plus actually. That said, Forex Iraq remains a broker under no regulatory supervision, so staying away from it would be the best choice you can make. Trade with licensed companies instead.

Choosing your broker may very well depend on where you are located. For British traders, it’s always best to go for a broker licensed by the Financial Conduct Authority (FCA). In the EU, the majority of companies are regulated by CySEC in Cyprus; for Australians, you’d better look for ASIC brokers; in the US, it’s best to stick to CFTC/NFA brokers. And if you live somewhere else, where, for example, the local Forex regulations are not mandatory, it’s still recommended to trade with FX providers regulated by respectable authorities. They provide segregated accounts, negative balance protection and, depending on the country, deposit insurance funds may be available. For example, clients of CySEC brokers can claim up to €20 000, while in the UK, the coverage is up to £85 000 per person.

Forex Iraq Trading software

Forex Iraq offers MetaTrader 5, arguably the best platform for retail trading. The software is excellent, but it doesn’t change the fact that Forex Iraq is a risky broker registered in a country with no Forex regulations.

Speaking of MetaTrader 4 and MetaTrader 5, however, we should note that both platforms are considered the best options for retail Forex. MT5 is the newest and is considered the better version, but even if you trade with MT4, you’ll still have access to automated trading, custom indicators and plenty of analytical tools.

Forex Iraq Trading instruments

Forex Iraq offers many asset classes, including the standard ones such as Forex, Commodities, Stocks and Indices, but not Crypto. There is variety, but those same instruments are provided by pretty much every regulated broker, so once again, there is no reason to use Forex Iraq.

Forex Iraq Spreads and cost of trading

The cost of trading is not too bad – the EUR/USD spread is 0.7 pips on average, which is a good rate. Nevertheless, Forex Iraq remains an unregulated broker, so it’s still risky to trade with it, notwithstanding the overall low costs of trading.

Forex Iraq Maximum leverage

The maximum leverage is 175:1 for FX majors, but unfortunately, Forex Iraq fails to elaborate further. We would expect from a broker to provide all the details about the service, including leverage ratios for different asset classes. There is lack of information, which is a warning sign.

Forex Iraq Deposit and withdrawal methods

There is a lack of information about funding, as well. Forex Iraq provides absolutely no details about it, so we cannot verify or exclude any methods. Testing the deposit system was also impossible at the time, as our account was waiting for approval. At the end of the day, however, whatever the methods, it’s still not recommended to deposit with Forex Iraq.

Forex Iraq Minimum deposit

The minimum deposit is $100, a standard requirement, but still considerably higher than low-deposit-brokers, some of which accept clients for as little as 5 to 10 dollars.

Forex Iraq Withdrawal requirements

The withdrawal conditions are unknown. Forex Iraq does not specify anything, and on top of it all, the broker does not even provide legal documents. This is a huge downside, and actually a serious scam sign. To call a trading service legitimate, clients should sign documents and submit copies back to the broker. Beware, and watch out for more red flags, as well. For example, it would be another undisputed scam sign if the broker asks for additional deposits to let you claim your money back. Scammers always do it, and we hope Forex Iraq doesn’t.