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Best Forex Brokers in Iraq

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The Iraqi economy has been suffering recently, with very low oil prices prompting requests for financial support from the International Monetary Fund (IMF). However, despite this bleak outlook, the number of people who are interested in trading forex in Iraq is growing. Keen to help those who are looking to trade forex in the country, our analysts at Business24-7.ae have been busy ranking all the options available to Iraq’s residents. To ensure that our data can be relied upon, we undertake regular appraisals of the forex brokers that accept Iraqi residents. Leaving no stone unturned in our analyses, we are now considered among the best resources for beginner and expert traders living in the Gulf region.

Which Are the Best Forex Brokers in Iraq in 2020?

Our core mission at Business24-7.ae is to ensure that forex traders in Iraq choose the right broker for them. To achieve this goal, we have compiled a list of 272 criteria which drill down on platform UX, fees, security and safety, tools for learning and education, research capabilities, regulatory compliance, the range of products available, withdrawals and deposits, among others.

Aware that the features and services offered by many brokers can change from week to week, we have also spent the last two months ensuring our data is completely up to date. We are fortunate to have strong links with several international brokers, which means that if something changes then we are the first to know about it.  And so, without further ado, here are the results of our analyses.

But let’s get to the heart of the matter. Here are the best forex brokers for Iraq residents that made our top 8:

  • eToro – Best overall offer
  • Swissquote – Best banking services
  • Saxo Bank – Best VIP client experience
  • Interactive Brokers – Best for professionals
  • FxPro – 4.0 Stars
  • XM Group – 4.0 Stars
  • XTB – 3.5 Stars
  • Pepperstone – 3.5 Stars

TRADING PLATFORM

BENEFITS

ASSETS

PLATFORMS

FUNDING 

ISLAMIC 

BONUS

 DEPOSIT

avatrade-logo

- Dublin based forex broker
- Highly regulated and safe
- Multilingual support
- Lots of financial instruments
- 2Million transaction/month

- Forex
- Indices
- Stocks
- Cryptocurrencies
- Commodities
- ETF's

+ Mobile App
+ Web Trader
+ MT4

- Credit /debit cards
- Paypal
- Bank transfers
- Skrill

YES!

40%

$100

XM-logo

Quality platform:
Highly regulated
Beginners friendly
Arabic/english support
- Low spreads from 0 pips
- 57 Currency pairs
- 500:1 Max leverage
- 25% bonus on first deposit

- Forex
- Indices, Energies
- Stocks/ Live Stocks
- Cryptocurrencies
- Commodities
- ETF's, Bonds
- Precious metals

+ Mobile App
+ MetaTrader 4
+ MetaTrader 5
+ WebTrader

- Credit cards/debit cards
- eWallets
- Wire transfers

YES!

a$30 - No deposit required

$5

Highly sophisticated platform:
- easy to use
- perfect for beginners
- demo account for training purposes
- lots of different financial instruments
- Great research tools

- Forex, Metals
- Oil, Commodities
- Indices, Stocks
- ETF's, Gold
- Cryptocurrencies

+ Mobile App
+ Web Trader

- Credit Card
- Wire Transfer 
- Skrill, Qiwi
- WebMoney 
- CashU

/

$10

forex.com-logo

- Global forex and CFD broker

- over 84 currency pairs and 230 CFD's

- Part of the GAIN Capital holding

- Forex

- CFD's

+ Mobile App
+ Web Trader
+ MT4

 - Credit /debit cards
- Bank transfers

YES!

/

/

olymp-trade-logo

Solid platform:
- Allows Hedging
- Offers MT4
- Offers social trading
Offers mobile trading apps
- Allows scalping
- Accepts credit cards

- Forex
- Indices
- Stocks
- Crypto
- Commodities
- ETF's

+ Mobile App
+ Web Trader

- Credit /debit cards
- Paypal
- Bank transfers

YES!

/

$1

- Global forex and CFD broker

- Easy to use trading platform

- Powerful research tools

- Fast account opening

- Forex

- CFD's

+ Mobile App
+ Web Trader
+ MT4

- Credit /debit cards
- Paypal
- Bank transfers

YES!

/

/

fxcm-trading

- UK Based forex and CFD broker

- Easy to use trading platform

- Powerful research tools

- Low trading fees

- Forex

- CFD's

+ Mobile App
+ Web Trader
+ MT4

- Credit /debit cards
- Paypal
- Bank transfers

YES!

/

/

xtb_logo-white

- Forex and CFD broker

- Easy to use trading platform

- Good research tools

- Fast account opening

- Forex

- CFD's

+ Mobile App
+ Web Trader
+ MT4

- Credit /debit cards
- Paypal
- Bank transfers

YES!

/

/

pepperstone-logo

Solid platform:
- AUD 200 account minimum
- from 0.0 peep fee
- Highest quality for Australian traders

- Forex, Indices
- Stocks/Live Stocks
- Cryptocurrencies
- Commodities

+ MetaTrader 4
+ MetaTrader5
+ Webtrader

- Credit cards/debit cards
- Bank transfer

YES!

5%

$100

etoro-logo

eToro - Best Overall Offer

eToro is an established social trading company, operating since 2007. It is an FCA regulated entity when operating in the UK, an Australian entity in Australia, and a Cypriot entity for international customers.

In our review eToro has been awarded as the best social trading platform - social trading means you can follow other traders and copy their investment strategies.

client-swissquote-landscape-image-2019-jul-12

Swissquote - Best Banking Service

Swissquote is a trustworthy and well-regulated online broker, operating with two units. Its Swiss unit offers, among others, stock, features, funds and options while the London-based unit is specialized in Forex and CFDs trading.

From the results in our review, we would recommend this platform to users looking for fast deposit and withdrawal + great research tools.

Saxo-bank-logo

Saxo Bank - Best VIP client experience

If you are a trader that can afford a minimum deposit of USD 10,000 (or GBP 500 for the UK), an excellent forex broker for you is Saxo Bank. Saxo Bank stands out since it provides a unique trading platform, competitive prices, professional research, more than 40,000 trading instruments, and outstanding customer service.

In our review we also liked the incredible pricing on the platform and the exclusive SaxoTraderGO flagship platform. You will get everything you need to perform well in the market.

Interactive-Brokers-logo

Interactive Brokers - Best For Professionals

In our 2020 review, Interactive Brokers has ranked second overall because of its vast array of tools for advanced investors that track global investing trends.

The firm can connect to any global electronic exchange, which means trading futures, equities, and options around the world is easy and straightforward, whether from your mobile device or your desktop.

Even though Interactive Brokers is an excellent advisory, new investors may find its extensive capabilities to be overwhelming and distracting, and we recommend that they start trading somewhere else.

fxpro-review-1

FxPro

Founded in 2006, FXPro operates in the United Kingdom and is in the spread betting and CFD market. In 2017, Global Brands Magazine voted FXPro as the most trusted Forex brand in the UK.

FXPro has more than 870,000 clients in 173 countries. The DFSA, FSCA, SBC, FCA, and the CySEC all participate in the regulation of FXPro.

  • Easy-to-understand pricing
  • News in Realtime
  • Large product offering
XM-logo

XM Trade

XM.com is part of a much larger organization called the Trading Point of Financial Instruments UK Limited. This organization created the exam group in 2009, which then founded XM.com, which is now one of the best established and well-known investment firms in the world.

With over 1.5 million clients in 196 countries, the XM forex global company focuses on three core principles:

Be big, Be fair, Be human.

xtb-trading

XTB Trading

XTB is primarily a CFD and forex broker regulated by the most trusted financial regulators including the FCA and is also listed on the Warsaw stock exchange.

We would recommend this platform to users looking for fast deposit and withdrawal + great research tools.

pepperstone-logo

Pepperstone

Since opening its doors in 2010, Pepperstone Group has become one of the best brokerages in the Australian financial industry. They have built a full-featured trading portal with highly competitive benefits that focuses on indexes, Forex, and commodity instruments.

A wide variety of web-based, desktop, and mobile trading platforms accessible by multiple account types is attractive to novice traders.

Forex Regulation in Iraq

The Central Bank of Iraq is responsible for overseeing the country’s financial system. Formed in spring 2004 after the US invasion of the country, it is headquartered in Baghdad. Its responsibilities include: managing and holding the country’s gold and FX reserves; monitoring the national payment structure; regulating the banking sector; issuing and managing the Iraq dinar, the country’s national currency; and implementing the exchange rate and monetary policies for Iraq.

Although forex trading is legal in Iraq, the regulatory structure is weak. This means that most forex traders choose to use brokers which are based abroad and regulated under foreign jurisdictions. The volatility of Iraq’s national currency, the dinar, also causes problems owing to a lack of liquidity. As an Iraq resident, the trick to getting started with forex trading is to find a broker that accepts the dinar, although this is rare. Alternatively, allow us to help you find a broker which allows you to convert dinar to the US dollar or another reserve currency.

Which Forex Broker Is Best for Iraq Residents?

As forex brokers, we all have specific needs depending on our particular circumstances and preferences. With this in mind, we decided to publish our forex broker tool. Here you can take a deeper dive into each brokerage and gain a better understanding of why each broker is ranked as it is. Our revised methodology is in a constant state of refinement, and represents the total sum of our analysts work. We hope you find it illuminating and informative.

If you like this article then you should also check:

Our Methodology

We took the time to analyze and compare the top 30 international trading platforms in 2020. So, each firm received its review based on 105 distinct variables and more than 50,000 words of research.

Keep in mind that broker involvement was optional. Each broker had the option to provide a detailed profile and offer adequate time for a yearly update meeting. This opportunity came with two possibilities: giving information over the web or live in person.

We checked all the information provided by brokers with a lot of attention to details. Our purpose was to offer you access to reliable, accurate, and well-researched data. Our validation process comes with less than a 1% error rate per year, as all the reviews we share come with a focus on quality and not quantity.

Our Mission

The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.

Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.

Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

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