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MYRTLE foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://portal.myrtle.ltd/en/auth/sign-up, about the company's legal and temporary regulatory information, the company's address Office 16, AB Center (AB White Building), Gulan St Erbil 44001, Iraq.

MYRTLE Forex Broker

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Forex Iraq Review SummaryFounded2022Registered Country/RegionIraqRegulationNot regulatedMarket Instruments60+ currency pairs, commodities, indices, stocksDemo Account✅LeverageUp to 1:100SpreadFrom 1.5 pips (Standard Account Type A)Trading PlatformMetaTrader 5 (Desktop & Mobile)Min Deposit$50Customer SupportAddress: Office #16, 2nd Floor, AB White Building, Gulan St., Erbil 44001, IraqE-mail: info@forexiraq.netPhone: +964-0770-198-9494, +964-0750-198-9494Forex Iraq Information Forex Iraq is an unregulated broker founded in 2022 and registered in Iraq. It offers a variety of trading instruments including forex, indices, commodities, and stocks via MetaTrader 5. It supports Islamic and demo accounts, however it is unregulated.Pros and ConsProsConsOffers demo and Islamic accountsNot regulatedSupports MetaTrader 5 on all devicesNo clear info on deposit/withdrawal feesMultiple funding options (crypto, e-wallets)No MT4 or alternative platformsIs Forex Iraq Legit? Forex Iraq is not regulated as a forex or CFD broker in its registered country, Iraq. Furthermore, it does not hold licenses from any internationally recognized regulatory bodies such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or CySEC in Cyprus. According to the WHOIS database, the domain forexiraq.net was registered on January 20, 2022, and is set to expire on January 20, 2026. The domain was last updated on January 28, 2025, and is currently protected against unauthorized modificationsWhat Can I Trade on Forex Iraq? Forex Iraq offers 60+ currency pairs along with various commodities, indices, and stocks for trading.Tradable InstrumentsSupportedForex (60+ pairs)✅Commodities✅Crypto❌CFD✅Indices✅Stock✅ETF❌Account Types The broker offers a total of four live account types: Daily Trading A, Daily Trading B, Standard Account Type A, and Standard Account Type B. In addition to live accounts, the broker also provides a demo account for practice and Islamic (swap-free) accounts upon request.Account TypeMin DepositSpreadsLeverageCommissionPlatformBest ForDaily Trading A$1000.0 - 0.5 pip1:50$10MetaTrader 5Pro/active tradersDaily Trading B$1000.5 - 1.5 pip1:50$0MetaTrader 5Day traders avoiding feesStandard Account Type A$501.5 - 2.5 pip1:100$0MetaTrader 5Beginners, casual tradersStandard Account Type B$500.5 - 1.0 pip1:100$15MetaTrader 5Swing traders, mid-volumeLeverage The broker offers maximum leverage of up to 1:100, depending on the account type. Leverage allows traders to control larger positions with a smaller amount of capital, which can significantly amplify both profits and losses.Forex Iraq Fees Forex Iraqs trading fees are generally competitive compared to industry standards. The broker offers tight spreads on certain accounts—as low as 0.0 pip on Daily Trading A, though it charges a $10 commission. Other accounts offer wider spreads but are commission-free or have different fees, like Standard Account B which has 0.5–1.0 pip spreads with a $15 commission. Islamic (swap-free) accounts are available upon request.Account TypeSpreadsCommissionDaily Trading A0.0 – 0.5 pip$10/lotDaily Trading B0.5 – 1.5 pip$0Standard Account A1.5 – 2.5 pip$0Standard Account B0.5 – 1.0 pip$15/lotTrading PlatformTrading PlatformSupportedAvailable DevicesSuitable forMetaTrader 5 Desktop✔Windows, macOSAdvanced traders needing full desktop toolsMetaTrader 5 Mobile✔Android, iOSTraders on-the-go who value flexibilityMetaTrader 4❌--cTrader❌--Deposit and Withdrawal Forex Iraq does not clearly state if they charge deposit or withdrawal fees; traders are advised to confirm with customer service. The minimum deposit is $50, depending on the account type.Payment MethodMin. Deposit/WithdrawalFeesProcessing TimeAsiaHawala$50Not mentionedNot mentionedZainCash$50Not mentionedNot mentionedPayPal$50Not mentionedNot mentionedWebMoney$50Not mentionedNot mentionedFastPay$50Not mentionedNot mentionedCryptocurrency$50Not mentionedNot mentioned

MYRTLE broker review

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Pros

Offers a variety of trading instruments, including forex, indices, commodities, and stocks.

Provides access to the popular MetaTrader 5 trading platform, available on multiple devices.

Allows for the opening of demo accounts and Islamic (swap-free) accounts.

Cons

Unregulated, which poses a higher risk for traders regarding the safety of their funds.

Lacks clear information on deposit and withdrawal fees, potentially leading to unexpected costs.

Limited customer support options, which may affect assistance during trading issues.

Basic Information

Registered Region

Iraq

Operating Period

Company Name

Myrtle Trade Brokerage

Abbreviation

MYRTLE

Company employee

Customer Service Email Address

info@myrtle.ltd

Contact Number

+96407701989494

Company Website

https://myrtle.ltd/

Company Address

Office 16, AB Center (AB White Building), Gulan St Erbil 44001, Iraq

How to login to MYRTLE?

forex iraq Complete Account Guide: Registration, Account Opening, and Login Processes Part One: Account Registration Process How to Register a forex iraq Account The registration process for a forex iraq account is straightforward and involves several essential steps to ensure that your account is set up correctly. Below are the detailed steps to complete your registration successfully. Accessing the Registration Page Begin by navigating to the official forex iraq website at forexiraq.net. On the homepage, look for a prominent button labeled "Create an Account" or "Sign Up." Click this button to be directed to the registration form. Filling in Required Information Once on the registration form, you will need to provide personal information, including your full name, email address, phone number, and national ID or other identification details. Ensure all information is accurate to avoid delays in the verification process. Email/Phone Verification After submitting your information, forex iraq will typically send a verification email or SMS to the contact details you provided. You must click the verification link in your email or enter the code received via SMS to confirm your identity. Identity Verification (if required) Depending on the regulations and forex iraq's policies, you may be required to verify your identity further. This process often involves uploading a valid ID document (such as a passport or drivers license) and proof of address (like a utility bill). This step is crucial for compliance with financial regulations. Registration Confirmation Once you have completed the necessary verifications, you will receive a confirmation email indicating that your registration is successful. At this point, you can proceed to the account opening process. Common Registration Issues and Solutions While registering, users may encounter common issues such as not receiving the verification email or SMS. If this happens, check your spam folder or request a new verification link directly from the forex iraq website. Additionally, ensure that the email address and phone number entered during registration are correct. Regional Differences in Registration Although the registration process is generally uniform, some regional differences may apply based on local regulations. For instance, specific identification documents may be required depending on the country of residence. Always check forex iraq's website for any specific requirements related to your region. Part Two: forex iraq Account Opening Detailed Guide Understanding the Account Opening Process After completing the registration process, the next step is to open your forex iraq account. It is essential to understand that registration and account opening are two distinct processes. Registration is about creating your user profile, while account opening involves selecting the type of account you wish to trade with and providing additional documentation. Preparation Work Before Account Opening Before you start the account opening process, it is advisable to decide on the type of trading account you want to open. forex iraq offers various account types, including primitive, progressive, and prime accounts, each with different minimum deposit requirements and trading conditions. Familiarize yourself with these options to make an informed decision. Detailed Account Opening Steps Selecting Account Type After logging in to your newly created account, navigate to the account types section. Choose the account type that best fits your trading needs and financial situation. For example, the primitive account requires a minimum deposit of $100, while the prime account requires $50,000. Submitting Required Documents Once you have selected your account type, you will need to submit the required documents for verification. This typically includes identification documents and proof of address, as mentioned earlier. Ensure that all documents are clear and legible to expedite the verification process. Account Review Process After submitting your documents, forex iraq will review them to ensure compliance with their policies. This review process can take anywhere from a few hours to a few days, depending on the volume of applications being processed. Account Activation Once your account is approved, you will receive a notification confirming that your account is active. At this stage, you can proceed to fund your account and start trading. Initial Setup After activation, log in to your forex iraq account and complete any initial setup required, such as setting your trading preferences and funding your account. Frequently Asked Questions about Account Opening What is the minimum deposit for opening an account？ The minimum deposit varies by account type, with primitive and progressive accounts requiring $100, while the prime account requires $50,000. How long does the account opening process take？ The account opening process can take anywhere from a few hours to several days, depending on document verification times. Next Steps After Opening an Account Once your forex iraq account is active, you should familiarize yourself with the trading platform, explore educational resources provided by forex iraq, and consider starting with a demo account to practice your trading strategies without risk. Part Three: forex iraq Login Process Explained Basic Web Login Process Logging into your forex iraq account is a simple process that can be completed in a few steps. Follow the steps below for a successful login. Visit the forex iraq Website Open your web browser and go to the official forex iraq website at forexiraq.net. Locate the Login Button On the homepage, find the "Login" button, typically located in the upper right corner of the page. Click on this button to access the login form. Enter Your Credentials In the login form, enter your registered email address and password. Ensure that you input the correct information to avoid login errors. Click on the Login Button After entering your credentials, click the "Login" button to proceed. If your details are correct, you will be redirected to your account dashboard. Two-Factor Authentication (if enabled) If you have enabled two-factor authentication (2FA), you will be prompted to enter the verification code sent to your mobile device or email. Enter this code to complete the login process. Mobile App Login Process If forex iraq offers a mobile application, the login process is similar: Download the forex iraq app from the App Store or Google Play. Open the app and tap the "Login" button. Enter your credentials and follow any additional verification steps. Common Login Issues and Solutions Forgotten Password: If you forget your password, click on the "Forgot Password？" link on the login page. Follow the instructions to reset your password via email. Account Lockout: If you enter incorrect credentials multiple times, your account may be temporarily locked. Wait for a specified period or contact customer support for assistance. Technical Issues: If you encounter technical difficulties, ensure your internet connection is stable. Clearing your browser cache or trying a different browser can also resolve issues. Overview of Features After Login After logging in to your forex iraq account, you will have access to various features, including your account balance, trading history, market analysis tools, and educational resources. Familiarize yourself with these features to enhance your trading experience. Additional Sections Account Security Recommendations To ensure the security of your forex iraq account, consider implementing the following practices: Enable two-factor authentication (2FA) for an added layer of security. Use a strong, unique password and change it regularly. Avoid accessing your account on public Wi-Fi networks. Best Practices for Account Management Regularly monitor your account activity for any unauthorized transactions. Keep your contact information up to date to receive important notifications from forex iraq. Use demo accounts to practice trading strategies without risking real money. How to Get Technical Support If you encounter issues or have questions about your forex iraq account, you can reach out to customer support through: Email: Send inquiries to the support email provided on the forex iraq website. Phone: Call the customer support number available on the website for immediate assistance. Contact Form: Fill out the contact form on the website for quicker responses. By following this comprehensive guide, you will be well-prepared to navigate the registration, account opening, and login processes for your forex iraq account, ensuring a smooth trading experience.

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Forex Iraq Broker - Complete Information Guide

1. Broker Overview

Forex Iraq, officially known as Myrtle Financial Consultation Co., Ltd., was established in 2021. The company is headquartered in Erbil, Iraq, and operates primarily as a private entity. Forex Iraq aims to provide trading services to a global clientele, focusing on the Iraqi market. The broker offers a range of financial instruments, including forex, shares, commodities, and indices, catering to both retail and institutional clients.

Since its inception, Forex Iraq has made strides in establishing itself within the local trading community. The company claims to be the sole authorized broker in Iraq, although this assertion is met with skepticism due to the lack of regulatory oversight in the country. Forex Iraq operates under a business model that emphasizes retail forex trading, providing various account types to meet the diverse needs of its clients. The broker's progression is marked by its commitment to offering competitive trading conditions, including low spreads and a user-friendly trading platform.

In summary, Forex Iraq is a relatively new player in the forex market, seeking to carve out a niche by providing accessible trading options to Iraqi traders and beyond. However, potential clients should be cautious and consider the regulatory landscape before engaging with the broker.

2. Regulatory and Compliance Information

Forex Iraq operates in a regulatory gray area, as there are currently no specific laws governing forex trading in Iraq. The primary regulatory body overseeing financial activities in the country is the Iraqi Securities Commission (ISC). However, the ISC does not provide oversight for Forex Iraq, leading to concerns about the legitimacy of the broker's operations.

As of now, Forex Iraq does not hold any valid regulatory licenses, which raises significant risks for investors. The absence of regulatory oversight means that there are no external mechanisms in place to ensure the safety of client funds or the integrity of trading operations. This lack of regulation can potentially expose traders to manipulative practices, withdrawal issues, and a general lack of transparency.

Forex Iraq does not participate in any investor compensation schemes, and the broker's policies regarding client fund segregation are unclear. Additionally, there are no documented Know Your Customer (KYC) or Anti-Money Laundering (AML) compliance measures in place, which further heightens the risk associated with trading through this broker.

In conclusion, Forex Iraq's unregulated status poses significant risks for potential investors, making it imperative for traders to exercise caution and consider alternative, regulated brokerage options.

3. Trading Products and Services

Forex Iraq offers a diverse range of trading products, primarily focusing on the forex market. The broker provides access to 62 currency pairs, including major pairs like EUR/USD and GBP/USD, as well as a selection of minor and exotic pairs. This variety enables traders to engage in a wide range of trading strategies.

In addition to forex, Forex Iraq offers Contract for Difference (CFD) products across several categories, including:

Indices: Access to various global indices.
Commodities: Trading options for physical goods such as oil and agricultural products.
Shares: Opportunities to trade over 240 shares from various publicly traded companies.
Precious Metals: Trading in 6 precious metal products, including gold and silver.

Forex Iraq's product offerings are designed to cater to both retail and institutional clients, providing flexibility in trading options. The broker regularly updates its product lineup, although specific details regarding the frequency of updates and the introduction of new instruments are not disclosed.

The broker's retail trading services are complemented by its focus on providing a user-friendly trading experience, which is essential for attracting both novice and experienced traders. However, there is currently no information available regarding institutional services or white-label solutions.

4. Trading Platforms and Technology

Forex Iraq primarily utilizes the MetaTrader 5 (MT5) trading platform, known for its advanced features and user-friendly interface. This platform supports a wide range of trading tools, including advanced charting capabilities, technical indicators, and automated trading options through Expert Advisors (EAs).

While Forex Iraq does not offer a proprietary trading platform, the MT5 platform provides traders with access to various functionalities that enhance their trading experience. The broker does not specify whether it offers a web-based trading platform or mobile applications for iOS and Android devices, which could limit accessibility for some traders.

In terms of execution models, Forex Iraq appears to operate primarily on a market-making basis, although specific details regarding order execution speed and server locations are not provided. The broker does not mention any API access for automated trading, which may be a drawback for algorithmic traders looking for more sophisticated trading solutions.

Overall, while Forex Iraq provides access to a popular trading platform, the lack of additional technological features and transparency regarding execution practices may raise concerns for potential clients.

5. Account Types and Trading Conditions

Forex Iraq offers three distinct account types designed to cater to different trading needs:

Primitive Account:

Minimum Deposit: $100
Spread: Less than 1.5 pips
Commission: $22
Leverage: Up to 1:175

Progressive Account:

Minimum Deposit: $100
Spread: Less than 1.0 pips
Commission: $21
Leverage: Up to 1:175

Prime Account:

Minimum Deposit: $50,000
Spread: Starting from 0.0 pips
Commission: $20
Leverage: Up to 1:175

Forex Iraq also provides a demo account option, allowing traders to practice their strategies without risking real capital. The leverage offered across all account types is consistent at 1:175, which is relatively low compared to other brokers that often provide higher leverage ratios.

The minimum trade size is set at 0.01 lots, accommodating traders who wish to start with smaller positions. However, the broker's policies regarding overnight fees and other trading costs are not clearly outlined, which could impact overall trading profitability.

6. Fund Management

Forex Iraq supports various deposit methods, primarily focusing on electronic wallets. The available deposit options include:

Asia Hawala
Zain Cash
PayPal
WebMoney
FastPay
Cryptocurrency

The minimum deposit requirement varies across account types, with both the Primitive and Progressive accounts requiring a minimum of $100, while the Prime account necessitates a higher minimum deposit of $50,000. The processing time for deposits is not specified, which may cause uncertainty for potential clients.

Forex Iraq does not charge deposit fees, but the absence of traditional payment methods, such as credit cards and bank transfers, may limit accessibility for some traders. Withdrawal methods and any associated fees are also not clearly defined, which could pose challenges for clients looking to manage their funds effectively.

Overall, while Forex Iraq offers a range of deposit options, the lack of transparency regarding withdrawal processes and fees could raise concerns for potential clients.

7. Customer Support and Educational Resources

Forex Iraq provides customer support through various channels, including:

Phone Support: Available at +964 0770-198-9494 and +964 0750-198-9494.
Email Support: Clients can reach out via info@forexiraq.net.
Contact Form: Available on the broker's website for inquiries.

However, the availability of support services and response times may vary, which could affect the overall customer experience. The broker does not specify its service hours or whether it provides support in multiple languages.

In terms of educational resources, Forex Iraq's offerings are not detailed, leaving potential clients uncertain about the availability of training materials, webinars, or market analysis services. The lack of comprehensive educational support may hinder novice traders seeking to enhance their trading knowledge.

8. Regional Coverage and Restrictions

Forex Iraq primarily serves the Iraqi market, with its main office located in Erbil, Iraq. The broker claims to offer services to a global clientele, although specific details regarding its regional presence and operational offices outside Iraq are not provided.

There are no explicit indications of countries or regions where Forex Iraq does not accept clients. However, potential restrictions may apply based on local laws and regulations governing forex trading in various jurisdictions.

In conclusion, while Forex Iraq seeks to establish itself as a significant player in the forex market, potential clients should carefully consider the regulatory environment and the broker's operational practices before engaging with its services. The unregulated status and lack of transparency may pose significant risks for traders looking to invest their capital.

Latest Reviews

FX1529047863

United Kingdom

Forex Iraq offers MetaTrader 5 and a flexible account system with low spread. However, it's unregulated with a high minimum deposit requirement and limited customer support. These drawbacks pose potential risks to traders despite some welcoming features.

37130

2023-12-13

MYRTLE Forex Broker has an overall rating of 1.44, Regulatory Index 0.00, License Index 0.00, Business Index 6.45, Software Index 4.00 Risk Control Index 0.00.

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Basic Information

Forex Iraq Broker - Complete Information Guide

1. Broker Overview

2. Regulatory and Compliance Information

3. Trading Products and Services

4. Trading Platforms and Technology

5. Account Types and Trading Conditions

6. Fund Management

7. Customer Support and Educational Resources

8. Regional Coverage and Restrictions

MYRTLE Similar Brokers

Latest Reviews