Forex Iraq Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
Business
License
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.
In this review, we delve into the offerings of Forex Iraq, a broker that has garnered attention for its claims of being a licensed trading platform in Iraq. However, user experiences and expert opinions reflect a mixed bag of assessments, highlighting both potential advantages and significant risks. Key features include the availability of the MetaTrader 5 platform and a variety of trading instruments, but serious concerns regarding regulatory oversight and user trust persist.
Note: It is important to consider that Forex Iraq operates in a regulatory gray area, with claims of licensing that are not independently verified. Users are advised to conduct thorough research and exercise caution when engaging with this broker.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Experience | 5 |
| Trustworthiness | 3 |
| User Experience | 4 |
| Overall | 4.5 |
We assess brokers based on user feedback, expert reviews, and factual data regarding their services.
Forex Iraq, established in 2021, claims to be a licensed brokerage operated by Myrtle Financial Consultation Co., Ltd. The firm is headquartered in Erbil, Iraq, and markets itself as the sole authorized broker in the region. The platform offers trading on MetaTrader 5 and provides access to various asset classes, including forex, commodities, indices, and shares. However, the lack of credible regulatory oversight raises red flags for potential users.
Regulatory Regions: Forex Iraq claims to be licensed, but the Iraqi Securities Commission does not list it as a regulated entity. This lack of oversight is a significant concern for potential traders.
Deposit/Withdrawal Currencies/Cryptocurrencies: The broker offers deposits and withdrawals primarily through e-wallets and cryptocurrencies, lacking traditional banking options like credit cards or wire transfers. This could limit accessibility for some users.
Minimum Deposit: The minimum deposit requirement is set at $100, which is reasonable compared to many international brokers. However, the higher-tier "Prime" account requires a substantial deposit of $50,000.
Bonuses/Promotions: Forex Iraq does not appear to offer any notable bonuses or promotions, which is a common practice among many competitive brokers.
Asset Classes: Traders can access a wide range of asset classes, including 62 currency pairs, 6 precious metals, and over 240 shares. This diversity can be appealing for traders looking to explore multiple markets.
Costs (Spreads, Fees, Commissions): Forex Iraq claims to offer competitive spreads, with the lowest being 0.0 pips on the Prime account, but the lack of transparency regarding commissions and fees is a concern.
Leverage: The broker offers leverage of up to 1:175, which is lower than many competitors that provide leverage ratios of 1:500 or higher.
Allowed Trading Platforms: Forex Iraq exclusively uses MetaTrader 5, which is well-regarded for its robust features and user-friendly interface.
Restricted Regions: There is no specific information available regarding restricted regions, but it is advisable for traders to check local regulations before engaging.
Available Customer Service Languages: Customer support is primarily offered in English and Arabic, which caters to the local market but may limit accessibility for non-Arabic speakers.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Experience | 5 |
| Trustworthiness | 3 |
| User Experience | 4 |
| Overall | 4.5 |
Account Conditions: Forex Iraq offers a variety of account types, but the lack of regulation and transparency in fees makes it a risky choice for traders. The minimum deposit is relatively low, but higher-tier accounts demand significant capital.
Tools and Resources: The availability of MetaTrader 5 is a strong point, providing traders with advanced charting and analytical tools. However, the lack of educational resources may hinder novice traders.
Customer Service and Support: User feedback suggests that customer support is limited, with slow response times being a common complaint. This can be problematic for traders who require immediate assistance.
Trading Experience: While the trading platform is robust, the overall experience is marred by concerns regarding trust and regulatory compliance. Many users reported feeling uncertain about the safety of their funds.
Trustworthiness: The absence of credible regulation and the dubious claims of licensing severely impact Forex Iraq's trustworthiness. Users are advised to be cautious and consider alternative, well-regulated brokers.
User Experience: The user interface of MetaTrader 5 is generally well-received, but the overall experience is overshadowed by concerns over the broker's legitimacy and support services.
In conclusion, while Forex Iraq offers some appealing features, the significant regulatory concerns and mixed user feedback suggest that potential traders should approach this broker with caution. It is advisable to consider more established and regulated alternatives to ensure a safer trading experience.
