Overview of Forex Iraq
Forex Iraq is an unregulated brokerage with 1-2 years of establishment in Iraq and offers trading services to a global clientele. The company operates with a focus on Forex, shares, metals, commodities, and indices, catering to traders with three account types: Primitive, Progressive, and Prime. While the Primitive and Progressive accounts require a minimum deposit of $100, the Prime account sets a higher threshold at $50,000. Traders can access leverage up to 1:175, with varying spreads, the lowest being in the Prime account.
Deposits and withdrawals are facilitated through E-Wallets, including AsiaHawala, ZainCash, PayPal, WebMoney, FastPay, and cryptocurrency. Forex Iraq primarily employs the MetaTrader 5 platform and offers customer support through emails and phone channels.
Regulation
Forex Iraq operates as an unregulated brokerage, devoid of any oversight or authorization from a regulatory authority. This absence of regulatory oversight implies that the company functions without the standard regulatory frameworks and guidelines that are typically in place to oversee financial institutions. Consequently, Forex Iraq does not adhere to the stringent regulatory requirements aimed at safeguarding traders' interests, ensuring transparency, or establishing specific industry standards.
The lack of regulation encompasses a situation where there are no external mechanisms to independently monitor the broker's operations, potentially exposing traders to higher risks related to fund security, trade execution, and overall market conduct.
Pros and Cons
Pros:
MetaTrader 5: Forex Iraq offers the widely recognized MetaTrader 5 platform, known for its robust features and versatility, providing traders with a familiar and capable trading environment.
Account Flexibility: The company provides a range of account types, including Primitive, Progressive, and Prime, allowing traders to choose accounts that align with their specific financial preferences and risk tolerance.
Low Spread: Traders can access comparatively low spreads, with the Prime account offering spreads starting at 0.0, potentially reducing trading costs.
Cons:
Unregulated Status: Forex Iraq operates without regulatory oversight, leaving traders without the protections typically associated with regulated brokers and increasing the risk of potential financial harm.
High Minimum Deposit: While the Primitive and Progressive accounts have a reasonable minimum deposit of $100, the Prime account imposes a significantly higher entry requirement of $50,000, potentially limiting accessibility for some traders.
Limited Customer Support Channels: The company offers customer support primarily through emails and phone channels, which may result in slower response times and limited options for assistance in urgent situations.
Market Instruments
Forex Iraq offers trading in Forex, Shares, Metals, Commodities, and Indices. Details are as follows:
Forex: Forex, or the foreign exchange market, is where currencies are traded. Forex Iraq provides access to 62 currency pairs, enabling traders to engage in the exchange of one currency for another. For example, EUR/USD represents the Euro against the US Dollar, allowing traders to speculate on the relative strength or weakness of these currencies.
Shares: Shares, also known as stocks, represent ownership in a company. Forex Iraq offers trading opportunities in over 240 shares, allowing investors to buy and sell shares in various publicly traded companies. Examples of shares available for trading may include well-known companies like Apple Inc. and Amazon.com Inc.
Metals: Precious metals like gold and silver are considered safe-haven assets and are often used for hedging and diversification. Forex Iraq offers trading in 6 precious metal products, giving traders the opportunity to speculate on the price movements of these valuable commodities.
Commodities: Commodities include physical goods like oil, agricultural products, and natural resources. Forex Iraq allows traders to invest in commodities, providing options to trade various goods. Traders can engage in the price movements of commodities such as crude oil, corn, or soybeans.
Indices: Indices represent a collection of stocks or assets that track the performance of a particular market or sector. Forex Iraq offers access to 37 CFD instruments tied to global indices. Traders can participate in the performance of major indices like the S&P 500, which reflects the overall health of the US stock market, or the FTSE 100, representing the UK stock market.
The following is a table that compares Forex Iraq to competing brokerages in terms of available market instruments:
Account Types
Forex Iraq offers three distinct account types: Primitive Account, Progressive Account, and Prime Account. Additionally, traders can test the waters with a demo account. Specifics are as follows:
Primitive Account: The Primitive Account offered by Forex Iraq is designed for traders looking for a straightforward trading experience. With a minimum deposit requirement of $100, this account provides access to 62 currency pairs, 6 precious metals, 37 CFD instruments, and over 240 shares. Traders can utilize a maximum leverage of 1:175 with spreads less than 1.5 pips. Supported by MetaTrader 5, this account type allows for the use of Expert Advisors (EAs), and incurs a commission of $22.
Progressive Account: Forex Iraq's Progressive Account offers enhanced trading conditions with a minimum deposit of $100. Traders gain access to the same range of assets, including 62 currency pairs, 6 precious metals, 37 CFD instruments, and over 240 shares. This account features spreads purportedly lower than 1.0 pip, and a maximum leverage of 1:175. It also supports the use of Expert Advisors (EAs) on the MetaTrader 5 platform, and incurs a commission of $21..
Prime Account: The Prime Account at Forex Iraq is tailored for high-capital traders, requiring a substantial minimum deposit of $50,000. This account offers the same variety of assets as the other accounts, including 62 currency pairs, 6 precious metals, 37 CFD instruments, and over 240 shares. Notably, it features the tightest spreads, starting from 0.0 pips, and a maximum leverage of 1:175. Traders can also employ Expert Advisors (EAs) on the MetaTrader 5 platform. This account incurs a commission of $20.
The specifics of the account types are as follows:
Demo Account
Forex Iraq offers traders the opportunity to access a demo account, a feature highly beneficial for both novice and experienced traders. A demo account is a virtual trading account that allows traders to practice and simulate real-market conditions without risking actual capital. It serves as a risk-free environment where users can experiment with various trading strategies, test different trading instruments, and gain familiarity with the broker's platform.
One of the primary benefits of a demo account is the chance it provides for traders to gain practical experience without financial risk. It allows individuals to refine their trading skills, develop and fine-tune strategies, and become familiar with the intricacies of the financial markets. Additionally, a demo account enables traders to assess the broker's platform, ensuring it aligns with their preferences and trading needs. Another advantage is that it can serve as a tool for traders to build confidence in their abilities before transitioning to live trading, ultimately contributing to better decision-making and potentially improved performance in the real markets.
How to open an account？
To open an account with Forex Iraq, traders are required to do the following:
Visit the Website: Start by accessing the Forex Iraq website by typing “https://www.forexiraq.net/” into your web browser.
Registration: Look for the “Create an account” button on the website's homepage and click on it.
Choose Account Type: Select whether you‘d like to sign up for a real account right away, or if you’d like to opt for a Demo account first.
Fill in Personal Information: Provide your personal details as required, including your full name, email address, phone number, and any other necessary information.
Read and Accept Terms: Carefully review the broker's terms and conditions, privacy policy, and any other legal agreements. Once satisfied, accept and agree to these terms.
Verify Identity: Forex Iraq may require you to verify your identity for security purposes. This typically involves uploading a valid ID document (such as a passport or driver's license) and proof of address (such as a utility bill or bank statement).
Set Login Credentials: Create a username and password for your account. Ensure that your password meets the specified security requirements.
Submit Registration: Click the “Submit” or “Register” button to complete your account registration. You may receive a confirmation email with further instructions.
Minimum Deposit
Forex Iraq imposes different minimum deposit requirements for its account types. The Primitive and Progressive accounts require a minimum deposit of $100, making them accessible to a broad range of traders. In contrast, the Prime account, designed for high-capital traders, imposes a significantly higher entry requirement, demanding a substantial minimum deposit of $50,000. These varying minimum deposit rates cater to traders with varying financial resources and trading preferences, offering options for both those with smaller initial investments and those with more substantial capital.
Leverage
Forex Iraq provides a consistent maximum leverage of 1:175 across all its account types and trading instruments, including Primitive, Progressive, and Prime. This leverage level allows traders to amplify their positions, potentially increasing both profits and losses. However, it is worth noting that 1:175 is quite low in terms of Forex and Commodity leverage when compared to other well-known brokers, where leverages of 300 and up are very common.
Here is a table comparing Forex Iraq to other traders in this regard:
Spread
Forex Iraq offers different spreads for its account types. The Primitive account provides spreads starting from less than 1.5 pips, which may suit traders seeking cost-effective trading. The Progressive account offers tighter spreads, starting from less than 1.0 pips, potentially reducing trading costs further. The Prime account, designed for high-capital traders, boasts the tightest spreads, starting from 0.0 pips, enhancing the potential for cost-effective trading. These varying spreads cater to traders with different risk tolerances and trading strategies, allowing them to choose an account type that aligns with their specific needs and preferences.
Deposit & Withdrawal
Forex Iraq offers deposit and withdrawal methods for E-wallets, including AsiaHawala, ZainCash, PayPal, WebMoney, FastPay, and cryptocurrency. These methods provide traders with various options for managing their funds. However, it's worth noting that the absence of traditional methods like credit cards and bank wires may limit the choices available to traders who prefer more conventional banking options. While e-wallets and cryptocurrencies offer convenience and security, the absence of traditional banking methods could potentially restrict the accessibility of the brokerage's services for some traders who rely on those options for their transactions.
Trading Platforms
Forex Iraq provides traders with access to the MetaTrader 5 (MT5) trading platform, a widely recognized and robust platform in the industry. MT5 offers advanced charting tools, technical indicators, and a user-friendly interface, making it suitable for traders of varying experience levels.
Here is another table comparing Forex Iraq to other traders in this regard:
Customer Support
Forex Iraq provides phone and email support options for traders seeking assistance. These communication channels serve as the primary means for reaching out to the company for support and inquiries. Additionally, Forex Iraq features a contact form on their website. Specifics are as follows:
Phone Support: Forex Iraq offers phone support with a contact number: +964-0770-198-9494 and another one, +964-0750-198-9494, allowing traders to directly reach out for assistance via telephone.
Email Support: Traders can also contact the company via email at info@forexiraq.net, providing a written channel for inquiries and support requests. However, response times may vary greatly and not be sufficient in case of emergencies.
Contact Form: Forex Iraq provides a contact form on their website, enabling traders to submit inquiries or messages directly through the platform. Users can fill out the form with their questions, comments, or concerns, and expect a response from the company via email.
Conclusion
In conclusion, operating without regulatory oversight, Forex Iraq positions itself as a broker offering traders access to a single trading platform, MetaTrader 5 (MT5). The broker provides three distinct account types, catering to traders with varying capital sizes and risk appetites. These accounts come with different minimum deposit requirements and offer a range of tradable assets, including currency pairs, precious metals, CFD instruments, and shares. Forex Iraq's pricing structure involves varied spreads across its account types, with the Prime account boasting the tightest spreads starting from 0.0 pips.
While the absence of conventional payment methods like credit cards and bank wires may limit accessibility for some traders, the availability of e-wallets, cryptocurrency, and other methods offers alternative means for funding and withdrawing from trading accounts. Customers can contact Forex Iraq over phone lines and email.
FAQs
Q: What is the established duration of Forex Iraq？
A: Forex Iraq has been operational for approximately 1-2 years.
Q: What trading platform does Forex Iraq exclusively offer？
A: Forex Iraq provides access to the MetaTrader 5 (MT5) platform.
Q: What are the contact options available for traders？
A: Traders can reach Forex Iraq via phone, email, and a website contact form.
Q: Does Forex Iraq have regulatory oversight？
A: No, Forex Iraq operates as an unregulated brokerage.
Q: How many different account types does Forex Iraq offer？
A: Forex Iraq offers three distinct account types: Primitive, Progressive, and Prime.
Q: What is the minimum deposit requirement for the Prime account？
A: The Prime account at Forex Iraq requires a minimum deposit of $50,000. The other accounts require a deposit of $100.
2023-12-13 15:33
