Uncertain about forexiraq.net platform? Is it legit to trade or another scam? Let’s read Forex Iraq reviews to know exactly that.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
About Forex Iraq
Forex Iraq otherwise known as forexiraq.net is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
What We Discovered about Forex Iraq Regulation
First of, Forex Iraq is a brand of Myrtle Financial Consultation Co., Ltd – a company headquartered in Erbil, Iraq. It claims to be registered and authorized by the Ministry of Commerce in the country. However, it’s practically impossible to confirm this information. 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. That said, Forex Iraq remains a broker under no regulatory supervision, so staying away from it would be the best choice you can make.
It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading. Trade with licensed companies instead.
Forex Iraq Minimum Deposit for Traders
Forex Iraq provides variety of trading account for clients. The broker provides a leverage capped 1:175.
Forex Iraq minimum deposit requirement is $100.
In contrast, licensed FX brokers clearly spell out their regulations and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
Forex Iraq provides no information about its payment methods, so we cannot verify or exclude any methods.
Another important thing, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Forex Iraq Trading Software
Forex Iraq offers MetaTrader 5 industry trading platform. But, it doesn’t change the fact that Forex Iraq is a risky broker registered in a country with no Forex regulations.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Frankly, we say don’t consider doing that with an illegitimate forex broker because you stand the chance of losing your money.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Forex Iraq located at forexiraq.net appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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Last Updated on May 4, 2023 by Danny