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Forex Iraq

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Operating status: SCAM

Website: https://forexiraq.net/

Broker violations and abnormal records
  • 2024-06-20 BrokersView has reviewed that Forex Iraq is an unregulated broker

    Forex Iraq boasts that it is the only licensed broker in Iraq, operated by Myrtle Trade Brokerage Ltd., a company registered with Ministry of Commerce.

    However, Forex trading in Iraq is not yet fully regulated, and there are no specific regulations dedicated solely to forex trading. The government body overseeing financial activities is Iraqi Securities Commission (ISC). We conducted a search in the Brokerage Firms register of ISC but no corresponding records yielded.

    In essence, Forex Iraq is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.

    Forex Iraq appears to be a scam.

    Forex Iraq boasts that it is the only licensed broker in Iraq, operated by Myrtle Trade Brokerage Ltd., a company registered with Ministry of Commerce.However, Forex trading in Iraq is not yet fully regulated, and there are no specific regulations dedicated solely to forex trading. The government body overseeing financial activities is Iraqi Securities Commission (ISC). We conducted a search in the Brokerage Firms register of ISC but no corresponding records yielded.In essence, Forex Iraq is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.Forex Iraq appears to be a scam.

Related Complaints

Q&A

Is Forex Iraq legit?

Gabriel Morales Santiago
Iraq
2024-06-24
ANSWER No, Forex Iraq is an unregulated forex broker, despite its claim of being the only licensed brokerage authorized in Iraq and Kurdistan. The only regulatory information presented by Forex Iraq on its website is that it is operated by Myrtle Trade Brokerage Ltd., a company registered with Ministry of Commerce. However, the regulatory agency overseeing financial activities in Iraq is Iraqi Securities Commission (ISC), and our search in the Brokerage Firms register of ISC found no corresponding records.In addition, it is worth noting that forex trading in Iraq is not yet fully regulated, and there are no specific regulations dedicated solely to forex trading. Therefore, Forex Iraq is not operating as a legitimate forex trading platform and you should avoid trading with this broker.
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Risk Warning:

FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.

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