To come up with this list, we have tested forex brokers Iraq.

We opened a real account and deposited between $4,000 and $6,000 with each broker. Then, to get an actual picture, we placed real trades in each popular market. 

Afterword, we contacted customer support to see if the team was able to solve our problems. Finally, we withdrew our funds thus checking the withdrawal process.

We handpicked the best forex brokers Iraq based on our trading data and experience as a trader.

Can you Trade Forex in Iraq?

Iraq is located in Western Asia. It neighbors Turkey, Iran, Kuwait, Saudi Arabia, Jordan, and Syria. The country’s dominant sector is oil. Before the US occupation, most of the country’s businesses were state-owned enterprises. Because of the invasions, the country’s economy has been heavily impacted. Moreover, there are about 2.4 displaced people.

Forex trading in Iraq is not regulated, yet it is legal. The country’s financial regulatory body is the Capital Market Authority. Its main aim is to monitor the financial sector. It also controls online trading, however, there are no special set regulations for forex in Iraq, however it remains under the question if local regulator truly provides necessary levels for safety.

The official website of the Capital Market Authority is

🏦RegulatorCapital Market Authority
🛡️Is It safe to tradeNo
🔒Negative Balance ProtectionNo
💰Compensation SchemeNo
📊 Maximum Leverage1:10

Best Forex Brokers in Iraq

Forex Trading is legal in Iraq. However, the sector is not properly regulated. This means, that forex traders Iraq are at a disadvantage when it comes to trading. The market is full of unregulated brokers with doubtful offerings. Some offering leverages are as high as 1000:1 which can lead to losing all your money.

We recommend being very careful and choosing only tightly regulated trustworthy brokers. It is safer to choose international brokers that hold serrious licenses for other branches and accept Iraqi clients for its international entity, as money safety in forex trading goes first. However, there are very few international brokers that accept clients from Iraq.

Also, before signing with a broker, we advise you to check the broker’s offerings. One of the most essential aspects are payment methods. Always check whether the broker supports payment methods available in the country. Check also if the customer support team provides help in your preferred language.

To select the best forex brokers Iraq, we have reviewed many regulated international forex brokers. Based on our research, we have come up with a list of the best forex brokers Iraq:

  • XTB – Best Online Broker Iraq Overall
  • Trading 212 – Best Iraq Forex Broker for Beginners
  • FXTM – Best MT5 Brokers in Iraq
  • FxPro – Best Low Spread Forex Broker Iraq
  • ICM Capital – Best High Leverage Forex Brokers Iraq

Best Online Broker Iraq Overall

We picked XTB as the best online forex broker Iraq overall.

Founded in 2002, XTB is a global Forex and CFD broker. The broker is located in London and Warsaw. It holds multiple licenses by regulators in the UK, Cyprus, Poland, Spain, and Belize. XTB offers the following markets to its clients: forex, indices, stocks, commodities, ETFs, and cryptocurrencies.

The broker offers 2 account types: the Standard, and PRO accounts. With XTB there are various options to fund the accounts, such as bank wires, credit and debit cards, and e-wallets such as Skrill and PayPal. As to its platforms, the broker offers a proprietary trading platform – xStation, also, the popular MetaTrader 4 (MT4).

The broker’s spreads are either lower than the industry benchmark or in line with the average offerings. At last, XTB offers decent education with a variety of educational materials: a demo account, webinars, Ebooks, video tutorials about the platform, detailed educational articles, and educational videos.

Best Iraq Forex Brokers for Beginners

We picked Trading 212 as the best forex broker Iraq for beginners.

Trading 212 was founded in 2004. The broker is located in London. This is a global Forex and CFD broker that is strictly regulated and holds licenses by the UK Financial Conduct Authority (FCA) and the Bulgarian Financial Supervision Commission (FSC). The broker enables its clients to have access to the following markets: indices, forex, commodities, stocks, and cryptocurrencies.

With Trading 212 clients can fund their accounts through various options, including bank wires, credit and debit cards, as well as e-wallets (Skrill, and PayPal). The broker has its proprietary platform which is easy to use and is well-equipped with all the tools and features for favorable trading. It is not an MT5 and MT4 broker. Trading 212 offers two main account types: Invest and CFD.

Based on our trades, we found the broker’s spreads to be on the lower side. Only spreads for the FTSE 100 and Gold were slightly higher.

We have chosen Trading 212 as the best forex broker Iraq for beginners. The broker’s educational section is great. It is suitable for novice traders, offering text tutorials, educational articles, and a demo account. Also, clients have access to the in-depth video tutorial course.

Best MT5 Brokers in Iraq

We picked FXTM as the best MT5 forex broker Iraq.

ForexTime (FXTM) was founded in 2011. The broker is headquartered in Cyprus, holding licenses in multiple jurisdictions, including the United Kingdom, Cyprus, South Africa, and Mauritius. The broker offers trading services with forex pairs, indices, commodities, stocks, cryptocurrencies, spot metals, and also real stocks.

FXTM offers Standard and ECN accounts. The broker enables deposits and withdrawals via multiple options, such as international wire transfers, credit cards, several local bank transfers, and popular e-wallets like Skrill, Neteller, and Paypal.

We have picked FXTM as the best MT5 forex broker Iraq. The broker has its proprietary platform – FXTM Trader, however, it is also a great MT5 and MT4 broker, as both platforms are equipped with the necessary tools and features for successful trading.

Best Low Spread Forex Brokers Iraq

We picked FxPro as the best low spread forex broker Iraq.

Founded in 2006 FxPro is a forex broker located in the UK. It holds licenses in multiple jurisdictions: the United Kingdom, Cyprus, South Africa, and The Bahamas. The broker offers contracts for differences (CFDs). With FxPro, clients have access to six asset classes: forex, shares, spot indices, futures, spot metals, and spot energies.

FxPro offers trading on both its proprietary platform and the popular MT4 and MT5 platforms. The broker’s account types are based on its platforms: FxPro MT4 Instant, FxPro MT4, FxPro MT5, cTrader, FxPro (EDGE), and MT4 fixed spread.

We have picked FxPro as the best low spread forex broker Iraq. This STP forex broker has quite favorable spreads. Especially the spreads based on its MT4 accounts are on the lower side.

Best High Leverage Forex Brokers Iraq

We picked ICM Capital as the best high leverage forex broker Iraq.

ICM Capital was established in 2009. The broker is located in London, United Kingdom. ICM Capital is licensed in the United Kingdom, Cyprus, Malaysia, St Vincent, Grenadines, and Mauritius.

It is a global Forex and CFDs broker, offering tradable instruments in forex, indices, stocks, and commodities. ICM Capital offers 2 account types: ICM Direct Account and the ICM Zero Account.

ICM Capital offers a proprietary platform – ICM Direct, which uses ECN technology. The broker also offers the popular MetaTrader 4 (MT4) platform.

We have picked ICM Capital as the best high-leverage forex broker Iraq. The broker offers its clients various leverage levels, depending on the entity. For non-EU entities, ICM Capital offers high leverage up to 500:1 and 2000:1.

Iraq Top Forex Brokers List

We have tested many regulated and trustworthy forex brokers Iraq. Based on our research, we have come up with a list of available forex brokers Iraq.

Iraq Forex BrokerAbout Our TestOur Review
AXI (AxiTrader)Deposit Amount: Over €6,000
Total Trade: 12 trades
AXI Review
Trading 212 Deposit Amount: Over €5,500
Total Trade: 15 trades
Trading 212 Review
XMDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Review
Admiral MarketsDeposit Amount: Over €4,500
Total Trade: 12 trades
Admiral Markets Review
ICM CapitalDeposit Amount: Over €5,000
Total Trade: 12 trades
ICM Capital Review
XTBDeposit Amount: Over €5,000
Total Trade: 12 trades
XTB Review
FXTMDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review

FAQ and More on Iraq Forex Brokers

Traders usually have many questions and concerns related to forex trading in Iraq. To be helpful we picked and answered some of the most essential questions related to forex brokers Iraq.

How to Verify an Iraq Regulated Broker?

Traders wonder how they can verify a forex broker Iraq. Generally, it is quite an easy task. However, as forex trading in Iraq is not yet regulated, you cannot find the information on the regulator’s website. Anyway, as has already been mentioned, the financial sector in Iraq is regulated by the Capital Market Authority.

The only option remains to verify the broker immediately on the broker’s website. Commonly, almost all brokers mention on their websites the available and restricted regions.

Iraq Securities Commission - official website

Best Broker for Day Trading Iraq

Day traders are active traders executing intraday strategies and profiting from the particular asset’s price changes. Iraq traders often wonder what brokers are best for day trading.
Based on our research, we recommend XTB for day trading.

Best Iraq Brokers by Instrument

As Iraqi traders are interested in the brokers for their particular instruments, we have come up with the following ranking:

  • Trading 212 – Best Cryptocurrency Broker
  • FXTM – Best Online Stocks Broker
  • XM – Best NASDAQ Broker
  • Admiral Markets – Best Commodities Broker
  • Axi Trader – Best CFD Broker

Iraq No Deposit Forex Brokers

There are only a few brokers that still offer a no deposit forex bonus. Based on our research, we were able to come up with only one trustworthy forex broker Iraq with a no deposit bonus. That broker is XM.

Best Binary Options Brokers List

Binary options are financial products that require traders to speculate if the price of the underlying assets will either go up or down. Binary options are tricky because if the market moves against the trader’s bet, the entire investment will be lost. Read more about Binary Options.

Generally, we do not recommend any binary options brokers since they are highly risky instruments banned by most world authorities.

Tax in Iraq for Forex Trading

There is no certain information on whether forex trading in Iraq is taxable or not. However, traders should be very careful and check the information with the local authorities and relevant institutions.

Here is general information on taxation in the country.
The general income tax in Iraq comprises 15%.
There are no separate capital gains taxes in the country. Gains and losses are generally treated as corporate income tax.

Traders should remember that they are responsible for filing tax forms to the relevant institutions. In case of delay or tax avoidance, they may later face fines and penalties.

Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.

Now I am passionate about reviewing and comparing forex brokers.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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