Forex Iraq is a brokerage that provides trading services for a range of financial instruments, including shares, indices, metals, and forex. Though it makes some attractive offers, prospective investors should be mindful of a few warning signs. Read a thorough Forex Iraq review before making a decision.
Website – https://forexiraq.net/
Website Availability – Yes
Address – Office #16, 2nd Floor, AB White Building, Gulan St., Erbil 44001, Iraq
Blacklisted Status – Not Recommended By Review Website Like Broker Scan
Domain Age –
- Domain Name: forexiraq.net
- Registry Domain ID: 2669605692_DOMAIN_NET-VRSN
- Registrar WHOIS Server: whois.godaddy.com
- Registrar URL: https://www.godaddy.com
- Updated Date: 2023-10-18T07:40:13Z
- Creation Date: 2022-01-20T03:44:49Z
- Registrar Registration Expiration Date: 2025-01-20T03:44:49Z
Forex Iraq: An Overview
Forex Iraq claims to be a licensed brokerage in Iraq. Myrtle Trade Brokerage Ltd., a corporation that claims to be registered with the Ministry of Commerce in Iraq, is allegedly operating the business. Forex Iraq presents itself as the sole authorized broker in the country and offers trading services to a customer that is worldwide.
Regulatory Concerns
The regulatory position of Forex Iraq is one of the main problems. Even though the firm claims to be licensed, a further look indicates that there are flaws in its regulations controlling forex trading. Since there are no laws in the nation that are specifically focused on Forex trading, it is considered a gray area in the financial system. The organization in charge of monitoring financial matters is the Iraqi Securities Commission (ISC), yet its database does not contain any information about Forex Iraq.
The Risks of Trading with Unregulated Brokers
There are several dangers associated with investing with an unlicensed broker such as Forex Iraq. The security of funds as well as the honesty of trading operations are not guaranteed in the absence of appropriate regulation. The absence of control in the operations of unregulated brokers can result in manipulative trading techniques, withdrawal problems, and a lack of transparency. Worst-case scenarios: these brokers might vanish with investors’ money, leaving them with nowhere to turn.
Warning Signs and Red Flags
There are a few red flags that suggest Forex Iraq might be a fraud. These include pushy marketing strategies, claims of big profits at low risk, and a dearth of accurate regulatory data. Furthermore, given the existing regulatory landscape, the company’s claim to be the sole regulated broker in Iraq is quite dubious.
Forex Iraq Review Conclusion
In conclusion, even though Forex Iraq could seem like a reliable trading platform, prospective investors should be aware of several warning signs. Forex Iraq is an extremely risky investment due to the absence of regulation and verifiable license, as well as the inherent risks associated with dealing with unregulated brokers. To protect their assets, investors are advised to proceed with utmost caution and look for authorized, reliable brokers.
Victim of Forex Iraq Scam? Contact Broker Scan
If you believe you have been defrauded by Forex Iraq or any other scam, report it immediately and seek help from Broker Scan. Our team specializes in assisting victims of online fraud. Contact Broker Scan today to start the recovery process and get the support you need.
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