Traders Union (TU) analysts have prepared a comparative analysis of the best brokers Iraq in 2024. Experts performed the analysis taking into account the specifics of trading in the country. In their evaluation, TU experts use over 100 criteria that are split into groups. They have collected all the necessary data providing a possibility for novice traders from Iraq to give an unbiased evaluation to a broker. Using this information, a user can choose the company that meets his criteria.
The Most Reliable Brokers Iraq by TU include the following:
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Pocket Option is an unregulated broker focused on cooperating with professional traders who do not need training or additional bonuses.
Deriv is a broker for beginners and professional traders who prefer to make trades on their own, as well as use auxiliary programs for more efficient trading.
TrioMarkets positions itself as a broker for traders with any experience, however, an analysis showed that its conditions are more focused on experienced market participants.
Admirals is a suitable broker for both beginner traders as well as professional traders.
Best forex brokers for beginners in Iraq in 2024
| RoboForex | Pocket Option | Deriv | TrioMarkets | Admirals | |
|---|---|---|---|---|---|
Trading platform |
МТ4, МТ5, R StocksTrader, R MobileTrader, R WebTrader |
МТ5, proprietary platform |
Deriv MT5, Deriv X, Deriv Trader, SmartTrader, Deriv bot |
МetaТrader 4 (desktop, mobile, and web versions) and MT4 TrioXtend |
МТ4, MT5, MetaTrader Supreme Edition, WebTrader |
Min deposit |
$10 |
$5 |
$1 |
$100 |
$250 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
Accrual of % on the balance |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Spread |
From 0.0 points |
From 1.2 points |
From 0.0 points |
From 1.4 points |
From 0.5 points |
Level of margin call / stop out |
60% / 40% |
30% / 50% |
100% / 50% |
120% / 50% |
50% / 0% |
Execution of orders |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
Market Execution |
Exchange execution, Market Execution |
No deposit bonus |
No |
No |
No |
No |
No |
Cent accounts |
Yes |
No |
No |
No |
No |
There are certain specifics in trading, which novice traders residing in the territory of Iraq need to know about:
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Novice traders need educational courses. The bigger the educational blocks, the more useful knowledge you will gain.
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Take notice of the availability of a demo account or a cent account. Traders can use these accounts to practice without considerable costs. A demo account allows you to work with virtual money, and a cent account - with micro lots, where your profit or loss amounts to just several dollars or even cents.
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When choosing a broker, it is important to evaluate its fees schedule. Novice traders should check out the fees on cent or basic accounts.
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If a novice trader professes Islam, he needs to make sure that an Islamic account is available. it is a special swap-free account that does not violate the Sharia law.
1
Best Forex broker for beginners in Iraq - RoboForex
RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.
RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).
👍 Advantages of trading with RoboForex for traders from Iraq:
•Availability of favorable trading conditions and a minimum deposit
•Unique investment program CopyFx
•Highest affiliate payments: up to 84% of the fee paid by the referral
•Market launch - STP and ECN
•Instant withdrawal of funds
•Minimum deposit - $10
👎 Disadvantages of RoboForex for traders from Iraq:
•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime
•Lack of tools when trading on the R StocksTrader platform
RoboForex Commissions & Fees for traders from Iraq
RoboForex charges trading fees. The fees are charged as the spread. In the fees review for traders from Iraq, you can learn about their rates depending on the account type.
RoboForex Commissions and Fees in Iraq
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Pro |
$13 |
No |
Pro-Cent |
$13 |
No |
ECN |
$3 |
No |
Prime |
$1 |
No |
2
Best Forex broker for beginners in Iraq - Pocket Option
The Pocket Option broker is part of Gembell Limited holding, which was founded by a group of professionals seasoned in trading and investment activities. The company is mass-market requirements-based, therefore, it provides quality services to binary options trading in the OTC market access. The broker strives to make the trading process as simple, clear, and convenient as possible. For this reason, Pocket Option has developed a unique trading platform to ensure stable trading for traders and investors.
👍 Advantages of trading with Pocket Option for traders from Iraq:
•low threshold for entering the market; the first deposit starts at $5;
•social trading platform generates passive income.
👎 Disadvantages of Pocket Option for traders from Iraq:
•not licensed by any reputable regulator;
•to trade Forex through MetaTrader 5, you need to deposit at least $1,000;
•support service responds within 24-48 hours, which is also too slow.
Pocket Option Commissions & Fees for traders from Iraq
Pocket Option charges trading fees. The fees are charged as the spread. In the fees review for traders from Iraq, you can learn about their rates depending on the account type.
Pocket Option Commissions and Fees in Iraq
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Novice trader |
No |
Yes, when withdrawal with Perfect Money |
Beginner |
No |
Yes, when withdrawal with Perfect Money |
Experienced |
No |
Yes, when withdrawal with Perfect Money |
Master |
No |
Yes, when withdrawal with Perfect Money |
Professional |
No |
Yes, when withdrawal with Perfect Money |
Expert |
No |
Yes, when withdrawal with Perfect Money |
MT5 Forex |
From 1.1 pips |
Yes, when withdrawal with Perfect Money |
3
Best Forex broker for beginners in Iraq - Deriv
Deriv is a brokerage company that started its activities in 1999. Deriv's mission is to make trading accessible. For this reason, the company has low minimum deposit requirements, but high-quality working conditions. DTrader is one of the broker's several proprietary trading platforms. Two others are Deriv bot and Deriv MT5. Deriv offers its clients to trade Forex assets, stocks, indices (including synthetic ones), CFDs, commodities, and options. Deriv is an international broker licensed and regulated by the following bodies: Vanuatu Financial Services Commission (VFSC, 14556), Malta and Labuan Financial Services Authority (MFSA, 71479 and Labuan FSA, MB/18/0024), BVI FSC (SIBA/L/18/1114). The rights of traders are guarded by the Financial Commission, of which Derive is also a member.
👍 Advantages of trading with Deriv for traders from Iraq:
•Low level of the minimum deposit.
•A wide range of payment agents for replenishment of the deposit and withdrawal of earned funds.
•Availability of trading instruments of different groups: currency pairs, stocks, indices, metals, etc.
•Broker regulation by several authorities from different countries.
•Round-the-clock client support.
•Choice of three convenient trading platforms.
•No commission for maintaining a trading account and using its platforms.
👎 Disadvantages of Deriv for traders from Iraq:
•The tutorials provided on the site may not be enough for novice traders.
•Deriv has only a few ways to contact support.
•The broker does not serve clients from several countries, such as the USA, Canada, Malaysia, Israel, and others.
Deriv Commissions & Fees for traders from Iraq
Deriv charges trading fees. The fees are charged as the spread. In the fees review for traders from Iraq, you can learn about their rates depending on the account type.
Deriv Commissions and Fees in Iraq
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Real account |
From $1 |
Yes - established by trading platform and payment system |
4
Best Forex broker for beginners in Iraq - TrioMarkets
TrioMarkets is an STP (straight-through processing) and ECN (Electronic Communication Network) broker that works on the NDD (No Dealing Desk) protocols. It has been offering its services since 2014. It has several licenses, including those from the Financial Services Commission (FSC) of Mauritius and the Cyprus Securities and Exchange Commission (CySEC), and it partners with major European banks and developers of trading applications. TrioMarkets offers 60 currency pairs and CFDs on cryptocurrencies, stocks, metals, indices, and energies for trading. The broker's software provides for independent trading, investing in MAM and PAMM accounts, and copying trades of other traders.
👍 Advantages of trading with TrioMarkets for traders from Iraq:
•Good choice of trading assets, especially currencies, and CFDs on stocks;
•Leverage for currency pairs is 1:30-1:500 depending on the client's country of registration;
•Reliable regulation: the broker is licensed by the European and International Financial Supervision Commissions;
•Choice of STP and ECN technologies, and different versions of MT4 for comfortable trading conditions;
•Bonuses for new and existing clients, including trading fee cash backs;
•10+ deposit and withdrawal methods;
•Many channels for communication with technical support.
👎 Disadvantages of TrioMarkets for traders from Iraq:
•High spreads on accounts with deposits up to $5,000;
•Absence of cent accounts and full-fledged training for novice traders;
•Withdrawal fees are charged for all payment methods.
TrioMarkets Commissions & Fees for traders from Iraq
TrioMarkets charges trading fees. The fees are charged as the spread. In the fees review for traders from Iraq, you can learn about their rates depending on the account type.
TrioMarkets Commissions and Fees in Iraq
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Basic |
$24 |
Yes |
Standard |
$14 |
Yes |
Advanced |
$11 |
Yes |
Premium-ECN |
$0 |
Yes |
5
Best Forex broker for beginners in Iraq - Admirals
Admirals was founded in 2001. In more than 20 years of operation, a regional Estonian broker has grown into an international financial group of companies providing access to over-the-counter markets in more than 130 countries, as well as to exchange-traded stock instruments. Following the 2021 rebranding, Admirals became Admirals. The updated platform received new integrated risk management solutions.
The Admirals group of companies comprises:
-
Admirals AU Pty Ltd.
-
Admirals UK Ltd.
-
Admirals Cyprus Ltd.
-
Admirals AS Jordan Ltd.
Regulators of the Admirals group of companies include FCA (UK, 595450), CySEC (Cyprus, 201/13), ASIC (Australia, 410681), JSC (Jordan, 57026), and CIPC (South Africa, 2019 / 620981 / 07).
👍 Advantages of trading with Admirals for traders from Iraq:
•5,000+ trading assets, with stock assets trading on exchange markets available.
•The company’s proprietary social trading platform (copy trading).
•Relatively tight spreads on most assets.
•The company’s own Supreme Edition plug-in for MT4 and MT5, which expands their technical and chart functionality.
•FCA and CySec licenses, which are the most reputable regulators.
•Compensation fund with insurance coverage of up to €20,000 per trader.
•Relatively low initial deposit that provides for opening trades within risk management subject to leverage.
👎 Disadvantages of Admirals for traders from Iraq:
•Restrictions on leverage for retail traders without the “professional” status as required by regulators.
•Withdrawal fee is charged.
Admirals Commissions & Fees for traders from Iraq
Admirals charges trading fees. The fees are charged as the spread. In the fees review for traders from Iraq, you can learn about their rates depending on the account type.
Admirals Commissions and Fees in Iraq
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Trade MT4/MT5 |
from $5 |
Yes |
Zero MT4/MT5 |
from $0 |
Yes |
Zero MT4/MT5 |
from $0 |
Yes |
Fees and Commissions
When choosing a broker, it is very important to evaluated the structure of its fees. The fees are the main source of income for brokerage companies.
The brokers usually charge two finds of fees: spread and lot fee.
Spread is more popular than the lot fee. However, the type of fee depends on the trading account. Make sure you review the conditions.
The lowest spreads are always found on ECN accounts. Availability of such account types is an important advantage for any broker.
The type of fees can depend on your trading strategy, but a detailed calculation needs to be performed anyway.
The fees charged by brokers often vary depending on the trading account type and also the instruments a trader works with. The higher the popularity and liquidity of certain instruments, the narrower the spreads or the lower the fees per lot.
Summary
Choosing the right broker is not a simple task for new traders in Iraq, as they have to take into account many nuances. Each of those could considerably impact your trading successes or your profit. Trading instruments that the broker offers traders from Iraq, trading conditions and the quality of educational materials need to be evaluated. Availability of a demo account or a cent account you can use to practice is an important advantage. Keep in mind that before opening a position, you need to assess its risk level.
Top Forex brokers for beginners in 2024 for traders from Iraq
| RoboForex | Pocket Option | Deriv | TrioMarkets | Admirals | |
|---|---|---|---|---|---|
Overall score |
8.61 |
6.87 |
8.48 |
4.73 |
8.43 |
Execution of orders |
8.95 |
9.52 |
9.55 |
3.51 |
7.65 |
Investment instruments |
8.2 |
4.29 |
8.73 |
7.38 |
9.31 |
Withdrawal speed |
9.71 |
9.64 |
9.54 |
7.43 |
8.57 |
Customer Support work |
9.17 |
4.38 |
5.94 |
2.21 |
8.2 |
Variety of instruments |
8.75 |
6.01 |
9.27 |
7.02 |
8.75 |
Trading platform |
6.86 |
7.38 |
7.82 |
0.81 |
8.09 |
FAQ
What amount does a novice trader need in order to start trading?
It depends on the account type. For a cent account, USD 50 is enough. For trading on a real account, it is better to deposit at least $300-500.
How do I choose a reliable broker Iraq?
According to the requirements of country Iraq, a broker must disclose all information, including the name, registration data, legal address, etc. License for financial activity is the key document.
Should I accept the bonuses for beginners?
Bonuses for beginners can make trading more profitable, but before accepting a bonus, make sure you read the conditions for receiving bonuses by traders from Iraq.
Can a beginner earn passive income in the Forex market while he is learning?
Yes. For example, you can use PAMM accounts or copy trading platforms. Make sure that these kinds of investment opportunities are available for traders from Iraq.
Best Forex Brokers for Beginners by Countries
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
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