Best Forex Brokers in Iraq: A Comparative Guide



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Bybit - A global cryptocurrency exchange offering Forex and CFD trading through the MetaTrader 5 platform, with leverage of up to 1:500.
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XM Group - Best Order Execution (99.35% of orders are executed nearly instantly)
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Deriv - Best for trend-following strategies (using the company's unique trade type called Multipliers)
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IronFX - Best for VIP services (access to prop traders, forecasts, free VPS)
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FreshForex - Best for occasional trading on-the-go (through proprietary Telegram bot)
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Moneta Markets - Advanced trading infrastructure (top tier data centers around the world)
At Traders Union, we evaluate Forex brokers to help traders make informed, confident decisions and avoid unreliable or unsafe options. We use a professional and detailed approach, focusing on key factors such as regulation and safety, trading costs, ease of use, platform features for all experience levels, and real trader feedback collected over 15 years.
We’ve outlined every step of our evaluation in detail on our Methodology Page. Our process is transparent, data-driven, and built on years of expertise, combined with real trader insights, ensuring you can trust our recommendations.
Our goal is to guide traders toward brokers that are safe, reliable, and suited to their needs, whether they are beginners or experienced professionals in Iraq
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Comparison of leading Forex brokers in Iraq
The minimum deposit, EUR/USD spread, eligibility for residents of Iraq, and the number of available currency pairs are key factors to consider when choosing a broker.
- The minimum deposit shows how affordable it is to start trading.
- The EUR/USD spread highlights trading costs—lower spreads mean you save more.
- Eligibility for residents of Iraq ensures you can legally access the broker’s services.
- The number of currency pairs reveals the variety of trading options available.
Together, these factors help you determine if a broker is safe, cost-effective, and aligned with your trading needs.
Bybit | |||
---|---|---|---|
Minimum deposit, $ |
No
|
5 5 100 25 50 | 5 5 100 25 50 |
Accepts residents of country |
Yes
|
Yes
Yes
Yes
Yes
Yes
|
Yes
Yes
Yes
Yes
Yes
|
ECN Spread EUR/USD | 0,1 |
0,2
No
0,4
0,4
0,3
|
0,2
No
0,4
0,4
0,3
|
Currency pairs | 61 | 57 50 80 70 60 | 57 50 80 70 60 |
Tradable assets | 132 | 1400 190 200 270 1000 | 1400 190 200 270 1000 |
Study review | Study review | Study review Study review Study review Study review Study review | Study review Study review Study review Study review Study review |
We have analyzed the key advantages and disadvantages of the leading Forex brokers in Iraq, as well as their overall ratings based on our proprietary methodology.
TU Overall Score 8.4 /10 | |
---|---|
User Satisfaction score
Overall user experience and feedback based on ease of use, customer support, and platform reliability.
|
9.7
/10
|
Commissions and fees score
Analysis of the cost structure including trading commissions, minimum fees per trade, and withdrawal fees.
|
8
/10
|
Regulation and safety score
Assessment of regulatory compliance, financial security measures, and the overall safety of client funds.
|
3.9
/10
|
- Access to Forex and CFDs without the need for third-party broker verification;
- Support for trading via mobile and desktop MT5 versions;
- Leverage up to 1:500 on most contracts;
- Transparent commission and spread calculation system;
- ECN model with ultra-tight spreads and fixed lot-based commissions;
- No minimum deposit requirements;
- Free demo account for virtual trading.
- No multi-currency accounts;
- Limited passive income options in the Forex market.
TU Overall Score 9 /10 | |
---|---|
User Satisfaction score
Overall user experience and feedback based on ease of use, customer support, and platform reliability.
|
9.1
/10
|
Commissions and fees score
Analysis of the cost structure including trading commissions, minimum fees per trade, and withdrawal fees.
|
7
/10
|
Regulation and safety score
Assessment of regulatory compliance, financial security measures, and the overall safety of client funds.
|
9.2
/10
|
- XM Broker guarantees 100% execution of orders, 99,35% of orders delivered nearly instantly. No requotes guaranteed;
- No “markup” on narrow market spreads (broker's margins over the spread);
- Over 1,000 trading instruments. Available for trading are: 57 currency pairs, including CFDs on cross rates, metals (including palladium and platinum), commodities (cocoa, cotton, grain), stocks;
- No commission for replenishment and withdrawal of money. XM Broker incurs all commission costs of payment systems;
- Around the clock support for 5 days a week in more than 30 languages.
- Expanding their limited choice of trading platforms. Despite the fact that the broker offers 16 terminals, all of them are modifications of MT4 and MT5 for desktop, browser and mobile trading.
TU Overall Score 7.2 /10 | |
---|---|
User Satisfaction score
Overall user experience and feedback based on ease of use, customer support, and platform reliability.
|
8.9
/10
|
Commissions and fees score
Analysis of the cost structure including trading commissions, minimum fees per trade, and withdrawal fees.
|
5
/10
|
Regulation and safety score
Assessment of regulatory compliance, financial security measures, and the overall safety of client funds.
|
7.7
/10
|
- Membership in The Financial Commission, which provides investment protection of up to €20,000;
- Zero trading fees and a wide range of derivatives with floating and fixed spreads;
- The minimum amount to trade options is $5.
- Initial deposit starting from 5 units of the account's base currency - EUR, USD, GBP, AUD;
- Trading platforms are customized to specific markets;
- Client funds are held in segregated accounts in major banks;
- Accounts are protected with two-factor authentication.
- The broker does not offer the more user-friendly MetaTrader 4 platform for beginners;
- Investment in PAMM or MAM accounts is not available;
- There is limited educational content on the company's website.
TU Overall Score 7.1 /10 | |
---|---|
User Satisfaction score
Overall user experience and feedback based on ease of use, customer support, and platform reliability.
|
8.9
/10
|
Commissions and fees score
Analysis of the cost structure including trading commissions, minimum fees per trade, and withdrawal fees.
|
8
/10
|
Regulation and safety score
Assessment of regulatory compliance, financial security measures, and the overall safety of client funds.
|
9.7
/10
|
- round-the-clock communication with a multilingual support TEAM on weekdays;
- wide range of trading assets;
- the verification procedure can be repeated;
TU Overall Score 7 /10 | |
---|---|
User Satisfaction score
Overall user experience and feedback based on ease of use, customer support, and platform reliability.
|
8.8
/10
|
Commissions and fees score
Analysis of the cost structure including trading commissions, minimum fees per trade, and withdrawal fees.
|
6
/10
|
Regulation and safety score
Assessment of regulatory compliance, financial security measures, and the overall safety of client funds.
|
2.5
/10
|
- favorable trading conditions;
- work with the liquidity providers having a European license;
- 270 instruments for trading: Forex instruments, CFDs on precious metals, energy products, and indices, cryptocurrencies as well as corporate shares and ETF;
- spreads from 0 pips;
- the ability to replenish the account and withdraw funds quickly;
- bonuses and offers;
- easy to use the software that is available on your desktop computer, laptop, tablet, or smartphone.
- customer service works 24 hours although not on weekends;
- no investment programs.
TU Overall Score 7 /10 | |
---|---|
User Satisfaction score
Overall user experience and feedback based on ease of use, customer support, and platform reliability.
|
8.5
/10
|
Commissions and fees score
Analysis of the cost structure including trading commissions, minimum fees per trade, and withdrawal fees.
|
6
/10
|
Regulation and safety score
Assessment of regulatory compliance, financial security measures, and the overall safety of client funds.
|
7.1
/10
|
- Minimum deposit is only $50;
- Three account types that are suitable for both novice traders and professionals;
- Demo account for novice traders to test trading conditions and strategies;
- Possibility of passive income by connecting to social trading services;
- Negative balance protection.
- Small choice of payment methods for depositing and withdrawing funds;
- No cent accounts for trading with reduced risks.
Why trust us
We at Traders Union have analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we encourage users to perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
Trading fees and commissions of top brokers in Iraq
We compared both trading and non-trading fees of the top brokers in Iraq. This comparison highlights the following:
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Trading fees:
These include average spreads in pips for popular currency pairs like EUR/USD and GBP/USD, based on both Standard and ECN account types with floating spreads.
-
Non-trading fees:
These cover deposit and withdrawal fees (percentage-based), along with inactivity fees.
By analyzing these parameters, we aim to provide a transparent overview of the cost-effectiveness of brokers in Iraq.
Bybit | |||
---|---|---|---|
ECN Spread EUR/USD | 0,1 |
0,2
No
0,4
0,4
0,3
|
0,2
No
0,4
0,4
0,3
|
ECN Spread GBP/USD | 0,2 |
0,2
No
0,5
0,4
0,4
|
0,2
No
0,5
0,4
0,4
|
ECN fee ($) | 3 |
3,5
No
2
3
3
|
3,5
No
2
3
3
|
Standard acc. EUR/USD spread | Not supported | 1,0 0,7 1,0 0,2 1,5 | 1,0 0,7 1,0 0,2 1,5 |
Standard acc. GBP/USD spread | Not supported | 0,9 0,7 1,1 0,8 1,5 | 0,9 0,7 1,1 0,8 1,5 |
XAU/USD spread, pips |
No
|
35
12
30
30
No
|
35
12
30
30
No
|
Bybit | |||
---|---|---|---|
Deposit fee, % |
No
|
No
No
No
No
No
|
No
No
No
No
No
|
Withdrawal fee, % |
No
|
No
No
No
0,1-3,5
No
|
No
No
No
0,1-3,5
No
|
Withdrawal fee, $ |
No
|
No
No
No
2-5
No
|
No
No
No
2-5
No
|
Inactivity fee, $ |
No
|
10
25
No
No
No
|
10
25
No
No
No
|
Security and regulation of top brokers in Iraq
When choosing a Forex broker in Iraq, regulation ensures your funds are safe. Tier-1 regulation is the most reliable, with strict rules on transparency and client protection. Tier-2 regulation is solid but less strict, offering a reasonable level of oversight. Tier-3 regulation and unregulated brokers are riskier, with minimal or no monitoring, which can put your money at risk.
The data below shows the regulatory level of brokers available in Iraq, helping you make a safe and informed choice.
Bybit | |||
---|---|---|---|
Regulation and safety | 3.9 | 9.2 7.7 9.7 2.5 7.1 | 9.2 7.7 9.7 2.5 7.1 |
Regulation | VARA, AFSA, NBG, MiCAR |
CySEC, FSC (Belize), DFSA, FSCA, FSA (Seychelles), FSC (Mauritius)
MFSA, LFSA, VFSC, BVI FSC, FSC (Mauritius)
CySEC, FCA, FSCA
No
FSCA, SCA
|
CySEC, FSC (Belize), DFSA, FSCA, FSA (Seychelles), FSC (Mauritius)
MFSA, LFSA, VFSC, BVI FSC, FSC (Mauritius)
CySEC, FCA, FSCA
No
FSCA, SCA
|
Max. Regulation Level |
No
|
Tier-1 Tier-2 Tier-1 Not regulated Tier-1 | Tier-1 Tier-2 Tier-1 Not regulated Tier-1 |
Investor protection |
No
|
£85,000 €20,000 €20,000 €20,000 £85,000
No
No
|
£85,000 €20,000 €20,000 €20,000 £85,000
No
No
|
Negative balance protection |
Yes
|
Yes
Yes
Yes
Yes
Yes
|
Yes
Yes
Yes
Yes
Yes
|
Top 3 brokers for beginners in Iraq
This comparison highlights the best brokers in Iraq for new traders based on the following criteria:
- Education Score: Assesses the quality of educational materials, such as tutorials and guides.
- Cent Accounts: Allow traders to start with minimal capital ($1–$10), enabling them to learn market dynamics with limited financial risk.
- Demo Accounts: Provide risk-free environments for practicing trading strategies.
- Copy Trading: Enables new traders to learn by replicating the trades of experienced traders.
- PAMM Accounts: Offer opportunities for passive investment.
These features help ensure a smooth start and effective learning experience for beginners in Iraq.
IronFX | xChief | Headway | |
---|---|---|---|
Education score | 3.88 | 6.65 | 6.17 |
Demo |
Yes
|
No
|
No
|
Copy trading |
Yes
|
Yes
|
Yes
|
PAMM |
No
|
No
|
No
|
Cent |
Yes
|
Yes
|
Yes
|
Is Forex regulated in Iraq?
Forex Investor Protection in Iraq
Due to limited regulation, investor protection in Iraq is minimal. Retail traders are advised to use international brokers that are regulated by reputable authorities and offer protections such as segregated accounts and compensation schemes.Forex taxation in Iraq
Forex trading profits in Iraq are treated as personal income and are taxed at 15%. Traders are required to declare their income in accordance with local tax laws.How to choose a Forex broker in Iraq
For beginners, it’s essential to start with a strong foundation in Forex trading basics. Focus on understanding trading psychology, how leverage impacts risk, and the importance of lot sizes and risk management strategies.
Once you’ve built your knowledge, follow these practical steps to begin trading Forex in Iraq:
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Check regulation and security.
Ensure the broker is regulated by a Tier-1 or Tier-2 regulatory authority or holds a valid license in Iraq. Regulation helps guarantee fund safety and compliance with industry standards.
-
Compare fees and spreads.
Seek brokers offering low spreads, transparent fees, and competitive commission structures for Iraq clients to minimize trading costs.
-
Evaluate trading platforms.
Choose brokers offering advanced platforms such as MT4, MT5, or TradingView for efficient trading and analysis.
-
Review account types.
Select a broker that offers account types suited to your needs, such as Cent and Demo accounts for beginners and ECN accounts for experienced traders.
-
Assess deposit and withdrawal options.
Ensure the broker provides fast, affordable, and reliable deposit and withdrawal methods in Iraq.
-
Check customer support quality.
Choose brokers that offer responsive, multilingual support 24/7 to ensure prompt and effective issue resolution.
Is Forex halal or haram?
Forex is halal when it adheres to Islamic finance principles , avoiding riba and gharar. Islamic accounts eliminate overnight interest charges, ensuring compliance. Stocks and ETFs are generally halal. We analyzed three top-rated brokers in Iraq with exceptional Islamic account options.Deriv | XM Group | IronFX | |
---|---|---|---|
Swap free account |
Yes
|
Yes
|
Yes
|
ETFs |
Yes
|
No
|
No
|
Stocks |
Yes
|
Yes
|
Yes
|
Bitcoin |
Yes
|
No
|
No
|
Currency pairs | 50 | 57 | 80 |
Gold |
Yes
|
Yes
|
Yes
|
Open an account | Study review | Study review | Study review |
Expert advice for traders in Iraq
In my experience, responsive customer support is crucial for a positive trading experience. Trading inevitably involves occasional issues, whether it's a question about deposits and withdrawals or a technical problem with the platform. Brokers offering 24/7 multilingual support have been invaluable in my trading journey. Multiple communication channels, such as live chat and phone support, facilitate prompt issue resolution. Reliable customer support not only addresses issues quickly but also demonstrates the broker's commitment to its clients' success.
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Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses that want to improve their Google search rankings to compete with their competition. With expertise in search engine optimization (SEO) and content marketing, he ensures his work is both informative and impactful.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).