Best forex brokers in Iraq in 2020

To help you to find the best forex brokers in Iraq in 2020, we did the research for you. We checked and compared fees, currency pairs, charting tools, platforms, practically everything. We went deep, so you won't have to. And now, without further ado...

Our top 5 picks for the best forex brokers in Iraq in 2020:

1. IC Markets is the winner, the best forex broker in Iraq in 2020. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
2. XM in the second place. Low CFD and withdrawal fees. Easy and fast account opening. Great educational tools.
3. AvaTrade rounded out the top three. Easy and fast account opening. Free deposit and withdrawal options. Great research tools.
4. MultiBank, number four. Fast and easy account opening. Free and multiple deposit and withdrawal options. Fast and relevant customer service.
5. FXCM. Fast and straightforward account opening. Good technical research tools. High-quality educational content. Just made it to the list with being number five.

What makes a good forex broker? First of all, fair trading fees and low withdrawal fees. They should also offer a lot of currency pairs and need to have a great platform with advanced charting. These are easy things to list, but quite hard to figure it out. We test brokers based on more than 100 criteria with real accounts and real money. We know what's up.

If you are a beginner, be careful with forex trading. Forex products are complex and very risky, thus not suitable for everyone. You can easily lose all of your invested money. If you don't have a clue how forex trading works, start with forex trading 101.

Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Just enter your country and it will show you only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.

And now, let's see the top forex brokers in 2020 for Iraqi citizens one by one, starting with the winner, IC Markets.

IC Markets is an Australia-based global forex broker that was founded in 2007. The company has several branches and is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA) and the Australian Securities and Investments Commission (ASIC).

IC Markets is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.25% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders who value easy account opening and free deposit/withdrawal options

Visit broker
74.25% of retail CFD accounts lose money

#1 IC Markets
Fees

4.3

IC Markets has low trading and non-trading fees. There is no inactivity or withdrawal fee. On the negative side, financing rates for CFDs are high.

Forex fees are Low. To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Visit broker More
74.25% of retail CFD accounts lose money

#1 IC Markets
Markets and products

1.8

At IC Markets, you can trade only with forex and CFDs. This means that many popular asset classes, like real stocks or ETFs, are not available.

Visit broker More
74.25% of retail CFD accounts lose money

#1 IC Markets
Web trading platform

2.8

The web trading platform of IC Markets is provided by MetaTrader. It is highly customizable, available in many languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and the design is outdated.

IC Markets charting

IC Markets has OK charting tools. You can use 31 technical indicators and other technical tools, such as trendlines and Fibonacci retracement. You can add indefinite number of TA indicators to MT4/MT5 accounts

Visit broker More
74.25% of retail CFD accounts lose money

#1 IC Markets
Account opening

5.0

The account opening process at IC Markets is user-friendly and fully digital. It was also very quick, as our account was approved within a day.

Visit broker More
74.25% of retail CFD accounts lose money

#1 IC Markets
Deposit and withdrawal

4.9

IC Markets's depositing and withdrawal services are great. Many options are available for moving your money in and out, and most of them are free of charge. On the negative side, international bank withdrawals have a high fee.

Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

Visit broker More
74.25% of retail CFD accounts lose money

#1 IC Markets
Verdict

IC Markets is a great forex broker. 

Its forex fees are low and account opening is fast and easy. Deposits and withdrawals are free and  the process is user-friendly. The education section of the website is also a plus.

On the other hand, IC Markets provides only forex and CFDs products for trading. In addition, live chat support could be better and non-EU clients are not covered by any investor protection scheme.

Feel free to try IC Markets, as you will have an account within a day and there is no inactivity fee.

Visit broker More
74.25% of retail CFD accounts lose money

XM is an online broker whose parent company is Trading Point Holding, a global CFD and FX broker founded in 2009. Trading Point Holding has two brands, XM and Trading.com.

XM is available globally and is regulated by three financial authorities: the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the International Financial Services Commission of Belize (IFSC).

Trading.com is available only for most EEA residents and is regulated by the UK's Financial Conduct Authority (FCA).

In this review, we will focus on the XM brand.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.55% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders who prefer metatrader platforms and seek low trading fees

Visit broker
75.55% of retail CFD accounts lose money

#2 XM
Fees

3.8

XM has low trading fees for CFDs and charges no withdrawal fee. On the other hand, forex fees are only average, and there is a fee for inactivity.

Forex fees are Average. To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Visit broker More
75.55% of retail CFD accounts lose money

#2 XM
Markets and products

2.5

XM provides CFDs and forex for all clients, while real stocks are available only for clients opening their accounts under the IFSC-regulated entity. Popular asset classes, like real ETFs, bonds or options are missing.

Visit broker More
75.55% of retail CFD accounts lose money

#2 XM
Web trading platform

2.8

XM's web trading platform is provided by MetaTrader. It is highly customizable and has a clear fee report. On the other hand, the platform lacks price alerts and the design is outdated.

XM charting

Uses Metatrader 4 charting tools. You can use 31 technical indicators. These charting tools can be found on the MetaTrader trading platforms.

Visit broker More
75.55% of retail CFD accounts lose money

#2 XM
Account opening

5.0

XM account opening is hassle-free and straightforward. You may be able to trade on your account already on the same day.

Visit broker More
75.55% of retail CFD accounts lose money

#2 XM
Deposit and withdrawal

5.0

XM's deposit and withdrawal processes are fast and inexpensive, and offer you several options.

Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

Visit broker More
75.55% of retail CFD accounts lose money

#2 XM
Verdict

XM is regulated by several authorities globally, including the top-tier ASIC.

On the plus side, we liked the low CFD and withdrawal fees. The account opening process is seamless and hassle-free. There is a wide range of educational tools of great quality.

XM has some drawbacks though. Its product range is limited to FX and CFDs. Its forex fees are average, and non-EU customers are not covered by any investor protection.

We recommend XM for those who are interested in CFD and forex trading and prefer MetaTrader trading platforms. Feel free to test it via the demo account.

Visit broker More
75.55% of retail CFD accounts lose money

AvaTrade is a global CFD and FX broker founded in 2006. It is regulated by several financial authorities, such as the Central Bank of Ireland.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for an option to use metatrader platforms

Visit broker
79% of retail CFD accounts lose money

#3 AvaTrade
Fees

3.4

AvaTrade has average trading fees. Withdrawals are free of charge but inactivity fees are rather high.

Forex fees are Average. To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Visit broker More
79% of retail CFD accounts lose money

#3 AvaTrade
Markets and products

2.0

AvaTrade gives access only to CFDs, such as forex, stock, index and commodity CFDs. It doesn't offer popular asset classes, such as real stocks, bonds, or mutual funds.

Visit broker More
79% of retail CFD accounts lose money

#3 AvaTrade
Web trading platform

3.6

AvaTrade's WebTrader platform is user-friendly and well-designed. The search functions and the portfolio/fee reports are great. On the negative side, it lacks customizability, two-step login, and price alerts.

AvaTrade charting

Charting tools can be found on the MetaTrader trading platforms. You can use 31 technical indicators and other editor tools, such as trendlines or Fibonacci retracement.

Visit broker More
79% of retail CFD accounts lose money

#3 AvaTrade
Account opening

5.0

Account opening at AvaTrade is seamless and fully digital. You can start trading literally in minutes.

Visit broker More
79% of retail CFD accounts lose money

#3 AvaTrade
Deposit and withdrawal

4.5

AvaTrade offers several free methods for deposit and withdrawals. On the flip side, the withdrawal took us more than 3 business days.

Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

Visit broker More
79% of retail CFD accounts lose money

#3 AvaTrade
Verdict

AvaTrade is regulated by several authorities globally, including the top-tier Central Bank of Ireland and the Australian Securities and Investments Commission (ASIC) therefore it is considered safe.

We liked the seamless and hassle-free account opening. You can use a lot of deposit and withdrawal options and they are free of charge. We also liked that you can use many user-friendly tools for research. 

AvaTrade has some drawbacks though. The product range is limited to forex, CFDs, and cryptos, and there is a high fee charged for inactivity. Lastly, there are better alternatives if Forex trading fees are your main concern.

As there is only a small minimum deposit, and your account will be ready quickly, feel free to try AvaTrade.

Visit broker More
79% of retail CFD accounts lose money

MultiBank is a global CFD and FX broker.

MultiBank Group is a global financial group which includes companies from asset management to brokerage. MultiBank's brokerage service is operating under several legal entities regulated by Australian ASIC and other financial regulators. In this review, we use MultiBank as a name for the brokerage service.

MultiBank is considered safe because it is regulated by the top-tier ASIC and has a long history, dating back to 2005.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders familiar with the metatrader 4 trading platform

Visit broker
74-89% of retail CFD accounts lose money

#4 MultiBank
Fees

2.6

MultiBank does not charge any withdrawal fees and has low stock index CFD fees. On the other hand, the stock CFD and inactivity fees are high.

Forex fees are Average. To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Visit broker More
74-89% of retail CFD accounts lose money

#4 MultiBank
Markets and products

1.4

At Multibank you can trade only with forex and CFDs. CFDs are provided in several forms, such as stock indexes and cryptos.

Visit broker More
74-89% of retail CFD accounts lose money

#4 MultiBank
Web trading platform

2.8

At Multibank you can use the MetaTrader4 trading platform. It is highly customizable, available in a lot of languages, and has a clear fee report. On the negative side, it lacks a two-step login and the design is outdated.

MultiBank charting

Uses Metatrader 4 charting tools. You can use 31 technical indicators and other technical tools, such as trendlines and Fibonacci retracement.

Visit broker More
74-89% of retail CFD accounts lose money

#4 MultiBank
Account opening

5.0

The account opening procedure with Multibank is easy and straightforward. The account is ready for trading within a day.

Visit broker More
74-89% of retail CFD accounts lose money

#4 MultiBank
Deposit and withdrawal

4.5

Deposit and withdrawal at MultiBank are great. You can use many deposit and withdrawal types and withdrawal is free.

Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

Visit broker More
74-89% of retail CFD accounts lose money

#4 MultiBank
Verdict

MultiBank is regulated by more financial authorities globally, including the top-tier ASIC.

The account opening is seamless and hassle-free. Multiple and free options are offered for deposit and withdrawal. The customer service is great.

MultiBank has some drawbacks though. The stock CFD and inactivity fees are high. Its product range is limited to FX, CFDs, and cryptos. The research and educational tools are also basic. 

Visit broker More
74-89% of retail CFD accounts lose money

FXCM, or Forex Capital Markets, is a UK-based broker offering forex and CFDs trading. FXCM was established in 1999 and is 100% owned by the Jefferies Financial Group, which is listed on the New York Stock Exchange and has a background in investment banking.

FXCM is considered safe as it has a long track record, a strong parent company, and is regulated by top-tier financial authorities like the UK's Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders looking for easy account opening, funding and withdrawal

Visit broker
74.74% of retail CFD accounts lose money

#5 FXCM
Fees

3.7

FXCM has low trading fees and average non-trading fees. There are no account, deposit, or credit/debit card withdrawal fees. However, you have to pay a $50 fee after one year of inactivity and bank withdrawal can be costly.

Forex fees are Average. To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Visit broker More
74.74% of retail CFD accounts lose money

#5 FXCM
Markets and products

1.6

FXCM provides only forex and CFDs (on stocks, stock indices, commodities and cryptos). Popular asset classes, like real stocks and bonds, are not available for trading.

Visit broker More
74.74% of retail CFD accounts lose money

#5 FXCM
Web trading platform

3.3

FXCM's web trading platform is extremely customizable, provides a wide range of order types and has a great search function. On the other hand, it lacks two-step authentication and price alerts.

FXCM charting

FXCM does a great job in charting. The charts are easily editable and there are more than 50 technical indicators.
There is also a Market Scanner feature. It shows whether you should buy or sell based on technical indicators, like RSI or MACD. However, only for a few products you can use it.
You can add more technical tools. Some of them are available for free, but for the majority, you have to pay. You can check these tools at "FXCM forex trading app" page.

Visit broker More
74.74% of retail CFD accounts lose money

#5 FXCM
Account opening

4.4

The account opening process at FXCM is hassle-free, but the minimum deposit is $360 (£300) in Europe and $50 in non-EU countries. Also, the account opening time is longer than usual.

Visit broker More
74.74% of retail CFD accounts lose money

#5 FXCM
Deposit and withdrawal

4.0

There are multiple options both for deposits and withdrawals, but bank withdrawals have high fees and only a few account currencies are available.

Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

Visit broker More
74.74% of retail CFD accounts lose money

#5 FXCM
Verdict

FXCM is a great forex and CFD broker. It has a strong parent company and is regulated by multiple top-tier financial authorities, including the FCA and ASIC.

FXCM has a great account opening process, and its technical research and educational tools are high-quality and well-organized.

On the other hand, FXCM's product selection is limited to only forex, CFDs and cryptos. Bank withdrawal fees are high and trading platforms lack a secure two-step login. 

Feel free to try FXCM, as their minimum deposit requirement is low and the inactivity fee only kicks in after a year.

Visit broker More
74.74% of retail CFD accounts lose money

Trading with forex has become really popular over the last decade. Keeping your eyes on important criteria like fees helps you to find the best forex broker for you.

At BrokerChooser, we test online brokers along more than 100 criteria, with a real account and real money.

The most important factor for selecting the top forex brokers is the fees of forex trading. Not just the trading fees, but the withdrawal fees are important to take into consideration. We also score positively if the broker provides a great amount of currency pairs, great desktop platform, and advanced charting tools.

Fees, fees, fees. We bet this is at the top of your mind when you're looking for the best forex broker. It can be complicated. Let's see how we did it.

It is not easy to compare forex broker fees, but we are here to help. Forex brokers can charge commissions, spreads and financing fees.

For commissions, there are two versions forex brokers use:

1. All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the market.
2. You get the market spread, but you pay a commission based on the traded amount.

The latter is more transparent, but this doesn't mean the first method cannot be cheaper.

When you trade forex on leverage and hold your position overnight, a fee will be charged. This fee is called a rollover or financing fee. The financing rate depends on the currency pair and the broker.

To make your life easy, we calculated everything for you. We calculated what your overall fee would be if you take a $20,000 position, hold it for a week then close it. We used a 30:1 leverage.

You see this for the EURUSD, GPBUSD, and AUDUSD currency pairs.

Forex trading looks simple, but it carries serious risks. Before trading, understand the basics and ask yourself: is this for me?

Understanding the forex market

Forex, FX, foreign exchange or currency market: you have probably already heard one of these expressions. They all mean the same: a market where you can exchange currencies or bet on the price movement of currency pairs.

The forex market has several outlets, from the currency exchange booths on the street to the currency trading desks of big banks.

For a layperson, a non-professional individual as you probably are, the easiest and safest way to trade forex is by opening an account at a reliable online broker.

The vast majority of currency transactions are conducted on OTC (over-the-counter) markets. An OTC market is a non-regulated market. On a non-regulated market, you have to assess for yourself how safe your counterparty is. For example, when you travel abroad to an exotic country and you need to exchange some money, you usually go to a bank branch instead of changing money on the street. This is how you minimize your counterparty risk. You have to do the same risk minimization when you select your online broker for trading forex. You should always choose a reliable broker.

Forex trading is very tempting for the following reasons:

• everybody has an opinion on where the currencies are going

• on first sight, the forex market is relatively easy to understand compared to other markets, like the stock market

• by using leverage, a trader can easily trade with 100 times more money than they have on their trading account and thus also increase profits (or losses!) 100 times

• the market is open 24 hours a day, 5 days a week

• it is the most liquid market in the world, meaning there are huge numbers of transactions every second and you don't have to worry about not finding a partner to trade with

Although it looks easy, trading with forex can be risky if you don't know what you're doing. By using high leverage irresponsibly, you can easily lose all of your money within a couple of seconds. So you better start off slow, learn and open a demo account first. If you want to study more, check out our blog post about the best trading apps for learning.

Forex market trading hours

The forex market is open from 11:00 PM on Sunday until 11:00 PM on Friday, London time.

The highest trading activity within each day is when London and New York are open.

It is good to know that there is a difference between currency conversion and forex trading.

The end result of a conversion is basically changing one currency into another. Imagine that you receive your salary in euros (EUR), but you spend it in British pounds (GBP). In this case, you exchange the euros to pounds. Before the transaction you had euros, and after it you will have pounds.

When you trade with currency pairs there is no physical conversion happening. Imagine that you have an online broker account in US dollars and you want to bet on the price movements of the EURUSD. In this case, you effectively never convert your dollars to euro. If your bet was correct, the profit from your trade will be booked to your account in US dollars. If you were wrong, the loss will be deducted from your account in dollars as well.

Breaking down the forex trading jargon

When you trade forex, you bet on the price change of a currency pair, for example, the EURUSD.

First of all, you need to understand what the bid and the ask prices are. Let's take the EURUSD again as an example. The 'bid' is the price at which you can sell the EURUSD, or in other words to go short in it. If the price goes lower, you will generate a profit. The 'ask' price is the opposite. If you want to bet on the price increasing, you can open a trade at the 'ask' price. The mid-price is usually halfway between the two, but this is just a theoretical price that is not used for trading.

The actual bid and ask prices together are called the quote.

A long position is when you bet on the price going up, while a short position is when you profit from the price going down.

The spread is the difference between the ask and bid prices. In the example above, the spread is 0.0005, which is calculated as 1.1705-1.1700.

The pip is the smallest amount of a currency pair. One pip is equal to 0.0001 for most of the currency pairs. In case of our example, the spread is 5 pips, or 5 times 0.0001, equalling 0.0005. For some currency pairs like the USDJPY, one pip is 0.01.

Leverage allows you to take bigger positions than the amount of money on your account. Imagine this as a multiplier of your profit or your loss. This can be as high as 300. Imagine you have $1000 on your account and your applied leverage is 100. If you open a long position by using all your $1000, this means you open a trade for $1,000*100, or $100,000. If the price decreases 1%, you will lose $1000 (1%*$100,000), that is, all of the money on your account. And the price of a currency pair can very easily decrease by 1%. In case of EURUSD, this would mean a price decrease from 1.1705 to 1.1588.

A lot is the standard number of units of a forex contract. It is usually 100,000 units of the base currency. The base currency is the first currency in a currency pair. For EURUSD, the base currency is the EUR and one lot is €100,000. A mini lot is 10,000, a micro 1,000 and a nano 100 units of the base currency.

In forex trading, you can encounter three types of contracts: spot, forward and futures. The spot forex contract is the type that is traded by most people, and this also what you trade when you use an online broker. A spot contract by definition is settled two days after the trade. Settlement means that the counterparties who traded are converting their currencies between each other at the price of the trade made two days earlier. Imagine the settlement as a currency conversion made at a money exchange office on the street. The only difference is that this happens two days after the price was agreed on.

However, in most cases, the settlement doesn't actually happen, because spot contracts are rolled over before the settlement. This is always the case when you trade forex with your online brokers. The rollover happens because when you are betting on the direction of a currency pair, you do not want to actually convert money into the other currency, you just want to bet on the price movement. The rollover ensures that the conversion will not happen.

When your position is rolled over, your online broker in the background basically closes your current spot position and opens a new one. This is not visible for you, but it has a fee, called the rollover or financing fee. The rollover fee is calculated from the interest rate difference between the two currencies you are trading. In some cases, you may also receive a fee from the broker, if the interest rates you trade are in your favor.

A forward forex contract is a contract made on the OTC market. The specifics of the contract, like the term, the price and the settlement are defined by the counterparties case by case. For example, imagine a company which will need $100,000 in 30 days for paying its employees, but it will receive its revenue in euro. Since it wants to specify the exact exchange rate it can get in 30 days, it will seal a forward contract with a big bank at a fixed price, let's say 1.1710. After 30 days, they will exchange the currencies and the company will receive €85,397 ($100,000/1.1710). In this case, the settlement actually happens.

A futures forex contract is traded on a regulated market, for example, a commodity exchange, like the Chicago Mercantile Exchange (CME). When you trade futures, your counterparty is the exchange and the specifics of the contract are predefined by the exchange. When your counterparty is a regulated exchange, you don't need to check your counterparty risk, as this is one of the safest modes of trading. However, the exchange requires a large amount of initial money for trading, so this is not suitable for you if you have little money to invest. For example, if you want to trade one EURUSD futures contract on the CME, you need to have more than $2000 on your account.

What drives the forex market price?

As we said above, everybody has an opinion about the forex market, because it seems simple. However, currency markets are among the most unpredictable ones in the world.

Everything from monetary policies and government spending to politics and wars can influence the price change of currency pairs. So many different factors can affect prices that it is difficult to make a prediction on which way they will move.

Nevertheless, economic calendars can help, so at least know about the scheduled events that could have an effect on the forex market.

You saw the details, now let's zoom out. Here are the top forex brokers in 2020 for citizens in Iraq:

IC Markets is our winner, the best forex broker for Iraqi citizens in 2020. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.

All are great great choice. Watch out, FX can be risky. If you know enough and are good to go, pick your winner and take the next step in your trading journey. Let us know what you think in the comments section.

Still unsure? Use the broker finder and find the best broker for you.