To help you find the best forex brokers in Iraq in 2022, we went ahead and did the research for you. First, we selected 101 quality online brokers, then we checked and compared fees, currency pairs, charting tools, platforms - practically everything. And now, without further ado...
Our top 5 picks for the best forex brokers in Iraq in 2022:
- Capital.com is our winner, the best forex broker in Iraq in 2022. Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
- MultiBank takes second place. Quick and easy account opening. Free and varied deposit and withdrawal options. Fast and helpful customer service.
- TMGM rounds out the top three. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
- FXTRADING.com is ranked fourth. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
- AvaTrade completes the list at number five. Easy and fast account opening. Free deposit and withdrawal options. Great research tools.
| Broker | Forex fee score | ||
|---|---|---|---|
| #1 | Capital.com | 3.7 stars |
Visit broker
83.45% of retail CFD accounts lose money |
| #2 | MultiBank | 4.8 stars |
Visit broker
74-89% of retail CFD accounts lose money |
| #3 | TMGM | 4.6 stars |
Visit broker
68% of retail CFD accounts lose money |
| #4 | FXTRADING.com | 4.7 stars |
Visit broker
74-89% of retail CFD accounts lose money |
| #5 | AvaTrade | 3.1 stars |
Visit broker
71% of retail CFD accounts lose money |
What makes a good forex broker? First of all, fair forex fees and low withdrawal fees. They should also offer many currency pairs and a great platform with advanced charting. All of these are easy to list, but hard to figure out. To get an accurate view, we test brokers based on almost 500 criteria, using real accounts and real money.
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 your invested money. If you don't have a clue how forex trading works, start with our forex trading 101 articles.
For a tailored recommendation, check out our broker finder tool. Answer 4 simple questions and get a list of the most relevant brokers.
And now, let's see the top forex brokers in 2022 for Iraqi citizens one by one, starting with the winner, Capital.com.
#1 Best forex broker
Capital.com
Capital.com is a global CFD broker founded in 2016. It has offices located in the United Kingdom, Cyprus, Australia, Seychelles and Gibraltar where each is authorized and regulated locally respectively by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority of Seychelles (FSA).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83.45% 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.
#1 Capital.com
Fees
Capital.com has low fees when it comes to buying and selling currency pairs.
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.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $8.7 | $5.0 | $5.9 | $6.1 | $10.3 |
| GBPUSD benchmark fee | $6.6 | $2.9 | $4.4 | $4.0 | $9.0 |
| AUDUSD benchmark fee | $6.1 | $4.3 | $5.6 | $3.7 | $10.0 |
| EURCHF benchmark fee | $9.6 | $4.1 | $3.6 | $2.5 | $10.2 |
| EURGBP benchmark fee | $10.9 | $7.8 | $6.6 | $7.1 | $12.1 |
All spreads, commissions and financing rate for opening a position, holding for a week and closing.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#1 Capital.com
Markets and products
Capital.com gives access to 138 currency pairs.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| Currency pairs (#) | 138 | 55 | 57 | 44 | 55 |
#1 Capital.com
Desktop trading platform
Capital.com's desktop trading platform is provided by MetaTrader. It's customizable and supports price alerts, but it lacks a two-step login, the design is outdated, and it's not available in the UK.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • Poor design |
| • Price alerts |
Capital.com has great charting tools and you can use 85 technical indicators.
#2 Best forex broker
MultiBank
MultiBank is a global CFD and FX broker. MultiBank Group was established in California, USA, in 2005 with headquarters in Hong Kong. They are a global financial group whose member companies are active in areas from asset management to brokerage. MultiBank's brokerage service is operating under several legal entities, regulated by the Australian Securities and Investments Commission (ASIC) and other financial authorities. In this review, we will 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 reasonably 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. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
#2 MultiBank
Fees
MultiBank has low fees when it comes to buying and selling currency pairs.
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.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $8.7 | $5.0 | $5.9 | $6.1 | $10.3 |
| GBPUSD benchmark fee | $6.6 | $2.9 | $4.4 | $4.0 | $9.0 |
| AUDUSD benchmark fee | $6.1 | $4.3 | $5.6 | $3.7 | $10.0 |
| EURCHF benchmark fee | $9.6 | $4.1 | $3.6 | $2.5 | $10.2 |
| EURGBP benchmark fee | $10.9 | $7.8 | $6.6 | $7.1 | $12.1 |
All spreads, commissions and financing rate for opening a position, holding for a week and closing.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#2 MultiBank
Markets and products
MultiBank gives access to 55 currency pairs.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| Currency pairs (#) | 138 | 55 | 57 | 44 | 55 |
#2 MultiBank
Desktop trading platform
In design and functionality, MultiBank's MetaTrader 4/5 desktop platforms are almost the same as their web versions; a plus is that you can set price alerts on the desktop platform.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • Poor design |
| • Price alerts |
MultiBank has average charting tools and you can use 31 technical indicators.
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#3 Best forex broker
TMGM
TMGM, or Trademax Global Markets, is an Australia-based global forex broker founded in 2013. The company has several branches and is regulated by the Australian Securities and Investment Commission (ASIC), the New Zealand Financial Markets Authority (FMA) and the Vanuatu Financial Services Commission (VFSC).
TMGM 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. 74-89% 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.
#3 TMGM
Fees
TMGM has low fees when it comes to buying and selling currency pairs.
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.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $8.7 | $5.0 | $5.9 | $6.1 | $10.3 |
| GBPUSD benchmark fee | $6.6 | $2.9 | $4.4 | $4.0 | $9.0 |
| AUDUSD benchmark fee | $6.1 | $4.3 | $5.6 | $3.7 | $10.0 |
| EURCHF benchmark fee | $9.6 | $4.1 | $3.6 | $2.5 | $10.2 |
| EURGBP benchmark fee | $10.9 | $7.8 | $6.6 | $7.1 | $12.1 |
All spreads, commissions and financing rate for opening a position, holding for a week and closing.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#3 TMGM
Markets and products
TMGM gives access to 57 currency pairs.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| Currency pairs (#) | 138 | 55 | 57 | 44 | 55 |
#3 TMGM
Desktop trading platform
In design and functionality, TMGM's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • Poor design |
| • Price alerts |
TMGM has average charting tools and you can use 31 technical indicators.
#4 Best forex broker
FXTRADING.com
FXTRADING.com (formerly known as Rubix FX) is a global forex and CFD broker that was founded in 2014. FXTRADING.com is a trading name of financial services provider Gleneagle Securities Pty Ltd, which is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).
Being regulated by the top-tier ASIC is a good sign for FXTRADING.com's safety.
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. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
#4 FXTRADING.com
Fees
FXTRADING.com has low fees when it comes to buying and selling currency pairs.
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.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $8.7 | $5.0 | $5.9 | $6.1 | $10.3 |
| GBPUSD benchmark fee | $6.6 | $2.9 | $4.4 | $4.0 | $9.0 |
| AUDUSD benchmark fee | $6.1 | $4.3 | $5.6 | $3.7 | $10.0 |
| EURCHF benchmark fee | $9.6 | $4.1 | $3.6 | $2.5 | $10.2 |
| EURGBP benchmark fee | $10.9 | $7.8 | $6.6 | $7.1 | $12.1 |
All spreads, commissions and financing rate for opening a position, holding for a week and closing.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#4 FXTRADING.com
Markets and products
FXTRADING.com gives access to 44 currency pairs.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| Currency pairs (#) | 138 | 55 | 57 | 44 | 55 |
#4 FXTRADING.com
Desktop trading platform
In design and functionality, FXTRADING.com's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • Poor design |
| • Price alerts |
FXTRADING.com has average charting tools and you can use 31 technical indicators.
#5 Best forex broker
AvaTrade
AvaTrade is a global CFD and forex 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. 71% 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.
#5 AvaTrade
Fees
AvaTrade has average fees when it comes to buying and selling currency pairs.
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.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $8.7 | $5.0 | $5.9 | $6.1 | $10.3 |
| GBPUSD benchmark fee | $6.6 | $2.9 | $4.4 | $4.0 | $9.0 |
| AUDUSD benchmark fee | $6.1 | $4.3 | $5.6 | $3.7 | $10.0 |
| EURCHF benchmark fee | $9.6 | $4.1 | $3.6 | $2.5 | $10.2 |
| EURGBP benchmark fee | $10.9 | $7.8 | $6.6 | $7.1 | $12.1 |
All spreads, commissions and financing rate for opening a position, holding for a week and closing.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | No | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#5 AvaTrade
Markets and products
AvaTrade gives access to 55 currency pairs.
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| Currency pairs (#) | 138 | 55 | 57 | 44 | 55 |
#5 AvaTrade
Desktop trading platform
In design and function, AvaTrade's MetaTrader 4 desktop platform is almost the same as the MT4 web platform. A big difference is that you can set price alerts on the desktop platform.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • Poor design |
| • Price alerts |
AvaTrade has great charting tools and you can use 90 technical indicators.
Best forex brokers
What makes a top forex broker?
Trading forex has become really popular over the last decade. Looking at important criteria like fees will help you find the best forex broker for you.
At BrokerChooser, we test online brokers according to nearly 500 criteria, using a real account and real money.
The most important factors to consider in selecting the top forex brokers are forex trading fees. Besides trading fees, you should also look at withdrawal fees and the number of available currency pairs. Check if the broker provides great desktop and mobile trading platforms as well as advanced charting tools.
Best forex brokers
Forex broker fees
Fees, fees, fees. We bet this is always on your mind when you're on the hunt for the best forex broker. But this can be a complicated issue. Let's see how we dealt with it.
It's not easy to compare forex broker fees, but we are here to help. Generally, forex brokers can charge commissions, spreads and financing fees.
For commissions, there are two approaches forex brokers can use:
- 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.
- You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.
The second version is more transparent, but this doesn't mean that 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 the financing cost. Financing costs change daily and can make up a significant part of your overall costs if you hold your positions for a longer period.
To make your life easier, we calculated what your overall fee would be if you took a $20,000 position, held it for a week and then closed it. We used 30:1 leverage, the maximum available leverage for major currency pairs at many brokers.
Best forex brokers
Bottom line
You saw the details, now let's zoom out. Here are the top forex brokers in 2022 for citizens in Iraq:
| Capital.com | MultiBank | TMGM | FXTRADING.com | AvaTrade | |
|---|---|---|---|---|---|
| Forex fee scores | 3.7 stars | 4.8 stars | 4.6 stars | 4.7 stars | 3.1 stars |
| Deposit and withdrawal score | 4.5 stars | 5.0 stars | 4.3 stars | 4.5 stars | 4.5 stars |
| Markets and products score | 3.1 stars | 2.0 stars | 2.2 stars | 1.8 stars | 2.3 stars |
| Desktop platform score | 3.4 stars | 3.4 stars | 3.4 stars | 3.4 stars | 3.4 stars |
|
Visit broker
83.45% of retail CFD accounts lose money |
Visit broker
74-89% of retail CFD accounts lose money |
Visit broker
68% of retail CFD accounts lose money |
Visit broker
74-89% of retail CFD accounts lose money |
Visit broker
71% of retail CFD accounts lose money |
Capital.com is our winner, the best forex broker for Iraqi citizens in 2022. Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
All of these brokers are great choices, but watch out, as forex trading can be risky. If you know enough and are good to go, pick your favourite and take the next step in your trading journey. Let us know what you think in the comments section.
Still unsure? Use our broker finder tool and find the best broker for you.
