Best forex brokers in Iraq in 2021

To help you find the best forex brokers in Iraq in 2021, we went ahead and did the research for you. First, we selected 91 quality online brokers, then we checked and compared fees, currency pairs, charting tools, platforms, practically everything. We dug deep, so you won't have to. And now, without further ado...

Our top 5 picks for the best forex brokers in Iraq in 2021:

1. Fusion Markets is the winner, the best forex broker in Iraq in 2021. Low trading and non-trading fees. Fast and easy account opening. Great customer service.
2. IC Markets takes the second place. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
3. AvaTrade rounds out the top three. Easy and fast account opening. Free deposit and withdrawal options. Great research tools.
4. TMGM, is ranked fourth. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
5. XM. Low stock CFD and withdrawal fees. Easy and fast account opening. Great educational tools. Just made it to the list moving to the number five spot.

What makes a good forex broker? First of all, fair forex fees and low withdrawal fees. They should also offer a lot of currency pairs and a great platform with advanced charting. Easy to list, but hard to figure out. We test brokers based on more than 300 criteria with real accounts and real money. We know what we are talking about.

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 forex trading 101.

Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Just enter the name of 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 2021 for Iraqi citizens one by one, starting with the winner, Fusion Markets.

Fusion Markets is an Australian discount forex broker founded in 2010. It is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

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 traders looking for low fees and a chance to use the metatrader 4 platform

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74-89% of retail CFD accounts lose money

#1 Fusion Markets
Fees

Fusion Markets 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.

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

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74-89% of retail CFD accounts lose money

#1 Fusion Markets
Deposit and withdrawal

4.3

At Fusion Markets, most withdrawals are free, and you can use bank transfer, credit/debit cards and electronic wallets to add money. However, you can't open an account in minor currencies.

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

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74-89% of retail CFD accounts lose money

#1 Fusion Markets
Markets and products

Fusion Markets gives access to 81 currency pairs.

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74-89% of retail CFD accounts lose money

#1 Fusion Markets
Desktop trading platform

3.4

In design and functionality, Fusion Markets's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on it.

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74-89% of retail CFD accounts lose money

#1 Fusion Markets
Account opening

5.0

Account opening at Fusion Markets is user-friendly and fully digital. It is also very fast, as our test account was verified the same day.

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74-89% of retail CFD accounts lose money

#1 Fusion Markets
Verdict

Fusion Markets is a great forex broker with very low fees. 

It offers low trading and non-trading fees. Account opening is fast and easy, and customer service provides quick and relevant answers.

On the negative side, Fusion Markets has limited educational tools. The product offering covers only forex and some CFDs. Lastly, there is no investor protection provided.

As you can open an account within a day and fees are low, feel free to try Fusion Markets.

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74-89% of retail CFD accounts lose money

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. 75% 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

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75% of retail CFD accounts lose money

#2 IC Markets
Fees

IC Markets 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.

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

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75% of retail CFD accounts lose money

#2 IC Markets
Deposit and withdrawal

4.9

IC Markets's deposit and withdrawal services are great, with many options available, mostly free of charge. On the negative side, international bank withdrawals are expensive.

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

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75% of retail CFD accounts lose money

#2 IC Markets
Markets and products

IC Markets gives access to 61 currency pairs.

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75% of retail CFD accounts lose money

#2 IC Markets
Desktop trading platform

3.4

In design and functionality, IC Markets's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on it.

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75% of retail CFD accounts lose money

#2 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.

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75% of retail CFD accounts lose money

#2 IC Markets
Verdict

IC Markets is a great forex broker. 

Its forex fees are low and opening an account 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 offers only forex and CFD 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 can have an account within a day and there is no inactivity fee.

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75% of retail CFD accounts lose money

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.

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

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71% of retail CFD accounts lose money

#3 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.

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

Visit broker More
71% of retail CFD accounts lose money

#3 AvaTrade
Deposit and withdrawal

4.5

AvaTrade offers several free options for deposit and withdrawal. On the negative side, withdrawal took us 3 business days, and debit card deposits can also be slow.

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

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71% of retail CFD accounts lose money

#3 AvaTrade
Markets and products

AvaTrade gives access to 55 currency pairs.

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71% of retail CFD accounts lose money

#3 AvaTrade
Desktop trading platform

3.4

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.

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71% 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.

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71% 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, all 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 for trading quickly, feel free to try AvaTrade.

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71% of retail CFD accounts lose money

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) 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.

Recommended for forex traders who prefer the metatrader platform

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74-89% of retail CFD accounts lose money

#4 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.

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 TMGM
Deposit and withdrawal

4.3

TMGM's depositing and withdrawal services are great. Many options are available for moving your money in and out, and they are free of charge.

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

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74-89% of retail CFD accounts lose money

#4 TMGM
Markets and products

TMGM gives access to 62 currency pairs.

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74-89% of retail CFD accounts lose money

#4 TMGM
Desktop trading platform

3.4

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.

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74-89% of retail CFD accounts lose money

#4 TMGM
Account opening

5.0

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

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74-89% of retail CFD accounts lose money

#4 TMGM
Verdict

TMGM's forex fees are low and account opening is fast and easy. Deposits and withdrawals are free of charge and the process is user-friendly.

On the other hand, the product portfolio covers only forex and CFDs. In addition, clients are not covered by any investor protection.

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

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74-89% 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.

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).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.28% 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 great account opening

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78.28% of retail CFD accounts lose money

#5 XM
Fees

XM 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.

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

Visit broker More
78.28% of retail CFD accounts lose money

#5 XM
Deposit and withdrawal

5.0

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

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

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78.28% of retail CFD accounts lose money

#5 XM
Markets and products

XM gives access to 57 currency pairs.

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78.28% of retail CFD accounts lose money

#5 XM
Desktop trading platform

3.4

In design and functionality, XM's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.

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78.28% of retail CFD accounts lose money

#5 XM
Account opening

5.0

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

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78.28% of retail CFD accounts lose money

#5 XM
Verdict

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

On the plus side, we liked the low stock 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 forex and CFDs. Its forex and stock index CFD 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.

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78.28% of retail CFD accounts lose money

Trading with forex became 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 based on more than 300 criteria, with a real account and real money.

The most important factors to consider in selecting the top forex brokers are the fees of forex trading. 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 platforms, and advanced charting tools.

Fees, fees, fees. We bet this is always on 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. 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 financing cost. The financing costs change daily and can be an important cost if you hold your positions for longer.

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 then closed it. We used a 30:1 leverage, the maximum available leverage for major currency pairs at many brokers.

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 currency exchange booths on the street to the currency trading desks of big banks.

For a non-professional trader, 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, where you have to assess for yourself how safe your counterparty is. When you travel abroad to an exotic country and you need to exchange some money, you would probably go to a bank branch instead of changing money on the street, right?. This is how you minimize your counterparty risk. You have to do the same when you select your online broker for trading forex. You should always choose a reliable broker.

Forex trading is tempting for the following reasons:

• everybody has an opinion on where currencies are going

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

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

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

• it is the most liquid market in the world, meaning there are lots of transactions every second and you don't have to worry about how to find 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 carelessly, you can easily lose all your money within a couple of seconds. So you better start off slow, learn and open a demo account first. If you want to learn 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.

Trading activity is usually at its highest 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 euros to pounds.

When you trade with currency pairs there is no physical conversion. Imagine that you have an online broker account in US dollars and you want to bet on the price movements in EURUSD. In this case, you never convert your dollars to euros. 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 moving up, 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 moving 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 drops 1%, you will lose $1000 (1%*$100,000), that is, all the money on your account. And the price of a currency pair can very easily drop 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 is 1,000 and a nano is 100 units of the base currency.

In forex trading, you can encounter different types of contracts: spot, CFD, forward and futures. Spot and CFD contracts are traded by most people.

A spot contract is by definition settled two days after the trade. Settlement means that the counterparties 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 booth 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. The rollover is done because when you are betting on the direction of a currency pair, you do not actually want to convert money into the other currency, you just want to bet on the price movement. The rollover ensures that the conversion will not happen.

To learn what forex CFD is and how you can trade it, read our CFD 101 and CFD trading tips.

When your position is rolled over, your online broker 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. Let's take as an example a company that needs $100,000 in 30 days to pay its employees, but its revenues are in euros. Since it wants to lock the exact exchange rate it gets in 30 days, it will seal a forward contract with a big bank at a fixed price, let's say at 1.1710. After 30 days, they will exchange the currencies and the company will receive €85,397 ($100,000/1.1710). In this case, there is an actual settlement.

A futures forex contract is traded on a regulated market, for example, on 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 ways 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. If you want to trade one EURUSD futures contract on the CME, for example, you need to have more than $2000 on your account.

What drives forex market prices?

As we said before, 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 prices of currency pairs. Thus, it is difficult to predict which way they are going move.

Nevertheless, economic calendars can help, so at least you 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 2021 for citizens in Iraq:

Fusion Markets is our winner, the best forex broker for Iraqi citizens in 2021. Low trading and non-trading fees. Fast and easy account opening. Great customer service.

All are great choices. Watch out, 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 the broker finder and find the best broker for you.