Table of Contents
Introduction to Forex Iraq
This comprehensive Forex Iraq review aims to uncover whether this broker is a legitimate trading platform or just another forex scam targeting Iraqi and Middle Eastern traders. Claiming to be “the only licensed broker in Iraq” and operating under Myrtle Trade Brokerage Ltd., Forex Iraq presents itself as a trustworthy platform offering MetaTrader 5, multiple account types, and trading in 60+ forex pairs, commodities, and stocks.
If you’ve already deposited money with Forex Iraq and are struggling to withdraw it, or if you’re considering this broker but have nagging doubts, you’re in the right place. This article addresses both those who suspect they’ve been scammed and those hoping to avoid becoming victims. The frustration, anxiety, and anger you might be feeling are completely valid, and we aim to provide clear answers about this broker’s legitimacy.
This Forex Iraq review uncovers all the warning signs you need to know before risking your hard-earned money.
Regulation Breakdown
Despite claims of being “the only licensed broker in Iraq,” our investigation reveals Forex Iraq is NOT regulated by any recognized financial authority – not in Iraq or internationally. This is perhaps the most alarming red flag.
The Iraqi financial system does not currently have a dedicated forex regulatory regime comparable to the FCA, ASIC, or CySEC. Our search of the Iraqi Securities Commission register found no record for Forex Iraq or its alleged operator Myrtle Trade Brokerage Ltd.
Legitimate brokers proudly display their regulatory information with license numbers and direct links to verify their status on the regulator’s website. Forex Iraq provides none of these essential trust indicators.
Regulation is not just bureaucracy—it’s your protection. Regulated brokers must:
- Maintain segregated client funds
- Follow strict capital requirements
- Adhere to transparent pricing and execution standards
- Provide investor compensation schemes
Without regulation, your money has no protection, and you have no recourse if things go wrong. This alone should make you extremely cautious about Forex Iraq.
User Complaints
While specific reviews about Forex Iraq are limited (often a sign of a newer operation or one that actively manages its online reputation), the patterns we’re seeing match classic forex scam behaviors:
Withdrawal Problems
The most common complaint with questionable brokers like Forex Iraq involves withdrawal difficulties. Victims report that while depositing money is effortless, attempting to withdraw profits or even your initial investment triggers endless delays, excuses, and roadblocks.
Account Freezing
Another frequent issue involves accounts suddenly being frozen or blocked, especially after profitable trades or when large withdrawals are requested. The broker may claim “verification issues” or alleged “terms of service violations” that were never an issue during the deposit phase.
Disappearing Customer Support
When problems arise, customer support representatives who were once highly responsive suddenly become scarce. Messages go unanswered, calls aren’t returned, and emails bounce or receive only automated responses.
The emotional toll this takes on victims is significant. Many report feelings of helplessness, embarrassment, and intense anger when they realize they cannot access their own money. If you’re experiencing any of these issues with Forex Iraq, these are serious warning signs of potential fraud.
The Psychology of the Trap: How Users Get Scammed
Understanding the psychological tactics used by questionable brokers like Forex Iraq can help you recognize manipulation before falling victim:
The Bonus Trap
One of the most common tactics involves offering seemingly generous deposit bonuses that come with hidden strings attached. Forex Iraq may offer attractive bonuses that actually lock your funds with impossible trading volume requirements before withdrawal is permitted. What initially seems like free money becomes a cage for your deposit.
Account Managers and “VIP” Treatment
Many victims report being assigned dedicated “account managers” who build rapport and trust before pushing for larger deposits. These so-called professionals often pressure traders into risky positions or unauthorized trades, claiming special market insights or guaranteed returns.
Manipulated Trading Results
Unregulated platforms can easily manipulate what you see on your trading dashboard. Some victims report seeing impressive profits on their accounts (encouraging them to deposit more), only to discover these gains mysteriously vanish when they attempt to withdraw.
The psychological manipulation is designed to bypass your rational thinking. When you see growing account balances, receive personal attention from “financial experts,” and believe you’re making smart investments, your critical thinking abilities can be compromised. This is precisely what questionable brokers count on.
Too Many Red Flags to Ignore
Our investigation into Forex Iraq has uncovered numerous red flags that collectively paint a concerning picture:
Domain and Website Analysis
The domain forexiraq.net was registered relatively recently (January 20, 2022) and uses privacy protection to hide the true identity of its owners. Legitimate financial services rarely hide their ownership information.
Additionally, the website lacks essential legal documentation such as a clear Terms of Service, Privacy Policy, and Risk Disclosure – documents that are legally required for legitimate financial services.
Company Structure Opacity
While Forex Iraq claims to operate under Myrtle Trade Brokerage Ltd., information about this company is scarce. No corporate registration details, physical address verification, or executive team information is readily available. This lack of transparency is a major warning sign.
Third-Party Verification Failure
According to WikiFX, a platform that evaluates forex brokers, Forex Iraq has received a WikiScore of just 1.47 out of 10 – an extremely low trust rating. The platform confirms that Forex Iraq is not regulated by any legitimate financial authority.
Marketing Focused on Regional Vulnerability
Forex Iraq appears to specifically target Iraqi traders who may have fewer options for international forex trading and potentially less awareness of regulatory standards. This targeting of potentially vulnerable market segments is a common tactic among questionable brokers.
| Red Flag | Details | Why It Matters |
|---|---|---|
| No Regulation | Not regulated by any recognized financial authority | No oversight or protection for your funds |
| Hidden Ownership | Privacy-protected domain, unclear company structure | Cannot verify who is actually handling your money |
| Low Trust Score | 1.47/10 WikiFX score | Independent verification confirms high-risk status |
| Misleading Claims | Claims to be “the only licensed broker in Iraq” | Factually incorrect, designed to falsely build trust |
| Withdrawal Issues | Reports of difficult or impossible withdrawals | The ultimate test of a broker is returning your money |
How to Test Whether Forex Iraq Is a Scam
If you’re still unsure about Forex Iraq’s legitimacy, here are practical steps to test the broker before risking significant funds:
Verify Regulation Claims
Don’t just take their word for it. Check regulatory claims directly with the relevant authorities. For legitimate international regulation, you can verify a broker’s status on official regulator websites like the UK’s FCA, Australia’s ASIC, or Cyprus’ CySEC. For Forex Iraq’s specific claims about Iraqi licensing, contact the Central Bank of Iraq directly.
Test the Withdrawal Process
The most reliable test of any broker is attempting a withdrawal. Deposit only a small amount (the minimum allowed) and immediately request a withdrawal. Monitor how quickly and easily your funds are returned. If you encounter delays, excuses, or additional requirements not mentioned during the deposit process, this is a major warning sign.
Examine Trading Conditions
Compare the spreads, execution speed, and slippage you experience on Forex Iraq with those of established, regulated brokers. Significant discrepancies may indicate manipulation of trading conditions.
Document Everything
If you decide to test this broker, document all communications and take screenshots of your account, trades, and withdrawal requests. This evidence could be crucial if you need to file complaints or seek recovery of funds.
Remember: legitimate brokers welcome these verification steps and understand that cautious traders are typically better long-term clients. If Forex Iraq representatives pressure you to deposit larger sums before you’ve completed these verification steps, consider this another serious warning sign.
Final Scam Review Verdict – Is Forex Iraq Scam or Not?
Based on our comprehensive investigation, Forex Iraq exhibits numerous critical warning signs of a potentially fraudulent operation. The lack of verifiable regulation, obscure company information, misleading claims about licensing, and reports of withdrawal issues collectively point to a broker that poses significant risks to traders.
While we cannot definitively state that every user will have a negative experience, the absence of basic regulatory protections means your funds have no security if problems arise. The risk-to-reward ratio is extremely unfavorable when compared to properly regulated alternatives.
Our verdict: Forex Iraq displays too many red flags to be considered a trustworthy broker. Traders should exercise extreme caution and consider safer, regulated alternatives for their trading activities.
What to Do If You’ve Been Scammed by Forex Iraq
If you believe you’ve been victimized by Forex Iraq, take these immediate steps:
1. Secure Your Accounts
Immediately change all passwords associated with your Forex Iraq account and any email accounts or payment methods connected to it. This prevents further unauthorized access.
2. Document Everything
Gather and save all communications, account statements, transaction records, and screenshots related to your Forex Iraq account. Include any promises made by representatives, withdrawal requests, and responses received.
3. Stop Additional Deposits
Do not send more money, regardless of what the broker’s representatives promise. Scammers often claim that additional deposits are needed to “release” your funds or fix account problems. This is almost always false.
4. Report to Authorities
File reports with:
- Your local financial regulator
- The Iraqi Central Bank (if you’re in Iraq)
- Your country’s consumer protection agency
- Internet crime centers (like IC3 in the US)
5. Payment Disputes
Contact your payment provider to dispute the charges:
- Credit card payments: Initiate a chargeback (typically available for 120-180 days)
- Bank transfers: Contact your bank’s fraud department immediately
- Cryptocurrency payments: Unfortunately, these are usually irreversible, but report the wallet addresses to crypto tracking services
6. Seek Professional Help
Consult with a financial fraud specialist or lawyer experienced in recovery from forex scams. While recovery is challenging, professionals may have strategies not available to individual consumers.
Warning: Beware of “recovery experts” who promise to get your money back for an upfront fee. Many of these are secondary scams targeting victims of primary scams like fraudulent brokers.
If you’ve been affected by Forex Iraq or similar suspicious brokers, you’re not alone, and it’s not your fault. Financial scammers use sophisticated psychological tactics and technical deception that can fool even experienced individuals. Fraud Reviews is dedicated to exposing these operations and helping victims find their way forward.
For additional verification of suspicious websites, you can use tools like Scam Detector or Web Paranoid to evaluate the risk level of broker websites before investing. You’ll also find valuable resources in our comprehensive guide to avoiding financial scams.
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