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FX brokers in Iraq
Forex trading is legally permitted in Iraq and forms a significant part of its economy, which primarily revolves around oil. The Central Bank of Iraq (CBI) monitors and ensures that top Forex brokers operating within the country adhere to its laws and regulations. Despite this, Iraq faces challenges due to conflicts, an underdeveloped financial sector, frequent power disruptions, and an unreliable internet connection. These obstacles make it difficult for local traders to access global financial markets. However, despite these hurdles, a number of trusted forex brokers in Iraq continue to provide financial services to Iraqi citizens. Below, we have compiled a list of the best Forex brokers in Iraq. This list aims to assist local traders in finding secure trading platforms that meet their needs.
Iraq's economy is in a state of development, with a nominal GDP of $297 billion, ranking 111th globally in terms of GDP per capita. While its total nominal GDP places it at 47th, and 48th by GDP (PPP), the country's per capita GDP rankings at 114th and 111th, revealing a lack of robust financial stability. Consequently, financial literacy remains relatively low, and Forex trading is not widely practiced in Iraq. Notably, the top Forex brokers in Iraq offer a high degree of flexibility, setting leverage levels according to their own discretion. The absence of clearly defined regulations from the CBI regarding maximum leverage levels for retail forex traders allows brokers to tailor their offerings. This fluid approach contributes to the options available to Iraqi traders in their pursuit of forex trading opportunities.