We plot every flagged operation on the same network map, and Forex Iraq sits in a cluster our team knows well – a polished front, a scripted onboarding, and a warning record behind it.
Position on the risk map
Forex Iraq boasts that it is the only licensed broker in Iraq, operated by Myrtle Trade Brokerage Ltd., a company registered with Ministry of Commerce. However, Forex trading in Iraq is not yet fully regulated, and there are no specific regulations dedicated solely to forex trading. The government body overseeing financial activities is Iraqi Securities Commission (ISC). We conducted a search in the Brokerage Firms register of ISC but no corresponding records yielded. In essence, Forex Iraq is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds. Forex Iraq appears to be a scam.
Red flags on the map
- Pressure to deposit more in order to unlock earlier deposits
- Appears on an official regulator or fraud-warning list
- No verifiable licence for the jurisdictions it targets
- Withdrawal friction: new fees or conditions appear at cash-out time
If you have funds with Forex Iraq
Stop sending money immediately – especially any payment framed as a tax, unlock fee, or verification deposit. Preserve everything: transaction hashes, wallet addresses, receipts, chat logs and emails. The paper trail is what a recovery review runs on.
Cointiverse can chart where the funds moved and give you an honest read on whether a realistic path exists. Start a confidential case review – there is no obligation, and the first assessment is free.