why iraqis can't open live accounts with US brokers or register with FR | Forex Factory

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why iraqis can't open live accounts with US brokers or register with FR

  • #1
  • First Post: Edited 6:03pm May 4, 2008 5:52pm | Edited 6:03pm
Sorry but I really need to clarify one thing here .
what that I've figured out a three years ago and I checked again and
found the same thing , in fact I trade currencies and i tried to
register with ebay in 2005 and boom my account has been banned for no
obvious reason , it was very strange to witness such a thing in a
site like Ebay , this happened in fact in 2005 , i contacted them and
they said :" Due to OFAC regulations our federal government will not
allow us to do business with IRAQ among other countries "

OK , in 2006 I wanted to open a forex account with those brokers :
FXCM , ONADA, IBFX . and others and all of them rejected my requst for
being an IRAQI citizen and they replied with same line the below is
FXCM reply just as sample to other brokers' replies read :

:"We regret to inform you that we are unable to open an FXCM trading
account for you at this time. This decision is based on internal
policies and/or government regulations.

In the United States, FXCM is registered as a Futures Commission
Merchant (FCM) with the Commodity Futures Trading Commission (CFTC)
and is a member of the National Futures Association (NFA). As a
government regulated firm, FXCM is under the strict supervision of
regulators.

In addition, we are bound by economic and trade sanctions against
certain targeted foreign countries and organizations based on U.S.
foreign policy implemented by The Office of Foreign Assets Control
(“OFAC”) of the U.S. Department of Treasury.

So the bottom line is that Iraq or Iraqi citizens is still under the
sanctions that was imposed after the Kuwait invasion which happened
in the 90s .
I made my home work and found it's true that iraq is still under
sanctions in this site http://treas.gov/offices/enforcement/ofac/programs/iraq/iraq.shtml.

If some of the guys /girls here can correct me if my assumptions were wrong .

Have a nice a day .
Nothing is impossible
  • #2
  • May 5, 2008 1:42am May 5, 2008 1:42am
Quoting abman4444
Sorry but I really need to clarify one thing here .
what that I've figured out a three years ago and I checked again and
found the same thing , in fact I trade currencies and i tried to
register with ebay in 2005 and boom my account has been banned for no
obvious reason , it was very strange to witness such a thing in a
site like Ebay , this happened in fact in 2005 , i contacted them and
they said :" Due to OFAC regulations our federal government will not
allow us to do business with IRAQ among other countries "

OK , in 2006 I wanted to open a forex account with those brokers :
FXCM , ONADA, IBFX . and others and all of them rejected my requst for
being an IRAQI citizen and they replied with same line the below is
FXCM reply just as sample to other brokers' replies read :

:"We regret to inform you that we are unable to open an FXCM trading
account for you at this time. This decision is based on internal
policies and/or government regulations.

In the United States, FXCM is registered as a Futures Commission
Merchant (FCM) with the Commodity Futures Trading Commission (CFTC)
and is a member of the National Futures Association (NFA). As a
government regulated firm, FXCM is under the strict supervision of
regulators.

In addition, we are bound by economic and trade sanctions against
certain targeted foreign countries and organizations based on U.S.
foreign policy implemented by The Office of Foreign Assets Control
(“OFAC”) of the U.S. Department of Treasury.

So the bottom line is that Iraq or Iraqi citizens is still under the
sanctions that was imposed after the Kuwait invasion which happened
in the 90s .
I made my home work and found it's true that iraq is still under
sanctions in this site http://treas.gov/offices/enforcement/ofac/programs/iraq/iraq.shtml.

If some of the guys /girls here can correct me if my assumptions were wrong .

Have a nice a day .

why must you go through US? is there a particular instrument that you absolutely need to trade? there must be some middle east financial institutions that provides this ?

but sorry to hear this. its bad enough iraq is in ruins.
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  • #3
  • May 5, 2008 2:12am May 5, 2008 2:12am
it's all really quite simple: usa doesn't like iraq -> u.s based companies don't want to get in trouble with the government, therefore they decide to not welcome iraq customers as they were told to do -> unfortunately you don't get to trade with any u.s based companies.

this probably won't change unless u.s policy regarding iraq and "terrorists" changes, so the best thing to do is to look for other companies that do want your business, non-u.s based companies.

try european based ones.we're not always on the same boat as the u.s here so you might have more luck.

there's alpari uk, saxobank, dukascopy, acm advanced currency markets, odl securities london, abn amro marketindex, deutsche bank dbfx and probably a few other good options...it depends on how much money you have to invest.
  • #4
  • May 5, 2008 4:33am May 5, 2008 4:33am
If the sanctions are still active... US or not, any firm in any UN nation won't open one.
  • #5
  • May 5, 2008 5:32am May 5, 2008 5:32am
Quoting tenantro
it's all really quite simple: usa doesn't like iraq -> u.s based companies don't want to get in trouble with the government, therefore they decide to not welcome iraq customers as they were told to do -> unfortunately you don't get to trade with any u.s based companies.

this probably won't change unless u.s policy regarding iraq and "terrorists" changes, so the best thing to do is to look for other companies that do want your business, non-u.s based companies.

try european based ones.we're not always on the same boat as the u.s here so you might have more luck.

there's alpari uk, saxobank, dukascopy, acm advanced currency markets, odl securities london, abn amro marketindex, deutsche bank dbfx and probably a few other good options...it depends on how much money you have to invest.
Many thanks for the suggestions ,what I really need from a broker is 200:1 or 400:1 leverage( will be better) ,decent roll over rates , micro lots , meta trader platform(recommended ) , good execution , a broker with a good reputation , minimum deposit is 1000$ or less (recommended ).

that's it I guess .
Nothing is impossible
  • #6
  • May 5, 2008 6:37am May 5, 2008 6:37am
actually I think Rabid might be right.try asking Alpari though, if they won't be able to take you, then the other brokers i mentioned probably won't be able to take you either unfortunately.
  • #7
  • May 5, 2008 9:57am May 5, 2008 9:57am
This the IBFX reply after my request to open a live account :

"Thank you for your email and interest in opening an account with IBFX. Unfortunately we are unable to open an account for you because you are a citizen of Iraq. We are regulated by the US Department of Treasury and they do not allow us to open accounts for individuals living in or citizens of Iraq and countries that are on the Office of Foreign Assets Control Country Sanctions Program List.

We apologize for any inconvenience. If your have any questions regarding this, please contact the Accounts Department by email at [email protected] or by phone at 866-468-3739.

Sincerely,"
Nothing is impossible
  • #8
  • May 8, 2008 4:49pm May 8, 2008 4:49pm
Hi Abman4444,

I feel for the people of iraq for being abandoned but i think i can recommend you use the broker doing great for this moment, www.liteforex.org their office is based in cyprus. I chat with them after i read your the post above if they accept traders from Iraq and replied yes. I think they have all the features you may need.
  • #9
  • May 9, 2008 4:52am May 9, 2008 4:52am
Quoting prof2005
Hi Abman4444,

I feel for the people of iraq for being abandoned but i think i can recommend you use the broker doing great for this moment, www.liteforex.org their office is based in cyprus. I chat with them after i read your the post above if they accept traders from Iraq and replied yes. I think they have all the features you may need.
Thanks a lot Prof2005 for your concern about us , I wish all the people here have the same attitude ^^ .

cheers
Nothing is impossible
  • #10
  • May 11, 2008 6:54am May 11, 2008 6:54am
Quoting prof2005
Hi Abman4444,

I feel for the people of iraq for being abandoned but i think i can recommend you use the broker doing great for this moment, www.liteforex.org their office is based in cyprus. I chat with them after i read your the post above if they accept traders from Iraq and replied yes. I think they have all the features you may need.
Crap broker, but beggers can't be choosers I guess.
  • #11
  • Last Post: May 11, 2008 7:54am May 11, 2008 7:54am
Quoting abman4444
Thanks a lot Prof2005 for your concern about us , I wish all the people here have the same attitude ^^ .

cheers
On the Babypips forum there is a frequent strategy poster there named topchess and he is based in Cairo. I don't know him and am not currently using any of his trading strategies but he is very active and has at one time or another mentioned his broker (can't remember the name). You might contact him for suggestions. p.
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