Q:

Is it possible to trade the Iraqi dinar on the forex?

A:

Quick Answer

It is possible to trade the Iraqi dinar on the forex, or foreign exchange market. Investors may purchase Iraqi dinars using U.S. dollars. To earn a profit, they must wait until the price of the Iraqi dinar rises and then sell their dinars for more than the purchase price.

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Full Answer

As of 2015, some large banks such as Wells Fargo do not offer Iraqi dinars for forex trading. This abstention may be due to fraud schemes related to this currency. Scam artists target amateur investors by claiming the Iraqi currency has the potential to earn them extremely high profits. Similarly, foreign currency exchange websites such as Forex.com do not offer the Iraqi dinar.

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