26 replies to this topic

[Nadita]

Hello guys

I have a few more questions

1. I have looked and read al jezera website, the trading , is it in USD or dinar ?
2. Is it direct deposit to al jezera from bank in the States kinda like with etrade or ameritrade?
3. If I were to open a bank account, is it going to be warka or is there any other banks ?

Thanks for your replies

[pluMmet]

You transfer money from your bank thru an intermediary bank in Jordan to the Al-Jezera account in Baghdad and no it's not Warka. Once funds reach your trading account they are automatically converted into Dinar and all your trades and ISX stocks are in Dinar.

You really should be bringing this up with Al-Jezera...

[WallyWeaver]

I have a few questions about Al Jazera brokerage and if anyone is able to answer them it would be appreciated.

1. I use Charles Schwab as my brokerage for the US Markets. With Charles Schwab I have a brokerage account and an investor's checking account with a debit card and checks. This allows me to cash out assets and transfer them from my brokerage account to my checking account and I have access to my invested money/ profits at the click of a button.

My question: does Al Jazera brokerage have this same kind of a service? I guess the jist of my question is has anyone, after opening an account with Al Jazera and having actively performed some trades, ever tried to pull any of their money back out, even if just a small amount?

2. What about taxes? Did anyone have an Iraqi brokerage account last year that made a profit? If so, did you claim that on your taxes? I would imagine that profits made on the ISX are just as subject to taxation (by the US government) as are profits on the US markets.

3. Since this is an overseas exchange if profits are made on another country's market(s) does that mean you are also subject to taxes on profits in that country?

Okay, just a few questions on my mind regarding the ISX. Any help would be appreciated.

WW.

[pluMmet]

I don't think anyone has withdrawn any large returns as no one would do anything like that until after an RV type situation so no tax implications have come up.

I do remember seeing that someone tested having money returned (a small amount) and it went fine.

AFA taxes, check with a professional. That is what I will do.

It doesn't matter what my ISX account is worth until I start to withdraw then taxation comes into play.

[Nadita]

I don't think anyone has withdrawn any large returns as no one would do anything like that until after an RV type situation so no tax implications have come up.

I do remember seeing that someone tested having money returned (a small amount) and it went fine.

AFA taxes, check with a professional. That is what I will do.

It doesn't matter what my ISX account is worth until I start to withdraw then taxation comes into play.

Thanks for the info... just wondering about the bank account in Jordan, is it something that Al-Jezera arranges for us...? or do we need to go through the Iraqi Embassy to open one just like with Warka..? if I am not mistaken...

Thanks for all your help.. at least we can buy something with dinar

[WallyWeaver]

I do remember seeing that someone tested having money returned (a small amount) and it went fine.

...

It doesn't matter what my ISX account is worth until I start to withdraw then taxation comes into play.

Thanks pluMmet, for the good info.

I suppose I will have talk to my accountant about gains in an overseas market/ bank. For US markets and brokerages it doesn't matter if you pull the money out or not, if you sell shares (and realize a profit) you are subject to taxes. Even if you never take the money out of your brokerage account and quickly invest that money into something else. The IRS still sees that as capital gains (unless you have something like a self-controlled IRA, which I do not)....

Regarding something you posted earlier: I wonder if Al Jazera really will stop accepting new accounts, with a $1000 deposit, on July 1st? Seems like it would be in their best interest to keep those terms going in order to increase membership. But that's just me.

Anyway, looks like I have a lot to research, now, as my belief is the real potential to see HUGE gains in Iraq is through the ISX. I was never crazy about sending money to WARKA, though, so I appreciate the Al Jazera info. (thanks for the link).

WW.

[pluMmet]

It's just an international wire transfer... most banks can do it (except CitiBank (search this forum for why))

And it's a USD transfer as previously explained.