ISX

[moonbeam1]

Hi, I am trying to figure out how to get invested in the ISX. I have a Warka account. I need someone to recommend a broker please. I bought and downloaded the ISX report. Do I email the broker first to open an account? Or, do I go ahead and send my notorized signatures, copy of passport and driver's license to the Arab Chamber of commerce first. How long does it take? Thanks!!!

[Adam Montana]

Hi, I am trying to figure out how to get invested in the ISX. I have a Warka account. I need someone to recommend a broker please. I bought and downloaded the ISX report. Do I email the broker first to open an account? Or, do I go ahead and send my notorized signatures, copy of passport and driver's license to the Arab Chamber of commerce first. How long does it take? Thanks!!!

You don't need to use a broker, you can do it your self through Warka. I see you are VIP, get my book at this link: http://iqd.me/l/rvintel - that explains how to use Warka for your ISX account, rather than giving your money to a broker.

I haven't read the ISX report, but I'm surprised* to hear they are advising you to use a Broker. Half of them don't respond, and NONE of them are bound by any international law - you'd be giving your money to someone you can't possibly hold accountable! Heck, half of them use yahoo email addresses!

*Not really surprised, actually. But I still don't advise it.

[TrinityeXchange]

you'd be giving your money to someone you can't possibly hold accountable! Heck, half of them use yahoo email addresses!

i will have to respectfully disagree with you on the basis of your advice here adam. the iraqi stock exchange is strictly regulated by their version of SEC. the same laws governing warka is the same laws governing every other broker. the money is not given to anyone but the purchase/sell of stock is routed through investment banks. every trade requires the signature authorization of the account holder to the broker such that the account holder maintains authority of the account.

your posting makes it appear that any broker can go into a client's bank account and make off with all of their money any time they get ready. as if the only thing restraining malfeasance is their own volition. i wholeheartedly disagree if this is what you propose. everything i have read in the stock exchange and banking laws speaks against this thought.

then again i am unlearned and am not beyond educating. so please enlighten me should you know differently.

thank you my friend for all that you do.

[Adam Montana]

No, that's not what I'm saying. I understand and agree with your point. However, I'll have to respectfully disagree with you on the notion that their laws, regulations, and "version of the SEC" is anywhere close to ours in the US.

If it is... why is there so much corruption? (Don't answer that, it's a rhetorical question )

Investing in Iraq is risky enough without sending your money to people with @yahoo.com accounts in a country that is still plagued with corruption. No matter what the letter of their "law" states, I would NEVER trust an Iraqi broker the way I would trust a US broker!

Anyhow, I do give you credit for standing up for the majority of GOOD people over there... but I still think it's wiser to simply do it on your own.

I have written good instructions on how to submit buy and sell orders, and your orders will get filled just as quick if you do them yourself through Warka as they will if you do them through a broker. The difference is more risk, and more commissions.

Thanks for the thoughtful post

[haymon]

It is tempting to go outside of Warka. Sometimes they can be slow. But that may equal safe.

[Adam Montana]

The brokers can be just as slow, I tried a few of them

[DinarBot]

DinarBot has uses Warka ISX Dept. 3.5 years and counting. No problems to date. Although Warka itself has stopped trading on the ISX its ISX and Banking Dept. continue to operate. There is still exteme high risk. Proceed with caution. Eat Drink Sleep. Then Warka/ISX.

[TrinityeXchange]

i have had a different experience than adam as far as brokers go. the broker i deal with is extremely fast and, most of all, responsive. he replies promptly to all of my messages. this is not to say that there are no risks involved. there is risk to everything in life; take it from a guy who performs continual risk assessments for a living. however i take solace in this one fact, that iraq is moving toward a stable economic situation which solicits foreign investment. if the brokers are not aligned with this same overarching agenda of the cbi & goi, if they work adversely to the initiative to establish trust with foreign investors, they will be deep 6'd - no doubt. in addition, when you consider the prerequisite of every broker (e.g. education, criminal record) as well as the initial capital amount that they must invest to becoming an investor, doesn't it seem counterintuitive that they would destroy their career over $5M dinar? some of these guys have posted over $1B dinar to be brokers, why risk it over pennies:

Baghdad Company

AddressKaradha / Near National theater / Bank of baghdad Buld

Initial Capital:1,000,000,000 IQD

TELMobile07901598234 Fax -

Emailshoroq.isx@gmail.com

Web Site-

ManagerShoorouq Salman

i hear what is being said but i don't follow the logic. yes, there are risks but at some point i think we can enter into fearmongering. and as far as the fact that these companies are using gmail or yahoo accounts, SO WHAT. does it really make a difference whether or not a person secures a domain name? are we saying that having a domain registration makes you reputable? i work in infosec and i will certainly tell you otherwise.

i am just giving a different perspective on this topic on whether or not a person should use a brokerage firm or only go through warka bank. i can only pray that MY EXPERIENCE will stay positive with al-jazera as my firm. the manager has given me no reason to think differently. and as of this date, after applying on the 5th of October, i have YET to receive an isx account number from the most beloved al-warka bank. and after numerous emails, i can honestly say that i have never received ONE reply.

i tell people that al-warka technology wise is the way to go, hands down, but we all know that technology disseminates quickly and it wont be long before all brokers have the same remote access abilities for their clients. and yes, al-warka may not charge a brokerage fee where i pay 1% fee on my transactions. but what is customer service worth? and i guess that is something that everyone has to resolve for themselves.

[Adam Montana]

i have had a different experience than adam as far as brokers go. the broker i deal with is extremely fast and, most of all, responsive. he replies promptly to all of my messages. this is not to say that there are no risks involved. there is risk to everything in life; take it from a guy who performs continual risk assessments for a living. however i take solace in this one fact, that iraq is moving toward a stable economic situation which solicits foreign investment. if the brokers are not aligned with this same overarching agenda of the cbi & goi, if they work adversely to the initiative to establish trust with foreign investors, they will be deep 6'd - no doubt. in addition, when you consider the prerequisite of every broker (e.g. education, criminal record) as well as the initial capital amount that they must invest to becoming an investor, doesn't it seem counterintuitive that they would destroy their career over $5M dinar? some of these guys have posted over $1B dinar to be brokers, why risk it over pennies:

Baghdad Company

AddressKaradha / Near National theater / Bank of baghdad Buld

Initial Capital:1,000,000,000 IQD

TELMobile07901598234 Fax -

Emailshoroq.isx@gmail.com

Web Site-

ManagerShoorouq Salman

i hear what is being said but i don't follow the logic. yes, there are risks but at some point i think we can enter into fearmongering. and as far as the fact that these companies are using gmail or yahoo accounts, SO WHAT. does it really make a difference whether or not a person secures a domain name? are we saying that having a domain registration makes you reputable? i work in infosec and i will certainly tell you otherwise.

i am just giving a different perspective on this topic on whether or not a person should use a brokerage firm or only go through warka bank. i can only pray that MY EXPERIENCE will stay positive with al-jazera as my firm. the manager has given me no reason to think differently. and as of this date, after applying on the 5th of October, i have YET to receive an isx account number from the most beloved al-warka bank. and after numerous emails, i can honestly say that i have never received ONE reply.

i tell people that al-warka technology wise is the way to go, hands down, but we all know that technology disseminates quickly and it wont be long before all brokers have the same remote access abilities for their clients. and yes, al-warka may not charge a brokerage fee where i pay 1% fee on my transactions. but what is customer service worth? and i guess that is something that everyone has to resolve for themselves.

Trinity, it sounds like you have found a good broker. I'm willing to change my mind... how many transactions have you done with this broker?

[TrinityeXchange]

Trinity, it sounds like you have found a good broker. I'm willing to change my mind... how many transactions have you done with this broker?

so far only one transaction. i have configured a recurring wire with my bank wells fargo ($9 per recurring wire...unbeatable) and will move a predetermined amount per month into the isx. another transaction is planned within a few days. i will keep the site updated on how things are going over time. stay tuned my friend.

i think it is important to continue sharing knowledge with one on another as this isx/dinar investing is uncharted territory for most of us and should certainly be approached with a wary eye. conversations like these are therefore very necessary and true treasures as we challenge each other thought processes for the overall purpose of caring for each other.

thanks for your input adam. you're doing a great job.

[DinarBot]

so far only one transaction. i have configured a recurring wire with my bank wells fargo ($9 per recurring wire...unbeatable) and will move a predetermined amount per month into the isx. another transaction is planned within a few days. i will keep the site updated on how things are going over time. stay tuned my friend.

i think it is important to continue sharing knowledge with one on another as this isx/dinar investing is uncharted territory for most of us and should certainly be approached with a wary eye. conversations like these are therefore very necessary and true treasures as we challenge each other thought processes for the overall purpose of caring for each other.

thanks for your input adam. you're doing a great job.

DinarBot team has ISX trading number issued via Warka. DinarBot contemplating a broker switch. What are Al-Jazera minimums. Desert rumor had it at 100K USD. Is this accurate. Please advise. DinarBot thanks you in advance.

Edited November 10, 2011 by DinarBot

[moonbeam1]

Adam and Trinity thanks for your responses. I wanted to share the email I received from the broker that was recommended to me. I received his email the very next day. I haven't decided which path I will take, but appreciate your input. What does Warka delisted and suspended mean? I had heard that Standard Charter Bank was going to buy out Warka. Your comments? Here is the email:

Dear XXXX,

Thank you for contacting Aljazera Brokerage to invest on the ISX. As an individual investor, all you need to open an ISX account is to attach a copy of your notarized passport and complete and attach the two ISX Application Forms 1.A and 2 which we send you as attachments. Unfortunately, you cannot transfer funds from your Warka Bank account, as it has been suspended from work by the ISX since February 2010 and has been recently de-listed.

We look forward to hearing from you soon.

Best regards,

Hasan A.L.Abdul-Karim,

CEO,

Aljazera Brokerage Company.

[TrinityeXchange]

DinarBot team has ISX trading number issued via Warka. DinarBot contemplating a broker switch. What are Al-Jazera minimums. Desert rumor had it at 100K USD. Is this accurate. Please advise. DinarBot thanks you in advance.

al-jazera has no minimum bot. his fee is 1% on trade trades.

Adam and Trinity thanks for your responses. I wanted to share the email I received from the broker that was recommended to me. I received his email the very next day. I haven't decided which path I will take, but appreciate your input. What does Warka delisted and suspended mean? I had heard that Standard Charter Bank was going to buy out Warka. Your comments? Here is the email:

Dear XXXX,

Thank you for contacting Aljazera Brokerage to invest on the ISX. As an individual investor, all you need to open an ISX account is to attach a copy of your notarized passport and complete and attach the two ISX Application Forms 1.A and 2 which we send you as attachments. Unfortunately, you cannot transfer funds from your Warka Bank account, as it has been suspended from work by the ISX since February 2010 and has been recently de-listed.

We look forward to hearing from you soon.

Best regards,

Hasan A.L.Abdul-Karim,

CEO,

Aljazera Brokerage Company.

Hasan Abdul-Karim is my guy! and yes he reply time is the best i've ever heard plus he speaks great english. i am sorry to hear about not being able to transfer.

[Adam Montana]

so far only one transaction. ....

I was hoping to hear "hundreds!"... one transaction is easy to get right, it's when you start doing volume and quantity that you are able to determine the reliability of a broker. Also, they always respond fast at first - they want you to get that warm fuzzy feeling and invest more with them! (My VIP support is the opposite, as you and many others can attest to. )

I'm afraid that's not quite enough to convince me, but I am going to take this one step further - I'll give your guy a shot and I will also report back on my results, over a day-week-month and 1-5-15 transactions.

Sharing is caring, friends!

[sourpuss]

Adam, so far I like Al-Jazera..I applied with both Warka and Al-Jazera at same time for trading numbers. Al-Jazera was right on it and I still have not heard from Warka about my trading number. I will use both Warka and Al-Jazera (if Warka ever gets me a number). Al-Jazera is very accomodating and emails me daily, Warka not so much:(

[DinarBot]

Adam and Trinity thanks for your responses. I wanted to share the email I received from the broker that was recommended to me. I received his email the very next day. I haven't decided which path I will take, but appreciate your input. What does Warka delisted and suspended mean? I had heard that Standard Charter Bank was going to buy out Warka. Your comments? Here is the email:

Dear XXXX,

Thank you for contacting Aljazera Brokerage to invest on the ISX. As an individual investor, all you need to open an ISX account is to attach a copy of your notarized passport and complete and attach the two ISX Application Forms 1.A and 2 which we send you as attachments. Unfortunately, you cannot transfer funds from your Warka Bank account, as it has been suspended from work by the ISX since February 2010 and has been recently de-listed.

We look forward to hearing from you soon.

Best regards,

Hasan A.L.Abdul-Karim,

CEO,

Aljazera Brokerage Company.

"you cannot transfer funds from your Warka Bank account, as it has been suspended from work by the ISX since February 2010"

This statement confusticates DinarBot. Warka is not trading on the ISX correct. But daily banking to our knowledge is up and running. Money Transfers should not be an issue. This is either an incorrect statement or just another broker taking a swipe as his competitior with a false accusation. Which is common in Iraq. DinarBot in holding pattern for now. Thank you for sharing letter. DinarBot not know who to believe anymore. DinarBot glad stayed heavy with cash in hand. Something not right. Camel Spider Senses are Tingly.

Edited November 11, 2011 by DinarBot

[haymon]

Question.

1. If other brokers do not use Warka bank, how do you get the funds to them? Direct wire?

2. Will the other brokers take the paperwork we paid for to give to Warka for ISX and e mailed to Warka. My bank will not notarize my passport. Should I check with another bank. Make sense?

[TrinityeXchange]

I was hoping to hear "hundreds!"...

come on now bro, aint nobody on here balling like you. most of us will post a few transactions buying a couple hundred thousand bank stocks and sit, waiting for the telecom ipo's to come through. high volume trading is a thing of the future as far as i am concerned. most of us just want to GET ON the isx and get some money into it.

I'm afraid that's not quite enough to convince me, but I am going to take this one step further - I'll give your guy a shot and I will also report back on my results, over a day-week-month and 1-5-15 transactions. Sharing is caring, friends!

just to be clear, my intent was not to convince or prove anything to anyone. i am simply sharing my experience for those who appear to be as frustrated as i was. for those who are actively trading and happy, i say, "stick with it". for those who want to get on the isx but warka don't seem to give two shakes of a rats tail, i offer an alternative. i'm simply sharing is all.

Adam, so far I like Al-Jazera..I applied with both Warka and Al-Jazera at same time for trading numbers. Al-Jazera was right on it and I still have not heard from Warka about my trading number. I will use both Warka and Al-Jazera (if Warka ever gets me a number). Al-Jazera is very accomodating and emails me daily, Warka not so much:(

my experience EXACTLY!

This statement confusticates DinarBot. Warka is not trading on the ISX correct. But daily banking to our knowledge is up and running. Money Transfers should not be an issue. This is either an incorrect statement or just another broker taking a swipe as his competitior with a false accusation. Which is common in Iraq. DinarBot in holding pattern for now. Thank you for sharing letter. DinarBot not know who to believe anymore. DinarBot glad stayed heavy with cash in hand. Something not right. Camel Spider Senses are Tingly.

bot, perhaps an update in the logic chip? follow this algorithm:

IF broker B wants you to leave broker A to come to broker B

AND client wants to transfer funds from broker A to broker B

AND broker B tells client that funds can't be transferred because broker A is broken

THEN both broker B and client walk away unhappy

in relative terms, would it not appear that al-jazera most likely did not fully understand what moonbeam was requesting? this happened to be in the recent past when i was inquiring about investing in the index. my broker replied back about how i required 10% stock ownership of a company in order to reach a particular status. WE WERE BOTH CONFUSED. after a few emails, my broker came to understand what i was asking and explained to me that you cannot currently trade the isx index (something the famous isx report never explained). so perhaps this might be the issue....miscommunication??

Question.

1. If other brokers do not use Warka bank, how do you get the funds to them? Direct wire?

2. Will the other brokers take the paperwork we paid for to give to Warka for ISX and e mailed to Warka. My bank will not notarize my passport. Should I check with another bank. Make sense?

haymon firstly, yes, you can send that same embassy certified paperwork to another broker and they will open an account for you. as far as transfers go, if you can place a wire transfer order into warka, then you can wire anywhere (big IF though). none of us know what the wiring restrictions are with warka. this is something you will have to explore (same as moonbeam) and update the group with this new information.

[haymon]

Thank you TX.

1. Is the trading Number for ISX or is it tied to a broker?

2. Can I use a trading number from Aljazera, using Warka as my Bank, to make purchases with that number? Or is Warka also my broker and I need to wait and get a number from them?

[haymon]

I keep seeing the request to fill out both 1 and 2 applications with Aljazera, but isn't the 2nd app for business only.

So for personal, I only need to supply the 1st app?

[TrinityeXchange]

Thank you TX.

1. Is the trading Number for ISX or is it tied to a broker?

2. Can I use a trading number from Aljazera, using Warka as my Bank, to make purchases with that number? Or is Warka also my broker and I need to wait and get a number from them?

Aljazera brokerage works with the Investment Bank of Iraq. you must fund the account at that bank. i do not know if you can use the same investor number with multiple brokers.

I keep seeing the request to fill out both 1 and 2 applications with Aljazera, but isn't the 2nd app for business only.

So for personal, I only need to supply the 1st app?

here is isx app 1A - Investor Number Application Form (FOR INDIVIDUAL)

here is isx app 2 - Investor Account Opening Form

application 1B is for corporations. everyone, individual or corp, must complete application 2.

[sourpuss]

if you have two brokers, you have two trading numbers (one each for each broker, remember be careful when using two brokers and look at your rules for using two different brokers

now i am confused as to why warka bank account cannot wire or send funds to al-jazera's bank for my transactions, trinity can you explain that one?

[TrinityeXchange]

now i am confused as to why warka bank account cannot wire or send funds to al-jazera's bank for my transactions, trinity can you explain that one?

if warka says that they can't, i think it is not a matter of ability but more a matter of choice.

[Adam Montana]

Trinity, the email you posted before came back as undeliverable - can you verify the correct address? Thanks!

[TrinityeXchange]

Trinity, the email you posted before came back as undeliverable - can you verify the correct address? Thanks!

certainly: aljazeraco@gmail.com

did you see my "why i like my broker" thread in the isx section?