TrinityeXchange

I guess the root of the question is "what is the significance of a broker's Initial Capital?" The only inference I can draw is found in the "Investment Law" and reads as follows: (pg 11 subsect c) The daily trading limits for the Broker shall be determined pursuant to Exchange regulation based upon the Broker’s net capital adequacy. The Broker’s net capital adequacy shall be determined based upon the Depository’s assessment of the Broker’s ability to meet its trading obligations, as well as the advice from the settlement bank to the Depository; and.... As you peruse the list of brokers you will find an array of Initial Capital amounts. I wonder if they post this number as a quick metric of a brokers client size? Low initial capital, small brokerage firm; large initial capital, large brokerage firm? thoughts?

I opened a Nevada LLC for the purpose of trading on the ISX. Nevada LLC's offer great anonymity and protection. I elected to go the corporate route because of the protection and tax writeoffs that is not afforded to the common individual. Of all my friends who also are applying to the ISX, I am the only one incorporated. In the long run we will see how beneficial it is. BTW anybody can create a Nevada LLC even if you are not a Nevada resident. Another great advantage is NO STATE TAX!

when you take a look at the individual brokers listed on the ISX website, it lists their 'initial capital'. does anyone know what that means? see example below copied and pasted from the site: Address Al-Sadoon Al-Alwiya building near Al-Alwiya club Initial Capital: 100,000,000 IQD TEL Mobile 07901103028 Fax - Email mahmoody@nbk.com Web Site - Manager Mahmood Natheer

quite frankly this is exactly what i've told my friends who listened to me on this investment....well kinda. my exact words were more like, "buy the dinar, stick it in a shoe box, put it in your closet and forget about it." that's the way you have to go into this thing. the rv has to happen. anybody keeping up on current commercial events in iraq can logically see it. companies are lining up to get into iraq. its infrastructure requires massive rebuilding. iraq's monetary policy can nowhere but upward from where it currently stands. be patient, forget about the investment and continue on with your life as if you never purchased dinar. God will bless you in due time. "you shall reap if you don't faint" - gal 6:9.

mailing them is an option, but scanning them and sending via email is just as viable.

for additional clarity and this is not covered anywhere that i have looked (not even my isxreport). document (definition) - can equate 1 to many pages so if you send personal identity documents to the AACC for certification it cost $103 regardless of how many pages business documents cost $248 and will typically be comprised of two pages (for our purposes), (pg 1) articles of organization (pg 2) certification by the state this is the kicker though and why it cost $351 for those registering a business on the ISX. the brokers require your business documents as well as identifying documents for the authorized representative of the business. the AACC separates these documents as business & personal and charges respectively $248 (for business docs) $103 (identity docs) = $351. i ponied up hoping that it pays off in the long run when i perform certain tax write offs from business purchases. we will see.

I am establishing an account with Al Hadhar brokerage. Lubna, the manager, has been pretty responsive.

i assume you are endeavoring to open an account as an "individual" not as a "corporation" correct? because corporations have to go through a slightly advanced process....i know cuz i just completed it. for individuals, it is so simple. like sanders2340 says, you get your identity docs notarized and its a wrap. one step though that i would do BEFORE sending to the AACC is email a scanned copy of the document to the broker. this way you multitask. while the docs are in the mail to be authenticated by the embassy, the broker is already securing your account number. you have 15 days to provide the authenticated documents after securing your number.....plenty of time to get those docs back from the embassy and scan-email them to your broker. thats how i have helped people do it.

thanks for replying my friend. i earnestly tried to open an account with al warka bank. i sent an email to multiple email accounts. google mail tried multiple times to get mail through to one of their posted email addresses but eventually failed. i have never received one reply from warka and over 15 days has gone by since my initial attempts at communication. not sure why, so i accepted it as an omen. instead i contacted al-hadhar brokerage and things have gone smoothly. they respond to my request and i am awaiting an isx number. from what i understand i can send money into my brokerage account just as well for the purpose of trading. i wont get the benefit of establishing a savings account and reap that great interest rate, but what are my options. so brokerage account for me it is.

I purchased the ISX report and am not sad about it. I don't mind paying for knowledge. I have found though that it is not as well written as I would expect a $50 piece of material to be. Since my purchase, I have also found identical information found on broker sites and on the ISX itself. Pretty much the ISX report goes through the trouble of gathering data for you and putting it in one packet. Is it worth $50, its really for you to decide.

man i'm glad i found this write up! nicely done. i can hardly wait to receive my isx account number. seems like it is taking forever.

after all the negative responses against this al warka bank, i don't think i would ever even consider doing business with them. that is some of the worse customer service i've ever heard of. why don't people just go with one of numerous isx brokers instead? how is this bank THAT popular?

Hello All I have taken the route of creating an LLC and using this entity for the purpose of ISX trading. I have all of the proper applications completed (Contract, Investor Number Application, Investor Application [for corporations - form 2] ). The confusion is with submitting my identity paperwork to the Arab American Chamber of Commerce. For Individuals it is pretty straight forward, you simply submit your notarized paper that has your State ID and Passport pictures on them to the AACC for certification. For Corporations though....I am stumped. Do I submit both my 'State ID & Passport' document along with the Articles of Organization for my company? Or do I ONLY submit for certification the Articles of Organization to the AACC? The thing is that each document certified for corporations will cost $250+. Only one document is required for individuals to receive certification Shouldn't one document be required for corporations to receive certification? The "How to" documents on this subject don't go into clear detail for corporate entities. I can't imagine though that the majority of ISX investors are doing so as individuals. There would be no substantial tax shelters if done as an individual. Any advise is appreciated.

Anyone have any experience with this brokerage firm? I would like to invest through them but wonder if they provide decent customer support. TIA