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If you have spent your time researching where to buy a perfect pair of foreign currency, you might have stumbled onto different articles that talk about the Iraqi Dinar. It has been seen that some investors invest in Iraq Dinar, and some people are like avid collectors. Now, you might be thinking about why people are crazy about it and what is so special about the Iraqi Dinar? Should you go for it, or is there any risk that you need to know? Well, keep reading to explore everything about Iraqi Dinar.

About Iraqi Dinar

Well, the Iraqi Dinar revaluation rumor has been around for years, and it has also attracted more investors. Many people have seen to be purchased this currency from the promotors and so-called dinar gurus as well as online dealers.  The investors believe that it can bring them windfall profits, and they earn 1000 times more than the amount they have invested.

Dinar Guru Scam

A dinar revaluation is primarily based on the fact that the country is the second-largest oil producer and supplier in the world.  Besides, the dinar revaluation value increased after the Kuwaiti Dinar’s Gulf War, an expensive currency in the world.

The last few years have been very difficult for the citizen of Iraq as well as the country’s economy. Multiple military conflicts, civil strife created instability in the country. Many infrastructures were destroyed, and the economy went down.

However, still, there is hope. Now, the Iraq government is working hard for stability. On the other hand, the oil industry is now improving. Furthermore, many foreign organizations, for example, the World Bank, are now considering the Iraqi Dinar as an ideal and profitable investment opportunity.

Well, while the government is trying hard to hard to stabilize the Iraqi Dina. But this has also opened up the way to unscrupulous scammers and traders. They are taking advantage of this situation.

Planning for investing in the Iraqi Dinar

Before exploring more about this, let’s understand the meaning of investing in the Iraqi Dinar. Well, in simple words, this type of investment is carried out in the same way as other currency investments. Here, you will purchase a certain amount of the Iraqi Dinar by paying a certain amount of US Dollars. After that, you need to wait for the Iraq Dinar’s value to climb up. So, it’s just like buying bonds or stocks.

Iraq Dinar Investment- Scam or Legit?

Well, while investing in Iraq Dinar can be a profitable investment option, some people have made this as a way to earn money through scams. And these are being done by Dinar Gurus. They have defined themselves as experienced forex experts.  They make people believe that Iraqi Dinar is a profitable investment opportunity. But you need to move wisely in this.

You will find different websites advertising about Iraqi Dinars. Such websites or Dinar Gurus ask the investors to send money orders, check and wire transfers to buy Dinars. However, there is one thing that you should always keep in your mind. As per the legit experts, the Iraqi Dinars can only be purchased in Iraq. Why? Because the banking institutions and currency exchanges are not allowed to convert the Iraqi Dinar into Dollars. As there is no exchange, dinar gurus or dealers charge whatever they want from the investors.

In general, financial scams include some characteristics, for example:

  • If the investment scheme is promoted by a dealer instead of any well-known or registered brokers, exchanges, or financial firms.
  • A scam sometimes can include heavy promotions through telemarketing, emails, and the internet.
  • If the dealers claim to offer heavy returns, then this can be a scam.

In Iraqi Dinar, there are some additional red flags that you should consider.

  • All most all the reputed banks, for instance, Bank of America, they don’t offer any type of forex trading options in Iraqi Dinars.
  • Many states, such as Alabama, Oklahoma, Utah, and more, have issues notifications against Iraqi Dinar investment.

If you consider all these factors, you will come up with more doubts about Iraqi Dinar.

Well, some experts say it is not illegal to invest in this, some dinar gurus try to convince the investors that it can offer them 100 percent profit. And it is not a good practice to convincing someone to do a task.

Some Dinar Gurus Are Scamming You, Be Careful!

Even though it is a profitable investment, you should be very careful while doing this. Why? Some dinar gurus utilize some methods to scam the investors. Some don’t even invest your money and keep that with them.  Here, you need to consider the red flags mentioned above. And then take your steps accordingly.  However, it will be better for you to go through the fundamental problems with this scam.

Lack of Registration

As per the market experts, Iraqi Dinar is illegal in the United States of America and also in other major countries. In fact, no organization can market it without proper securities registration. However, the scammers are now avoiding these requirements in different ways.

Technically, it is legal to deal with the hard currency having a lower value. And one can also sell that, defining it as a collectible item. On the other hand, some dealers or dinar gurus register themselves with the United States Treasury as MSB-Money Service Business.  This way, they promote themselves as a registered dealer. But you should understand the difference between the legit MSBs and dinar gurus. Legit MSBs never market an investment.

There Are Misleading Hypes for Iraq Dinars

The value of the Iraqi Dinar is generally illustrated by giving the example of the Kuwaiti Dinar incident, the first Gulf War, and World War 2. And for wise investors, such past incidents can’t be a solid base for making an investment. Besides, these incidents were 60 years old.  So, you shouldn’t go for this.

Will the government of the country issue a currency appreciation policy in the near future? Well, it is not clear for now. Some experts have forecasted that Iraq’s economic condition may go down, and the country may witness a currency crash. In fact, some recent data show that the value of the Iraqi Dinar would depreciate in the coming days. So, believing in dealers’ claims can make the investors face a huge loss.

The possible investment risks that dinar gurus don’t share

Well, the dinar gurus will tell you about the false positive site of investing in Iraqi Dinar. They don’t talk about the risks. However, before making an investment, you should know about all the possible risks. Have a look at the below-mentioned points.

  • Liquidity

You will not find any active market for Iraqi Dinar. You may easily buy them, but you may find it difficult to sell them. As per some reports, the difference between what the investors buy Iraqi Dinar for and whey they can sell them for is around 20 percent. So, the Dinar will appreciate by around 20 percent before making the sell order. Since the introduction of the new Dinar, it has appreciated only 23 percent.

  • Low-valued currencies are frequently redenominated

It is quite common practice in different countries. The currencies with low values are generally redenominated, and the government issues new currencies. The value also changes.

  • Inflation

As per the current report, the inflation rates in Iraq may vary from -4 percent to +8 percent in the coming days. If the economy becomes unstable, the rate can go beyond the projected rates. And if hyper-inflation happens, then it will destroy the hard currency’s value.

How Do They Scam Investors?

Dinar gurus or dealers scam the investors by using the word “Forex Trading.”  Forex trading is a good form of investment. But the scam happens when the gurus claim to offer heavy returns. For example, they will say that if you invest USD 1,000 at USD 1 of exchange value, then you will get around 1.16 million of Dinar. However, this is not the fact. In fact, there is no such currency that can match the value of the US dollar within a few months. On the other hand, there are no such sure-shot investments. You can’t expect to enjoy profits all the time on your investment.

So, before making an investment, consider all these things. Don’t always consider the facts presented by the dinar gurus. They are doing this for their profits.

Should You Invest in Iraqi Dinar?

Well, while some market experts advise people not to go for this, some consider this as a robust financial investment. Besides, in April 2007, the IQD and USD exchange rate was USD 1= 1270 IQD. But in August 2020, it was recorded at USD 1= 1,190 IQD. So, the value went up by around 6.5 percent. And it is forecasted that the value will go up. It is not a short-term investment. And you can’t predict the economic growth rate of any country.

Participating in investment activities is a good thing, but you need to move wisely. And don’t follow the dinar gurus as they are a scam. Always take the help of a licensed and registered broker for Iraqi Dinar investment.