After the newspaper ads featured in USA Today and other major US newspapers, the popular Iraqi Dinar scam has moved to another country. Just when you thought it was safe for the US based investors, with all the warnings recently published by major media sources, the scammers have found yet another country ripe for profit.
10,000 Iraqi Dinars selling at B$ 110 was the title of a recent ad than ran in a Brunei newspaper. And people are jumping on it like crazy. Rumors are the sellers have run out of stock in less than one week.
How could this be possible? Because they don’t know better. Ordinary people, people just like you and I read about this new investment in a newspaper they trust. The ad is claiming they’re sitting on a pot of gold, and the Iraqi Dinar is about to jump in value big time. They start dreaming about fast riches. They swipe out their wallet faster than the blink of an eye and hand their hard earned money to the scammers.
The truth? The current exchange rate as of today is approximately 1 USD for 1.63 BND (Brunei Dollars).
This means at the exchange rate set by the Central Bank of Iraq people could, in theory, get close to 100,000 Iraqi Dinars for the same BND 110. This is almost TEN times more the amount the scammers are selling it for. And people are jumping on it like crazy! Why? Because they don’t know better.
When they wake up later on and try to sell the dinars back they’re in for a big surprise. They can’t. Nobody is buying Iraqi Dinars. There’s currently no way for them to recover at most 1/10 from their investment except if they are willing to travel to Iraq to cash it in.
But first they have to wait and pray for the dinars to jump in value at least 10 times for them to merely recover their money back. By the way it looks now this sudden jump in value is not going to happen. Not today, not tomorrow, and neither in a month from now. It could happen in 3 years. Or 5 years. Or never.
Sad truth is people who were sold in at these rates were scammed. They were profited for their lack of knowledge. And the sellers knew exactly what the exchange rate was. They knew exactly what’s the potential for this type of investment. And the only potential it has right now is for them, the scammers, to get rich from selling Iraqi Dinars.
So, why did the people buy in? Because they didn’t knew better. But you do!
Don’t fall prey for these scams! You deserve to be informed.
At first glance, buying Iraqi dinars online looks easy. Almost too easy. There are a lot of dealers trying to sell them nowadays. So all you have to do is pick one. Right?
Wrong! As with any “hot” merchandise, scams are common and you should know how to spot them, well before you hand out your hard earned money.
Here are 5 critical signs that you should know before buying Iraqi dinars online.
Does the dealers’ website look credible enough?
A couple pages thrown together, with nothing else than a bit or two of text often copied from other web sites are often not a good sign. Take your time. Look at a couple other sellers. Compare them. If something looks fishy, it probably is. Don’t rush and buy Iraqi dinars from the first online dealer you happen to come across.
Are any testimonials, preferably not on the seller’s own web site, from satisfied users that bought Iraqi Dinars from them?
Satisfied customers sometimes leave testimonials to show their appreciation. But beware! It is quite easy to fake pretty much anything on the Internet. And testimonials make no exception. Again, take your time; contact the ones who wrote them if you can. An extra hour you put into this research, before you decide where to buy Iraqi dinars, may make the difference between a successful purchase and a failed investment.
Does the seller show his physical location somewhere on the site?
It’ll be quite hard to track an individual or company when all you have is an email address or web site URL. A physical address can help you quickly locate them in time of need.
Is there a phone number you can call and talk to a real person?
Verify the phone number on their contacts page. Call them. Ask them a couple questions to see if they really know their business. For instance you could ask them to tell you the Iraqi dinar security features. Or what denominations do they sell. Ask them anything you can think of that can help you make a decision.
Are they registered with an organization such as the Better Business Bureau?
Odds of getting scammed are pretty thin if the company you’re considering doing business with is a member of BBB or another organization that tracks customer satisfaction and records complaints. But beware! Simply displaying the BBB logo isn’t enough to earn your trust. Take your time and verify they’re actually who they say they are.
Buying Iraqi dinars is considered by some to be a great investment. The safety tips shown here should help you when selecting your dealer.
Could it be possible that you are staring right into the most spectacular financial opportunity of the century? Operation: Iraqi Freedom will undoubtedly be a war marked in history for loss and tragedy, American victory, and the rise of a nation with a new democratic government. But could it also be a war historically remembered for the financial opportunity it created for the sharp investors who keenly recognized an ephemeral chance at the right time?
The War on Iraq ended with a nation placed on the footstool of many new operations. An old dictator was removed; a new government was instilled, and the old currency, each note stamped with the face of the now powerless Saddam Hussein, was suddenly valueless and burned in the streets by American soldiers. In its place entered a new currency, beautifully created with the input of the people and history of Iraq.
The United States funded this new currency, artistically crafted by the De La Rue, the world’s premier currency printers. Unveiled during a press conference in the capitol city of Bagdad, the new Iraqi currency was introduced. A historic university, erected in the thirteenth century, is etched into the one thousand dinar bills. A serene waterfall graces the front of the periwinkle five thousand dinar notes. And a humble, hardworking farmer holds up a sheaf of wheat on the most substantial bill of all: the twenty five thousand dinar note.
Twenty five thousand dinars! That sounds like a huge value allotted to a single bill of currency. But in fact, today, this note is only worth 17.12 US dollars! Today, the average American’s savings account could make them a millionaire in Iraq.
But what does this mean? How does this present such an outrageous financial opportunity? In 1990, prior to the Gulf War and before any sanctions were placed on Iraq, the Iraqi dinar was equivalent to approximately $3.40. And prior to Operation: Iraqi Freedom, the Iraqi dinar still maintained a value of about 30 cents. That’s about three hundred times what it’s worth today.
The United States and several other nations are in the process of taking every measure possible to rebuild Iraq. The country is gaining stability, and could soon be in its way to becoming an independent and prosperous nation. What would this mean for the value of the Iraqi currency? Certainly it would mean a rise in its value. It could go back to what it was worth before the war, or more. And that would mean an unbelievable return for anyone who invested in it today. It could mean thousands, hundreds of thousands or even millions of dollars for someone who had a million dinars today.
The value of the Iraqi economy has nearly doubled since the capture of Saddan Hussein. This has many investors predicting that the dinar will continue to rise in value as well. Even without help from other nations, with the world’s second largest oil reserve and the world’s largest gas reserve, it is abundantly clear that Iraq has the resources available to expand and become an extremely prosperous nation. In fact, economists and investors are speculating that Iraq has the potential to become among the wealthiest nations in the world.
Today you can take advantage of this potential and be part of those that benefit from Iraq’s success the most. Purchasing the Iraqi dinar at its most vulnerable point in history could mean a fortune in the near future. This means nothing short of a once-in-a-lifetime opportunity for today’s forward-thinking investors.
With the currency market gripped with a new wave of investment in Iraqi dinars, people are questioning whether the investment is a legitimate money-making venture or a fraud. If you are wondering whether making an investment would be a beneficial addition to your financial strategy, the following information could prove helpful in making such an important financial decision.
It is an indisputable fact that the value of Iraqi dinar was at an all-time low immediately following the invasion of Iraq in the spring of 2003. When the security of Saddam Hussein’s regime was thrown into turmoil, the money printed by his government was seen as having little or no value. Because of the increase in political and economic stability in the past years, however, the new Iraqi dinar is a much more legitimate form of currency in the global marketplace. The dinar has demonstrated a gradual appreciation of value, especially in the wake of nationwide elections and increased coalition pressure to have the Iraqi debt to nations such as China and the United Arab Emirates eliminated.
In a recent statement by Takatoshi Kato, the deputy managing director of the International Monetary Fund, he stated that “the Central Bank of Iraq raised its policy interest rates sharply and allowed a gradual appreciation of the dinar.”*(1) Thus, a multifaceted approach is being taken to ensure that the dinar’s increase in value occurs securely and is founded upon real economic growth and development of the nation’s infrastructure. Since this statement in 2007, the security situation in Iraq has greatly improved, allowing for more foreign investment to flow into Iraq. This increase in available capital has given local Iraqi industries a chance to thrive by providing products and services once supplied by outside contractors.
The most important factors that must be analyzed before investing in a foreign currency are the stability of the market and the openness of the economy to outside investment. With the international debt of the country greatly decreased after the Paris Agreement, in which several major countries forgave the pre-war debts, the economy has a marked improvement in stability and steady growth. There are many international banks that have opened up branches in Iraq a number of international companies are making an investment in the development of the country. In 2007 the Iraqi stock exchange was opened to foreign investors, which has also had a positive impact on the economy.
The government of Iraq has also instituted updated and refined security features on the Iraqi dinar designed to minimize counterfeit scams and investment fraud. It is wise to educate yourself about these features. Also, if you choose to invest in the dinar, be sure that the dealer that you patronize has an established reputation and is registered with the US Treasury Department and the Better Business Bureau (BBB).
In conclusion, investment in the Iraqi dinar is neither a fraud nor a get rich scheme promising to deliver financial lightning in a bottle. As with any prudent investment plan, it is wise to examine your personal portfolio to determine whether or not a certain investment fits your overall strategy. Also, you can receive up-to-the-minute financial information customized to your areas of interest via RSS (Really Simple Syndication) or direct news feeds that can be easily added to your web browser homepage.
In essence, the fledgling economy of post-war Iraq is like a newborn baby- it is sensitive to outside influences and prone to have brief bouts of intemperance, but all-in-all it holds the potential for exponential growth similar to the German and Kuwaiti markets following the conflicts involving their nations.
Buying Iraqi dinar on the internet can prove to be a quick and easy process, especially if you have the right online dealer by your side. The actual purchase of dinar can be accomplished with the click of a mouse, but the prudent investor needs to consider several other factors about which online dealer he or she patronizes before making such an important financial commitment. The first thing that you need to determine is the size of the investment that you want to make and the denominations of Iraqi dinar that you wish to buy.
Certain dealers only handle orders of a specific size- some specialize in smaller personal orders and others in large currency retail and shipping. Choosing the right online dealer for your Iraqi dinar investment can ensure that you get an advantageous deal- shopping around for the right rate given your intended purchase could greatly increase your profit margin on the investment.
When choosing an online dealer specializing in Iraqi dinars you should consider the following:
- Is the dealer registered? This is the first aspect that should be considered. All authentic dealers trading in Iraqi dinars are required to register with the US Treasury Department and Better Business Bureau (BBB). An authentic dealer should have no objection to providing proof of their registration, as well as other information concerning their reputation, such as media or client reviews.
- Always check to see if an online brokerage firm is incorporated or an LLC (Limited Liability Company). This indicates that the company is legal and is a registered entity.
- Consider how long the company has been trading in Iraqi dinars and other forms of currency. Given the recent popularity of trade in Iraqi dinars, there has been an increase in investment frauds and counterfeit scams, many of which are performed online or through the mail.
- Verify the physical address and phone number of the company. It is important to know the physical address of the company so that it is easy for you to contact them in case of any questions or concerns. Also, a verifiable address (not just a P.O. Box) makes it more likely it is a legitimate dealer.
- Consider the payment method that the company follows. Credit card payments are the best and the most protected. If the dealer insists on international wire transfer then it is advised that you should be aware.
- Assess the shipping policies of the dealer. Make sure that they employ reputable carrier services so that you can be assured of your shipment of Iraqi dinars.
- Ask the dealer about its protocols for verifying the authenticity of the dinar notes. The dinar has six features of security and these features should be checked before shipping.
- Inquire into how the online dealer guarantees the dinars, and learn about their procedures for returns or exchanges if for any reason you are not satisfied.
- Ask the broker whether they deal in both buying and selling the currency. If the dealer purchases the dinar as well as sells it, sometimes they can offer preferred exchange rates if the currency goes up in value.
If a broker meets these requirements, there can be many advantages to choosing to start your investment with online dealers. Aside from the convenience of being able to make transactions at anytime from anywhere in the world, many online brokers also provide investors with RSS news feeds that provide up-to-the-minute exchange rate information and other relevant economic news.
Following the removal of Saddam Hussein from power and the recent opening of the Iraqi economy to the global free market, making an investment in Iraqi dinars is simple and easy. Investors can now buy and sell dinar from anywhere in the world, especially if they are in touch with a reputable dealer who can provide them with authentic bank notes. However, before you make an investment in the Iraqi dinar you should be aware of the following:
- The most important point that investors should understand when purchasing Iraqi dinar is that it is a long-term investment. The value of the dinar depends on the economic and political condition of the country, as well as the overall state of the global economy.
- Recent indicators show progressive improvements in security and trade in Iraq. Also, the world-wide financial climate has stabilized and is steadily recovering from the financial crisis of 2008.
- Large dividends on buying currency can take months or even years to fully appreciate. Therefore, expecting quick returns on the investment right away, as with any prudent investment plan, is not recommended.
- The value of the dinar is showing a gradual increase; however, this is no clear indication that the worth of the currency will necessarily skyrocket in the near future. Past instances of gains in other monies, such as the German mark and Kuwaiti dinar, have increased speculation into Iraqi dinar by many investors.
- Make sure that you thoroughly analyze your financial portfolio before buying Iraqi dinar or making any other important investment decisions. Seeking the advice of professional financial planners can be helpful, even for seasoned investors. Ensure that your strategies are well-balanced, and never place all of your capital into one investment plan.
- It is important to stay informed on up-to-date information concerning economic events and trends. Some agencies offer RSS (Really Simple Syndication) and news feeds that can be easily added to your web browser and customized to target your areas of interest.
Another crucial aspect to investing in currency is ensuring authenticity. Unfortunately, counterfeit schemes and fraudulent dealers are on the rise, preying on patrons all over the world. The best strategy for avoiding counterfeit merchandise is working with dealers that are well-known, respected, and properly licensed. Also, it is important that you learn how to personally confirm that the money you buy is real. The security features that you should look for on the currency are as follows:
- The new dinars have ultraviolet writing, which can be checked with a UV lamp. The ultraviolent writing should show the note’s denomination value.
- A horse head watermark is embedded on the Iraqi dinar. This should be the most prominent feature seen in the white space on the left side of the note when the money is held under a bright light.
- At the bottom left hand corner you should see a holographic symbol with eight sides. This symbol should change colors from green to purple when viewed from different angles.
- The dinar should have a metallic security thread embedded within the note.
- Every dinar has an exclusive serial number written in Arabic.
Legitimate currency dealers will provide purchasers with written documentation guaranteeing the authenticity of the money, but you should still educate yourself on how determine whether or not it is counterfeit. Make sure that the trader is registered with the US Treasury Department and Better Business Bureau (BBB). To further guard against fraud, check if the company has a verifiable physical address and phone number. Be sure to learn their payment and shipment policies. Also, ask what procedures they follow for verifying and packaging the dinars before passing them on to the investor.
Before making an investment into any currency, get the latest information on its current standing in the global market so that you can ensure that you are receiving a fair rate from the dealer. It is also a good bet to inquire into the exchange deals you would receive if you wanted to sell some or all of the currency back to the dealer. With a little homework and proper planning, investing in the dinar can prove to be a fruitful financial opportunity.
Investment in Iraqi dinars is rapidly growing in popularity within many global financial markets. A number of investors all over the world have converted various sums of money into dinar with hopes that the value of the new currency will appreciate in the future. There are a number of websites that claim investing in Iraqi dinar is a once in a lifetime investment and will quickly pay off large dividends. However, the wise investor should be more cautious and thoroughly consider all aspects of such a commitment. Given the past record of other currencies- such as the German Mark after World War II and the Kuwaiti dinar after the Gulf War- it could be wise to take a closer look at the Iraqi dinar and learn if it would be a beneficial addition to your financial portfolio. However, as with any strategy, it is best to educate yourself on the potential risks and overall factors that could affect your investment.
The large amount of current interest in investing in the currency centers around the large disparity of the present exchange rate- for every US dollar you can currently get over 1000 Iraqi dinars. If the economy continues to improve, the value of each dinar will increase significantly, making the initial purchase a bargain. Because of the vast oil reserves, natural resources, and centralized geographic location in Iraqi, an upturn in political stability and foreign investments could make the Iraqi economy one of the strongest in the region.
Here are a few points to consider before investing in the Iraqi dinar:
- Become informed about the economic and political situation in Iraq, for trends in security and flow of foreign capital into the country can have a dramatic impact on the overall strength of the dinar.
- You may need to keep track of the rise or fall in the Iraqi dinar market yourself, as it is not dealt in the foreign currency market. However, this is easy to do over the internet with helpful tools such as RSS news feeds added to your browser homepage or through contact with a registered firm experienced in dealing in the currency market.
- Learn about the security features on the new dinars and ensure that you deal with reputable brokers who will provide you with authentic Iraqi dinars.
- You should not expect immediate gigantic returns. Returns in all financial markets can take months or even years, but can be very lucrative in the long run. Be wary of any investment scheme that promises huge profit margins within short periods. As the recent widely-publicized Ponzi schemes clearly demonstrate, if it sounds too good to be true, it is.
If you are considering an investment in the Iraqi dinar, it is advised that you approach a trustworthy and authentic broker that is registered with the US Treasury Department as well as the Better Business Bureau (BBB). It may also be beneficial to seek out a dealer who both buys and sells the notes. In case you made the decision to sell them back, this strategy may ensure that you receive a fair rate of exchange.
As with any important investment decision, it is crucial to analyze all the factors surrounding the investment plan and compare these with your personal financial goals. To stay informed on currency investment in changing global markets, it could be helpful to subscribe to RSS news feeds that deliver information to you daily. Certain feeds about Iraqi dinar, global financial trends, and other up-to-the-minute economic events can be easily added to your iGoogle homepage.
There are a number of people who are opting to invest in Iraqi dinars because of varied reasons. Most of the people are eyeing the fact that the economy might be improving soon and in the near future they can earn a lot of profit from this investment. Others are investing because the Iraqi dinar seems to be more promising because of constrained competition in the dinar exchange market. Some are investing in the dinar because they believe buying it now is the opportunity to purchase the currency at the lowest possible price.
If you are planning to make an investment in the Iraqi dinars then here are some important points that you should consider before buying:
- The first point that you should learn is the difference between the new and the old Iraqi dinar notes. The old notes have a picture of Saddam Hussein whereas the new ones do not. You want to purchase only New Iraqi Dinars – old Iraqi dinars where replaced in 2004 when Saddam Hussein was overthrown and have little value except for possibly collectors. The new Iraqi Dinar is the new accepted currency of Iraq.
- You will have to look out for the exchange rate of the dinar because it is not traded in the international currency market. There is a very nice exchange rate calculator Google Gadget that you can easily add to your iGoogle home page and track daily movements in the exchange rate value. You can add this tool by going to your iGoogle home page and clicking on “add stuff” and searching for “Iraqi Dinar Exchange Rate” then clicking Add.
- It is better that you invest in Iraqi dinars with the help of an online dealer who can provide you with authentic currencies.
- Stay up to date with the current situation on Iraq by subscribing to an RSS Feed, I follow the news also through my iGoogle page. There is an excellent Iraqi Dinar news feed that you can add by going to your iGoogle home page and clicking on “add stuff” and searching for “Iraqi Dinar News” then clicking Add on the highest rated news feed.
- Make sure that the dealer with whom you are trading is authentic and registered with the US Treasury Department and the Better Business Bureau (BBB).
- Always verify the physical address of the dealer and check the phone number. Always be sure that you are trading with the right people. If you can’t get someone on the phone it’s not a good sign.
- Check for the modes of payment that the dealer offers and make sure that the payment is authentic.
- The economic conditions in Iraq are unpredictable and it is important that you keep an eye on the currency and how it appreciates. Again – download the Iraqi Dinar iGoogle Gadget and stay on top of it
- Decide on the amount of currency that you wish to trade in and the denominations that you would like to invest in.
- Check whether the dealer with whom you are trading deals with both buying and selling of the Iraqi dinars. This will be helpful when you wish to sell off the dinars when the rates rise.
When you are considering investing in Iraqi dinars it is important that you don’t expect immediate returns, as depending on the economy and political situation it can take time. It is best to buy authentic dinars and keep them till the price rises and sell them when there is a considerable appreciation.
If you have not yet heard about the uncommon opportunity to invest in the currency of Iraq (the Iraqi dinar or IQD), then it would be worth your time to check into it.
You won’t hear much about it in the mainstream media. The politicians won’t let you in on it (even though many of them are heavily invested in the Iraqi dinar), and your banker probably knows nothing about it.
However, for a few hundred dollars (still within the reach of most folks – even in these hard times), you might well get into the investment of a lifetime.
Currently the Iraqi dinar does not have a value on the world stage. Basically, the value is whatever the street will give you for it. You can find it on eBay and other auction sites, but don’t buy it there. You want to make sure that you get yours from a reputable, registered currency dealer. These dealers have to be registered with the US Treasury (if they are located here in the states).
Why do we say that the Iraqi dinar is an investment of a lifetime? Currently you can get a million dinar for around one thousand US. In times past the IQD was worth over $3 USD.
Is it a sure bet? There is no such thing. However, the upside on this is so HUGE that you might feel like a dunce if you didn’t at least get a quarter million dinar (about $300 US) or so.
There are a few ways a person could invest in the Iraqi dinar. Most folks prefer to simply buy the currency from a reputable dealer and just hold onto it (you might want to put it in your safety deposit box and the bank – if you have a stable bank you can trust to be there – actually – you should be able to get your dinar and other items out even if the bank folds -they are dropping like flies these days).
You could also open up an account with a bank in Iraq (don’t worry you won’t have to go to Bagdad to do it), but we’ve heard more con than pro on that route.
If you have an Iraqi bank account, you can now even play their stock market which has gone electronic. For there market to really open up to the world, they will Have to get a world value on their currency. With the US pulling troops out of the country, there are many signs that this could happen soon.
Most folks today would rather go to the casino or bingo hall and spend a couple hundred bucks. Gaming is one of the most profitable industries left after the meltdown. BUT, if you look into what I’m telling you here, it may well change your life and help you beat your own recession!
Stock market can be a very scary place for new investors. There are hundreds of terms and acronyms and it is very difficult for a beginner in stock market to remember them. There are a few things which the beginners need to know even before they start investing their hard earned money in the stock market. Since investing in stock market can be a risky preposition, it is always better to understand the basics of stocks and how stock market works.
In layman language, stock trading is nothing but buying and selling of stocks of a particular company. The aim of any investor is to buy the stock at a lower price and then sell it off at a higher price to make profits. The stocks can be bought and sold in designated exchanges like New York Stock Exchange (NYSE) or NASDAQ. All these exchanges have at least one index which usually portrays the general health of overall market. Some of these indices are Dow Jones, NASDAQ 100 and S&P 500 index.
It is not possible for a retail investor to buy or sell stocks directly in an exchange. Therefore, he needs to take services from brokers and brokerage houses. There are various online brokers with whom you can open a brokerage account to start doing online trading. There are some discount brokers who charge less brokerage fee and then there are full service brokerage houses. These houses are costlier but provide added services like analysis, advice and stock recommendations.
While picking up the stocks to buy, investors use different types of analysis techniques. Some analysts believe in fundamental analysis of stocks while others favor technical analysis. Stock screeners are a great way to shortlist the potential candidates to buy. These screeners shortlist the companies based on the input parameters provided by the investor like market capitalization, PE ratio, PB ratio, volume of trading and other financial factors. The investor need to understand these ratios and terms in order to shortlist the stocks.
Different investors believe in different types of investment strategies. Some investors and analysts believe that long term investing is the best way to make profits since stock market gives better returns than any other form of investment in a longer term. This is also known as buy and hold strategy. The other type of investment strategy is known as top down strategy in which the investor starts from a market, then select an industry and then drills down to shortlist the potential stock. One more strategy which is common is the bottoms up strategy. This is exactly opposite to the top down investing strategy.
The author writes articles on investing and finance including details about stock trading books and how to learn to invest stocks.