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Guide to Investing in the Iraqi Dinar
The process of purchasing dinars is pretty simple. First - you determine how much you want to buy and in what denominations, Second - you choose a dealer online, and Third - you place your order through the dealers website and make your payment. The physical money will be delivered to you, which means you will receive the actual dinar notes.
Though the process of purchasing dinars may be easy, there are many questions and concerns that investors have about the safety and legitimacy of the on-line dealers and the investment itself.
This guide will help answer some of these questions and concerns and give you some insight and tips on investing in the dinar.
Important Items to Note Before You Invest:
There is a wealth of information that you can find about the Iraqi Dinar investment, both for and against the investment. While the ultimate decision to buy Iraqi Dinars is up to you, the consumer, it is important to remember the following three items:
1. The return on the investment in the Iraqi Dinar is very speculative. The value of the dinar depends highly on the economic and security situation of Iraq.
2. No one knows when the economy will stabilize; so do not expect a quick return on this investment. It may take a month to 6 months to 6 years.
3. Along those lines, don not expect a huge return on your investment, while the value of the dinar is currently appreciating, it is uncertain as to how much the value will appreciate once the economy stabilizes.
Choosing an Iraqi Dinar Dealer:
Now that you have decided to invest in the Iraqi Dinar its important that you choose a reputable, well known dealer. Before buying your dinars, you should ask the following 10 questions:
1. Are they registered?
Trading Iraqi dinars is not always legal. Make sure the source you are buying from is registered with the US Treasury as a money service business. Companies that are registered will direct you on how to verify their registration. This is required to sell dinars legally in the United States.
2. Who are you dealing with?
Do you know who you are dealing with? Learn as much as possible about the people behind the website you are buying from. You have a better idea that the website is an established business if you see a company name, especially one that is legally registered. Look for Inc. or an LLC as indications of a registered entity.
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DinarProfits.com, our sponsor, is registered with the US Treasury under their business name - OdioWorks, LLC. DinarProfits.com accepts payments by credit card, COD, check, and wire transfer. They ship via UPS or USPS. DinarProfits.com checks all dinars for authenticity, and guarantees not only that they will arrive, but that they are also authentic and of non-criminal origin. |
3. How long have they been in business?
This is important, as the number of dinar sellers has increased dramatically in recent months. These new websites offering dinars have little or no established history and many are not yet registered as currency exchange businesses. Look for a company that has been in the market at least a year or two.
4. Is there a phone number and address?
Look for a phone number and mailing address. It is important to have a phone number and address in case you ever need to contact them for more information or if you have any questions or concerns about your investment. Also make sure you can talk to a real person rather than just a machine. Do you really want to trust your investment in someone who you have no way of contacting?
5. What methods of payment do they accept?
It is important to find out what methods of payment a company accepts. More options for payment may make you feel more comfortable with the investment. Credit Card payments usually offer the highest protection against fraud. Note that many sellers operate out of the Middle East, and require payment in advance by wire transfer. Be VERY wary of sending an international wire. The chances of recovering the funds if anything goes wrong are slim to none.
6. What is their shipping policy?
Look for a dealer that has an established shipping policy, through a reputable carrier such as UPS. This will decrease the chance of your order being lost or damaged during shipment.
7. Do they check for authenticity?
Ask if the dealer verifies the dinars as legitimate before shipping them. There are 6 security features on the dinars (including a unique serial number), and all 6 should be checked prior to shipping.
8. Is there a Guarantee?
Make sure you know what your options are if the dinars are not legitimate. Look for a seller that guarantees their authenticity.
9. Do they buy back dinars?
Look for a dealer that allows you to sell your dinars back to them. This will enable you to sell your investment incase you want to sell it before the currency is exchanged on the market.
10. Do you feel comfortable with the dealer?
Finally, and most importantly, ask yourself if you feel comfortable with the company you are buying from. Check out the website and ask as many questions as you need to. There are several websites out there that throw a lot of information at you but if you don’t feel comfortable with the dealer than you shouldn’t be buying from them!
What to do after you have bought your dinars:
Congratulations on making your investment in the Iraqi Dinar! Now that you have your dinars, here are some tips on how to manage your new investment:
1. Track your investment. Keep up with current news in Iraq about both the dinar and the Economy. You can also follow the value of the dinar on the Central Bank of Iraq website.
2. Stay in contact with your dinar dealer. You should continue to communicate with your dealer as they will be able to help keep you informed about market changes, fluctuations and will assist you to liquidate your investment if need be.
3. Find out a local Coin or Paper Money dealer and be in contact with him or her. Find out about local Currency Shows and attend one. See what the buy/sell rate is for the Iraqi Dinar, you might be able to sell your investment gradually to Banknote dealers and collectors, who generally pay much more for uncirculated banknotes than investors do.
Links, news & information:
Information and news on Iraqi Dinars
Buy Iraqi Dinars from our trusted supplier
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Ten questions you should ask before buying Iraqi Dinars
The Pros and Cons of Investing in Iraqi Dinars
Find out if your Iraqi Dinars are authentic
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High resolution images (provided by www.DinarProfits.com):
The 25,000 Iraqi Dinar
The 5,000 Iraqi Dinar
25,000 & 5,000 Iraqi Dinar comparison