BuyIQD.Com Blog

Can I Buy Iraqi Dinar With Bitcoin? August 23 2017

Can I Purchase Iraqi Dinar With Bitcoin? 

As Bitcoin seems to continue to gain mainstream acceptance and become more widely known about and used we've been fielding more and more questions regarding whether Iraqi Dinar can be purchased with Bitcoin.

What is Bitcoin?

Okay, so we'll assume most of you are at least familiar with the term and vaguely familiar with the concept. Bitcoin is a digital currency or cryptocurrency based upon a mathematical formula. It's a decentralized currency not controlled or created by a central government or central bank. The proponents of Bitcoin say this is a good thing as money can't be printed out of thin air. There's a finite amount which in the case of Bitcoin happens to be 21 Million.

While some people say it's fake internet money and compare it to the Beanie Baby or Tulip crazes of the past, Wall Street and even the formal banking system is beginning to adop both Bitcoin as well as the blockchain technology it runs on. 

Overstock.Com accepts Bitcoin as well as over 40 other major altcoins or alternative cryptocurrencies to Bitcoin. 

Cut to the Chase, Can I Buy Dinar with Bitcoin?

While we have been seeing increased interest in Bitcoin and cryptocurrencies as a payment method, at this time we are not yet offering Bitcoins as a payment method to purchase Iraqi Dinar and other banknotes.

Due to the nature of our industry both banking relationships as well as payment processing relationships are unique and are industry has unique challenges. Mainly due to this, as well as due to additional compliance challenges cryptocurrency brings, at this time unfortunately we are not able to accept Bitcoin as payment. 

We checked to see if any other sites or any of our competitors are accepting Bitcoin and again at this time it doesn't seem like they are.

Make Sure You Deal With Trusted Sellers

Through our research we did find one particular seller accepting Bitcoin for the purchase of the of the banknotes we sell, and while we wont' call them out by name, this seller is from all reports a scammer. 

This brings up an interesting point and an interesting challenge. Bitcoin payments or transfers are not reversible. Unlike traditional credit or debit card payments where if you order something and it's not delivered your credit card company or bank will help you recover your funds, with Bitcoin there is no chargebacks nor is there any central authority who can help you. With Bitcoin you are your own bank and with great freedom comes great responsibility. 

The reason we mention this is if you use Bitcoin, make sure you research who your buying from as well as that you trust the seller because there is no getsies backsies. 

 

Where Can I Buy Bitcoin? 

Okay so with all this talk of Bitcoin maybe you're curious about it. There are a number of services and exchanges you can purchase Bitcoin from. Probably the most common one for new people entering the market is Coinbase. Coinbase is a federally and state regulated exchange who is bonded and insured. They are one of the few if not the only exchange which to date hasn't been hacked. They make the process of purchasing Bitcoins very simple and easy. You can buy with a credit card, debit card, or an ACH bank transfer which can be initiated through the site. Coinbase also offers 2FA authentication which helps to keep your account even more secure. Coinbase does a great job of providing a seemless user friendly interface and offers an easy way to get into Bitcoin and cryptocurrency.

There are other exchanges, as well as peer to peer services like LocalBitcoins and Craigslist which allow you to purchase from individuals, however typicallyl at a bit of a markup, and a new user could easily be taken advantage of. 

 

Wrapping Up

While we don't currently offer Bitcoins as a form of payment, we are a bit more convenient than many other sellers in our space. We are one of the few sellers who accept credit and debit card payments in addition to the bankwires, cashiers checks and money orders accepted by many of our competitors. 


What's the Best Iraqi Dinar Note to Buy? July 10 2017

We're often asked what is the best Iraqi Dinar note you to buy?

The answer to that is there is no best note to buy. Some people like the 25,000 notes because they were up until recently the largest and because they were the largest and thus easier to store as there is less notes.

Other people prefer the smaller 5,000 or 10,000 denomination notes, while some buyers especially like the very small 250 and 500 Dinar notes.

Over the years different notes have become the "in" notes to have. Currently the 50,000 note is gaining in popularity as it's both the newest IQD note and the largest. They are however in short supply and few dealers have them in stock and they typically go for a pretty large premium in price because of the scarcity and high demand for them. We currently have them in stock but it's hardly the best bang for your buck. Your money will go much further buying 25,000 notes and even further buying the circulated notes at only $880 per million. 

If you're wondering which Iraqi Dinar note to buy the majority of our customers go for whatever is going to get them the most bang for their buck at any given time. Typically that's the 25,000 notes and typically circulated if we have it in stock as we don't always carry circulated. 

Feel free to call us at 1-800-884-1288 to check for special offers and sales. 


Do You Have An 800 Number For Us To Sell Our Iraqi Dinar? May 11 2017

Iraqi Dinar & Zimbabwe Dollar 800 Numbers

At least several times per day we get calls from customers inquring about an 800 number, and to be honest we are a bit confused what most customers are even asking for. People seem to want an 800 number to call to sell their Iraqi Dinar.

We currently buy Iraqi Dinar and will be buying Iraqi Dinar for the foreseeable future. If you're looking to sell your Iraqi Dinar you do not need a special 800 number. You can fill out a Dinar selloff form on our website, or you can call us at 1-800-884-1288 for a free quote.

As of the date of this post we are currently buying in Uncirculated Iraqi Dinar at $700 Per million and circulated Iraqi Dinar at $600 per million. 

If you're looking to buy or sell Iraqi Dinar, Zimbabwe Dollars or other currencies feel free to give us a call. 


Do You Have An 800 Number For Us To Sell Our Iraqi Dinar? May 11 2017

Iraqi Dinar & Zimbabwe Dollar 800 Numbers

At least several times per day we get calls from customers inquring about an 800 number, and to be honest we are a bit confused what most customers are even asking for. People seem to want an 800 number to call to sell their Iraqi Dinar.

We currently buy Iraqi Dinar and will be buying Iraqi Dinar for the foreseeable future. If you're looking to sell your Iraqi Dinar you do not need a special 800 number. You can fill out a Dinar selloff form on our website, or you can call us at 1-800-884-1288 for a free quote.

As of the date of this post we are currently buying in Uncirculated Iraqi Dinar at $700 Per million and circulated Iraqi Dinar at $600 per million. 

If you're looking to buy or sell Iraqi Dinar, Zimbabwe Dollars or other currencies feel free to give us a call. 


Does Wells Fargo sell the Iraqi Dinar? May 10 2017

Does Wells Fargo Sell The Iraqi Dinar?

We get a lot of calls from customers inquiring as to whether Wells Fargo sells the Iraqi Dinar. Currently very few banks buy or sell Iraqi Dinar. To our knowledge none of the major national chain banks sell the Iraqi Dinar. You may be able to find a smaller community bank, credit union, or currency exchange near you who buys and/or sells Iraqi Dinar. 

A few years back most of the major banks were selling Iraqi Dinar. Fifth Third Bank, Wells Fargo, Chase, all sold the Iraqi Dinar. Several years ago most of them stopped selling the Iraqi Dinar.

Many banks are getting away from selling foreign currencies period, even the more common ones. In the past banks would provide foreign currency as a courtesy to their customers traveling, however that is not the banks specialy, it's costly for them to order and get special shipments, and honestly most tellers aren't that knolwedgeable about foreign currencies as they rarely deal with them. Many banks have begun sending their customers to local currency exchanges instead.

This is especially the case with the Iraqi Dinar. Currently nobody for the most part is traveling to Iraq for vacation, business or spring break so it's not something they really need to do. Also because many Dinar buyers purchase on a regular basis it was becomming a hassle for them to place small weekly orders for the same customers who clearly are not traveling to Iraq but just collecting the currency.

So, the moral of the story is this. If you're looking to buy or sell Iraqi Dinar, your best bet is to check your bank, but more than likely you'll need to deal with a currency broker or dealer.

As far as Wells Fargo buying and/or selling Iraqi Dinar. Many people claim they do, however to our knowledge they are not, and bankers have told us they have no plans to in the future.

If you're looking to buy or sell Iraqi Dinar you can always contact us. 


Does Donald Trump Own Iraqi Dinar Currency? April 20 2017

Does Donald Trump Hold Iraqi Dinar?

Some years back the internet was abuzz with rumors about Donald Trump sinking something to the tune of 30 Million Dollars into Iraqi Dinar currency.

This was years ago before Trump was even running for President but it was big talk on a lot of blogs, forums and message boards.

To date we have not seen Trump come out himself and announce he made a purchase of Iraqi Dinar, no credible news source has backed this rumor, and it seems likely that Trump is not holding 30 Million Dollars of Iraqi Dinar. 


Beware of Iraqi Dinar Options April 19 2017

EDIT: Since the posting of this origional article the SEC has cracked down on eBay sellers and Iraqi Dinar dealers selling options. We as a company have never sold options, not only have we always felt it's not a good purchase for the buyer, but we always knew it was a legal grey area to do so. While since one dealer was fined and issued a cease and desist by the SEC, almost immediately after all other dealers selling Iraqi Dinar options pulled their listings of it down. Here is the press release regarding this...

 

http://www.cftc.gov/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfdinarcomplaint072715.pdf

 

ORIGIONAL ARTICLE BELOW

 

In this buyers guide we are going to discuss the pitfalls of Iraqi Dinar options as well as why  you need to be VERY careful who you buy from. In this buyers guide we will discuss what is an Iraqi Dinar Options? Are Iraqi Dinar Options allowed on eBay per ebay TOS and by law? Why you need to be careful who you buy options from? As well as are options a good thing to buy in the first place?

What Is An Iraqi Dinar Option?

Options with the Iraqi Dinar aren't much different than options in the stock market. You are buying the "option" or opporunity to buy a product or commodity, in this case the Iraqi Dinar, at a predetermined price by a predetermined date. For this example we'll say this is a 30 day option to buy 10 million Iraqi Dinar. 

An ebay seller may be selling a 30 day option to buy 10 million Iraqi Dinar. The terms would be from the date you make payment via Paypal, you have 30 days to choose to buy 10 million Iraqi Dinar at a price of $1100 per million.  The option for example may cost something like $150 which is much cheaper than the $10,000 it would cost to buy outright.

The logic behind this from a buyers perspective being that the Iraqi Dinar will go up in value in the next 30 days or possibly even revalue as many buyers call it. If that were to happen and a million Dinar were not worth $5,000 the buyer would be able to buy that 10 million Dinar at $1100 per million which is substantially cheaper than the new price of $5,000. It should be noted that a million Dinar on eBay can currently be purchased for under $1,000 so the option price is inflated to $1100 because it's giving you the conveninece of buying it at a later time. 

Are Iraqi Dinar Options Allowed By Ebay & By Law?

It would be interesting to get a definitive answer if options are allowed to be sold on eBay. eBay has a button to report products and one of those options is reporting a "stock and other securities". An option by definition is both a stock and a security. An option is also an intangible good which is often something not allowed to be sold on eBay.

In terms of law, this is also interesting. To sell investments an investment as well as the person selling it has to be registered with the SEC. An option by definition is an invesetment and a security however to date no Iraqi Dinar dealer or options seller has registered with the SEC to sell investments. 

To date eBay, nor the SEC has taken any action against those selling Iraqi DInar options, but selling options definately seems to be a grey area both among eBay policy as well as with the SEC

Be Careful Who You Buy Options From...

An Iraqi Dinar option is in many ways the perfect product to sell. People have been buying the Iraqi Dinar for years and it hasn't seen any significant increases in value. Because of this very few if any option buyers ever excercise their option to buy. Why? Because why pay $1100 to excercise an option whenthey can buy a million Dinar outrite for under $1,000. 

Because of this some unscrupulous sellers are selling options knowing they can pocket hundreds of dollars per buyer without ever having to deliver a physical product. These unscrupulous sellers also do not even have the Dinar in stock to back the options they are selling. Because nothing has ever happenned these sellers are in the clear. THe danger would be if we woke up tomorrow and the Iraqi Dinar was worth $10,000 per million. That would mean the buyers would see a profit 10x what they spent. The sellers on the other hand would have to deliver Dinar to all those options buyers who wanted to buy, which would probably be every last one of them. If the seller didn't physically have the Dinar this would mean they either can't deliver the Dinar they sold options on, or they have to go out to the market and pay 10x the price of the DInar they should have been holding in the first place. Not very likely they can do that which means many buyers would be getting screwed over royally.

Many Iraqi Dinar options sellers have popped up selling options. Few of these sellers have much ebay history nor do they have any history of selling Iraqi DInar, yet one day out of the blue they have hundreds of millions of Iraqi Dinar options for sale. Now legally they should have hundreds of millions of Dinar sitting in a vault somewhere to deliver these options. My fear is that they don't. Should the DInar go up in value and the seller can't deliver the options I imagine many people would be complaining to ebay and Paypal. Ebay and Paypal can't really force this seller to deliver something which basically means the buyers would probably be refunded their option money, but would not get the actual Iraqi Dinar which is now in this hypothetical situation worth 10x what it was when they bought the option. 

If you are buying options please be sure to ask if the seller is Treasury Registered. They are illegally selling Iraqi Dinar and Iraqi Dinar options if they are not Treasury Registered. Secondly, ask if they have the physical Dinar to back all the options they are selling. If they say yes ask if they've had an independent audit done to show this. If they are not Treasury Registered and if they have not had an independent audit done to prove they can back their options you shoudln't buy from them.

Should You Be Buying Iraqi Dinar Options In The First Place?

This is another totally different question but it's something you should think about. Buying options versus buying physical Iraqi Dinar. People have been buying Iraqi Dinar for the past 9 years or so. People have also been buying options this long. Now when you purchase an option you don't actually get physical Dinar. Let's just say for example 9 years ago one guy stareted buying options and another guy started buying physical dinar. They paid essentially teh same money. Guy A bought a 100,000 Dinar every month for this time. Guy B bought an option for 10 million Dinar each month. They have both spend roughly $10,800. Guy A now has 10,800,000 Iraqi Dinar in physical currency which he can choose to hang on to, or sell at only a small loss. Guy B also spent $10,800 yet he has no physical DInar and nothing to show for his money because he wasn't able to time the market so to speak. 

Hope this buyers guide taught you more about Iraqi Dinar options. Before buying Iraqi Dinar options first make sure you want to buy options over the physical currency. If you decide to buy options fully vet who you're buying from. Make sure they are both Treasury Registered, Registered with the SEC to sell investments, and that they've had an audit done by a third party company to insure they can back the options they are selling and actually have the physical DInar to cover every option they sell.

 

 


What is the Best Iraqi Dinar Denomination Note to Purchase? April 12 2017

Which Iraqi Dinar Note Should I Purchase?

We get a lot of calls from customers asking what the best denomination Iraqi Dinar note to purchase is. There isn't necessarily a "best note" to purchase, that's really up to personal preference.

Some customers who hold a lot of Iraqi Dinar prefer the large notes as they keep them in a safe or safety deposit box and the larger the note the less space they take up. Other customers like to purchase smaller notes because it allows them to pass notes out to friends and family and it doesn't break the bank doing so with smaller denominations.

For others the best note is whichever gets them the best bang for their buck. Typically the larger the note the less expensive it is. Traditionally the smaller notes typically sell for a premium price over the larger notes, but that is not always the case. Sometimes if we have a large amount in 5,000 or 10,000 denomination notes in stock we will offer those at a discount. 

As of late, we have also been fielding a lot of calls stating that the 25,000 notes were overproduced and now many people are wanting the 50,000 denomination notes. We do have the 50,000 notes back in stock so feel free to check them out if that is what you would like to purchase. 

At the end of the day however, there isn't necessarily a "best note" for you to purchase. It's either personal preference or whatever is the best deal at that given time. Typically circulated Dinar is going to be the best bang for your buck, however we don't always have circulated Dinar in stock so in that case the 25,000 note is typically the next best bargain. 

If you have any questions or need assistance placing an order feel free to call us at 1-800-884-1288. 

 


Where Can I Find A Bank That Buys Or Sells Zimbabwe Dollars AA 2008 March 10 2017

Do Bank Buy Or Sell Zimbabwe Dollars

It's unlikely you'll find a bank that buys or sells the Zimbabwe Dollar. The Zimbabwe Dollar is one of our most popular and hottest selling currencies. Currently however the Zimbabwe Dollar is strictly a collectible item.

After experiencing hyper-inflation Zimbabwe wound up having to roll out the large 100 Trillion and other large notes which all belong to the AA 2008 series or the "3 stones" as many people refer to them. 

Even after rolling out these large notes, it still was not feasible to conduct business in the local currency. You can see photos online of people going to the market to buy even some groceries and having to bring wheel barrows full of cash.

A few years back Zimbabwe outmoded their old currency. Because of that your unlikely to find any banks that buy or sell Zimbabwe Dollars. Your options to buy the AA 2008 Zimbawbe Dollar currency is typically going to be collectible coin and paper money sites or a currency broker or dealer.

If you're looking to purchase Zimbawbe AA 2008 series notes such as the 100 Trillion notes or the smaller Million or Billion series notes you can view our inventory. 


Any Banks Near Me Buy or Sell Iraqi Dinar? March 09 2017

Looking For A Bank That Buys or Sells Iraqi Dinar?

Whether your looking to buy or sell Iraqi Dinar the first place most consumers turn is to a local bank. Currently however few if any banks are dealing with the Iraqi Dinar.

It seems some states have more banks dealing with the IQD. Those states seem to be Texas, Florida, and California. If you're looking to buy or sell Iraqi Dinar and are trying to locate a bank call the bank you bank with and ask them. You may want to call Citi Bank as well as many people have been reporting that Citi bank recently has resumed buying and selling Iraqi Dinar. 

While I can't comment on their selling prices as we're not sure what they are, on the buying side banks are typically considerably lower than most currency brokers or dealers are buying at.

If your local bank doesn't sell Dinar you may want to check with some local smaller community banks and/or credit unions as they seem to typically be the banks who are dealing with the Dinar and other exotic foreign currencies. 

If your unable to find a local bank who buys or sells Dinar your next option is to contact a currency broker or dealer like us or others. If you're looking to sell your Iraqi Dinar, we have a page on our site where you can fill out a form and get a free quote within 24 hours. Alternatively you can also call us at 1-800-884-1288. 

If you're looking to buy Iraqi Dinar, or other currencies, you can view our Dinar and other product selections like the Zimbabwe Dollar, Vietnam Dong, Indonesian Rupiah, and others by viewing our store. 

Hope that helps you on your question to either buy or sell Iraqi Dinar and/or other currencies.