Ok in the interim, heads up! There is a fantastic parametric EQ app in the App Store, simply called, Parametric Equalizer.
You can learn a lot from playing around with this, and it is extremely flexible, with ten channels you can set at any frequency center point and the ability to EQ up/down 25db (!) from that center point.
It would great if you could adjust the width of the bands, too, that's another fundamental capability in a top-notch parametric equalizer; not present in this app at this point, though.
Equalization can potentially introduce some distortion into the sound, smearing transients and affecting phase coherency (this is why really high-quality P-EQs ain't cheap!); however, for the most part, they can really give you some excellent control over taming (preferable to boosting) frequency regions that have been overemphasized either in the recording or the design of your transducer (speaker, headphone, IEM).
Just remember that it's always a trade off, and balancing act. But more user control is good; you will learn, among other things, with a parametric EQ precisely which frequencies do what to your sense of the overall musical spectrum, and more knowledge here means more pleasure and less random and potentially expensive/wasteful guesswork.
Also remember that EQ will never fix what's broken; it can sculpt, gently, but it won't perfect what's wrong either in the recording or in the limitations of your signal path and final transducer. Everything added to that path, even in the realm of digital, adds complications that inevitably show up as some kind of distortion and signal loss.
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