Amana Capital Review 2024
| 🏆 Broker Evaluation |
7.60
|
| 🗺️ Regulatory Bodies | FCA |
| 💳 Minimum Deposit | 0$ |
| ⚖️ Islamic Account | yes |
| 💰 Payment Methods | Bank transfer, credit card, Electronic Banks |
| 🏢 Main Branch | Lebanon |
| ☎ Customer Service | 24/5 |
| 🎮 Demo account | yes |
| 🖥 Trading Platforms | MT4, MT5,Proprietary Platform |
Key Takeaways
- Amana Capital is a growing broker founded in 2010 and headquartered in Dubai.
- Amana Capital is regulated by the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Capital Markets Authority (CMA) of Lebanon, the Labuan Offshore Financial Services Authority (LOFSA) of Malaysia, the Dubai Financial Services Authority (DFSA) and the Financial Services Commission in Mauritius (FSC).
- The broker has taken out voluntary extra insurance protection up to $1,000,000 in selected markets.
- Amana Capital provides good access to financial markets, with Contract for Differences (CFD) in seven asset classes.
- With 54 FOREX pairs, 280 Company shares and four cryptocurrency CFDs, among other instruments, Amana Capital customers have a range of investment options from which to choose.
- Amana Capital uses the well-known, third-party trading platforms MetaTrader4 (MT4) and MetaTrader5 (MT5) to provide clients with a strong trading experience.
- Amana Capital has clients from 80 countries.
- The broker offers Islamic account trading.
- Amana Capital boasts excellent pricing for high-volume traders.
- Amana Capital claims to have tight spreads and competitive rates.
- Amana Capital offers traders a strong range of four different account types.
- Accounts are accessible with just a $50 minimum deposit on the Amana Classic Account.
- Amana Capital supplies quality multilingual 24/5 customer support.
- The broker provides an excellent knowledge base of quality educational tools. It prioritizes producing market content in Arabic for the benefit of its core client base, but supplements this with market news and analysis from third-party news aggregators (mostly in English).
Amana Capital - research result
Overall Evaluation:
7.6
Regulations
8.5
Deposits and Withdrawals
5.5
Commissions
9.3
Assets
7.8
Trading Platform
7
Research and Development
10
Customer Service
5
Mobile App Trading
10
Learning
10
Experience with broker
5
Trading Tools
9.7
Website
6.5
Overall Summary
Amana Capital is an emerging broker originally founded in Beirut during 2010. Today, it has expanded its operations to 80 additional countries. It is now headquartered in Dubai, with notable office locations in London and Cyprus. Founded with the vision of becoming the industry leader in innovative financial services with a technological edge, the company is striving to achieve these aims.
As mentioned above, Amana Capital is regulated by six global bodies: the FCA, the DFSA, the CySEC, the CMA, the LOFSA and the FSC. It has a responsive customer service team that offers 24/5 support to its core client segments. Traders can access this support via phone, email, live chat and text.
Amana Capital offers its clients access to 360 assets drawn from FOREX, indices, shares, CFDs, spot metals and commodities. As aforementioned, it uses the well-known MT4 and MT5 platforms to provide a solid trading experience. Further, the broker partners with Autochartist and TradeCaptain to provide good levels of market analysis.
Amana Capital
Broker Evaluation
Year of Establishment
2010
Main Branch
Lebanon
Other Branches
Dubai, London, Crypus
Supported Languages
English, Arabic.
Operating Hours
Market Opening Hours
Who Is Amana Capital Good For?
Amana Capital has a well-rounded offering for both beginner and experienced traders. As a growing broker, its total product basket is entirely acceptable, although not game changing. Clients looking for “experimental” technologies or the comfort of a globally recognized FOREX broker name will not find what they want here. At the same time, traders who work with low volumes may find the spreads uncompetitive, and the deposit and withdrawal fees prohibitive. We found Amana Capital particularly receptive to high-volume traders, with ultra-low fees and personalized attention being reserved for these clients.
Amana Capital appears to be satisfied with providing a familiar homegrown offer to clientele in its main trading base of the Middle East. It certainly has all the bases covered, and users will not find cause to complain about its platforms, market access or regulation.
Amana Capital accepts customers from markets as diverse as Saudi Arabia, Kuwait, Luxembourg, Australia, Thailand, Hong Kong, India, France, Germany, Italy, Denmark, the UAE and Qatar. It does not accept customers from the US, Canada, Korea, Japan, Israel, Iraq and Cuba.
Pros
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Well-regulated by six watchdog bodies.
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Access to social trading from ZuluTrade.
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Access to social trading from ZuluTrade.
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Quality analysis tools Autochartist, RiskPulse and TradeCaptain.
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Commission-free FOREX trading.
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Negative balance protection.
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Islamic accounts available.
Cons
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Many educational resources are available in Arabic only.
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Uncompetitive trading conditions for entry-level traders.
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Higher-than-average spreads for low-volume traders.
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High deposit and withdrawal fees.
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No Frequently Asked Questions (FAQ) section.
Is Amana Capital safe?
Given its positive trading history and extensive regulation, Amana Capital is considered safe. The broker has a diverse range of subsidiaries that are all extremely well-regulated. Indeed, it has spared no effort in presenting itself to strict regulation.
According to industry best practices, client funds are kept in segregated bank accounts in premier banks. Amana Capital also offers a balance protection policy for extra client security. This policy helps clients ensure their losses do not exceed their capital. The policy goes into effect when a client's balance turns negative and the broker credits their accounts to a zero-balance limit.
As a further precautionary measure, Amana Capital provides clients registered in its LFSA and FSC jurisdictions an insurance plan covering up to $1,000,000. This comes at no extra expense to clients. It is offered by the insurance group ARCH 2012, as well as by other participating syndicates at Lloyd’s of London. The company is transparent enough to offer its traders access to the certification that proves this.
Trading Account Information
Account Currency
USD
Minimum Deposit
50$
Segregated Accounts
Yes
Payment Methods
Credit Cards, Bank Transfers , Electronic Banks
Accepting US Clients
No
Available Markets
FOREX, Indices., Metals, Energies, Commodities, CFDs
Demo Account Duration
30 Days
Offering of Investments
Amana Capital offers its clientele healthy access to the following market instruments:
- FOREX.
- Indices.
- Precious metals.
- Energies.
- Commodities.
- Share CFDs.
- Cryptocurrencies.
This includes an attractive 54 FOREX pairs and a variety of popular future and cash-stock indices, such as Germany’s DAX and the NASDAQ in New York. Traders can also access gold and silver on spot and futures contracts, energies – including Brent oil – and soft commodity futures, such as corn and soybeans. Moreover, you can choose from over 280 US company shares, such as Walmart, Netflix, and Pepsico. Finally, it offers cryptocurrency CFD trading on Bitcoin, Ethereum, Litecoin and Ripple.
Available assets
| Markets | Available | Number of Assets |
| Currency Pairs | 54 | |
| Stocks | 122 | |
| Commodities | 4 | |
| Crypto | 4 | |
| Indices | 20 | |
| ETFs |
Account Types
| Account Type | Minimum Deposit | Spread Commission | Commission | Swap Commission | Deposit Commission | Withdrawal Commission |
|---|---|---|---|---|---|---|
| Classic | $50 | Starting from 1.4 pips | Not mentioned | Not mentioned | Starting at $0 with credit cards and wire transfer, and up to to 2% with electronic banks. | 1.5% when using credit cards and/or electronic banks and up to 30$ with bank transfers. |
| Active | $25000 | Starting from 0.1 pips | Not mentioned | Not mentioned | Starting at $0 with credit cards and wire transfer, and up to to 2% with electronic banks. | 1.5% when using credit cards and/or electronic banks and up to 30$ with bank transfers. |
| Elite | $25000 | Starting from 0.1 pips | Not mentioned | Not mentioned | Starting at $0 with credit cards and wire transfer, and up to to 2% with electronic banks. | 1.5% when using credit cards and/or electronic banks and up to 30$ with bank transfers. |
Amana Capital offers a variety of account types. Each is suited to different trader experience and instruments. The user looking for a standard trading experience with FOREX and CFDs can choose the Amana Classic Account. By contrast, seasoned, high-volume traders can select either Amana Active or Amana Elite. These two accounts suit traders with large capital amounts. Here are more details on these account types:
Amana Classic Account: This standard account is geared toward the entry-level trader. The minimum deposit is a low $50. The account is available on the MT4/MT5 platforms. Spreads start from 1.4 pips, with a maximum leverage of 1:500 for non-EU clients. Traders will not be charged commissions on FOREX and cash CFDs. Other commissions apply: $10 per lot on Future CFDs and $0.02 per share CFDs with a minimum of $15 per transaction.
Shares Account: Designed for traders who wish to trade shares only, it offers over 280 share CFDs on the MT5 trading platform. There is no minimum deposit, and up to 1:10 leverage. The account is available in USD and EURs. Commissions of $0.02 per share apply, and a minimum of $15 is levied against every transaction.
Amana Active Account: High-volume traders will benefit most from this account. With a minimum deposit of $25,000, traders are expected to trade at least $100 million every month. The account comes with a personal relationship manager, and traders will receive selected discounts on trading costs. They will also have access to customized Expert Advisers (EA) and indicators, while Virtual Private Server (VPS) and trading signals also come with the package.
Amana Elite Account: This account is designed for high-net-worth individuals who can afford to put down a minimum of $250,000 as starting capital. The account comes with extra-low spreads, reduced fees, trading data tools, a personal account manager, and expert personal coaching from Amana Capital experts.
Demo Account: Amana Capital clients can also use a safe training account, where they can practice their trading skills in a secure, risk-free environment. They can put their strategies to the test for a trial period of 30 days using both the MT4 and MT5 desktop and mobile apps.
Account Opening
Opening an account with Amana Capital is fast and convenient. You simply have to access the broker’s Website and click “Start trading.” This opens the account registration form. Traders can select their preferred account type and enter the standard biographical and address details.
After reading and accepting all the broker’s terms and conditions, traders can click “Register” to access another section. Here, traders can indicate pertinent information, such as their trading experience and financial net worth. After uploading all the required documentation, the trader is free to deposit money and start trading.
Advantages of Trading
Maximum Leverage
1:500
Minimum Lot Size
0.01
Available FOREX Pairs
54 Currency Pairs
Scalping
Yes
Hedging
Yes
Spread
Starting from 1.4 pips
Trailing Stop
Yes
Islamic Account
Yes
Trading Platforms
MT4, MT5,Proprietary Platform
Regulatory Bodies
Broker Type
MM
Deposits and Withdrawals
Amana Capital offers several ways to fund your account.
- Bank transfer.
- Credit/Debit cards.
- Skrill.
- Neteller.
- Qiwi.
- WebMoney.
- UnionPay.
There are a few transaction fees that traders who have moved from other brokers will find new. If they perform many transactions, these charges can add up. For example, there is a $6 fee on bank wire transfers that is deducted from the amount deposited. Base currencies are the USD, the EUR, the GBP and/or the RMB. In most cases, the minimum deposit is $10. Bank wire transfers can take two to five business days to process, whereas most other methods are instant.
Debit or credit card transactions will attract a 1.5% fee while Skrill and Neteller transactions attract a 2% fee. However, some Alternative Payment Method (APM) deposit methods like Qiwi attract an eye-watering 6.5% deposit fee. Traders are advised to check the Amana Capital fee breakdown card carefully before they begin.
Amana Capital offers its own USD-denominated prepaid card should traders wish to use it. The card can be linked to your trading account and can be used for deposits and withdrawals. Traders can withdraw profits through this card via an ATM or even shop online. The card is intended to offer the convenience that differentiates Amana Capital from other brokers. It is issued free, but deposits into this facility cost $3 per transaction and 1.5% for cash withdrawals. Traders need to consider whether this is worth it. The card can be activated with as little as $50, and the maximum ATM withdrawal limit is $2,000.
Withdrawals
Fees for withdrawals have quite a range of differences. Card withdrawals through UnionPay cost as little as 0.5% of the withdrawal amount, while an Application Performance Management (APM) like Moneta comes in at a hefty 4.9% of the withdrawal amount. Again, traders need to analyze the Amana Capital fee breakdown card as there is a wide assortment of withdrawal fees according to the service provider.
Customer Service
Users can telephonically reach the expert Amana Capital customer service desk in such locations as London, Dubai, Riyadh, Al Khobar, Cyprus and Lebanon. There is also a callback option. In addition, traders can message customer service agents via several online text platforms like WhatsApp, Twitter, Facebook Messenger, WeChat, Telegram or Live chat.
Amana Capital operates a multilingual Website available in English, Arabic and Mandarin. The customer support desk is available 24/5 and is staffed by expert teams.
Commissions and Fees
Amana Capital claims to offer its clients access to tight spreads. However, in our findings, this is highly questionable, as spreads are high when compared against the rest of the market. Spreads start from 1.4 pips for EUR/USD, 1.9 pips for GBP/USD, and 1.5 pips for cash indices, such as the FTSE 100.
Although low-volume traders do not have access to tight spreads, high-volume traders are faced with a different reality. There are healthy spread concessions for high-volume traders. In fact, the Amana Capital value proposition is heavily incentivized for high-volume traders, with no apparent upside for low-volume traders.
There are no commissions charged on FOREX pairs, but future indices, metals, commodities and energies come with a $10 fee per lot. For US shares, commissions are $0.02 per share. As mentioned before, withdrawal and deposit fees are prohibitive and are not industry standard. Low-volume and high-volume traders alike can rightly quibble with the transaction fees.
Leverage
Leverage for some accepted jurisdictions is available up to a maximum of 1:500. By now, EU and UK customers will know that they can only leverage up to 1:30. Novice traders should be warned that leveraged trading can lead to heavy losses.
Platforms and Tools
According to Amana Capital, it is its vision to be,“A first-tier leader in delivering innovative financial services...and scaling…operations to reach all the traders that need access to...superior technology.” By that lofty measure, its platform offering is a letdown.
While it uses MT4 and MT5, which are household names in the industry, it does not have a proprietary Web or desktop platform of its own. It does, however, have its own mobile platform. That said, the MetaTrader platforms are trusted by many in the industry for good reason. Amana Capital encourages its clients to migrate from MT4 to MT5 for the superior experience.
MT4: The desktop version is useful for novice and experienced traders alike. The platform can adapt to any requirements. Seasoned traders will enjoy the advanced analysis tools and automated trading features offered by EAs.
Users can easily monitor their accounts, trades and orders. They even get market updates. Here are some of the other key features:
- Analysis tools with a stream of financial news.
- Help functions with a user guide in case traders get stuck.
- Real-time quotes on different financial market instruments.
- A repository of quotes for analysis.
- High-level charts that can be plotted across timelines.
- Automatic trade execution with one click.
Amana Capital clients can also access MT4 for Mac and MT4 Webtrader.
MT5: This new breed of platform is intuitive and easy to use. It comes with superior analytical capabilities, which suits Amana Capital’s stated aim of leading into the future. Users will find the improved graphical trend lines and icons a significant benefit. MT5 also has several new chart timelines and its own economic calendar. The superior functionality is:
- Expert technical analysis tools and up-to-the-minute financial news.
- New algorithmic trading functionality.
- Insightful trade signals and valuable technical indicators, in addition to 24 analytical tools.
- Traders can perform netting and order-hedging.
Mac users can access MT5 without additional applications or technical fixes. Amana Capital actively encourages its clients to access MT5 Webtrader, as it gives them access to an enhanced trading experience on any browser or operating system.
RiskPulse: Amana Capital also offers this intelligent analysis tool to its clients free of charge. Traders will find value in the smart dashboards that capture trading performance, smart predictions,and strategic suggestions.
ZuluTrade: Traders will also be able to access this innovative social trading platform. Zulutrade allows users to track the strategies and performance of professional traders. Investors can choose to replicate these trades on a no-win, no-fee basis. This means that they only pay a fee if they make a profit off the signals they have replicated.
Mobile Trading
Amana Capital’s proprietary mobile application allows its clients to stay connected to the financial world from their phones. Designed to offer users full control of their accounts on the go, Amana Capital has prioritized its user experience to give superior, always-on performance.
Traders can monitor their trades and accounts, deposit and withdraw from their accounts, and check on daily signals. They can also keep track of the economic calendar and trade from a demo or a real account while they are mobile.
Research and Development
Amana Capital offers a good range of educational tools on its Website. Traders can get daily market news and analysis coverage. This feature is accompanied by helpful video commentary. As a Middle Eastern company, Arabic is the dominant language, which may disadvantage clients from other markets/regions.
Pre-COVID, Amana Capital also hosted periodic educational seminars that were held in different cities in the Middle East, such as Cairo, Muscat, and Abu Dhabi. The seminars normally last three hours and are taught in Arabic and often in English. The material comes in basic, intermediate, and advanced levels.
We found that the broker’s educational material lacked a Frequently Asked Questions (FAQ) section, which is usually helpful in weeding out some of the more common questions asked by clients. The educational repository contains various foundational trading articles on FOREX, CFDs, and cryptocurrencies. Selected topics under discussion include “Introduction to FOREX markets” and “Trading and how it works.” The articles are supplemented with expert discussions on charting and analysis.
Final Thoughts
Amana Capital may ride on its familiarity in home markets to smooth over relatively uncompetitive spreads and high fees. Its platform offering, although entirely acceptable, is not in keeping with its stated desire to be at the forefront of technological advancement. That said, the broker still offers a solid trading experience for beginner and seasoned traders.
The company recently celebrated its 10-year anniversary and, during that time, it has flourished on the back of a clear trading history and extensive market access. Its sound record of regulation means that traders can rest easy that their investments will be looked after.
Through the MetaTrader suite of platforms, it offers traders a familiar and dependable trading experience. Amana Capital’s multilingual 24/5 customer service desk is built to accommodate clients in different geographies. Clientele can use several methods to access premium customer service when they need it.
Accounts are accessible with just a $50 minimum deposit on the Amana Classic Account. However, regular traders may tire of the many transaction fees. In total, Amana Capital offers a balanced portfolio for an emerging broker, and it promises to be a strong regional player for years to come.
Conclusion
Amana Capital will continue to thrive as the recognizable regional MENA broker. It has been well-managed to a point where it can offer an overall service comparable to more established brokers. Its spreads and fees are not the most competitive, but it balances this with a customer service desk and educational material targeted at its core customer segments.
The broker is venturing forward with its analytical offerings[ and through a combination of the improved MT5, supplementary analysis tools like Riskpulse, and a solid educational offering, it is moving its client base into the future. This broker will continue to grow in its segment if it continues to offer this level of service, platform solidity and market instruments.
Amana Capital in Brief
Amana Capital is a powerful player in the MENA region. It is extensively regulated, offers good trading platforms, and has a wide range of market instruments. It also has a good customer service desk that supports its continued growth in its home market.
Review Methodology
The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:
1. Companies’ Websites.
2. Other Websites that have ranked FOREX companies.
3. A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise.
2. Other Websites that have ranked FOREX companies.
3. A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise.
We have identified 12 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc.
Afterward we validated the data by:
Afterward we validated the data by:
1. Registering with FOREX companies as a secret shopper and/or as Arincen.
2. Survey number “2,, in which we asked these companies’ customers for important feedback and past experience.
2. Survey number “2,, in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.
FAQ
Where is Amana Capital regulated?
Dar Amana Capital is regulated by six global regulatory bodies. This includes the tier-1 FCA and the CySec. It is also regulated by the DFSA, CMA, LOFSA and the FSC.
In what other ways does Amana Capital protect me?
Amana Capital offers a Negative Balance Protection policy for extra client security. As a further measure, Amana Capital provides clients registered in its LFSA and FSC jurisdictions an insurance plan covering up to $1,000,000. This comes at no extra expense.
Which countries does Amana Capital serve?
Amana Capital accepts customers from markets as diverse as Saudi Arabia, Kuwait, Luxembourg, Australia, Thailand, Hong Kong, India, France, Germany, Italy, Denmark, the UAE and Qatar. It does not accept customers from the US, Canada, Korea, Japan, Israel, Iraq and Cuba.
Does Amana Capital offer Cryptocurrency trading?
The broker offers cryptocurrency CFD trading with options to choose among Bitcoin, Ethereum, LiteCoin and Ripple.
Does Amana Capital provide any extra offerings?
At the time of writing, the broker had three promotions in play to celebrate its 10-year anniversary. These promotions were deposit bonus, a rebate bonus, and a losing trader money-back offer. Traders are advised to keep checking the validity dates of these promotions.
How do I fund my account?
Amana Capital offers the following ways to deposit into and withdraw funds from your account: bank transfer, credit/debit cards, Skrill, Neteller, Qiwi, WebMoney and UnionPay.
Which trading platforms does Amana Capital offer?
This broker uses MT4 and MT5, which are household names in the industry, but it does not have a proprietary Web or desktop platform of its own.
How can I access customer service?
Users can telephonically reach the Amana Capital customer service desk. There is also a call back option. Further. traders can message customer service agents via several text platforms, like WhatsApp, Twitter, Facebook Messenger, WeChat, Telegram or Live chat. The customer support desk is available 24/5 and is staffed by expert teams.
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Written by
Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that can be found on the site. Arincen’s Head of Content and Chief Economist Marwan A. Kardoosh brings with him over 24 years of experience working in the...
Edited by
Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20yea...
Fact Checked by
Bahaa Khateeb
Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Baha...
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