Amana Capital Review and Tutorial 2020
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|Amana Capital Facts & Figures|
Amana Capital is a leading retail broker offering deposit bonuses and MT4 trading.
|Bonus||$50 deposit bonus|
|Instruments||Forex, CFDs, ETFs, indices, shares, energies, metals, futures|
|Min. Trade||0.01 lots|
|Regulated By||FCA, DFSA, CySEC, CMA, LFSA, FSC|
|Speculate on prices across financial markets.|
Trade online currencies with tight spreads.
The Amana Capital Group is a globally recognised forex broker in multiple jurisdictions, including the UK, the UAE, and Cyprus. In this review, we explore the members area, deposits and withdrawals, demo and real accounts, plus everything you need on fees and regulations.
Amana Capital Details
Amana Capital was established in 2010 in Beirut and is headed up by CEO, Ahmad Khatib.
Over the last decade, the broker has gained momentum in the market, now reaching over 80 countries with additional office locations in London, the United Arab Emirates, Cyprus, Sri Lanka and Malaysia. The company also holds 6 regulatory licenses with the FCA (UK), DFSA/DIFC (Dubai), CySEC (Cyprus), CMA (Lebanon), LFSA (Malaysia), and FSC (Mauritius).
Amana Capital offers a variety of instruments across forex, indices, shares, CFDs, spot metals, and commodities, with desktop and mobile trading across the MT4 and MT5 platforms. In addition, the broker provides attractive education and trading tools, including Autochartist and TradeCaptain.
The flexibility of the MT4 trading platform means that both experienced traders and newcomers can adapt the features to suit their level and strategy. The user interface is not only easy to navigate but can also be customised. Features include:
- Local database of quotes history with export/import functions
- Scripts for automated executions and trade algorithms
- Unlimited number of charts at various time intervals
- A full set of technical analysis tools
- Real-time quoting feature
The latest generation of MetaTrader – MT5, features the same intuitive and user-friendly interface as MT4 but offers greater analytical capabilities, plus additional advanced trader tools. These include:
- Powerful algorithmic trading with multi-strategy testing
- Netting and hedging capabilities
- Fully-featured trade signals
- Built-in economic calendar
- 21 chart time-frames
Windows users can download the platforms directly from the broker’s website, once an account has been activated.
For MacOS users or those who don’t want to download the platform, the MT4 web terminal is a convenient solution that offers the same functionalities as the desktop app. Users enjoy full management of orders, a wide choice of technical indicators and charting tools, plus financial news.
Once you have set up a username and password, you can access the web terminal straight from your internet browser.
The owners have ensured plenty of assets are on offer at Amana Capital, including 54 FX pairs and a variety of popular future and cash stock indices, such as the Dow Jones and FTSE 100.
There’s also gold and silver on spot and futures contracts, energies including crude oil, and soft commodity futures such as coffee and wheat. You can also choose from over 280 US company shares, such as Facebook, Apple, and McDonald’s.
Spreads & Commission
Spreads aren’t the lowest at Amana Capital, starting 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.
There are no commissions charged on FX pairs, but future indices, metals, commodities, and energies come with a $10 fee per lot. For US shares, commissions are $0.02 per share.
There’s also an overnight rollover fee (swap charge), which is interest on trades that are kept open overnight.
Leverage for some accepted jurisdictions is available up to a maximum of 1:500. Note that EU and UK customers can only leverage up to 1:30. Traders with little or no experience should be aware that leveraged trading can lead to as many losses as gains.
Mobile traders can opt for MT4 or MT5 mobile apps, which are fully compatible with iOS and Android phones. The apps are well-reviewed online for their ease of use and technical trading capabilities, making trading from anywhere possible.
Traders can keep up-to-date with the financial news feeds, place advanced orders, and utilise the adapted charting features. There’s also custom mobile features available, including push notifications and an integrated mobile chat.
Funding options include bank transfer, credit/debit cards, Skrill, Neteller, and alternative methods such as Qiwi and WebMoney. Base currencies are in USD, EUR, GBP, or RMB, and the minimum deposit in most cases is $10. Most methods are instant, except bank wire transfers which can take 2 – 5 business days to process.
Most methods will also incur a fee, which starts from 1.5% for cards and goes up to £6 for bank transfers. E Pay and FasaPay are free and UnionPay is covered by the broker.
Fees for withdrawals range from 0.5% for UnionPay to 4.9% for Moneta. Card payments and fast international bank transfers are covered by the broker, and some e-currency payment systems such as Perfect Money are free. Amana Capital also does not charge for withdrawals via bank wire transfer, however, there may be charges incurred by your chosen bank.
Payments can be processed from the client portal once you’ve received your login details.
Amana Capital offers a safe training account that allows you to trade instruments without risking real money. Beginners can learn the basics of trading, or experienced traders can use it to brush up on their strategies. The demo account is available for 30 days, on both the MT4 and MT5 desktop and mobile apps.
Amana Capital Bonuses
Amana Capital offers a $50 welcome bonus for all new traders who open an account with a minimum of $100. For any other similar offers, such as no deposit bonuses or promo codes, it’s worth checking the regional websites or the social media pages.
Amana Capital is regulated by multiple entities and is highly transparent. Company information, including the owners’ and directors’ profiles, can be found easily on the website and LinkedIn. A list of Amana Group’s regulated entities and licenses are provided below:
- Amana Financial Services UK Limited – Financial Conduct Authority (FCA) license number 605070
- Amana Financial Services (Dubai) Limited – Dubai Financial Services Authority (DFSA) license number F003269
- Amana Capital Ltd – Cyprus Securities and Exchange Commission (CySEC) license number 155/11
- Amana Capital SAL Holdings – Lebanese Capital Markets Authority (CMA) license number 26
- AFS Global – Labuan Financial Services Authority Malaysia (LFSA) license number MB/18/0025
- ACG International Limited – Financial Services Commission Mauritius (FSC) license number C118023192
There’s no shortage of additional features at Amana Capital, with educational resources ranging from e-books, seminars and webinars, to financial calculators and an economic calendar.
The broker also offers trading signals via Autochartist and TradeCaptain, each offering advanced daily updates, insights and analytics. There’s also RiskPulse, a free intelligent data analytics tool that provides detailed analysis of trading performance, predictions, and scientific solutions.
Account types at Amana depend on your experience and what you wish to trade.
For those looking for a classic trading experience with forex and CFDs, there is the Amana Classic account. Active and elite traders with large starting capital can choose between Amana Active or Amana Elite.
There’s also a Shares Account for those who just wish to trade on any of the 280+ US shares, or the ZuluTrade Account for copy-traders.
- Amana Classic – $50 initial deposit, spreads from 1.4 pips, leverage up to 1:500, standard commission rates on CFDs, MT4/MT5 platforms
- Amana Active – $25,000 minimum funding, $100m volume per calendar month, active trader commission rates on FX and future CFDs, relationship manager, API trading, VPS
- Amana Elite – $250,000 minimum funding, elite spreads and reduced fees, trading data tools, customised trade desk services
- Shares Account – No minimum deposit, up to 1:10 leverage, $0.02/share commission, MT5
- ZuluTrade – Free for active clients, automated copying strategies with personal portfolio, social features, customisable tools, compensation scheme
Amana Capital performs well in several areas:
- RiskPulse, TradeCaptain, and Autochartist
- Commission-free forex trading
- ZuluTrade & PAMM accounts
- Negative balance protection
- Islamic accounts available
- Multiple regulations
We did note a few drawbacks in our review:
- Higher than average spreads
- No cryptocurrencies
- No FAQs
For most currency pairs, trading is open from 00:00 to 24:00, Monday to Friday (GMT+3). For US shares, trading sessions are 16:30 – 23:00, Monday to Friday (GMT+3). For all other instruments, you will need to check the website where specific session times are provided.
There are plenty of ways you can get in touch with Amana Capital, including one of the five customer service phone numbers for each region, or by emailing email@example.com. You could also send a message via WhatsApp, Twitter, Facebook Messenger, WeChat, Telegram, or Live chat. The website is available in English, Arabic, and Mandarin.
The customer service contacts we spoke to at Amana Capital were all helpful and quick to respond to queries.
Amana Capital offers a high level of security and safety to clients, including segregated fund accounts, a Balance Protection Policy, and fund insurance up to $1,000,000 for LFSA and FSC clients. There is also fund protection up to £85,000, as part of the Financial Services Compensation Scheme in the UK and Cyprus.
The MetaTrader platforms also come with premium security features including 128-bit encryption and 2FA protocols.
Amana Capital Verdict
Amana Capital clients enjoy an array of trading tools, including the MetaTrader platforms and signals service. Accounts are accessible with only a $50 minimum deposit and several trusted funding options. The multiple regulations also ensure that Amana Capital is a real contender in the forex and CFD market.
Amana Capital accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Amana Capital from United States, Canada, Korea, Japan, Israel, Iraq, Cuba.
How do I sign up for a real account at Amana Capital?
You can sign up for an individual, joint, or corporate account by filling in the short online form. You will then be asked to set up your login details for the portal and provide identification documents.
How can I fund my Amana Capital account?
You can fund your account by logging in to your member area and following the instructions within the deposit/withdraw section.
Does Amana Capital offer PAMM accounts?
Yes, the broker’s asset management program supports the use of PAMM accounts. Eligible clients can submit an application via the website.
Where is Amana Capital based?
Amana Capital has several office address locations arounds the world, including London, Dubai, Cyprus, and Beirut. Addresses for respective offices can be found on the broker’s website.
How much do I need to fund an Amana Capital account?
Before you can trade any of the markets, you need to deposit at least $50 into a Classic account.
|Amana Capital is a leading retail broker offering deposit bonuses and MT4 trading.|