Amana Capital Review 2023: Platforms, Instruments, and Regulations

Amana Capital Group stands as a globally recognized forex broker, operating across diverse jurisdictions such as the UK, the UAE, and Cyprus. In this comprehensive overview, we delve into their member services, deposit and withdrawal processes, demo and live accounts, alongside an in-depth look at fees and regulatory aspects.

Amana Capital Overview

Established back in 2010 in Beirut and spearheaded by CEO Ahmad Khatib, Amana Capital has significantly expanded its presence over the past decade. With a reach spanning over 80 countries and office branches in key locations like London, the United Arab Emirates, Cyprus, Sri Lanka, and Malaysia, the broker has solidified its position. Notably, the company holds regulatory licenses from six authorities: FCA (UK), DFSA/DIFC (Dubai), CySEC (Cyprus), CMA (Lebanon), LFSA (Malaysia), and FSC (Mauritius).

Offerings and Instruments

Amana Capital provides a diverse range of instruments encompassing forex, indices, shares, CFDs, spot metals, and commodities. Trading is available across both desktop and mobile platforms, predominantly the widely used MT4 and MT5, complemented by appealing educational resources and trading tools like Autochartist and TradeCaptain.

Platform Insights

MetaTrader 4 (MT4)

The adaptable nature of the MT4 platform caters to both seasoned traders and novices, offering customizable features that suit individual strategies. Its user-friendly interface, coupled with a suite of features including a local quote database, automated scripts, extensive charting options, technical analysis tools, and real-time quoting, makes it a favored choice.

MetaTrader 5 (MT5)

The latest iteration, MT5, retains the intuitive interface of MT4 but boasts enhanced analytical capabilities and advanced trading tools. Features such as powerful algorithmic trading, netting and hedging capabilities, trade signals, a built-in economic calendar, and a broader range of chart time-frames make it a robust option for traders.

MetaTrader WebTrader

For MacOS users or those preferring not to download software, the MT4 web terminal provides a convenient solution with similar functionalities to the desktop version. Offering full order management, a wide range of technical indicators, charting tools, and financial news, it's accessible directly through an internet browser.

Market Offerings

Amana Capital ensures an extensive array of assets, including 54 FX pairs, popular stock indices like Dow Jones and FTSE 100, gold and silver on spot and futures contracts, energies such as crude oil, and soft commodity futures like coffee and wheat. Additionally, traders can choose from over 280 US company shares like Facebook, Apple, and McDonald’s.

Fees and Commissions

While spreads at Amana Capital might not be the most competitive, starting from 1.4 pips for EUR/USD, 1.9 pips for GBP/USD, and 1.5 pips for cash indices like the FTSE 100, there are no commissions on FX pairs. However, future indices, metals, commodities, and energies carry a $10 fee per lot, and US shares have a commission of $0.02 per share. Furthermore, there’s an overnight rollover fee (swap charge) applicable to trades held overnight.

Leverage and Mobile Apps

Leverage, depending on the jurisdiction, can go up to a maximum of 1:500, yet customers from the EU and UK are restricted to a maximum of 1:30 due to regulatory guidelines. It’s crucial for traders, particularly those with limited experience, to understand the potential risks of leveraged trading. Mobile traders can opt for the MT4 or MT5 mobile apps, known for their ease of use and technical capabilities, facilitating trading on the go.

Payment Methods

A variety of funding options are available, including bank transfers, credit/debit cards, Skrill, Neteller, and alternative methods like Qiwi and WebMoney. Deposits are denominated in USD, EUR, GBP, or RMB, with most methods being instant except for bank wire transfers, which may take 2 – 5 business days. Each method incurs varying fees, starting from 1.5% for cards and going up to £6 for bank transfers.

Withdrawals also involve differing fees, ranging from 0.5% for UnionPay to 4.9% for Moneta. However, some methods, such as card payments and fast international bank transfers, are covered by the broker. It’s important to note that while Amana Capital doesn’t charge for withdrawals via bank wire transfer, the chosen bank might impose its charges.

Demo Account and Bonuses

Amana Capital offers a risk-free demo account allowing users to trade instruments without real money at stake, catering to both beginners learning the basics and experienced traders refining their strategies. Additionally, the broker provides a $50 welcome bonus for new traders opening an account with a minimum deposit of $100.

Regulatory Compliance

The firm operates under multiple regulatory entities, maintaining high transparency. Information about the company, including profiles of owners and directors, is readily available on the website and LinkedIn. The various regulated entities and licenses held by Amana Group are detailed on the website, demonstrating their commitment to compliance and client security.

Additional Features and Account Types

Amana Capital provides an array of educational resources ranging from e-books, seminars, and webinars to financial calculators and an economic calendar. Trading signals via Autochartist and TradeCaptain, along with RiskPulse, an intelligent data analytics tool, offer insights into trading performance and solutions.

Account types at Amana cater to traders based on their experience and preferences. Options include the Amana Classic, Amana Active, Amana Elite, Shares Account, and ZuluTrade Account, each tailored to different trading needs and capital requirements.

Trading Hours, Customer Support, and Security

Trading hours vary across different instruments, typically operating from Monday to Friday. The broker offers extensive customer support through various channels, including phone lines for different regions, email, and social media platforms like WhatsApp, Twitter, Facebook Messenger, WeChat, Telegram, and live chat. The platform is available in multiple languages, enhancing accessibility.

In terms of security, Amana Capital prioritizes client safety with segregated fund accounts, a Balance Protection Policy, and fund insurance up to $1,000,000 for LFSA and FSC clients. Additionally, clients in the UK and Cyprus are covered up to £85,000 as part of the Financial Services Compensation Scheme. The MetaTrader platforms are equipped with robust security measures such as 128-bit encryption and 2FA protocols.

Amana Capital Verdict

Amana Capital impresses with its suite of trading tools, user-friendly platforms, and diversified account options. While spreads may not be the most competitive, the broker’s emphasis on regulation and safety makes it a compelling choice for forex and CFD trading.

Pros and Cons

Pros:

·       Advanced trading tools like RiskPulse, TradeCaptain, and Autochartist

·       Commission-free forex trading

·       Availability of ZuluTrade & PAMM accounts

·       Negative balance protection

·       Provision for Islamic accounts

·       Stringent regulatory compliance

Cons:

·       Relatively higher spreads

·       Absence of cryptocurrencies

·       Lack of FAQs for reference

Amana Capital Broker Details

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