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Amana Capital Review
Throughout the last ten years, the broker has received attention in the business, and it now has offices in over 80 countries, including London, the United Arab Emirates, Cyprus, Sri Lanka, and Malaysia.
Amana Capital is a tempting alternative for experienced traders who appreciate a large selection of tradable assets as well as a comprehensive suite of trading tools. However, trading expenses are greater than those charged by other brokers on the broker’s entry-level account.
Is Amana Capital a properly licensed and regulated broker?
Amana Capital is recognized as a reliable broker to trade with. The broker is regulated by the Financial Conduct Authority (FCA) of the United Kingdom, the Dubai Financial Services Authority (DFSA), the Cyprus Securities and Exchange Commission (CySEC), the Lebanese Capital Markets Authority (CMA), the Labuan Financial Services Authority (LFSA), and the Financial Services Commission (FSC) of the Republic of Mauritius.
Residents of the United Kingdom will conduct their business through the subsidiary, Amana Financial Services UK Ltd, which is regulated by the Financial Conduct Authority (FCA). The FCA, widely regarded as one of the world’s top regulators, demands that brokers hold investors’ cash in separate accounts, that brokers provide negative balance protection, and that brokers submit monthly disclosures to the regulator.
As an extra benefit, Amana Capital participates in an investor protection plan, and residents of European Economic Area (EEA) nations such as the United Kingdom are eligible for up to 85,000 EUR in investor protection. All funds are also protected via Lloyd’s of London, one of the world’s largest suppliers of specialized insurance, with coverage up to one million Euros, GBPs, or Australian dollars.
What Are The Fees And The Commissions?
There is just one commission-free account available at Amana Capital, and trading charges are integrated into its variable spreads. That is, depending on trade volume and market volatility, the spread will fluctuate and may get wider or tighter in some instances. Overall, Amana Capital’s trading fees are higher than the industry average, coming in at 14 USD per lot traded on average. The trading expenses for the EUR/USD at other reputable brokers are typically approximately 9 USD for each lot of currency exchanged.
There are two high deposit accounts offered by Amana Capital that are ideal for more experienced traders: the Amana Active Account and the Elite Account, both of which have a minimum deposit of $5,000. It is necessary to make a minimum deposit of 25,000 USD to open an Amana Active Account, and spreads on the EUR/USD are tightened to 0.1 pip in exchange for a commission of 3 USD for each lot traded, which is quite competitive. Trading fees are reduced even more on the Elite Account, although this needs a minimum deposit of 250,000 USD to be activated.
Additionally, the swap rate applied on positions maintained overnight should be taken into consideration. Each night that a position is held results in interest being paid (or earned). When you trade currencies, you are effectively borrowing one currency in order to acquire another. The swap interest charge is determined on the basis of the difference between the two interest rates of the two currencies that are being swapped.
Amana Capital does not collect account or inactivity fees; nonetheless, it does charge deposit and withdrawal fees that are quite large.
What type of accounts do they offer?
In addition to a single trading account that is suited for beginning traders, Amana Capital provides a more advanced Active Trader Program as well as an Elite Account for more experienced traders.
- Amana Classic –
Deposits into the Amana Classic Account must be a minimum of 50 USD to be eligible for commission-free services. Spreads on the EUR/USD begin at 1.40 pips, which is much higher than the spreads offered by other market players. Stop Out levels are set at 20%, and accounts can be priced in USD, EUR, or GBP, depending on the currency used. Commissions on forex and cash CFDs are not required; however, futures trading is subject to a fee of 10 USD per lot, and stock CFDs are subject to a fee of 0.02 USD per share.
- Amana Active –
In order to open an Amana Active account, you must have a minimum account balance of 25,000 USD and a minimum trading volume of 100 million USD every calendar month. However, spreads are significantly lower (as low as 0.1 pips on the EUR/USD). Forex commissions are charged at a rate of 0 USD per lot traded, whereas future CFD commissions are charged at a rate of 5 USD per lot transacted. API Trading, trading signals and technical analyses, as well as a free VPS service, are all available to traders through their own account manager.
- Amana Elite –
The Elite account is reserved for Amana Capital’s most experienced investors. Trading accounts with a minimum deposit requirement of 250,000 USD allow traders to take advantage of the tightest spreads and to ask for lower fees. As an added bonus, traders get access to a dedicated account manager as well as one-on-one coaching sessions and premium trading tools.
In line with Islamic law, Amana Capital provides a Swap-Free account and operates in compliance with Sharia regulations, which means that interest is not charged on deals that are kept overnight.
If a Swap Free transaction is held open for more than 10 (ten) days, unless waived by Amana, fees may be charged on the trade. Amana Capital has the right to impose such fees at any moment after the position has been opened, in its sole discretion.
An Amana Capital demo account allows you to trade financial instruments without risking any real money on the trades. It is preloaded with virtual funds and is accessible for use on the MT4 and MT5 trading platforms for a period of 30 days.
What Assets Can You Trade?
Amana Capital provides trading on a variety of assets, including forex, energy, cryptocurrencies, indexes, commodities, metals, and stocks, among other things.
- FOREX – Amana Capital offers over 66 different currency pairs for traders to choose from, which is a greater selection than most other brokers. These include majors (such as the EUR/USD, GBP/USD, and USD/JPY), minors (such as the NZD/JPY, GBP/JPY, and USD/ZAR), and exotics (such as the USD/ZAR).
- Indices –Amana Capital offers trading in 20 different indices, which is about the average number of indices provided at other similar brokers. The most widely followed indexes are those that aggregate the stocks of some of the world’s largest and most well-known corporations.
- CFDs – When compared to other prominent international brokers, Amana Capital provides 322 share CFDs, which is a standard offering. Some of the most important exchanges in the United States, the United Kingdom, and Europe are included in the available choices. Dividends are paid on contracts for difference (CFDs) on stocks. Customers who hold a stake in the index at 00:00 GMT+2 time zone (DST applies) on the ex-dividend date will have dividend adjustments applied to their trading accounts.
- Metals – In addition to spot gold and silver, Amana Capital now offers futures trading on six precious metals. This is close to the average rate given by the majority of other brokers.
- Energies –Amana Capital, like other brokers, allows trading in five different energy products, including oil, Brent Crude, and natural gas.
- Commodities –Amana Capital provides trading in seven commodities, which is around the average number of commodities offered by other brokers. Soft commodities such as sugar, cocoa, and cotton are examples of commodities.
- Cryptocurrencies – This is a new addition to the Amana Capital tradeable assets. Only four crypto assets can be traded against the US Dollar : Bitcoin, Ethereum, LiteCoin and Ripple.
What are the supported trading platforms?
As outstanding trading platforms as MetaTrader 4 and MetaTrader 5, many other CFD brokers also provide their own web-based trading platforms, which are typically easier to use for new traders. Trading utilizing third-party platforms such as MT4 and MT5 has the advantage of allowing traders to carry their own customized version of the platform with them if they decide to switch brokers. Aside from that, the MetaTrader platforms are supported by a large number of plugins and tools.
- MetaTrader 4– MetaTrader 4 (MT4) is a financial trading platform with an intuitive and easy-to-understand interface that allows traders to examine their orders, transactions, and account data, as well as apply powerful technical analysis tools to better comprehend the financial markets. Expert Advisors and Trailing Stops are supported by the platform.
- MetaTrader 4 MAC – In order to run your MetaTrader 4 on a MAC, you no longer need to install “Parallel Desktop” or use “Boot Camp.” All you need to do is download the “Amana Capital MetaTrader 4 Mac” Application and you’ll be able to start trading right away. his program does not need the installation of any other software and provides access to all of the MT4 capabilities that are accessible on Windows.
- MetaTrader 4 for mobile and tablets – Mobile and tablet trading are available at Amana Capital, allowing you to trade your live or demo account on the go. The mobile trading application keeps you up to date with the most recent direct quotations and let us place an order, view open positions plotted on live charts, oversee account information, real-time access reporting, and take advantage of a variety of other features, all from the convenience of your mobile phone. This version of the Amana Capital MetaTrader 4 for Mobile and Tablets is completely compatible with all major operating systems and can be obtained through the App Store or Google Play.
- MetaTrader 4 Multi-terminal – Amana Capital MT4 Multi-terminal allows you to manage many trading accounts from a single platform, and it provides you with a range of tools that you can use to manage every one of your accounts at the same time and from a single location.
What Sets Amana Capital Apart From Other Brokers?
AutoChartistAutochartist is a popular third-party trading tool that is available for free to all Amana Capital clients, regardless of their account size. In real-time, Autochartist analyzes the markets for potential trading opportunities and automatically identifies them based on support and resistance levels. Traders are notified as soon as an opportunity is found and exploited.
Trade CaptainTrade Captain is a third-party platform that is available to all Amana Capital clients at no cost. It offers a diverse collection of unique educational content, smart statistics, and news, as well as regular updates on capital markets and market opportunities, among other things.
VPSCustomers of Amana Capital can also make use of the company’s virtual private server (VPS) hosting solution. Amana Capital Active Traders are the only ones who can take advantage of the VPS service. When using a virtual private server, trades are never disrupted by technological or connectivity issues, such as load shedding or internet service failure. This is particularly beneficial to algorithmic traders, who must remain connected to their server 24 hours a day, seven days a week in order to maximize uptime.
Risk PulseAmana Capital clients get access to Risk Pulse, which is a free analytics tool. It is intended to assist traders in analyzing and comprehending their trading behaviors. Trading performance information is displayed on the Risk Pulse dashboard, as are estimated projections of future results and ways to improve trading success.
ZuluTradeZulutrade is a strong copy-trading system that replicates the transactions of other successful traders. The platform main features are:
- Without the need for human interaction, an automated strategy copying system is used.
- Creating a personal portfolio is completely free of charge.
- ZuluTrade has social aspects to make it a more enjoyable experience.
- Full access from desktop computers and mobile
- A complete selection of tools for personalizing and preserving your trades.
- Real-time monitoring of all open positions
- Complete control over the finances.
Does Amana Capital Offer Education and Free Research Solutions?
All Amana Capital users are welcome to take advantage of the free educational materials, which are split into six categories:
- Seminars – Amana Capital currently provides seminars in the Middle East on a regular basis. Look through the listings to see if there is one planned in your area if you reside in the region.
- Webinars – Webinars are available for free, but registration is required, and they are held on a regular basis. The topics covered range from fundamental principles to expert trading approaches. Most webinars are only presented in Arabic, which is the sole language supported.
- Videos – Amana Capital provides a limited selection of basic trading videos to help you get started.
- E-books – In addition to the video library, Amana Capital provides a rather complete selection of eBooks for people who like to read when they study — the content accessible is more in-depth and substantial.
- Forex Trading Basics – t contains a quick introduction to forex basics for individuals who do not wish to devote the necessary time to comprehensive education.
- CFD Trading – This content, which is similar to the Forex Trading part, will expose you to the basics and complexities of contract for difference (CFD) trading.
- Cryptocurrencies Basics – This content offers basic information about the most popular cryptocurrencies.
How efficient is Customer Support?
As part of its multilingual assistance, Amana Capital is available around the clock by telephone, callback service, email and messaging apps like as WhatsApp, Facebook Messenger and Twitter. There are five different languages available for support.
The procedure of opening an account is basic, and accounts are often available shortly after completion of the process. Individual, joint, and corporate accounts are all available with Amana Capital. Traders will be able to login and fund their accounts after the application has been accepted.
Generally speaking, the account-opening procedure at Amana Capital is entirely electronic, requiring no manual intervention, and accounts are typically available for trade after all required documentation has been verified.
Deposits And Withdrawals
Is Amana Capital The Right Broker For You?
In terms of reliability and trustworthiness, Amana Capital is a broker that offers trading on a diverse variety of assets. Spreads are wider than the market standard when trading with a single live commission-free account. More experienced traders, on the other hand, might benefit from greater minimum deposits by accessing lower spreads in exchange for a little commission each lot traded. Trading is available on both the MT4 and the MT5 platforms, and Amana Capital provides a comprehensive set of financial tools. Although the company’s instructional package is comprehensive and well-structured, customer service is sometimes unresponsive. It also charges excessive rates for deposits and withdrawals using certain payment methods.