Amana Capital review and test – How good is the online broker?
- Amana Capital review and test – How good is the online broker?
- Get to know Amana Capital: The company vision
- Review of Amana Capital trading platforms
- MT4 or MetaTrader 4
- MT5 or Meta Trader 5
- Additional Mobile App Features
- Amana Capital Trading Signals
- VPS or Virtual Private Server
- Education and Research
- Types of accounts
- Deposit and withdrawal
- Opening an account
- Customer support
- Conclusion: Is Amana Capital a scam? – We think, it is not!
- Amana Capital review
(4.6 / 5)
FCA, CySEC, DFSA, CMA, LFSA, FSC
From 0.01 lot
Amana Capital Group is known throughout the financial world as one of the top-tier online trading specialists, which has access to international financial markets in more than eighty countries. It is a well-regulated brokerage company that prioritizes rookie traders. They are given a wide range of educational tools to assist them in their path to becoming better traders. They are also provided tighter spreads on the least costly accounts. However, upon upgrading, the more expensive ones have better trading conditions.
The online platform’s main draw in attracting potential clients is it supports the two best online tools which traders prefer to use: MT4 (Meta Trader 4) and MT5 (Meta Trader 5), which will be further hashed out in a section below. Two tools serve as a magnet to potential clients: accessing it freely with Trade Captain and AutoChartist, two of the best third-party applications that provide thorough trading analysis.
We have over nine years of experience and have thoroughly examined this platform and its abilities. We will be delving into the many aspects that make it one of the leading online brokers in the business. After reading this review, you will be judging for yourself if it is the best trading platform for you or not.
(Risk warning: Your capital can be at risk)
Get to know Amana Capital: The company vision
Amana Capital’s vision and drive are to be the leading innovator that provides the most advanced financial services, fully anticipating the financial market needs. They intend to develop their business model by abiding by the demand for high-quality trading services. Thus, they can extend the reach of their brand of operations to the farthest regions of the planet that sorely lacks access to their superb technology.
They constantly upgrade and enhance their services and watch out for fluctuating market trends in support of their strategies for development and technology. In shorter terms, their vision is to modify their reach for maximum efficiency by providing quality financial services yet unmatched by other online brokers.
Amana Capital is one of the best CFD (Contracts for Differences) brokerage firms in the world. Their main draws are their multiple regulations, their wide range of tradable assets that amount to three-hundred sixty, and sophisticated techs like MT4 and MT5. The trading platform also has particular tools for the most adept traders like trading signals, VPS (Virtual Private Server), market analysis, and the latest news.
The company came into existence in Beirut, Lebanon, in 2010, led by CEO Ahmad Khatib. Since then, the company has steadily risen in momentum and acclaim in the financial world. They have a reach of over eighty countries and have offices in London, Dubai, Cyprus, Beirut, Labuan, Mauritius, and Sri Lanka. Amana Capital’s current owners are private investors who have different businesses all over the world. They have become a powerful conglomerate. Capital Guidance and Manara Capital functions as their representatives. They ensure their proliferation in the fast-paced world of international finance.
Their shareholders have an esteemable reputation through the construction of various businesses. They also invest in a diversity of assets like public securities, private companies, and real estate.
Nice to know:
The talented team that works for Amana Capital are experts in their respective marketing fields. All are incredibly adept and work hard in delivering the best and most streamlined technology that they can provide to traders all over the world.
Regulation – Is Amana Capital regulated?
It is one of their chief attractions. Wherein the company is regulated by many regulating bodies. It strengthens their trustworthiness and transparency and makes them ideal for foreign exchange trading because it deals with trust. Here are the regulating bodies that gave licenses to Amana Capital:
- ACG International Limited- FSC or Financial Services Commission in Mauritius, with license number C118023192.
- Amana Financial Services UK Ltd- FCA or Financial Conduct Authority, with license number 605070
- AFS Global- LFSA of Labuan Financial Services Authority Malaysia, with license number MB/18/0025.
- Amana Financial Services Dubai Ltd- DFSA or Dubai Financial Services Authority, with license number F003269
- Amana Capital Ltd- CySEC or Cyprus Securities and Exchange Commission, with license number 155/11
- Amana Capital SAL Holdings- CMA or Lebanese Capital Markets Authority, with license number 26
The client’s funds are deposited in separate bank accounts that the company cannot use for its operations. It is one of the requirements that Amana Capital has to uphold that the regulating bodies mandated. It is also rigorously monitored by auditors, both internally and externally, which guarantees the safety of the funds. The company has a “negative balance protection policy” that clients have to accept.
Clients from the United Kingdom are under the protection of the FSCS or the Financial Services Compensation Scheme, which shields the investors from the danger of bankruptcy. Whenever this situation occurs, the FSCS will compensate the clients for up to 85k British pounds. Clients from the EU or European Union are under the protection of the ICF or the Investor Compensation Fund, whose role is to compensate clients once the brokerage firm fails. A client can potentially get 20k Euros.
Good to know:
For clients under the FSC and LFSA regulating body, Amana Capital is offering clientsâ€™ insurance coverage as much as one million dollars.
(Risk warning: Your capital can be at risk)
Review of Amana Capital trading platforms
For investors trading with Amana Capital, there are different trading platforms and tools that can be applied. Among others, traders can opt for the world-famous MetaTrader platforms 4 and 5. In addition, however, there are other tools and useful trading helpers to choose from. We show you what is on offer.
MT4 or MetaTrader 4
This type of trading platform has been the prevalent tool in the foreign exchange market throughout the world. It is relatively easy to use and navigate. It is ideal for novice traders because of its clean and laden user interface. It isn’t exclusively for beginners only, but also more advanced traders. Furthermore, it is still capable enough to provide them with enough trading tools to satisfy their sophisticated trading techniques.
MT4 functions very well to gain highly complex market analysis and effective trading. It also corresponds a great deal to EAs or expert advisors, which is software for automated trading. There is a strategy tester already built-in, which makes the EA software function over the historical data. Yet, its functionality is severely limited.
The best aspect of the MT4 is flexibility. Its capability can be further enhanced, if you install plugin applications that correspond to the language that Meta Quotes utilize. Online traders can use a good amount of scripts, EAs, indicators from the Meta Quotes, and other online sources. A MetaEditor is also included, which enables you to customize the tools and functionality of the platform.
Here are the many MT4 versions that Amana Capital uses:
- Desktop computers: The MT4 desktop is the original version that is downloadable and can be installed in many OS or operating systems like Mac or Windows. You can also include EA software and plugin applications.
- Web Trader: It can be accessed directly on the website of the broker. It does not require to be downloaded or installed since it functions in all kinds of browsers.
- Mobile phones: This version is created specifically for busy traders that cannot remain still. You can download it for free in Google Play and the App Store. It is available on Android and iOS devices. There are new features that are incredibly useful to traders. Examples like mobile chat, real-time quote updates, notifications, live charts, and account information monitoring are necessary.
- Multiterminal: This version enables many account managers that do the trading for other traders. One master account has access to all of the tools and manages the trades of numerous accounts.
MT5 or Meta Trader 5
MT5 was created as a follow-up feature for MT4. Its creators had noticed that traders prefer its functioning and tools, so they developed a new one with enhanced operability. MT4 add-ons and EAS that were specifically made for it do not operate anymore in MT5.
The MT5 platform is more robust and complicated and might be a little confusing for novice trader. It is highly effective for more advanced and sophisticated online dealings. There are versions available in the form of mobile apps and applicable in all iOS and Android devices, as well as applications for desktop computers.
Here are significant features that you might find to be useful once you prefer to use them:
- One-click trading
- Auto-trading feature, wherein EAs can automatize trading strategies
- It also can develop multiple orders like pending and market orders. The MT4 platform can only make four, whereas MT5 can make six
- Real-time market watch feature where the charts of the assets showing the bid/ask quotes are on display
- Different charts can be shown like candlestick, line, and bar at varying times. Twenty-one charts are shown on MT5, while only nine on MT4
- Notifications will appear in mobile and desktop platforms concerning price alerts
- An economic calendar can link exclusively in MT5
- Purchasing and renting of applications in the MQL5 trading market
- Tools for drawing are located in the chart analysis tab. You can do up to forty-four drawings in MT5 but only twenty-four in MT4
Additional Mobile App Features
It was briefly mentioned above, which will be further included in this section. Here are more features:
- Economic calendar
- Account management, wherein you can create, deposit and monitor your account from the app
- Have direct contact with the Amana Capital customer service from the app
- Trading signal
- Current market news
If you are an ardent online social media practitioner, then you will like this tool. The main difference is that it deals with social trading. Amana Capital has collaborated with ZuluTrade so that its users will have the best of both worlds that will make trading very engaging and collaborative.
Once you have opened an Amana Capital account, you have the option to also create a ZuluTrade account by putting in your information on the ZuluTrade web form, which will be sent to them once you finish. The ZuluTrade network has many traders throughout the world that also serve as signal providers. Similar to social media, you can follow a particular trader and duplicate his trades on your account. The provider will then get a commission once a follower earns a profit.
It is not an assurance that you can get guaranteed earnings, so you should understand the gambling risks in online trading.
This tool is akin to AI technology, wherein it has the capability of analysis of the trader’s data and output. It is for free as an add-on if you prefer to include it or not. It has a dashboard that will show your overall performance in trading, make predictions, and provide tips to better your abilities.
MAM or Multi-Account Manager
It is particularly created for account managers that do the work of trading for other traders. They can only generate commission from the profits they can gather. Amana Capital has that software included in the platform and accessible to those more advanced traders. It works well in unison with ZuluTrade, wherein both tools can complement each other and work for the benefit of the user.
The way it works is that the MAM user opens a master account, and other trader’s accounts are linked to it. He will then trade all the accounts at the same time using his master account. There is no assurance that you can turn a profit using this method, but it is applicable for traders with many contacts in the forex market.
Amana Capital Trading Signals
This tool works best in conjunction with another tool called “Autochartist.” Its functionality works by real-time scanning and charting and sends notifications to the traders if signals and favorable opportunities arise. With Autochartist, you can also get significant market updates and an economic calendar.
Here are the different calculators available in the platform that can be especially handy for traders:
- Profit and Loss
- Lot size
- Pip value
- Pip value
- Pivot points
It mainly shows economic events in asset-rich countries that can significantly affect the worldwide foreign exchange market. Experienced traders ponder over these events and predict their effect, either positively or negatively. They can keep the analysis, which can be practicable in the future.
Amana Capital Group owns Trade Captain, which has a website in www.tradecaptain.com. The site offers crucial tools for the trade like daily market analysis and updates, educational articles, and trends. There are eBooks for training in the Arabic language also found on the website.
VPS or Virtual Private Server
This tool is free for “active trader” accounts and is very useful for advanced traders that have to operate around-the-clock trading systems on a virtual server. It will decrease latency and guaranteeing dependable connections even when their platforms are not functioning on their machines.
Education and Research
Amana Capital has a useful method for assisting newcomers in the trading industry. They have a wide array of educational materials that are balanced and highly structured. These are accessible in all of Amana Capital’s versions:
- Webinars: These are free on the platform, and you do not need to register or have an account to be part of one. These types of events often happen and have a wide variety of subjects that can, in the long run, teach inexperienced traders to be better ones. Since these are online, you can view them in the comforts of your own home.
- Seminars: These are actual seminars that you have to be physically present to attend. These are regularly held in the Middle East countries and are free to attend.
- Videos: There are a few short videos that are available on the platform itself. They also serve as an extensive introductory education for beginner traders. These are not extensive but made to be as understandable as possible.
- eBooks: There are very extensive and have more available in many topics compared to the videos.
- Forex intro: There is a sort segment about basic foreign exchange information. It is for people that have not timed in researching this topic themselves.
- CFD or contract for difference intro: Same thing as the forex info. It will briefly discuss the complexities of dealing with CFD, which are necessary if you intend to trade with foreign exchange.
Types of accounts
When choosing the account type, you are able to utilize it once you will open an Amana Capital account. It will be dependent on your level of experience and what you want to trade. If you want to only trade in foreign exchange or CFDs, you can opt for the Amana Classic. For more experienced and sophisticated ones, you can select between Amana Elite or Amana Active.
If you want to trade in US shares, you can opt for the Shares or the ZuluTrade account.
- Amana Classic: You can go as low as fifty dollars for the initial deposit. The spreads can reach 1.4 pips, with leverage of 1:500. The platform also follows standardized rates for commission on the MT4, MT5, and CFDs.
- Amana Active: It has a minimum deposit of 25k dollars and has 100m dollars volume per month. It has VPS or virtual private server, a relationship manager, API trading, and has commission rates on CFDs and foreign exchange.
- Amana Elite: It has a minimum deposit of 250k dollars, expansive spreads, and low fees. It has many useful sections like a custom-made trade services desk and trading tools.
- Shares account: No minimum funds necessary, can have leverage for up to 1:10, can utilize the MT5 platform, and has a $0.02 per share in the commission.
- ZuluTrade account: You can register for free to get this type of account, which is useful for active traders. It also has social trading features, a personal portfolio, custom-made tools, and a good reparation plan.
(Risk warning: Your capital can be at risk)
Deposit and withdrawal
Amana Capital has many ways to fund an account, and there may be fees involved, which is dependent on the method:
- Credit or Debit cards: The acceptable cards are MasterCard, Visa, UnionPay, and Maestro. When you opt to utilize cards for adding funds, these go through immediately and have a 1.5 percent charge, and withdrawal fees are shouldered by Amana Capital.
- Bank wire transfer: There is a deposit charge of six pounds, but does not have a fee for withdrawing. The waiting period for processing either withdrawal or deposit is three to five days, and the deposit minimum is ten dollars.
- Prepaid cards from Amana Capital: These are unique cards from the company that is issued upon request of the client. It can be connected to the online account and can be utilized for withdrawing and depositing. You can also use it to withdraw from an ATM every day and perform online shopping. It remains current for one year, then expires. It only uses US currency and whose issuance is for free. Yet, there is three dollar fee once you put in funds and also has a 1.5 percent withdrawal fee. The least amount you can deposit is fifty dollars, and the most are 2k dollars.
- Payments online: Amana Capital has partnered with electronic money transfer services, which you can utilize for withdrawal or depositing: Skrill, Neteller, Payeer, ePay, Perfect Money, WebMoney, Advcash, QIWI, Fasapay, and Moneta. The least you can deposit is ten dollars, whose deposit fees are 2.5 percent to 6.5 percent depending on the transfer service utilized. Charges for withdrawing are from zero to 4.9 percent.
If you are truly earnest in opening an Amana Capital account, it is to your advantage to review all the fees involved. You would not want unknown or hidden fees to occur that you have no knowledge about and might cause issues in the future.
Opening an account
Creating an Amana Capital account online is relatively easy and no-frills. To begin, go to the page, wherein you will find a “Start Trading Now” tab and a “Try Demo” link. Click on the former, which will open a web form for registration. Pick the type of account, which is dependent on your level of trading expertise. Input your details like your name, phone number, email address, etc. Once you have gone through all the terms and conditions, click “Register.”
Then another page will pop up, which requires more specific info like employment details, trading experience, financial worth, etc. It may ask for you to upload your ID details for verification purposes.
If everything is up-to-date and correct, your account is valid. You can begin trading.
If you are not confident in trading yet and need more time to learn and practice with the many tools of the platform, you can opt to open a demo account. It is available to practice around for thirty days, which you can utilize on desktop computers and mobile phones.
Countries that can utilize the Amana Capital platform:
- Hong Kong
- United Kingdom
- South Africa
- Saudi Arabia
- United Arab Emirates
Countries that cannot utilize this platform are:
- United States
Phone representatives are very helpful and prompt, which are available twenty-four hours a day for five days per week. They are available to contact through phone, email. And either Facebook Messenger, WhatsApp, Telegram, or Twitter messaging service.
Conclusion: Is Amana Capital a scam? – We think, it is not!
Amana Capital’s greatest impact on the traders is its comprehensive and highly effective tools like the Meta Trader 4, and 5. Their account types serve no complications, and their site is user-friendly.
You will find no complaints about the platform and will invariably use it for the long term, which you will then get to recommend to others. So all in all, Amana Capital is not a scam but, indeed, a very reliable broker.
(Risk warning: Your capital can be at risk)
See our other blog posts about brokers: