Amana Capital Review
Richard Montana | August 12, 2022
Amana Capital is multi-regulated Forex and CFD broker that offers a good selection of more than 800+ assets for trading online via the sophisticated MetaTrader (MT4 & MT5) platforms. you can get access to some decent trading conditions including low spreads and commission fees along with rapid trade execution speeds with minimal slippage. They have everything you need if you are looking to trade on all of your devices from one trading account. There are plenty of tools for analysing the markets to find trading signals. If you don’t have the time or skills to trade by yourself, they do also provide social trading via ZuluTrade and managed accounts for investors and money managers. I like how they deliver up to date market news and analysis from experts as this can help to inspire trade ideas. Beginners are covered with a decent variety of educational resources whereas free demo accounts are also available. The minimum deposit to get started is just $50 with lots of convenient funding options for you to choose from. I think this broker can be a decent choice for anyone who is looking to trade within a regulated environment backed by 24/5 customer support.
Pros & Cons
- Good variety of over 800+ financial products to trade online
- Industry leading MetaTrader platforms for all of your devices
- Abundance of trading resources for market analysis
- Advanced educational guides with in-depth content
- Easy social trading powered by ZuluTrade
- Trading signals from the brilliant Autochartist
- MAM accounts for money managers and investors
- Good choice of account funding options
- Free demo trading accounts are available
- 24/5 multi-lingual customer support
- Cannot accept clients from some countries due to regulators
- Dealing desk intervention (market maker)
- Best trading conditions require larger investment
- Do not have the largest range of instruments compared to market leaders
- 24/7 support is not available
Amana Capital is a brokerage company founded with the vision to become a premium industry leader in innovative financial services and technological solutions. The company offers a generous variety of financial products including forex, shares, indices, commodities and cryptos. The broker began operations in Beirut in 2010 but has expanded to several countries. Today, the headquarters is in Dubai while it has subsidiaries in the UK, Cyprus, Mauritius and Malaysia. Amana Capital is part of 180 Capital; a financial investment, risk management and technological holding company.
Amana Capital is owned by private investors with a diversified collection of global business interests represented by Manara Capital and Capital Guidance. The shareholders create value through building differentiated businesses and investing across a variety of asset classes including private companies, real estate, and public securities. They have a team of experts and market enthusiasts that work very hard to deliver to traders and financial firms the necessary tools and technology that streamlines their trading experience. It is good to see that the broker is continuously working to expand their reach and keep on refining their products to be a first-class trusted leader in delivering financial services.
When it comes to choosing a broker, regulation is one of the first things that I look for. I would always prefer to use a regulated broker as they must comply with a strict set of rules and procedures that have been put in place to protect investors. I am therefore pleased to see that Amana Capital is regulated in multiple jurisdictions by what I would personally consider to be some top-tier regulators. This means that I can focus on my trading without worrying about the safety of my broker. Just keep in mind that the features and protection that you are entitled to can differ depending on the entity that you register with.
- Amana Financial Services UK Ltd is authorized and regulated in the UK by the Financial Conduct Authority (FCA)
- Amana Financial Services (Dubai) Limited is registered in the United Arab Emirates (UAE). It is regulated by the Dubai Financial Services Authority (DFSA)
- Amana Capital Ltd is registered as a Cyprus Investment Firm. It is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC)
- Amana Capital SAL is registered and Lebanon and authorized by the Lebanese Capital Markets Authority (CMA) as a Financial Intermediary Institution
- AFS Global is authorized and regulated by the Labuan Financial Services Authority (LFSA) in Malaysia
- ACG International is authorized and regulated by the Financial Services Commission (FSC) of Mauritius
All client funds are kept in segregated bank accounts which should not be used by Amana Capital for its own operations. This is a regulatory requirement and it is strictly monitored by both internal and external auditors. This helps to ensure that clients’ funds are safe. Amana Capital has a negative balance protection policy for eligible clients.
The broker’s UK clients are protected by the Financial Services Compensation Scheme (FSCS). This scheme protects eligible UK investors in the event of broker bankruptcy. If that happens, then the FSCS can pay compensations to eligible clients.
The EU clients are protected by the Investor Compensation Fund (ICF) which ensures that if the broker fails, eligible clients can be refunded or compensated.
Amana Capital is also offering its LFSA and FSC clients an insurance plan at no expense to eligible clients.
Amana Capital does not accept clients from some countries including the USA. If you discover they cannot accept clients from your country for any reason, then please feel free to browse our broker reviews to find an alternative option.
The broker provides you with several ways to keep connected to your trading account. Be it from PC, mobile, or tablet – all you need is a steady internet connection! You can access your account and trade the global markets via the popular MetaTrader platforms. I am a big fan of these trading platforms and have used them for many years. They can do everything from complex market analysis to manual and automated trading. I think they are the ideal platform for beginners whilst they have plenty of features and functionality to satisfy the needs of even the most demanding of traders. You can choose which platform best suits your trading personality and tap into the global financial markets.
MetaTrader 4 (MT4)
The MT4 trading platform is one of the market standard platforms for forex traders and brokers around the world. It is a user-friendly platform which makes it a great option for beginners, yet it has enough capabilities that make it a viable option for professional traders. MT4 is replete with tools for efficient trading and detailed markets analysis. It also supports automated trading through the use of expert advisors (EAs). There is a built-in strategy tester that can run EAs over historical data – although this feature does have significant limitations. One of the most useful features is the platforms flexibility. The MT4 functions and tools can be increased with the installation of plugin apps developed in the MetaQuotes Language. Users can get thousands of scripts, indicators and automated systems from the MQL community and other sources online. There is a built-in MetaEditor where you can create your very own customised tools or hire a freelancer to do it for you. Whatever trading strategy you can imagine, chances are it can be built in this powerful yet easy to use platform.
Amana Capital provides the following versions of the MT4 platform:
This version is accessible from the broker’s website. No need to download or install any software a it runs directly in most modern browsers. The web platform is great for when you need to access your account directly in the web browser without installing any software. I like how it is always up to date so that you can be sure you are running the latest version.
The MT4 desktop platform is the flagship version that can be downloaded and installed on a Windows or MAC computer. Expert advisors (EAs) can only be created, back tested and installed on this version. Generally, the add-on apps are installed on this version so it has the most functionality. I like the desktop platform for analysing charts and running automated systems.
This is designed for trading on the move. It is available for Android and iOS devices and can be downloaded for free from the respective app stores. I find the trading apps to be perfect for managing trades and keeping up to date with the latest market news from the comfort of your phone.
This is the MT4 version for multiple account managers who trade on behalf of other traders. It has all the necessary tools to trade and manage multiple accounts from a single master account.
MetaTrader 5 (MT5)
The MT5 platform was developed to succeed MT4. It has a similar interface and feel to it, with increased features and functionality. Plugin apps and EAs developed for the MT4 will not run on the MT5 and vice versa. MT5 is more complex, powerful and richer than MT4. It comes with advanced options and additional features that help traders expand their trading capabilities and facilitate their experience. With the MetaTrader 5 platform, you are able to trade in centralized and decentralized markets such as currencies, stocks, commodities, cryptocurrencies, and others.
The built-in charting system comes with 21 timeframes with 80 analytical objects and advanced technical indicators. It has four different execution types which are Market, Instant, Request and Exchange execution. The MT5 performance is fast as it’s built on 64-bit, multi-threaded platform which facilitates your trading activity. The Amana Capital MT5 is available as windows desktop application and mobile apps for android and iOS devices.
Here are the some of the key features of the MetaTrader platforms:
- The ‘Market watch’ and charts display the assets bid/ask quotes in real time
- One- click trading is supported
- Multiple orders including market orders and pending orders. MT5 has 6 pending orders while MT4 has 4
- 3 chart styles; Bar, line and candlesticks on different timeframes; 9 on MT4 and 21 on MT5
- ‘Auto trading’ feature used to activate EAs which automates strategies
- Access to buy or rent plugin apps from the embedded MQL5 market
- The economic calendar tab is only found on the MT5
- Drawing tools for chart analysis. 24 in the MT4 and 44 in the MT5
- Price alert notifications can be set via email, SMS and platform pop-ups
It is always good to see a broker that values the importance of knowledge, which is why they equip clients with advanced technical tools to keep them up-to-speed with the latest market developments. That being said, the MetaTrader platforms are already fully loaded with more tools than most traders will probably need. You can also get plenty more from the marketplace which is accessible from within the platforms themselves. That is not to mention you can also programme your own bespoke trading tools using the MQL interface. Regardless, it is great to see the broker include some innovative and handy standalone tools to boost your market analysis that bit more.
This is an intelligent tool used to analyse the trading data of a client. It is freely available to all Amana Capital clients. RiskPulse has a smart dashboard that shows the trading performance, calculated predictions and ideas to improve the client’s performance. I think this is a good way to keep on top of your trading activity and look for areas in which you are doing well and those in which you can improve.
ZuluTrade is one of the leading social trading platforms in the world today. Amana Capital has partnered with them to bring ZuluTrade to its clients so they can share trading strategies. After registration, an interested client can request for ZuluTrade account by filling the form on the relevant page of the Amana Capital website. ZuluTrade has a vast network of traders who are signal providers. Investors can choose to follow any provider and automatically replicate his trades in his own account. The signal providers earn a commission from any profits made by their followers.
I actually prefer to maintain control over my own trading as I like to know when and why every trade was taken. I think it is also better to learn from your mistakes that way and become a better trader in the long run. However, I do see how ZuluTrade could appeal to those who may not have the time or knowledge to trade manually. It must be strongly emphasised that there is by no means any guarantee on how these signals will perform and historical results are no indication of future results. You should understand all of the significant risks involved with trading online.
Multi-Account Manager Account
The multi-account manager (MAM) is an account designed for asset managers who trade on behalf of other traders and only earn commissions from any profits that they may generate. Amana Capital provides the MAM software and the master account from which the manager allocates trades and trade several accounts simultaneously from the master account. Again, there are no guarantees on how these MAM accounts will perform. However, it can be a good way for investors to get access to the trading strategies of others or you may wish to share your own strategy if you have one that is successful.
The broker provides several calculators to assist traders with the full figures involved before making a trade. The calculators available are: Margin, Pip value, Lot size, Profit and Loss, Fibonacci, Pivot Points and Currencies. This makes it quick and easy to perform repetitive calculations and can be a good way to plan your trades if you are in a rush or just not good at maths.
Amana Capital clients are given access to trading signals from the brilliant Autochartist. This is an industry leading market analysis software that scans the charts in real time and notifies the traders with opportunities and signals. Autochartist also presents daily updates on important market events as well as the economic calendar. I think it is excellent for automatically finding customised signals that meet your own objectives. It can literally save you from hours of watching the charts and waiting for things to happen.
Virtual Private Server (VPS)
A VPS enables traders to host their trading systems on a virtual server thus reducing latency and ensuring reliable connections even if their trading platforms are not running on their own machines. A VPS is often used by traders who need to run automated trading systems around the clock. The VPS is free for traders with the ‘active traders’ account. I actually have my own third-party VPS which is an invaluable tool for running my trading strategies on multiple instances of the MetaTrader platforms. This way I can test performance and compare brokers to see if they are suitable for my needs.
This is a calendar of economic events in various countries that can have an impact on the various forex markets. Traders sometimes speculate and forecast the impact of these events before they happen and also keep the records after they happen. These historical records are kept for future analysis. I think this is a vital tool that I will always try to check before I take any trading decision. If you want more convenient access, there is a calendar built-in the MT5 platform which can save you from needing to switch between windows all of the time.
The broker has a limited selection of educational content. There are some basic trading guides that may be useful to the absolute beginner but most of the information you can find for free online somewhere else. They do host seminars and webinars from time to time which can help you learn from those with experience. If you are specifically looking for a broker with lots of educational content, then you might want to consider Admirals as they have a great selection.
Seminars & Webinars
Workshops are frequently scheduled in some cities like Cairo, Muscat, Abu Dhabi, etc. The seminars normally last 3 hours and are taught in Arabic or any other prevalent language in the area. Webinars are also scheduled on the website for clients of various experience levels. I think they could improve by doing these more frequently and providing them in more languages. At least some translations would be nice.
There are some interesting articles on forex trading provided on the brokers website. The main focus is on beginner traders as the articles start with an introduction to the forex markets, trading forex and how it works. The articles are rounded off with charting and analysis. Also, there are some articles on CFD trading targeted at new traders. The topics covered are: an introduction to CFDs, the risks of trading, CFD instruments and calculating profit and loss. You will also find some articles on other markets including cryptos but nothing too ground-breaking.
Amana Capital offers an impressive range of over 800+ financial instruments including CFDs on currency pairs, stocks, commodities, indices and cryptos. There should be something for everyone to trade, regardless of your interests. CFD trading enables you to buy (long) and sell (short) instruments without actually needing to physically own the underlying asset. I think traders can build a diversified portfolio although they are not quite on the level of IG who have more than 17,000 instruments to trade in comparison.
- Trade forex on the world’s most popular majors, crosses, and exotic currency pairs
- Trade commodities including Wheat, Coffee, Flour, Corn & others
- Trade indices on the world’s most popular Cash CFDs and Future Indices
- Trade premium metals including Gold & Silver
- Trade WTI, Brent & Energies Market Instruments
- Trade stocks such as Facebook, Adidas, Unilever & Other Popular U.S., UK, and EU Shares
- Join a multibillion-dollar market and step into the future with crypto trading
The broker understands that traders come in different shapes and sizes; therefore, they have developed different account types to address their different needs and trading strategies. I found there to be a good variety of account types for different types of trader. Amana Capital has the following account types for you to choose from:
Amana Classic Account
Trade Currencies, Metals, Indices, Commodities, and CFDs using the most advanced trading platforms. From low spreads to a wide variety of financial products, Amana Classic account type adds some bells and whistles to your trading experience. The minimum deposit is low ta just $50 while the spreads start from 1.4 pips which is quite high. The maximum leverage is up to 1:500 but make sure you understand the risks. There are no commissions on forex and cash CFDs but there are commissions on other instruments. Market execution is the order processing method used. I think this account is pretty average, the spreads certainly aren’t that know so it probably wouldn’t be great for scalping. I would say look at the Elite account option for that or another broker such as IC Markets if the minimum deposit is too high for you on that account.
Amana Active Account
This account is specially designed for high-volume traders who trade frequently. The minimum deposit required in $25,000 and account holders are expected to trade at least $100 million worth of trades every month. Account holders get discounts on trading costs, customized EAs and indicators, trading signals, VPS and personal relationship manager. They value loyal customers and believe that all high-volume active traders must enjoy an exceptional trading experience, which this account can deliver. It has ultra-low competitive spreads, an average saving of 60% on trading costs. There is API trading to automate your trading, execute trades using algos and trading systems.
This account is exclusively for trading shares with over 500 share CFDs on the MT5 trading platform. The account currencies available are the USD and EUR which means you can save on conversion fees if using an account in the same currency that you plan on depositing with. Commissions of $0.02 per share with a minimum of $15 are charged for every transaction. The stop out is 20% and orders are instantly executed. I found the fees to be quite standard and acceptable when compared to competitors such as Freedom24.
This account is designed for VIP clients who trade frequently and has a minimum of $250,000 trading capital. Account holders benefit from very low spreads, reduced charges, personal account manager and personal coaching from Amana Capital experts. The Elite account is developed to accommodate the needs of the most sophisticated and demanding traders. You also get access to daily advanced technical studies, calendars, market news, market reports, and analytics tools. To be honest, I think everyone should get access to the same trading conditions and features regardless of their investment size, but that’s just my humble opinion.
The award-winning multi-lingual customer support desk is always available 24/5. To receive a call from a support representative, fill the ‘Request Call Back’ form on the website. Website visitors can also fill the form titled ‘We got your message’ and a support representative will reply be email. To chat with the support team, there are 6 platforms to choose from; WhatsApp, Live web chat, Telegram, We Chat and Facebook messenger. Up to 5 customer support phone lines are listed. The team can also be reached by email and the following social media channels: Facebook, Twitter, Instagram, LinkedIn and YouTube. I have always found them to provide a prompt and polite response to the questions that I have put forward to them over the years.
I am very impressed with the excellent variety of payment options that the broker support. There is everything you need for quick and easy account funding without any hassle. You can select how you want to deposit/withdraw money from 15 different international funding methods including:
- Bank wire transfer
- Credit/Debit cards
- Amana prepaid card
- Online payment processors
Regulated in multiple jurisdictions, Amana Capital is a strong player in the brokerage industry with over 800 assets for trading on cutting edge platforms with competitive trading conditions and modern technologies implemented to support retail, professional and institutional traders alike. Multiple account types are available based on investment size and trading requirements, with a good choice of payment options supported.
ZuluTrade is a solution for those of you who want to choose from thousands of other traders in order to replicate their trades. MAM accounts can also be useful to some investors and money managers who are looking for a way to manage multiple accounts with relative ease. The award winning Autochartist is a fantastic tool that can assist with in-depth market analysis so you can find trading signals and make informed decisions.
Despite these positives, the trader education provided on the website is not very comprehensive whilst a majority of the materials are not available in English. I don’t really like how you need deep pockets to get access to low spreads and that would probably be a deal breaker from my point of view as I use scalping strategies.
If you can see past these hiccups, I think they can be worth consideration whether you’re a beginner or a professional trader. You can start with a risk-free demo account to warm up, or delve deeper and start with a real account from as little as $50.