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Amana Capital Review

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Since its establishment in 2010, Amana Capital has been regulated by the FCA, CySEC, DFSA, CMA, LFSA, and FSC. Both FCA and CySEC are financial regulators with extremely good reputations, so this broker can be expected to hold up to their tight operating standards. Amana is located in Kenya and offers four different account types, two of which are meant for high-volume and high-net worth traders. From a quick glance, we noticed high leverage options, several asset offerings, and several deposit methods. Stay with us to find out if this broker is worthy of your consideration.

Account Types

Amana Capital offers four different account types: Classic, Shares, Active, and Elite. For many users, the Active and Elite accounts will be out of reach, due to the high minimum funding amounts. The more feasible account types are the Classic and Share accounts. The Classic account is described as more of a classic trading experience, while the share account focuses on trading shares, offering more than 280 shares in popular companies. It seems as though the type of asset offerings are the main factor for each account, but there are also differences in leverage and other specifics. Below, you’ll find a quick overview of the two main account types.

Classic Account: (Located under ‘Accounts’, ‘Trade Forex & CFDs’)

Minimum Deposit: $50

Assets: currencies, metals, indices, commodities, and cryptocurrencies CFDs.

Platform: MT4/MT5

Maximum Leverage: Up to 1:500

Spreads: As low as 1.4

Shares: (Located under ‘Shares’ account)

Minimum Deposit: none

Assets: Offers more than 280 US shares, allows for trading Share CFDs

Platform: MT5

Maximum Leverage: 1:10

Active Account:

Minimum Deposit: $25,000 (Also requires $100M of volume each month)

Commissions: $30 per 1M on FX/$0 on Cash CFDs/$5 per lot on Future CFDs

Elite Account

Minimum Deposit: $250,000

Benefits: Reduced spreads, personal coaching, personal account manager, trading positions monitoring, margin call alerts, margin status updates, trading position news updates, and market movement updates.

You’ll be able to find transparent information for the Classic and Share accounts. Another thing we noticed about these account types were the low deposit requirements, with no minimum for the Share account. In reality, you would have to deposit at least $10 into the Share account, since that is the lowest amount for every deposit method. This is still a very low offer, especially since many brokers require deposits of $100 or more.

Specific information for the Active and Elite account is harder to find than information for the other account types. This was especially true for the Elite account, which claimed to offer the best spreads, but no information on spreads or examples were provided. If you’re interested in this account, you can fill out a form in order to be contacted by one of the account managers, who would likely answer any questions that aren’t answered on the website.

Platforms

If you decide to open a Classic account with Amana Capital, you’ll be able to choose between the MetaTrader 4 or MetaTrader 5 platforms. MT5 is offered less commonly, so it’s nice to see this option. However, MT5 is the only choice if you’ve opened a Share account. Either way, both of the options will be satisfying, since both MT4 and MT5 offer a wide variety of tools and both are award-winning, popular platforms. You’ll find that MT5 offers many of the same options as MT4, but custom technical indicators and Expert Advisors do not work on MT5. Both platforms are also widely accessible, available for download on PC, Android, and Iphone/Ipad. The platform is also accessible via the browser-based version Web-Trader, which is a great option for Mac users. For MT4, users can also use MultiTerminal, which will allow one to manage multiple accounts at once.

Leverage

For the Classic account, the maximum leverage is 1:500. This option is very competitive, especially for an account that offers so many assets. However, keep in mind that you wouldn’t want to choose this option just because it is the highest. Trading with higher leverage is better for more experienced traders with a more significant amount of funds. So, if you’re not very experienced, stick with a lower leverage until you work your way up. If you open a Share account, which specializes in CFDs, the maximum leverage option is 1:10. This may not seem high compared to the other option, but this is to be expected considering that the account specializes in shares. The website does not list leverage information for the Active or Elite accounts. It’s possible that they also offer leverages up to 1:500, but often times brokers provide lower leverage options for accounts with such high deposit requirements. The best thing to do is have one of the account managers contact you if you wish to know these specifics.

Trade Sizes

The minimum lot size for the Classic account is 1K and the maximum trade size is 10 million. This size is extremely high when compared with other options. On the Share account, the lot size is one share. Both account types share the same stop out levels of 20%, which means that your positions would begin to be liquidated once you’ve reached that level.  Often times different accounts have different stop loss levels, but this is a very reasonable stop out percentage and it’s nice to not have to compare these.

Trading Costs

Brokers make profits through charges like commissions, inactivity fees, swaps, and spreads. With Amana Capital, these charges do vary, based on certain assets. There are no commission charges on FX and Cash CFDs, but commissions are charged at $10 per lot on Futures and $0.02 per share on Share CFDs. For the Active account, charges are: $30 per 1M on FX/$0 on Cash CFDs/$5 per lot on Future CFDs. Swaps are also applicable, but since Amana Capital is an Islamic broker, they do offer swap-free account options. With supporting documents, it can be possible to have swaps waived, but there are some assets that swaps cannot be waived for under any circumstances. Finally, Amana Capital does profit through spreads, which start as low as 0.1 on Active accounts. Spreads for the other accounts are higher, so you’ll be able to find out more about them later.

Assets

The Classic account specializes in currencies, metals, indices, commodities, and cryptocurrencies CFDs. This includes 54 FX products, energies, popular cryptocurrencies including Bitcoin, Litecoin, Ethereum, and more, future and cash indices, 7 commodities, and precious metals including gold and silver. The share account specializes in CFDs and offers more than 280 instruments with companies like Facebook, Amazon, Disney, McDonalds, and many more popular choices. This broker is offering an amazing variety of assets, including some that aren’t available commonly. For that reason, we had no complaints about the various asset offerings.

Spreads

For the Classic account, spreads are listed as being as low as 1.4. If you scroll down to the bottom of the account page, you’ll be able to find the exact spreads listed for each asset. When we checked, we found the spread on EUR/USD to be 1.4, CT^ to be 0.1, and EUR/GBP to be 2.1. These are just a few examples of varying spreads for this account. We would consider these spreads to be on the higher side of average, so they aren’t the best or the worst. The website does not specify the spreads for the Active account, but we checked some of the current spreads out of curiosity. We saw spreads as low as 0.1 on pairs like EURUSD and GBPUSD, but of course the spreads varied by asset. However, you can check current spreads on the account type page for active traders if you’d like to compare yourself. For the Elite account, spreads are described as being reduced, but there is no information to compare. If you actually have the funds and are considering this account type, the best thing to do is fill out the contact form.

Minimum Deposit

For all funding methods, the minimum deposit amount is just $10. The Share account does not have any minimum requirements, which means $10 would be lowest amount that could be deposited with that account. On the Classic account, the minimum deposit requirement is $50. Both of these options are low and traders should have no problem meeting these requirements. With the Active account, you would need to deposit at least $25,000. For the Elite account, the minimum deposit amount is $250,000. Obviously the deposit minimums are high for the upper accounts, but they are very reasonable and realistic for the Classic and Share accounts.

Deposit Methods & Costs

Amana Capital provides several convenient options for funding, including: wire transfer, Visa, MasterCard, Maestro, UnionPay, Neteller, Skrill, EPay, Perfect Money, Payeer, Advcash, WebMoney, Moneta, Qiwi, bank transfer, FasaPay, and WeChatPay. This is certainly a large variety of options and we were happy to see things like debit/credit cards, E-wallets, and bank transfers on the list. For the majority of the methods, processing time is instant, so there isn’t much you’ll have to compare there. However, it can take 3 to 5 business days for funds to be received if you’re funding via wire transfer. For the bank transfer options, it can also take 2 to 5 business days. As soon as Amana Capital receives the funds, they will be credited to your account. Unfortunately, many of the methods have deposit fees, although some are covered by Amana. Below, you’ll find the deposit fees for each method.

Fee Free/Covered by Amana: UnionPay debit card, Epay, Fasapay, WeChat Pay.

 Visa, MasterCard, Maestro: 1.5%

Bank Transfer: Between 1-2 Euro or 2.5%

Bank Transfer: £6 charged by Amana. Additional charges may come from bank.

Neteller, Skrill: 3.9% + $0.29

Perfect Money, Payeer, Advcash: 5%

WebMoney: 2.8%

Moneta: 4.95%

Qiwi: 6.5%

The range of fees goes from reasonable to high. On the bright side of things, you can simply choose a different method if you feel that the fees are too high on methods like Qiwi, Moneta, etc. The fees for debit card are low compared with other brokers, although we’d love to see this option be fee free, at least for deposits.

Withdrawal Methods & Costs

All of the deposit methods are also available for withdrawal. When it comes to fees, you’ll find that some methods are fee free, while others carry fees, some of which are very low. Below, you’ll be able to compare the various fees for each method.

Fee Free/Covered by Amana: Visa/MasterCard, Maestro, Epay, Perfect Money, Payeer, Advcash, and bank transfer.

Bank Wire: No fees charged by Amana/Fees likely charged by bank

UnionPay: 0.5%

FasaPay: 0.5% capped at $5

Skrill: 1%

Neteller: 2% Capped at $30

Qiwi: 2%

WebMoney: 2.8%

Moneta: 4.9%

Most brokers charge withdrawal fees, but this broker does offer a good variety of options that are fee free. We were particularly happy about the debit/credit card options. Although Epay is not one of the most popular methods, it is worth considering since it is fee free for both deposits and withdrawals. Also, most banks charge transfer fees between $0 and $30, but we’ve seen them go as high as $50, so you should definitely check with your bank before choosing this method. Finding the funding page can be tricky, so we’ve provided the direct link: https://www.amanacapital.com/fund-your-account.

Withdrawal Processing & Wait Time

Most of the withdrawals are processed instantly, with the exception of wire transfer and bank transfer. Wire transfer can take 3 to 5 business days to be processed, while the bank transfer options can take between 2 and 5 business days. It’s impossible to avoid wait times for wire and bank transfers, so the few day wait time is expected and average. On the other hand, the withdrawal times for all of the other methods are very fast and competitive. If you’re in a hurry, you can simply avoid the bank withdrawal options in order to receive your funds instantly.

Bonuses & Promotions

Currently, there is a Welcome Bonus, Referral program, and a Delta Trader contest being offered. We will start by summarizing the Welcome Bonus, which is a set $50 bonus, found under the ‘Accounts’ section. The only requirement is that you are a new client, funding your account with at least $100. Keep in mind, the minimum deposit is only $50, so you would need to deposit a bit more than the minimum to receive the bonus. In our opinion, this is a good opportunity. You will find higher bonus offers elsewhere, however there are always requirements like huge minimum deposits, required trading volume, etc. Amana has made this bonus simple and easy to receive, so although it isn’t a large amount, it’s more feasible.

Next, we will cover the referral program, which is located under ‘Partners’, ‘Refer a Friend’. You simply need to have a friend sign up using your referral link, and you’ll be able to earn up to $600. Both you and your friend would receive a bonus, but your friend would have to deposit at least $500 to qualify.

Currently, traders can also take part in an event known as the Delta Trader program. At the end of each three-month cycle, the broker will award a total of $1,000,000 to ten traders who have met criteria. Of course, it can’t be that simple, so there are some requirements. First, you can be a new trader or already have an existing account, but you must have a minimum balance of $1,000. Also, you must maintain this balance, if you make a withdrawal or fall below it, you can be disqualified. In order to enter, you’ll need to visit the ‘Delta Trader’ dashboard through the website by entering your account number and investor password. The evaluation date for the current three-month period is set as July 31st, which means that there would be no way to win by the end of this three month period. However, this is a good thing, since it means the competition will restart very soon.

If you’re interested in signing up and taking part, you will want to ensure you do so by the beginning of August so that you will be able to begin as soon as the event resets. In order to check the page with all of the information about this promotion, including terms and conditions, navigate to ‘Accounts’ and click on ‘DeltaTrader’.

Educational & Trading Tools

Amana Capital offers an excellent selection of educational resources and trading tools. We feel that it’s important for brokers to understand that not all of their traders are experienced, so we were happy to see that they offer seminars, E-books, webinars, and educational videos. There are also pages dedicated to explaining cryptocurrencies, Forex, and CFD trading with easy to follow explanations.

When it comes to educational tools, Amana Capital isn’t lacking there either. Directly from the website, users will be able to access Trading Signals, Live Prices, Financial Calculators, an Economic Calendar, Live Charts, VPS, RiskPulse Analytics, and the Mobile App. The website also offers ZuluTrade social trading. In addition to all of the tools available on the website, users will also be able to access a variety of built-in tools within the MT4 and MT5 platforms, including customizable charts, analytical tools, and more. We definitely think that this broker is offering more than the competition when it comes to education and tools, so this was a high-scoring category for Amana Capital.

Customer Service

Support is available 24/5, via phone, LiveChat, email, or text. We were happy to see direct phone numbers provided and the text option is not one that is commonly offered elsewhere. Note that Amana Capital has actually received an award for excellent customer service, so you can expect the best if you ever need to speak with their support staff. There are two different email addresses and a variety of phone numbers for different locations, all of which can be found below. You’ll also be able to fill out a call back request form on the site if you’d rather have support reach out to you. In order to use the text option, you can go onto the contact page and select Whatsapp, Twitter, Telegram, Facebook Messenger, and We Chat. Below, we’ve listed the contact information for each contact method.

Email:

support@amanacapital.com

dealing@amanacapital.com

Phone:

  • United Kingdom: Customer Service: +44 207 248 6494/Trading Desk: +44 207 248 6485
  • Cyprus: Customer Service: +357 25 25 79 80/Trading Desk: +357 25 25 79 90
  • Lebanon: Customer Service: +961 1 370 940/Trading Desk: +961 1 370 960
  • United Arab Emirates: Customer Service: +971 4 276 9525
  • Malaysia: Customer Service: +60 875 045 53
  • United Kingdom: Trading Desk: +44 207 248 6485

Demo Account

Opening a demo account is a risk-free way for traders to practice operating a real account. Since the account balance is not real, this option allows both beginner and intermediate traders to test the market and get familiar with the platforms. When opening a demo, you will be allowed to choose either the MT4 or MT5 platform, enter any deposit amount, and choose leverage between 1:1 and 1:500. We just want to take a moment to highlight how flexible these choices are. Elsewhere, traders are often stuck with one platform, given a pre-set account balance, which is usually around $100,000, and provided with fewer leverage choices.

Since Amana has allowed so much choice with their demo accounts, traders can enter realistic amounts and actually test the market in a realistic way. Of course, operating a demo account can give an idea of how trading with a certain broker will be, but it isn’t enough of a reason to choose a broker. However, if you’re only looking to open a demo for the time being, we strongly consider doing so through this broker since you’ll be given such flexibility.

Countries Accepted

After testing the system, we were able to open an account from the United States. Note that sometimes it isn’t clear whether this is allowed with brokers, so you may find conflicting information about this option if you’ve checked elsewhere. This is often due to the fact that some brokers now opt to operate within more than one part of the globe by having “sister” companies in different areas. Each of the branches will need only adhere to local laws and regulations for its specific location and so the requirements for each will vary. If you’re ever in doubt, contact the broker’s support team.

Conclusion

Amana Capital provides four different account types, but the Active and Elite accounts come with very high deposit minimums and do not offer clear stats on spreads, fees, leverage, and other specifics. However, traders will be able to deposit a mere $10 or $50 to get started trading with the other account types. Amana also offers the ability to choose between MT4 and MT5, while many other brokers do not offer the MT5 platform at all. If you fund with at least $100, you’ll be able to claim an easy $50 with their deposit bonus. Amana’s spreads could be considered on the upper side of average and we would have liked for information about their Active and Elite accounts to be more transparent.

On the other hand, their high leverage options, variety of educational and trading tools, and award-winning customer service department somewhat make up for the higher spreads. When it comes to funding, processing times are very fast for withdrawals, but the fact that there are deposit fees for most of the methods weighed on the negative side of things. This broker seems to offer a couple of feasible account types with low deposit requirements, high leverages, a great selection of assets, and some commission free options. The unattractive things about this broker are the higher spreads, high deposit minimums for some accounts, and deposit fees for most deposit options. If you feel that the positives outweighed the negatives, then you should definitely consider opening an account with this broker.

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