Mon. Oct 26th, 2020
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Amana Capital Review 2020

This article is our latest Amana Capital review for 2020. Here, we take a look at Amana Capital as a company, its most recent offers, updates to its products, and improvements to its overall services.


SUMMARY


Company Profile:

Amana Capital, along with several other companies, belongs under the portfolio of Manara Capital, a privately-owned investment firm. Amana started in Beirut, Lebanon, in 2010. However, its current headquarters are located in Dubai, U.A.E. The company still maintains operations in Lebanon, but has extended its reach to different parts of the world. It operates its other entities in the United Kingdom, Maritius, Cyprus, and Malaysia.

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Key  Features:

  • RiskPulse Analytics
  • Amana Prepaid Card
  • Trade Captain
  • Autochartist

overall 

3.5/5

Established: 2010

Spread: 1.4 on EURUSD (Standard Account)

Regulation: FCA, DFSA, CMA, CySEC, LFSA, FSC

Headquarters: U.A.E.

Minimum Deposit: $50

Leverage: 500:1

Platforms: MT4/MT5 

Products: Forex, Stocks, Indexes, Commodities, Oil, Gold, Silver


Pros

  • Improved Analytics
  • Well-regulated in multiple jurisdictions
  • Variety of funding methods
  • Fast depositing and withdrawal through their own prepaid card
  • Social trading capabilities

Cons

  • High spreads
  • Limited currency pairs
  • Lower trading costs are only accessible through larger investments

Products


The products that Amana offers are the following:

  • Forex - (54 FX products)
  • Spot Metals - (Gold and Silver)
  • Future Metals - (Gold and Silver)
  • Spot Energies - (W.T.I. and Brent)
  • Future Energies - (Light Sweet Crude, Natural Gas, and Brent Crude Oil)
  • Cash Indices C.F.D.s - (8 cash indices from US Dow Jones 30 Spot Index to Hong Kong 50 Spot Index C.F.D.)
  • Commodities - (7 commodity futures)
  • Future Indices - (7 indices)
  • Share C.F.D.s - (More than 280)
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Regulation


  • The Financial Conduct Authority regulates Amana Financial Services U.K. (#605070).
  • A.F.S. Dubai is monitored by the Dubai Financial Services Authority (#F003269).
  • Amana Capital Lebanon has a license with Lebanese Capital Markets Authority (#26).
  • Cyprus Securities and Exchange Commission regulates the Cyprus office (Amana Capital Limited #155/11).
  • A.F.S. Global (Malaysia) is under the Labuan Financial Services Authority's regulation (#MB/18/0025).
  • The Financial Services Commission licenses A.C.G. International Limited in Mauritius (C118023192).

Prohibited Countries

Amana Capital doesn't allow clients from the U.S., Canada, Cuba, Iran, Israel, Japan, Malaysia, and North Korea.

What types of accounts can you open?


Amana offers a standard Forex and C.F.D.s trading account.

There is also a share trading account accessible through the MetaTrader 5 (MT5) trading platform.

For traders who trade more actively, Amana offers Amana Active. That account comes with lower costs, a dedicated relationship manager, a virtual private server, and other advantages.

Amana also offers Amana Elite for High-Net-Worth Traders. That account boasts elite pricing, personal coaching, trading data tools, and other benefits.

Social trading or copy trading is also available through Zulu Trade.

Other Accounts

Swap-free accounts are also available upon request for traders who don't want to incur overnight interest rates for their open positions.

Amana also caters to asset managers through their Multi-Account Manager (M.A.M.) accounts wherein multiple accounts can be managed through a single MT4/MT5 front end.

What are the spreads and margin requirements?


As a benchmark, the spread of the EUR/USD currency pair with their basic account has a minimum spread of 1.4 pips with a 1% standard margin requirement.

Most of the major currency pairs of Amana have a 1% margin requirement. The spread is much less with the Amana Elite with the same EUR/USD currency pair at 0.4.

Leverage

Amana's different entities will have different maximum leverage allowed.

For example, if it's under Amana U.K., which is under the F.C.A. mandate, the allowed leverage is limited to 30:1.

But for the most part, Amana allows up to 500:1 leverage.

How much is the Initial Deposit?


The initial deposit for trading Amana's standard account is $50.

The Amana Active account requires an initial deposit of $25,000.

And, the Amana Elite needs initial funding of $250,000.

Depositing Options

Amana has a variety of options for funding, which include VISA, MasterCard, Bank Wire, Skrill, Neteller, AdvCash, Epay, FasaPay, Maestro, Moneta.ru, WebMoney, WeChatPay, UnionPay, RPNPay, PerfectMoney, Payeer, and Qiwi.

Prepaid Card

Another depositing option that Amana has available is through its own prepaid card that it launched in 2019.

The card is linked directly to the client's trading account, and funds in the card can be used for shopping and can be withdrawn through an A.T.M.

Platforms


Amana makes use of the popular electronic trading platform developed by Metaquotes Software Corp, the ever-popular MetaTrader, as their main platform for their clients to trade on.

MT4 and MT5 are available on most devices P.C., mobile, and tablet.

The MT4 Multi-Terminal is only available on the P.C.

Bonus and Programs


For first time clients, Amana credits a $50 bonus to their accounts. Even for a minimum deposit of $100, a client will get the bonus right away.

DeltaTrader

There is also a trading competition offered by Amana in which top traders will get that chance to manage $100,000 and keep 20% of the profits.

To partake, interested traders will have to deposit $1,000, login to DeltaTrader, and trade for three months.

If the trader qualifies under the ranking factors, he or she will be selected to trade professionally.

Are there any tools and educational resource to help traders?


Account-holders will have access to Amana's TradeCaptain, an education and analytics service.

Another one is Autochartist, which supplies traders with market analysis and can gauge the volatility and impact of certain economic events.

Amana also came up with a new service called RiskPulse Analytics, a "free intelligent data anaytics tool." It's like an activity tracker that analyzes a trader's performance and identifies future trading behavior. This is also complementary to Amana's clients.

Education

Amana provides pretty much the standard educational resource that most brokers offer.

On its website, there's a dedicated page for all of Amana's learning resources: e-books, webinars, and videos.

Customer Support


The customer service of the company, from what we've experienced so far, is very accommodating, and they are available 24 hours a day for five days a week.

We have approached their customer service via phone call several times for certain requests and queries, and they managed to accomplish what we asked them for.

Upon opening an account, clients will get a welcome email.

If the account opening process is incomplete, an agent will follow up with the client to ensure that all the necessary documentation is completed.

Clients also have a variety of ways to contact Amana: email, chat, and phone.

Amana is also reachable through Whatsapp, Twitter, Facebook Messenger, Telegram, and WeChat.

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Conclusion


What stands out for Amana Capital in 2020 is its improvement in the analytics it serves to clients.

The addition of RiskPulse Analytics, which helps clients understand their trading performance through in-depth insights, is also a good sign of the company's commitment to the development of their offerings.

The education page for the company is also refurbished and reorganized, which makes it easier for clients to navigate through it. However, the free webinars seem to be targeted to only Arabic speakers -- even videos from Amana's YouTube channel is mostly in Arabic.

Finally, Amana's trading costs, particularly its spreads, are still a little high for their standard account. The only way to really get a taste of low spreads is if a client opens the Amana Active or Amana Elite. 

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