Amana Capital is an online financial services group that offers its clients the opportunity to invest in Forex, commodities, and indices. It was first established in Lebanon around 2010 and later expanded across several other countries around the world.
The group is comprised of four main entities that are located is several locations – Amana Financial Services in the UK, Amana Capital in Lebanon, Amana Capital in Cyprus, and SouqElmal.com in the United Arab Emirates.
Apart from its financial services, Amana Capital places high priority on educational materials that can be found on its website. While most of these materials are in Arabic, a good portion of it is dedicated to a variety of English webinars and online courses.
In addition, Amana Capital has won several awards for its services over the years, bagging titles such as the “Best Middle-East Forex Broker” and the “Best Regional FX Broker’. The broker also received a “Customer Service Excellence” award.
However, just like any other online brokerage firm, Amana Capital has been considered as a scam by some.
Therefore, in this review, we will look into how Amana operates and later on, determine whether this accusation is true or not.
Amana Capital: Services and Offerings
Amana Capital strives to offer opportunities for its clients to make money on top of the profit made through trades. As such, they have established several partnership programs with many leading companies and individuals in order to provide competitive incentives to their clients.
The “Introducing Broker” partnership program is aimed at supporting newcomers with educational webinars while encouraging them to develop the best trading strategy.
The “White Label” program allows traders to expand their businesses by providing them with several solutions services.
In addition, Amana Capital’s websites has a wide array of market news, economic calendars, and advanced technical indicators that can be used for analysis.
• Trading Instruments
Amana Capital’s offerings offer over 285 financial instruments to invest in. Forex traders are offered around 54 currency pairs that include Major, Cross, and Exotic Pairs. Additionally, traders can invest in other assets with CFDs for major indices, commodities, energies, and company shares.
• Account Types
Amana Capital only offers one type of standard account. This can be set up into three different configurations – Individual, Joint, or Corporate. The minimum deposit required for opening account is $50.
As Amana Capital’s client base mostly consists of people residing in Islamic regions, all accounts are automatically listed as a Swap-Free account. This means that there will be no interest for trades held overnight in accordance to the Sharia Laws.
A demo account can also be opened that allows traders to familiarize themselves with the trading platform in a zero-risk market environment.
Amana Capital features a referral bonus that is detailed in their ‘Partnership’ options. This means that clients can gain additional credits for referring a friend or relative after they’ve signed up.
• Trading Platform
Amana Capital utilizes the MetaTrader trading platform, which come in either the MetaTrader4 (MT4) or MetaTrader5 (MT5) version. These trading platforms are considered to be the best in the industry for its lightning-quick execution and customizability.
Amana Capital’s trading platform can be accessed through various devices such as a web terminal for desktop and personal computers and an app for smartphones. Furthermore, the software can be downloaded for both Mac and Windows users.
• Payment Options and Fees
Amana Capital accepts a variety of payment options such as wire transfer, credit and debit cards, checks, and other transaction services. While the broker itself does not implement any transaction fees, some deduction may occur depending on the service provider.
Wire transfers may have fees going as high as $6.00, while other service providers may charge between 1.5% and 2%. Services such as Skrill, however, do not have any service charge.
Amana Capital: Is it safe?
Due to the nature of the services provided by online brokers, it can be very easy for one to establish such with an intention to scam people out of their money. As a result, these types of operations tend to put the reputation of other legitimate brokers into question.
Therefore, in order to tackle this problem, many online brokers turn to being regulated by a respectable financial authority. Authorization from these entities can serve as a safety net for clients should a broker step out of industry standards.
As Amana Capital has five main entities all around the world, each are regulated by leading authorities in their local jurisdiction. In the UK, its licenses are held under the Financial Conduct Authority (FCA). Meanwhile, its operations in Dubai and Cyprus are authorized by the Dubai Financial Services Authority (DFSA) and the Cyprus Securities and Exchange Commission (CySEC) respectively.
In Lebanon, Amana Capital is regulated by the country’s central bank with a registration number of 60.
All regulatory bodies mentioned here are some of the biggest and widely accepted and therefore, it is evident that Amana Capital cannot be a scam of any sort.
Amana Capital: Conclusion
Amana Capital provides a smooth and solid trading experience for newcomers and seasoned traders alike. Its competitive offerings and various partnership programs stands as proof that the group has the clients’ best interest in mind.
Likewise, their large selection of educational materials can be of great benefit for traders willing to learn. However, a majority of it may not be understood by those who do not speak Arabic.
Overall, with its excellent customer service coupled with the company’s focus on supporting its client base, it is safe to say that Amana Capital is not a scam and it wouldn’t hurt to give it a try.