Amana Capital offers 4 types of trading accounts on two platforms. All of the accounts offer micro trade-able lots and variable spreads too. All of the accounts which they provide with the exception of Elite account type provides swap free options. These accounts also provide PAMM and MAMM facilities which are used by money managers who want to manage the portfolio of their clients through the usual MetaTrader 4 Multi-Terminal.
Amana Capital Group specializes in providing trading facility for assets like currency pairs, commodities and stocks. This company is also in charge of operating several entities which are regulated and authorized to provide financial services in their area of jurisdiction. These entities include Amana Financial Services Ltd (UK), Amana Capital Ltd. (Cyprus), Amana Capital SAL and Amana Financial Services (Dubai) Limited. All of these entities are regulated and authorized by the FCA, the Cysec, CBL and DFSA.
Both the FCA and the CySEC are considered as financial regulators with a good reputation. Brokers who operate under them are expected to meet tight operational standards. One of the main requirements that these regulators want is that brokers should keep the funds of their clients in segregated accounts. Moreover, brokers who apply to be regulated must hold a minimum of at least €730 000 in order to be considered stable financially. That means that brokers who are not serious or those who are likely to scam will never bother to approach the financial regulators. They know they can’t qualify. Moreover, scammers generally hate anything to do with regulations. Some of the best brokers who have attained the regulatory requirements of these financial regulators can be found here.
CySEC has similar regulations where they insist that brokers must be able to afford at least €1 million in operation capital. In addition to this, both the FCA and the CySEC have a compensation scheme where they require brokers to compensate each trader a sum of at least £50,000. On top of this, CySEC has a rule where brokers are required to be part of a compensation fund that can cover traders up to the sum of 20,000 EUR in case the broker becomes insolvent.
The other two entities of Amana Capital are also well regulated by their respective financial regulators in their jurisdictions. Amana Capital SAL is regulated in Lebanon while Amana Financial Services (Dubai) Limited is obviously regulated in Dubai. That means this firm is well regulated and traders should at least have some confidence that their funds won’t be mishandled if the worst ever happened. But does this mean that Amana Capital is safe to trade with? Does it mean that their trading experience will be top notch? We want to discuss the specific features which makes this broker the real deal or a deal breaker.
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But first, here’s our list of brokers that won’t disappoint you in terms of trading experience and cost when it comes to spreads that they are charging. You might want to try them out to discover the advantages that they may have in comparison to Amana Capital.
This is a global brokerage. What is more, they are asking for a minimum deposit of $50 only. This is not much considering that some brokers are asking for a minimum of $500 and yet their paperwork is always not in order. They can never produce any evidence of their regulatory status and yet they keep asking for a lot, which exposes their traders to the risk of losing a significant amount of money.
In terms of spreads and commissions, we can say that the broker’s spreads vary depending on the account which a trader is using. If you open an account at Amana capital which requires a minimum deposit of $50, the broker will impose a spread of 1.4 pips on a pair like EURUSD. We must say that this is a little bit on the higher side of the scale because most reputable brokers charge 1 pip or less on this pair. So we definitely don’t think this is a positive as far as this broker’s reputation is concerned. We would rather trade where we can access the financial markets for cheap. It increases your likelihood of success if you are already an experienced trader.
Leverage is also quite high which is fine. Aggressive traders are always looking for leverage that is above 1:200. Amana Capital is offering up to 1:500 on the higher side. This is good news but you should also know that most brokers who are regulated by the FCA and the CySEC are offering this amount of leverage to their customers. Some brokers in the list we provided above offer leverage that is far beyond the usual 1:500. You might want to consult with that list to find out which specific broker has the highest leverage ratios for its traders.
Now, this is more of a word of advice as opposed to being part of this review. If you are trading, you better understand what leverage can do for you and what it cannot do for you. If you are an experienced trader, you can go for higher leverage because you already know the repercussions. However, if you are not then its best that you avoid high leverage because it can destroy your account in an instant.
The best thing to do is to use moderate leverage. Anything below 1:200 will be appropriate to a new trader.
Amana Capital offers MT4 and its successor the MT5 trading platforms. These platforms can be accessed on desktop, wen and mobile. We must mention that MT4 is currently widespread among brokers who offer Forex trading. It is somehow loved by traders because of its numerous advantages. It is compatible with automated trading bots and comes with a wide range of charting features not to mention extensive back testing environment among other things.
Amana Capital is not necessarily a bad broker. However, the main point of concern is the relatively disappointing cost of trading on the platform. If you want affordable cost, sign up with these brokers.
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