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Amana Capital Broker Review

By Jeffrey Cammack Created: Sunday, April 21st, 2019 Updated: Friday, May 3rd, 2019
Average Score

3/5

Min. Deposit $200
Max. Leverage 500:1
Min. Spread 0.1 pips
Regulators CySEC,FCA
Regulator Origin CySEC FCA
Broker Type ECN

Summary

100% Market-executed trades on the MetaTrader platform, solid execution, advanced fundamental and technical analysis, tight spreads on the advanced accounts and only 50 USD to get going.  Amana Capital is one of the best-regulated brokers available to individual traders and has taken a modern approach to their software offering – phasing out MT4 and pushing MT5 that is traditionally less popular with other brokers running MetaTrader.

A trader looking for MetaTrader compatibility, excellent regulation, and a wide range of CFDs available for trade, should consider Amana Capital as a frontrunner.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Bonuses $30 New Customer Welcome Bonus
Beginner Friendly Standard
About our review process

Trading Conditions

Minimum deposit $200
Base currencies USD, GBP, EUR
Number of FX Pairs 54
Hedging Allowed Yes
Scalping yes
Swap-Free Accounts Yes

Average Spreads

EUR / USD 1.4
GBP / USD 1.9
USD / JPY 2

Company Details

Company name Amana Capital Ltd
Founded 2011
Website Visit site
Type ECN
Regulators CySEC,FCA
Office locations UK, Cyrus, Lebanon, UAE

Deposit & Withdrawal Methods

Supported Platforms for Amana Capital

Amana Capital Broker Detailed Review

Account Types

Amana Capital has connected their account types with platforms.  There are four account types available with 3 of them centred around the MT5 platform, which is not usual with other brokers.  As is typical with brokers, the accounts that require more substantial deposits will reward clients with tighter spreads.  The account types are:

Amana Mini –  MT5

The mini account has spreads from as low as 1.4 pips, but the account is limited to 28 forex pairs.  For anyone starting, you will find this number of pairs to be adequate, but as you grow and begin to trade exotic pairs, this will be a limitation.  This is a good starter account because, because only requires a 50 USD minimum deposit and there are no additional fees.

Amana Basic – MT5

MT5 Basic is a good option if you want to use MT5.  But if you’re going to use MT4, then the next account offering is better.   The MT5 Basic account has tighter spreads compared to the Mini account starting at 0.9 pips with a much more full range of currency pairs available including commodity and Cryptocurrency CFDs.  MT5 Basic requires a 2000 USD minimum deposit, and they only charge spread which is out of the norm and appreciated by traders.

Amana Basic – MT4

MT4 Basic is the only MT4 account on offer, and unlike the name suggests, it is closest to the Mini MT5 account listed first above.  With a 50 USD minimum deposit, you can expect spreads from 1.4 pips and leverage up to 1:500.  Where it differs from the MT5 Mini account is that you can trade the same wide range of Forex, cryptocurrency and commodity CFDs available in the MT5 basic account.

Amana Elite – MT5

The MT5 Elite account is the Amana professional account.  Spreads are super tight at 0.4 pips with small commissions on a large volume of trades. Leverage is offered up to 1:100, and the full suite of currency pairs and other CFDs are available – the same set as is included in the Basic accounts above.  The minimum deposit for this account is 50,000 USD.

Cryptocurrency Trading

Cryptocurrency CFDs are available on some of the Amana capital accounts.  At the time of writing, there were 4 USD currency pairs available.  Cryptocurrencies available are Bitcoin, Ethereum, Litecoin, and Ripple.

The spreads vary significantly compared to other traditional Fiat currencies.  It is not unusual for spreads to be as wide as 75 pips on Bitcoin, but cryptocurrency spreads will vary significantly with Amana, so if you trade these currencies, watch your margins.

Platforms

Amana works with the MetaTrader Suite of tools.  From MT4 and MT5 on a desktop to the smartphone and tablet apps for those who wish to monitor trades, or act on signals.  Multiterminal is also available if you are managing numerous accounts simultaneously.

Regulation

Amana Capital is a collection of Amana owned companies around the world that operate independently to ensure that the correct authorities regulate each of them.  From a regulation standpoint, Amana Capital Group is one of the best-regulated brokers available, so if regulation is something you value more than anything else, then this could be a broker for you.  The only primary regulator I feel they are missing is ASIC, but with FCA and CySec together, there is no real practical need for this additional regulation.

  • Amana Financial Services UK Ltd, licensed by the Financial Conduct Authority (FCA), (License Number 605070)
  • Amana Financial Services Dubai Ltd, licensed by the Dubai Financial Services Authority (DFSA) (Registration Number F003269)
  • Amana Capital Ltd, licensed by the Cyprus Securities and Exchange Commission (CySec) (License Number 155/11)
  • Amana Capital SAL, licensed Financial Institution regulated by the Central Bank of Lebanon (BDL) (License Number 60)

Spread and Leverage

Leverage varies per account. When investing more substantial amounts of capital, the leverage becomes limited because of the risk involved with trading large volumes with high leverage.  The leverage on accounts varies from 1:100 to 1:500.

The spreads on FX currencies vary as well based on account.  The MT5 Basic account will have the best spreads compared to the MT4 basic and MT4 mini accounts.   Remember that these spreads are variable.  The spreads start at:

  • 4 pips on the MT5 Mini & MT4 Basic accounts.
  • 9 pips on the MT5 Basic account.
  • 4 pips on the MT5 Elite account.

Deposits and Withdrawals

You can fund your account by Credit Card, Bank Transfer & APMs.  But Amana Capital does charge a fee for handling deposits dependent on the payment method.  The commission can be as high as 1.5% but on withdrawal.

Withdrawal takes about 3-4 days for a client to receive the funds back on their credit card.

Customer Support

The customer service team is available 24h seven days a week.  Contact them via telephone, call back, email and other technologies like WhatsApp, Viber, Twitter, and Telegram.  Having this much access to customer support and the trading desk is much appreciated by experience and beginner traders alike.

Overview

Amana capital is a great broker for MetaTrader users looking for more options with the MT5 platform.  Strong support sits at the core of the product, and simple and uncomplicated account types support and strong and sturdy regulation back it all up.  The only thing I would like to see change is the fees on deposits, more cryptocurrencies and more account options for the old-school MT4 user.

Compare Brokers

Amana Capital IC Markets Go Markets FXTM
Funding Visa, Mastercard, Bankwire, Fasapay, Neteller, Skrill Mastercard, Visa, UnionPay, Neteller, Skrill, Paypal, Bank Transfer Visa, Mastercard, Bankwire, POLi, Fasapay, Neteller, Skrill, BPay Bank wire, Visa, Mastercard, Skrill, Western Union, Neteller
Regulated CySEC FCA ASIC ASIC FCA
Broker Type ECN True ECN ECN ECN/STP
Currency Pairs 54 60 50+ 59
Minimum Spread 0.1 0.1 0.2 0.1
Minimum Deposit $200 $200 $200 $10
Max Leverage 500:1 200:1 500:1 Flexible
Visit Website Visit Amana Capital Visit IC Markets Visit Go Markets Visit FXTM
Expert Review Read review Read review Read review Read review

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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