Strict Regional Restrictions: Amana Capital Ltd does not provide services to residents of the USA, Canada, Japan, Australia, North Korea, and some other regions.
Commissions on Futures Contracts and Shares: While Spot Contracts may have no commissions, traders should consider the commissions applied to Futures Contracts and Shares, which can affect overall trading costs.
Is Amana Safe？
Regulatory Sight: Amana operates under the regulatory oversight of the Cyprus Securities and Exchange Commission (No.155/11), holding a CyprusSecurities Trading License. This regulatory authority ensures that financial institutions comply with relevant laws and regulations to protect investors and maintain market integrity.
User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.
Security Measures: So far we haven't found any information about the security measures for this broker.
What are Securities to Trade with Amana？
Amana offers a wide range of financial products encompassing Indices, Precious Metals, Forex, Share ETPs, Share ETFs, Cash Indices, Energy, Commodities, Digital Assets, and Share CFDs. In addition to its diverse product offerings, Amana provides services such as introducing brokers, liquidity provision, and white labeling solutions.
Introducing Brokers: Amana provides a program where individuals or firms introduce new clients to the broker in exchange for a commission on the clients' trading activity.
Liquidity: This service involves providing access to deep liquidity pools, ensuring efficient order execution for traders across various financial instruments.
White Labels: Amana offers white labeling solutions, allowing other businesses to use its trading infrastructure and technology under their brand, typically for a fee.
Amana Accounts
Amana offers a Swap Free account option tailored for traders adhering to Islamic religious principles, where they can avoid paying or receiving daily swap fees on overnight positions. This feature is applicable to most currency pairs, commodities, and indices, except for specific FX pairs (including CZK, HKD, NOK, etc.), certain Cash CFDs (like U30USD, NASUD, 100GP, etc.), and Spot Energies (such as WTIUSD, BRENTUSD).
It's important to note that fees may still apply if positions are held open for more than 10 days, at Amana's discretion and without prior notice. This flexibility allows traders to align their trading practices with Islamic finance principles while considering potential fees based on trading duration.
Amana Fees Review
Amana Capital provides detailed information about their fees on their website, making it easy for traders to understand their costs. Clients can look through the CY-General-Fees-and-Charges.pdf for further information. Amana Capital's fee structure is generally competitive, especially for traders who focus on Spot Contracts.
However, the commissions on Futures Contracts and Shares and the potential for swap charges should be considered when making trading decisions. Traders who prefer Swap Free accounts should be aware of the potential fees associated with holding positions open for extended periods.
Spreads: Spreads Amana is mainly compensated for its services through the Buy/Sell (Bid/Ask) spread, so when you open a position, you essentially “pay” the spread. This spread is incorporated into the Amana quoted rates and is not an additional charge or fee payable by you above the quoted rate.
Commissions: Amana Capital does not charge commissions on Spot Contracts.
Commissions are charged on Futures Contracts and Shares per standard lot.
The specific commission rates are available on their website.
Swap Charges: Swap charges, also known as rollover or overnight fees, are incurred for positions held open overnight.
Swap rates vary depending on the financial instrument and are expressed in pips per lot.
Swap charges are calculated based on the difference in interest rates between the traded currencies.
Swap charges are credited or debited once per day, with the exception of Wednesdays for spot Forex, WTI, and Brent oil, and Fridays for cash indices.
Swap calculations vary depending on the instrument.
Amana App Review
Amana provides a trading app which includes access to over 5,500 leveraged US and MENA stocks, with an additional offering of more than 2,100 physical US shares that are SIPC insured, along with 200+ physical MENA shares and a selection of over 100 cryptocurrencies available in leveraged or unleveraged forms.
The platform boasts competitive features such as lower average spreads by 60-70%, zero commission trading, advanced charting tools, and one-click trading functionality. It also emphasizes personalized client assistance to support users in navigating the platform and their trading activities effectively.
Available on both Google Play and the App Store, the app aims to provide accessible and comprehensive trading capabilities across different asset classes, though users should assess its suitability based on individual trading strategies and requirements.
Customer Service
Clients can reach out to Amana through various channels.
Telephone: +357 25 25 7980
Contact Form
Social Media: Amana also maintains a strong presence on Twitter, Facebook and Linkedin, providing clients with a more informal method of communication or for staying updated with the firm's latest news.
The company also provides its physical address, 12 Archiepiskopou Makariou III, Kristelina House, 3rd Floor, Office 302, Mesa Geitonia, 4000, Limassol, Cyprus.
Conclusion
In summary, Amana provides a detailed and structured approach to trading, emphasizing transparency in fee disclosures and offering a wide array of financial instruments including Spot Contracts, Futures Contracts, and Shares. While their competitive pricing on Spot Contracts is a notable advantage, traders should be mindful of commissions on Futures Contracts and Shares, along with swap charges that may apply for positions held overnight. Traders looking for a straightforward and informative trading environment may find Amana a suitable option, provided they carefully evaluate all associated costs and considerations.
FAQs
What financial instruments can I trade with Amana Capital？
Spot Contracts, Futures Contracts, Shares (physical and CFDs), Indices, Precious Metals, Energies, Commodities, Cryptocurrencies, and ETFs.
What are the fees associated with trading at Amana Capital？
They do not charge commissions on Spot Contracts but do apply commissions on Futures Contracts and Shares per standard lot. Swap charges may apply for positions held overnight, varying by instrument.
Does Amana Capital offer Islamic trading accounts？
Yes.
Risk Warning
The information provided is based on WikiStock's expert evaluation of the brokerage's website data and is subject to change. Besides, online trading entails substantial risks, potentially leading to total loss of invested funds, so comprehending associated risks before engaging is crucial.
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