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Amana Capital Broker Review
According to our Amana Capital review, this broker’s four concurrently operating activities make it a little too complicated for most brokers. They have good options, but traders are unsure of whose legal entity their trades are actually going through, which causes legal ambiguity. The majority of traders would be better off with another broker than Amana Capital FX.
Regulated By: FCA, CySEC, CBL, DFSA
Headquarters: UK, Cyprus, Lebanon, UAE
Founded In: 2010
Platforms: MetaTrader 4 and 5
Instruments: Forex and CFDs
Amana Capital Review: Regulation
According to our analysis of Amana Capital, the broker divides the services they provide over a number of different legal entities depending on the services they are offering. Amana Financial Services Ltd operates the broker in the UK under a valid FCA license. Amana Capital Ltd., a Cypriot investment firm registered with CySEC, is their branch in Cyprus. The operational company Amana Capital SAL holds the broker’s license with the CBL in Lebanon. The broker has a DFSA license through their operational firm, Amana Financial Services (Dubai) Limited, and also conducts business in the United Arab Emirates.
Amana Capital Review: Benefits
Amana Capital has a low minimum deposit requirement of just $50, making it easy for traders to get started. The broker’s spreads are generally acceptable but not particularly noteworthy. Additionally, the broker offers both MetaTrader 4 and 5, allowing traders to select between the tried-and-true earlier version and the innovative capabilities of the latter version. Although the numerous regulations that the various branches are subject to hinder availability, the broker runs numerous promotions. They reward traders who recommend friends to sign up with referral bonuses.
Broker Security
Much relies on which of the broker’s four branches a trader is actually trading with, as each is a separate legal entity with unique security requirements. Retail investor protections provided by CySEC and the FCA are available to those trading through the UK and Cyprus offices. To guard against unforeseen bankruptcy, both authorities establish minimum capital requirements for brokers. In the event that a broker does fail, they also have compensation funds, ensuring that traders can at least partially recoup their capital. The other two branches’ SBL and DFSA are not well known for providing the same level of security as the FCA and CySEC.
Deposit and Withdrawal Methods
Once more, our Amana Capital review found that the available withdrawal and payment methods varied throughout the various branches. The majority of vendors recognize the common payment options, including credit and debit cards, wire transfers, Skrill, Neteller, and other online payment processors. The only choices within Lebanon are credit cards and wire transfers. Withdrawals are a tricky problem for this broker because, according to numerous online allegations of Amana Capital scam, the broker doesn’t handle withdrawals as soon as promised.
Amana Capital Conclusion
Many traders have trouble identifying whose company they’re actually doing business with, as is the situation with many other brokers with comparable structures. Legal issues are complicated when there are many brokers regulated by various agencies under the same name.
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