amana

amana is an online multi-asset trading platform headquartered in Dubai, United Arab Emirates, founded on 29 December 2017. It positions itself as a neo-broker catering primarily to the MENA region, offering a wide range of tradable instruments including forex, commodities, indices, stocks, ETFs, and cryptocurrencies. The platform is available as a mobile app, a web-based interface, and through the popular MetaTrader 4 and 5 platforms.

According to its official website, amana serves over 500,000 users across 80 countries. The broker emphasises accessibility, commission-free trading, and low spreads. It also claims to provide Sharia-compliant assets for Islamic traders. While the broker lists several regulatory licences, traders should note that some of these licences may have varying statuses.

amana states that it is regulated by multiple authorities: the Cyprus Securities and Exchange Commission (CYSEC), the Dubai Financial Services Authority (DFSA) in the UAE, and the Capital Market Authority (CMA) in Lebanon. However, our records indicate that while some licences are active, others may have been revoked, exceeded, or are suspected to be cloned. The official website currently displays a CMA licence (no. 20200000255) for introducing and promoting services in the UAE.

Traders are advised to verify the current regulatory status directly with the respective authorities. The presence of multiple licences does not guarantee equivalent protection across all entities. FXCanary's Scam Risk Score for amana is 29/100, indicating a 'Guarded' risk level.

amana offers a single retail account type: the Standard Account, which requires a minimum deposit of $50. The account provides access to all instruments and platforms. Leverage is variable by asset class, with a maximum of 1:200 on major forex pairs and gold for active traders. The broker does not list a specific maximum leverage for the Standard Account in its known facts, but its website details tiered leverage (Core, Plus, Max) up to 1:200.

The Standard Account appears suitable for both beginners and experienced traders, with no commission charges on most trades. There is no information on a demo account or Islamic account on the site, though Sharia-compliant assets are mentioned.

amana offers three primary trading platforms: its proprietary amana app, MetaTrader 4 (MT4), and MetaTrader 5 (MT5). The amana app is a mobile-first platform with an intuitive interface, supporting 5,500+ assets including commission-free trading. It includes advanced charting tools, one-click trading, and personalised support. MT4 is available in a hedged version with 100+ assets and supports Expert Advisors (EAs) for automated trading. MT5 comes in both hedged and netting versions, with 3,700+ assets and advanced technical analysis tools.

The broker also provides amanaWeb, a browser-based platform with enhanced charting and multi-chart views, integrated with Real Vision commentary. All platforms allow switching between mobile and desktop seamlessly.

amana provides access to over 5,500 tradable instruments, covering forex, commodities, indices, stocks (US and MENA), ETFs, and cryptocurrencies. The broker distinguishes between physical shares (exchange-traded) and derivatives (OTC). US stocks are available as physical shares (SIPC insured) and leveraged derivatives. MENA regional stocks are offered both physically and as derivatives. Forex pairs include major, minor, and exotic pairs with leverage up to 1:200.

Cryptocurrency trading is available both as unleveraged spot and leveraged derivatives. The broker also offers gold, silver, energy futures, and index futures. Notably, amana claims to provide 70% lower average spreads compared to industry standards.

amana markets itself as a commission-free broker, with no charges on most trades except for clearing fees on regional shares. Spreads are claimed to be 70% lower than average. Overnight financing fees apply to leveraged positions held past market close. The broker does not charge deposit or withdrawal fees, though bank intermediaries may levy charges on wire transfers.

Funding options include bank wire, credit/debit cards, Apple Pay, Google Pay, UAE Instant Banking, e-wallets (Neteller, Skrill), and USDT (crypto). The minimum deposit is $50. Deposits are processed instantly for most methods, while withdrawals are free and processed within one business day.

amana primarily targets traders and investors in the MENA region, as evidenced by its focus on regional stocks, Arabic language support, and local payment methods. The platform appeals to both beginners and active traders due to its low minimum deposit, commission-free model, and high leverage options. The availability of physical shares and Sharia-compliant assets may attract long-term investors and Islamic traders.

However, traders outside the MENA region may find limited product offerings (e.g., no US exchange-traded stocks on MetaTrader) and regulatory coverage less comprehensive. The broker's aggressive marketing of promotions (e.g., World Cup prize, iPhone giveaways) suggests a focus on retail client acquisition.