Best Forex Brokers for Traders in the UAE
5 stars based on
It is not often that you get to trade the financial markets with an Arab broker, but Amana Capital is a serious financial company that has its presence across the Middle East and Europe. Amana Capital has several individual offices that are located in four different locations under the parent Amana Capital Group, which aims to serve clients from different parts the world.
The broker has also set up satellite offices and official hotline numbers in the leading financial centers across the globe to help their traders to receive local support if they wish to contact the company for any complaints.
Customers are also provided a 24 hours live support channel for five days a week through online live chat, email, and a web contact form. Amana Capital is a recipient of numerous awards and recognitions, primarily from Middle Eastern groups and regulators, which have awarded the company for its excellent customer service reputation, its fast-growing status, transparency, and the trading products on offer.
Amana Capital has also been applauded as one of the best Forex brokers in the Middle East and is surely one of the most trusted brokers to have set foot in the highly competitive Forex market.
All European brokers are monitored according to a strict regulatory framework, which prevents companies from indulging in any fraudulent activities. Both of these organizations are designed to compensate clients if a broker is unable to meet its debt due to sudden bankruptcy or insolvency problems.
It is common for brokers from the Middle East to stipulate higher capital requirements for traders, particularly for those brokers that are looking to tap into the wealthy clientele of the oil-rich nations.
Regardless, Amana Capital does not have any such minimum deposit requirements, as traders can open an account with any amount of trading capital that they prefer. Traders can opt for a maximum Amana Capital leverage of 1: There are over 75 different financial assets from Amana Capital, which also have different margin and trading conditions, which may change according to the market environment. Amana Capital clients can choose between the Amana Pro, and the Amana Standard accounts for trading the markets.
Both accounts have largely similar trading conditions such as no overnight SWAPs, fully automated market execution of orders, no commissions, and no hidden fees. The only significant difference between the Pro and Standard accounts is the Amana Capital spreads, which remains fixed for the Standard account and varies for the Pro Account.
Both accounts are based on the market maker model, where the Standard account has fixed the cost of trading according to a fixed markup spread. On the contrary, the Pro account can have variable spreads that start from 1. Amana Capital is an Islamic broker that adheres to all Sharia laws of investments, which ensures that all clients can enjoy SWAP-free trading for overnight trades.
SWAPs are interest rates associated with certain currency pairs, which may be positive or negative depending upon the existing interest rates of the underlying currencies. Sharia law prohibits interests of any kind; therefore, Amana Capital has chosen to offer SWAP-free trading accounts across the board. Amana Capital has adopted the MT4 as its primary trading solution, with the MT4 enjoying a significant amount of popularity in the retail trading market.
MT4 works on the reliable market maker model that offers a standard and secure platform for trading the Forex markets. If you want to trade on the Amana Capital platform using your mobile devices, there are different mobile apps available through the official app stores that are designed to work with brokers that support the MT4 platform.
All you need is a valid login, password, and the server address, which allows you to connect to your Amana Capital trading account through any MT4 version of your choice.
Amana Capital may be a good broker that offers a safe and secure trading product from a regulatory perspective, but you can open an ECN account at other brokers that offer even better safety for your trading funds. Amana Capital may be suited for smaller traders that are looking to trade at a broker with a solid presence in the Middle East, especially a broker that does not stipulate large minimum deposit requirements; which have become incredibly common among most Middle Eastern Forex brokers.