Amana Capital Ltd review.

Overview

Amana Capital Ltd is a Cyprus Investment Firm, company registration number 281953, authorised by the Cyprus Securities and Exchange Commission under licence 155/11 since 21 October 2011. [CySEC] It was previously named Amana Capital (Cyprus) Ltd, which CySEC still publishes on its record, and its registered office is 12 Archiepiskopou Makariou III, Kristelina House, 3rd Floor, Office 302, Mesa Geitonia, CY-4000 Limassol. [CySEC] Unusually for the small Cypriot licensees we have reviewed, this one holds dealing on own account across all ten instrument classes, so the Cyprus company is permitted to be the counterparty to a client’s trade rather than only to pass it on. [CySEC]

That licence is real, and it is also not the one most readers of this review would end up under. Amana is a MENA group with seven named legal entities, and the retail product it actually sells is a mobile application at amana.app. The footer of that application’s website, in all ten countries we fetched it from on 28 July 2026, says: “By default, all new accounts opened via the amana. app are opened with AFS Global Ltd, licensed and regulated by the Labuan Financial Services Authority, Labuan Malaysia.” Its own help centre repeats it in plainer words: “By default, your account would be setup and regulated under our Malaysian entity, unless you request otherwise.” The Cyprus licence covers the EEA. The account is Malaysian.

The gap between those two entities is the whole review. The Labuan client agreement states at clause 11.8.1 that “Subject to Applicable Law, the Company does not provide negative balance protection”, is governed by the laws of Malaysia, and names the firm itself as the sole execution venue and the counterparty to every trade. The CySEC entity’s own approved website carries the disclosure “75.8% of retail investor accounts lose money when trading CFDs with this provider”. The application that onboards the client publishes no such percentage in any country we tested.

Overview Table

Facts List

• CySEC licence 155/11, dated 21 October 2011, current on the Cypriot Investment Firms register on 28 July 2026 [CySEC]
• Cyprus company registration number 281953; previous name Amana Capital (Cyprus) Ltd [CySEC]
• Authorised for reception and transmission of orders, execution of orders on behalf of clients, and dealing on own account, all across instrument classes 1 to 10 [CySEC]
• The only CySEC approved domain is www.amanacapital.com.cy [CySEC]
• Amana Financial Services (Dubai) Limited holds DFSA reference F003269 from 11 April 2016, with a retail client endorsement and a matched principal restriction
• Amana Mena Promotional Services L.L.C. is Active on the UAE SCA register under code CP-0001097
• FCA reference 583402, held by Amana Capital Ltd, reads No longer authorised with effect from 10 April 2022
• FCA reference 605070, still published on two Amana websites as Amana Financial Services UK Limited, now belongs to Kinsworth Investments Ltd
• Amana Capital Holding (Cayman) ceased to be a person with significant control of that UK company on 19 September 2025
• The Labuan client agreement, clause 11.8.1, states that the company does not provide negative balance protection
• Automatic liquidation begins at a margin level of 20% and the firm has no obligation to make a margin call
• The group’s own transparency statement says it acts as “the first stop or counterparty for everything” before hedging net exposure

Key Takeaways

• The Cyprus licence is genuine and it is not the account you get. CySEC lists Amana Capital Ltd under 155/11 since 21 October 2011, with dealing on own account across all ten instrument classes. [CySEC] The amana app opens every new account with AFS Global Ltd in Labuan, Malaysia unless the client asks otherwise.
• The default entity writes off negative balance protection in its contract. Clause 11.8.1 of the Labuan client agreement: “Subject to Applicable Law, the Company does not provide negative balance protection.” The same document puts governing law in Malaysia and disputes in Malaysian courts.
• The mandatory loss percentage exists on one domain and not the other. amanacapital.com.cy publishes 75.8% of retail investor accounts lose money. We fetched amana.app from Indonesia, Thailand, Vietnam, Azerbaijan, Singapore, Japan, India, the UAE, South Africa and the United Kingdom and found no percentage on any of them, nor on its fees, leverage, about, contact or transparency pages.
• Both live sites still claim an FCA licence the group no longer owns. They name Amana Financial Services UK Limited under FCA reference 605070. That reference now belongs to Kinsworth Investments Ltd, renamed at Companies House on 27 March 2026, and the Amana Cayman holding company ceased to control it on 19 September 2025.
• Advertised leverage is roughly seven times what the firm’s own product document allows. The Max tier page offers 200x on major forex and up to 25x on crypto derivatives. The Product Specifications dated February 2026, published by the same Labuan entity, set 1:30 on majors and 1:2 on crypto.
• The firm tells you it takes the other side, in writing. Its transparency statement says it acts as the first stop or counterparty for every trade and hedges only the net exposure, and that risk management “can also be an area in which we make money, and we do”. Its order execution policy says the company is always the counterparty and the sole execution venue.
• Protection is entity by entity and it is very uneven. The DFSA entity holds retail client money on a segregated basis under DFSA rules with an escalation route to the DFSA complaints portal, and caps retail leverage at 1:30. The Labuan entity offers a separate client money account and Malaysian courts, and no compensation scheme at all.
• Cyprus residents cannot use the product at all. The Register now button on the CySEC approved domain points to amana.app/cy/not-available, which reads “Temporarily not available at this stage due to updates in our services.”

Licenses & Regulation

We searched by brand and by every corporate name the group publishes, and we checked each number against the register rather than against the marketing copy. Three of the six claimed licences are verifiable on registers we can reach. Three are not, and we say which.

Regulatory Licences

What the CySEC record actually says

The register entry gives licence 155/11 dated 21 October 2011, company registration number 281953 and the previous name Amana Capital (Cyprus) Ltd. [CySEC] Two things on that page matter more than the number. First, the approved domain is www.amanacapital.com.cy, and it is the only one CySEC publishes for this firm. [CySEC] Second, the authorised investment services include dealing on own account across all ten instrument classes, alongside reception and transmission of orders and execution of orders on behalf of clients, with safekeeping and administration of financial instruments and the granting of credits or loans as ancillary services. [CySEC] A firm holding that third permission may take the other side of a client trade and warehouse the resulting risk. That is a materially stronger permission set than most of the small Cypriot licensees in this catalogue, and it is also a reason to read the execution section below carefully.

The passport list covers 28 EEA states including Germany, France, Italy, Spain, the Netherlands, Poland and Ireland. [CySEC] CySEC also records third country notifications for Algeria, Argentina, Bahrain, China, Egypt, Hong Kong, Indonesia, Iraq, Jordan, Kuwait, Lebanon, Malaysia, Morocco, Oman, Pakistan, the Palestinian Authority, Qatar, the Russian Federation, Saudi Arabia, South Korea, the Syrian Arab Republic, Tunisia, Ukraine, the United Arab Emirates, Vietnam and Yemen. [CySEC] Note what that list means and does not mean: it records that the Cyprus firm has notified CySEC of activity in those markets, not that a resident of Jakarta or Ho Chi Minh City signing up through the app contracts with the Cyprus firm. On the evidence below, they do not.

The UK claim, which no longer holds

Both of the group’s live websites list Amana Financial Services UK Limited, FCA reference number 605070, among its licences. The contact page goes further and gives a United Kingdom telephone number, +44 207 248 6494.

The FCA register returns that reference under the name KINSWORTH INVESTMENTS LTD, status Authorised, Companies House number 08582141, with the website www.kinsworthinvestments.com and the telephone number +4402072486494 on its record. The register’s own name history shows Amana Financial Services UK Limited as a previous name, effective to 31 March 2026. Companies House records the change from AMANA FINANCIAL SERVICES UK LIMITED to KINSWORTH INVESTMENTS LTD on 27 March 2026.

The ownership record is the part that settles it. Companies House lists Amana Capital Holding (Cayman), Cayman Islands registration 330348, as a person with significant control holding 75% or more of the shares from 28 August 2020, ceased on 19 September 2025. 180 Capital, Cayman Islands registration 329838, Mr Hazem Farra and Mr Karim Farra, both Canadian nationals resident in Lebanon, all ceased on the same date. The incoming controller from that date is 11:Fs Investments Ltd, a UK company numbered 15962242. In plain terms, the group sold its UK arm ten months ago and the buyer renamed it four months ago, and the marketing has not caught up. A reader who checks the FCA reference printed on amana.app will find a firm with no connection to Amana. The About page has been corrected and lists six licences with no FCA entry; the site footer and the help centre have not.

A second FCA reference, 583402, is held by Amana Capital Ltd itself, business type Services (UK) of an Overseas Firm, status No longer authorised with effect from 10 April 2022, with a principal place of business in Limassol. That is the ordinary shape of a lapsed EEA passport after Brexit and nothing more.

What each country is served

The result is the opposite of the pattern we usually publish. Most multi entity groups route by IP and show a different company in each country. Amana does not route at all: one page, one default entity, everywhere including the United Kingdom. The divergence is not between countries, it is between the two domains, and only one of them is the one the reader is pushed towards.

What we checked and what we could not

Checked and found: the CySEC Cypriot Investment Firms register, the CySEC list of approved domains, the FCA register by brand and by reference number, Companies House, the DFSA public register and the UAE SCA licensed companies list. Checked and found nothing: the CySEC former Investment Firms register, the CySEC investor warnings page and the CySEC list of non approved domains, on none of which any Amana entity appears. [CySEC] The DFSA record for F003269 lists no regulatory actions.

Not checked, because we could not reach a searchable list: the Labuan FSA register of money brokers, the Lebanese Capital Markets Authority register and the Mauritius FSC register. The two Labuan URLs printed in the firm’s own documents both returned 404 to us on 28 July 2026. Those three licences are recorded here as the group’s claims, not as our findings.

One loose end we will not overstate. Searching the FCA register for the string Amana returns two unauthorised firm entries with no reference number, named Amana Trade/ AmanaTrade and Amanainvestments.net. We could not establish any connection between either of them and this group, and we are not asserting one. We record them because a reader searching the same register will see them.

How to Trade

Trading is through the amana app on mobile, or amana web in a browser. The Labuan client agreement also defines the trading platform to include MetaTrader 4 and MetaTrader 5, and the site’s own footer navigation carries a MetaQuotes platform link alongside amana app and amana web. Charting in the app is provided by TradingView. There is no practice account: the help centre states that “amana does not offer a practice account” and that registration produces a live account ready for funding.

Execution model, in the firm’s own words

This is the section that decides how to read everything else, and Amana is more candid about it than most. Its order execution policy for AFS Global Limited states that “The Company is always the counterparty to every trade; therefore, if the Client decides to open a position then that position can only be closed with the Company”, and that “the Company acts as principal and not as agent on the Client’s behalf; therefore, the Company is the sole Execution Venue”. The client agreement adds that the company “or an Affiliate company may be the counterparty to trades that the Client enters into”, that it may hedge before or after a client trade, and that “the Company will retain any profits generated by such hedging”.

The public transparency statement sets out the same arrangement without the legal register. On derivatives it says: “what we do is act as the first stop or counterparty for everything and then, once the net trading exposure of all our customers combined gets to a certain amount, we send it out to a market maker that best serves our community’s purposes at that time.” It continues: “There’s a certain maximum exposure we have on every product, and sometimes on individual clients, before we get rid of the net risk. It can also be an area in which we make money, and we do.” Three named revenue lines follow: the spread markup, the management of risk on net positions, and financing on leverage.

Publishing that is to the firm’s credit. What it means for a client is that on leveraged products the house is the counterparty by design, retains client losses within its exposure limits, and is not obliged to pass the trade to anyone. The Cyprus entity holds the CySEC permission that allows exactly this. [CySEC] The DFSA entity does not: its authorisation restricts dealing in investments as principal to matched principal business only, so the Dubai company cannot warehouse the position. Which of those two descriptions applies to a given reader depends entirely on which company signed their agreement.

Leverage, and a contradiction worth the reader’s time

The marketing offers three tiers. Core is the default, Plus and Max are activated on request.

Source: the Core, Plus, Max page on amana.app, fetched from the UAE on 28 July 2026. The same page tells you how to move up: “Simply click or tap the link below to request access to higher leverage levels, or drop us an email at [the support address], and we’ll set it up for you on the spot.” No appropriateness test, knowledge check or trading history requirement is described anywhere on that page.

Now set that against the firm’s own Product Specifications document, dated February 2026 and published in the legal documents list of the same website, under the name of the same Labuan entity. It states: “Limit for leverage is 1:30 on Major currencies and 1:20 on Exotic currency pairs.” Gold and platinum are set at 1:20, silver at 1:10, energies at 1:10, major index futures and major cash indices at 1:20, commodity futures at 1:10, share contracts for difference at 1:5, and all cryptocurrencies at 1:2.

Those two documents cannot both be describing the same product. The homepage headline advertises “325+ coins. Up to 25x leverage.” while the product specification for the entity that holds the account caps crypto at 1:2. A third figure appears in the help centre, which says account leverage is “by default, set to 1:100 for currencies, metals, and commodities”. We are not able to say from outside which number a funded account actually receives. We can say that the document a client contractually acknowledges is the most conservative of the three, and that anyone relying on 200x should get the applicable limit confirmed in writing before funding.

Margin, liquidation and the absence of a margin call

The Labuan agreement defines Margin Level, which the app calls Health Level, as equity divided by margin multiplied by 100. At a margin level of 100% the company “has the discretion to begin closing Client positions from the most unprofitable one”. At a margin level of 20% the system “will start closing automatically at market prices, starting from the most unprofitable one”. Unleveraged positions are closed at 0.1%. Clause 7.5 is the one to read twice: “The Company does not have an obligation to make Margin Calls to the Client”.

Combine that with clause 11.8.1 and the shape of the risk is clear. There is no promise of a warning, there is a discretionary liquidation power that starts while the account still has equity equal to its margin, and there is no cap on the loss at zero. Stop losses are explicitly not guaranteed: the execution policy warns that in gaps and volatile markets “the loss amount will exceed the amount set at the stop loss price level”. The firm also re-quotes instant orders when the requested price is unavailable, though it states it does not re-quote pending orders.

Trading hours are 00:00 server time on Monday to 00:00 server time on Friday, server time being GMT plus 2, with crypto quoted 24 hours a day and seven days a week. There is no after hours trading in shares.

Account Types

Amana does not sell a ladder of account tiers. There is one account, in one currency, and what differs is which legal entity holds it and which leverage tier is switched on. That is a cleaner structure than most of this industry offers, and it also means the questions a reader would normally answer by picking an account type have to be answered by picking an entity instead.

The single account

The entity matrix, which is the real account table

The UAE arrangement deserves a sentence of its own because it is easy to misread. The site says UAE clients “may be introduced through Amana Mena Promotional Services LLC, which is authorised to Promote, Introduce and Conduct Financial Consultation, in relation to services offered by regulated financial institutions within the Amana Group”. We verified that entity as Active on the SCA register under code CP-0001097. It is a promotion licence. A UAE reader who sees an SCA number in the footer is looking at the regulator of the introducer, not of the company holding the money.

The Lebanon numbers, for contrast

The group publishes a separate Product Specifications document for Amana Capital S.A.L. that reads very differently from the Labuan one. Margin is 5% on spot forex, 5% on gold and silver spot and futures, 10% on index futures and 10% on energies, with a full 100% margin requirement on hedged positions and a commission of USD 10 per lot on gold, silver and index futures. Spot gold and spot silver carry no commission. These are the only per lot commission figures the group publishes anywhere, and they belong to the Lebanese entity rather than to the app.

Negative Balance Protection

This is the most consequential single fact in the review, and the answer differs by entity in a way that the sign up flow does not surface.

AFS Global Ltd, Labuan, the default

Clause 11.8.1 of the client agreement is unambiguous: “Subject to Applicable Law, the Company does not provide negative balance protection. The Client acknowledges and agrees that trading in Leveraged Derivatives and other Financial Instruments involves a high level of risk and that, in certain market conditions, including but not limited to market volatility, Price Gaps, Slippage or Abnormal Market Conditions, losses may exceed the funds available in the Client Account, resulting in a negative Balance.”

Clause 11.8.2 then reserves the right to close positions without notice when equity falls below the required margin, and adds that exercising that right “does not guarantee” the account will not go negative. Clause 7.1 gives the company a right of set off across the client’s accounts, and clause 7.2 allows it to net between accounts where any one of them is negative. Clause 11.6 charges interest on amounts left unpaid to the company. Read together, those clauses describe a firm that contemplates a client owing it money after a gap and reserves the machinery to collect it.

This is lawful in Labuan, and it is normal for offshore CFD entities. It is also the exact combination that costs retail traders money: no protection, no obligation to make a margin call, and a marketing page offering 200x on major currency pairs. A 200x position on a major pair is wiped out by a 0.5% move against it, and gaps of that size happen.

Amana Financial Services (Dubai) Ltd

The DFSA terms we read do not contain a negative balance protection clause either, and we are not going to invent one. What they do contain is a segregation commitment: “the Firm will hold retail client money on a segregated basis, in accordance with the DFSA’s client money rules”, in accounts separate from the firm’s own, and the money “is treated as belonging to the client and cannot be used by us in any way at any time by the Firm”. Retail leverage is capped at 1:1 to 1:30 by clause 6.12, with tiered margin for professional clients. A 1:30 cap plus segregated client money plus a matched principal restriction on the register is a materially safer package than the Labuan one, even without an explicit protection clause.

Amana Capital Ltd, Cyprus

Negative balance protection for retail clients is a requirement of the ESMA product intervention regime that CySEC applies to Cypriot Investment Firms, so we would expect it to apply here. We could not verify it from the firm’s own documents, because amanacapital.com.cy publishes no client agreement, no terms of business, no costs and charges disclosure and no investor compensation notice. The only document linked from that domain is a privacy policy PDF. We are recording the position as unverified rather than assuming it, and a prospective EEA client should ask for the client agreement in writing.

How to tell which one you have

There is no country selector and no routing. The default is Labuan and the help centre says so: “By default, your account would be setup and regulated under our Malaysian entity, unless you request otherwise.” Before funding, the single most useful thing a reader can do is ask support, in writing, which company their client agreement names, and then look for clause 11.8.1 in the document they are sent.

Trading Instruments

Amana’s product range is genuinely broad and, unusually for a CFD brand, it mixes real securities with derivatives inside one account. It is also counted three different ways on three of its own pages.

What is offered

Three different totals

The all in one figure is given as “5,000+ tradable assets” on amanacapital.com.cy, “5,500+ commission-free assets” on the About page, and more than 6,800 assets on the Arabic markets page. None of the three is broken down into an instrument list or a contract specification table on the website, so the count cannot be checked from outside. The February 2026 Product Specifications document does name individual contracts and their sizes, which is more disclosure than most brokers in this catalogue provide, but it covers derivatives only and runs to roughly 70 named contracts.

Crypto, where two of the firm’s own pages disagree

The transparency statement describes a custody model: “We don’t offer you a crypto wallet … we hold all the coins in an institutional wallet with our custody providers or with the CEXs directly. You send us fiat currency, which you want to buy a digital asset with; we then buy the digital asset and hold it in our institutional wallet”. The help centre, on the same site, answers the question “Do I physically own the cryptocurrency I’m trading?” with “No, you don’t own physical cryptocurrencies when trading. Instead, you own cryptocurrency derivatives.” Those are two different products with two different insolvency outcomes, and a reader cannot tell from the site which one they are buying. Withdrawal of coins to an external wallet is not offered: “Amana doesn’t offer this service at the moment”.

The firm is clear that crypto sits outside regulatory protection. Its own footer states that “Crypto assets are not regulated and offer no regulatory consumer protection like other leveraged OTC derivatives”. The Product Specifications cap crypto leverage at 1:2 while the homepage advertises up to 25x.

Shares, and the one real protection in the product

US securities are the exception to everything above. The help centre states that “our clearing broker is a member of the Securities Investor Protection Corporation (SIPC), which means your cash and securities are protected up to $500,000 (including up to $250,000 cash) in the case of firm failure”, and that US shares are held in the client’s name. The legal documents page links to DriveWealth’s privacy policy and to its tax disclosure for non US citizens, which is where a reader can identify the counterparty in that chain. US pattern day trading rules are applied inside the app, with a counter and a block on new buy orders after three day trades in a rolling five day period for accounts under USD 25,000.

Education & Analysis

The research and education offering is built around the app rather than a separate portal, and it is better resourced than most brokers of this size.

Analysis tools

Charting is provided by TradingView inside the app. The app carries a feature the firm calls the Smart Money Tracker, marketed as a way to “Track the whales. Spot what’s hot.” Price alerts can be set per asset from the watchlist with a choice of notification method, and statements are downloadable by date from the profile section. Positions, orders and activity are separated into their own tabs, and the portfolio panel exposes account value, available funds, total invested, portfolio profit and loss, health level and exposure as named metrics. A Sharia compliance marker was added in 2026: eligible assets are tagged in the app with what the campaign page calls a blue moon icon. Leveraged instruments carry a lightning bolt icon to distinguish them from unleveraged ones, which is a small piece of design that does more for comprehension than most risk warnings.

Education

The Learn section splits into read, watch and webinar routes, and the group runs free live sessions every Tuesday with its senior markets analyst, promoted on the homepage. Two navigation links point to Real Vision content. The Arabic side of the site publishes guides on trading gold in the UAE, European shares and scalping strategy. Everything is in English or Arabic; no other language is offered.

The transparency statement, which is the most useful document on the site

Most brokers publish nothing about how they make money. Amana publishes a long statement that names three revenue lines for derivatives, explains payment for order flow on US shares, states that it lends out stock, and says that regional shares are sold at cost: “We take the cost that we are charged by our clearing brokers, and we only charge you that. It’s that simple: our cost is your cost.” It also contains the closest thing on the site to a loss statistic: “the vast majority of people that trade derivatives will lose money”, and, later, “Don’t use a lot of leverage, or you’ll quickly become a part of the 80%.”

That is a real disclosure and we credit it. It is also not a substitute for a firm specific figure. Amana knows its own number, because it publishes it on amanacapital.com.cy: 75.8% of retail investor accounts lose money when trading CFDs with this provider. A reader in Jakarta, Ho Chi Minh City or Dubai, arriving at amana.app, is given a general statement about the industry and a rounded 80% in a prose passage, and is never shown the firm’s own measured rate.

What is missing

There is no economic calendar, no proprietary research archive and no published market outlook that we could find on the English site, and no demo environment in which to test a strategy before funding. The Real Vision and webinar content is promotional in placement, which is normal, but it means the analytical material a reader can reach without an account is thin compared with the volume of campaign pages.

Special Offers

Amana runs more consumer promotions than any broker we have reviewed under a CySEC licence, and almost all of them sit on the app rather than on the Cyprus domain. That separation is not accidental: several would be difficult to run for retail clients inside the EU.

What is running on 28 July 2026

How to read a volume linked cashback

Cashback of up to 20% is not a discount on a fixed price, because the spread it rebates is set by the firm that pays it. The transparency statement is explicit that spread markup is a revenue line and that the firm is the counterparty to the trade. A rebate scaled to volume therefore pays more to the clients who trade most, on a product where the same document says the majority lose. We did not obtain the cashback terms, so we cannot state the tiers, the qualifying volume or the payment mechanism, and we are not going to guess at them.

The prize draw is worth one sentence of caution for a different reason. A weekly consumer prize attached to a leveraged derivatives account is the kind of inducement that EU and UK regulators restrict for retail clients, and its presence on the app but not on the Cyprus domain is consistent with the entity split described throughout this review.

The interest offer

The 2.75% figure on available balance is a headline on the Arabic markets page. We could not find the terms behind it: which entity pays it, whether it applies to the whole balance or to uninvested cash, whether it is annualised, and how it is affected by open positions are all unstated on the pages we read. Given that the default account holder is a Labuan money broking licensee rather than a bank, a reader should establish where the money sits while it earns that rate before treating it as a savings product.

Opening an Account

Onboarding is entirely in the app. Registration is completed on mobile or web, identity and address documents are uploaded in the same flow, and the account created is live rather than a demo. The minimum age is 18. No target approval time is published, so we leave account opening days empty rather than estimate it.

What you have to supply

Proof of identity is a passport or, in the UAE, an Emirates ID, submitted with both sides for a card. It must show full name, date of birth, a passport style photograph and a valid expiry date. Proof of residence is a document no more than six months old showing full name and residential address: a utility bill, driving licence, residence permit, national ID, bank or credit card statement, bank reference letter, council tax or municipality bill, social insurance statement, or a stamped and signed letter from an employer. The same document cannot be used for both. The help centre asks for identity documents to be uploaded as a live screenshot rather than a photograph, which is an anti fraud measure and a small piece of friction worth knowing about in advance.

Which company you end up contracting with

The answer, unless you intervene, is AFS Global Ltd in Labuan, Malaysia. The site footer states it in every country we fetched, and the help centre states it again under the question “Which regulation is my account under?”: “By default, your account would be setup and regulated under our Malaysian entity, unless you request otherwise.”

There is no country selector on the homepage, no jurisdiction step described in the onboarding flow, and no page that explains what “request otherwise” involves or which alternative entities are available to which residents. A UAE resident is separately told that they “may be introduced through Amana Mena Promotional Services LLC”, an SCA licensed introducer that holds no client money. So even in the group’s home market, the introducer and the account holder are different companies with different regulators, and only the second one matters if something goes wrong.

The Cyprus dead end

The CySEC approved domain, www.amanacapital.com.cy, carries a Register now button. It points to the registration destination, a page whose entire content is: “Not Available. Temporarily not available at this stage due to updates in our services.” We fetched it from the UAE on 28 July 2026 and that is all it says. The practical position is that the entity CySEC authorises has an approved website with no working sign up path, and residents of the country that licenses it are told the product is unavailable.

Before you fund

Three things are worth confirming in writing, because none of them is answerable from the public site. Which legal entity your client agreement names. Which leverage limit applies to your account, given that the marketing says 200x on majors and the Product Specifications say 1:30. And whether negative balance protection applies to you, since the default entity’s contract says at clause 11.8.1 that it does not.

Deposits & Withdrawals

Funding runs through the app. The published method families are cards, wire transfers, digital currency payments and the group’s own prepaid card. Local deposit rails exist in three countries: “Our local deposits are available for residents of the UAE, UK, and Cyprus.” In the UAE the group states that it banks with Mashreq Bank and First Abu Dhabi Bank.

What the fee position actually is

Two observations follow. The first is that the inactivity fee is among the mildest in this catalogue: it needs both twelve months of dormancy and a balance under USD 100 before it bites, where several competitors charge a larger monthly amount on any dormant account from month three. The second is that a reader cannot price a trade from the public site. There is no spread table, no swap table and no worked cost example anywhere on amana.app, and the one page titled Charges and fees contains a matrix of yes and no rather than any number. The commission free claim is credible and the transparency statement explains honestly that the revenue comes from the spread instead, but the size of that spread is the one figure the firm does not publish.

Processing and refunds

The payments team operates 24 hours a day, five days a week, Monday to Friday. Requests sent at the weekend are queued: “You’re welcome to send your deposit/withdrawal request during the weekend; however, we’ll only be able to process it during working hours.” A deposit made on Saturday or Sunday afternoon should be reflected before the market opens on Sunday at midnight. Withdrawals must return to the original funding source: “All refunds have to be sent to the original source of payment, as per amana’s policy and International Money-Laundering (AML) regulations.” Wire withdrawals to banks without an IBAN are handled by putting the account number in the IBAN field and the branch code in the comments.

Where the money sits

The Labuan client agreement commits to separating client money from the firm’s own in a Client Money Account, permits pooling into an omnibus account, requires monthly reconciliation, and states that client money is not available to pay the company’s debts. Two carve outs sit alongside it. Clause 5.1 warns that money may be held with a bank outside Malaysia, where insolvency treatment may differ. Clause 5.7 authorises the transfer of client money to a third party to fund or collateralise a transaction, “Such third party may include an Affiliate, an OTC counterparty, an exchange, or a clearing house, or a broker”, and states that the company is not liable for their acts, omissions, insolvency or dissolution. There is no compensation scheme behind any of that. The Dubai entity’s terms are stronger on this point, committing to segregated client bank accounts under the DFSA’s client money rules.

We found no complaint record, withdrawal delay pattern or payout evidence for any Amana entity that meets our sourcing rules, so nothing in this section is a claim about how withdrawals behave in practice. It is what the documents commit to.

Customer Support

Support is the part of this business that looks most like the MENA consumer brand it presents itself as, and it is better staffed than the Cypriot licensees we usually review. The group states that its team runs to “more than a 100 dedicated professionals, hailing from over 20 diverse nationalities”.

Contact points we could verify

Hours, where the site contradicts itself

The contact page headline reads “Markets don’t sleep. Neither do we. Real humans. 24/7 support in English and Arabic.” The FAQ lower down the same page reads “We’re available 24/5 to support you through trading journey.” The payments team is separately stated as 24/5, Monday to Friday. The Cyprus site advertises account executives available “Six days a week, 24 hours a day”. Four statements, three different answers. We have not tested response times on any channel and make no claim about them; we note only that the published availability is inconsistent.

Named individuals, which is more accountability than most

The About page names ten executives including Muhammad Rasoul as chief executive, Haris Loucaides as chief financial officer, Athanasios Velianis as chief risk officer, Omar Maatouk as director of trading and Sahar Haidar as director of global operations. Several of those names are independently on a regulator’s record: the DFSA lists Mr Muhammad Al-Amin Rasoul, Mr Haris Loucaides, Mr Omar Maatouk, Miss Sahar Haidar and Mr Georgios Xydas as authorised individuals of the Dubai entity. Being able to match a marketing page to a register in five places is a good sign, and it is the sort of check a reader can repeat.

Complaints and escalation

The routes differ by entity, and the difference is the point. A client of the Dubai entity may complain to the compliance officer and, if unsatisfied, to the DFSA complaints portal. A client of the Labuan entity goes through the firm’s complaints policy and then, if unresolved, to court in Malaysia: “This Agreement is governed by the Laws of Malaysia. If a settlement is not reached in accordance with the Complaints Policy, all disputes arising out of or in connection with this Agreement shall be finally settled in court in Malaysia.” There is no ombudsman and no compensation scheme in that chain. For most readers of this review, that is the chain that applies.

Prohibited Countries

Amana does publish a restricted country list, in the help centre on amana.app, in answer to the question “What countries are restricted from trading or opening an account with amana?” The wording is: “some countries are restricted or banned from accessing these services due to local or global regulations that we must abide by. And here are those countries”. Sixteen territories follow.

Two things about that list are worth flagging. It is a sanctions and US regulation list rather than a commercial one, which is why it contains Liberia, Eritrea and Rwanda. And it does not mention Cyprus, even though the group operates a dedicated page telling Cyprus residents the service is not available. Nor does it mention any EEA state, despite the group holding a Cyprus licence passported into 28 of them. [CySEC]

What the site actually did when we stood in each country

We fetched amana.app on 28 July 2026 from Indonesia, Thailand, Vietnam, Azerbaijan, Singapore, Japan, India, the United Arab Emirates, South Africa and the United Kingdom. Every one of the ten returned the same page, with the same default entity, the same leverage marketing and no country notice of any kind. That includes Japan, which appears on the restriction list above and was served the standard page with no warning. It also includes the United Kingdom, where the group has no current authorisation of its own.

Germany was the one vantage we could not resolve. Two attempts on amana.app and one on amanacapital.com.cy returned a Bright Data navigation timeout with an origin status of 502 rather than a page. That is our tooling failing to complete the request, not evidence of a block by the broker, and we draw no conclusion from it.

Beyond the sixteen territories above and the Cyprus page, no country restriction is published by any Amana entity that we could find, and we did not find one hiding in the Labuan client agreement either: the words restricted and prohibited do not appear in it in a country context. Readers should note the distinction we are drawing. The list is published and it is short. What is not published is any indication that residence in a country with no local licence, which is most of the ten we tested, changes anything about the account you are given.

Conclusion

Amana Capital Ltd is a genuine Cyprus Investment Firm. Licence 155/11 has been current since 21 October 2011, the register names www.amanacapital.com.cy as its approved domain, and its permissions include dealing on own account across all ten instrument classes. [CySEC] The group behind it holds two further authorisations we verified independently: a DFSA licence for the Dubai entity with a retail client endorsement and a matched principal restriction, and an active UAE SCA registration for its promotional company. Five of the executives named on the marketing site appear on the DFSA register as authorised individuals. Nothing in this review is a scam finding, and three verified regulators is more than most brands in this catalogue can show.

What the evidence does not support is treating any of that as covering the product a reader will actually be sold. The retail proposition is the amana app, and the app opens accounts with AFS Global Ltd in Labuan, Malaysia by default, in every one of the ten countries we stood in. That entity’s client agreement says at clause 11.8.1 that it does not provide negative balance protection, gives the firm a discretionary power to liquidate from a margin level of 100% and an automatic one at 20%, removes any obligation to make a margin call, names the firm as the sole execution venue and the counterparty to every trade, and puts disputes in the Malaysian courts with no ombudsman and no compensation scheme behind them. We could not verify that entity on any register we can reach, because the Labuan lists in its own documents return 404. That is a gap in our evidence and not a finding against the firm, and we score it neutrally.

The five things we would want a reader to check

1. The retail loss percentage exists and you are probably not being shown it. amanacapital.com.cy publishes 75.8% of retail investor accounts lose money when trading CFDs with this provider. amana.app publishes no percentage at all, on any page, in any of the ten countries we fetched. The firm’s substitute is a general statement in its transparency statement about becoming “part of the 80%”. A measured number exists; ask for it.
2. The UK licence on the site is not the group’s any more. Both live websites name Amana Financial Services UK Limited under FCA reference 605070. That reference belongs to Kinsworth Investments Ltd, renamed on 27 March 2026, and Amana Capital Holding (Cayman) ceased to be its controller on 19 September 2025. The About page has already been corrected; the footer and the help centre have not.
3. The advertised leverage and the contractual leverage do not match. The Max tier page offers 200x on majors and up to 25x on crypto. The Product Specifications of February 2026, for the same entity, set 1:30 on majors and 1:2 on crypto. The help centre offers a third figure, 1:100. Get the applicable limit in writing.
4. The house is the counterparty and says so. The transparency statement describes acting as the first stop or counterparty for everything, hedging only net exposure, and making money on that risk management. That is honest disclosure, and it also means your loss is the firm’s revenue up to its exposure limits. Price that in.
5. The Cyprus entity has no working sign up. The Register now button on the CySEC approved domain leads to a page reading “Temporarily not available at this stage due to updates in our services”. Whatever the EEA passports say, we could not find a route by which an ordinary retail reader actually opens an account with the CySEC firm.

Who this suits

A trader in the MENA region who wants US and regional shares, gold, forex and crypto in one application, who values a broker that publishes how it earns its money, and who understands that the account is Malaysian and unprotected, will find a well built product with real people behind it and an unusually candid revenue disclosure. Someone who specifically wants the Dubai entity, with 1:30 retail leverage, DFSA segregated client money and a regulator complaints portal, should ask for it by name at account opening rather than accept the default. Anyone in the EEA who came here because of the CySEC licence should understand that the licence is real, the entity is real, and the app is not offering it to them. And nobody should activate a 200x tier on an account whose contract states in terms that losses can exceed the deposit.