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UAE
UAE
T: +971 4 276 9525
Toll-free: 800AmanaApp
Cyprus
Cyprus
T: +357 25 25 79 80
Lebanon
Lebanon
T: +961 1 370 940
Malaysia
Malaysia
T: +60 875 045 53
Frequently asked questions
Getting started
What is Proof of Identity (POI)?

Proof of Identity (POI) is an official document such as your passport or, in the UAE, your Emirates ID. You must submit a valid passport or ID copy to verify your identity. If you’re submitting a government-issued identification card (ID), such as your Emirates ID, you must submit both sides.

Your copy must contain: 

  • Your full name.
  • Your date of birth.
  • A clear, passport-style photograph.
  • A valid expiry date.

Note: Submitting the same document for both your POI and POR isn’t acceptable.

What is Proof of Residence (POR)?

Proof of Residence (POR) is an address verification document with your full name and residential address, no more than six months old.

Examples of POA/PORs: 

  • Utility bills (electricity, water, gas, home internet or landline phone).
  • Driver’s license, residence permit, national ID, or state ID.
  • Bank statement, credit card statement, or bank reference letter.
  • Council tax or municipality bill/government tax letter.
  • Social insurance statement.
  • An official letter from your employer verifying your address (stamped and signed).

Note: Submitting the same document for both your POI and POR isn’t acceptable.

Which regulation is my account under?

By default, your account would be setup and regulated under our Malaysian entity, unless you request otherwise. 

Can I have more than one account at amana?

One major benefit of amana app is that we’ve got all your products in one place, so you don’t need an additional account. Nonetheless, additional account requests will be reviewed on a case-by-case basis.

How can I verify my phone number?

During your registration, you'll be asked to provide your mobile number, and a code will be sent to you by text message. Type in the code for the confirmation and voila, your number is verified!

What’s the minimum age required to open an account?

The minimum age required to open an account is 18 years old. 

What countries are restricted from trading or opening an account with amana?

Even though online trading and investing are very popular and widely available, 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:

IranCrimea (part of Ukraine)
North KoreaLiberia
CanadaBurma
SyriaEritrea
USACongo
IsraelRwanda
CubaSomalia
JapanBelarus
Can I have my account in AED instead of USD?

The only currency applicable on amana mobile and web at this time is USD.

However, you can deposit your funds in AED through a wire transfer and we'll complete the conversion at a fixed rate of 3.68 for incoming and outgoing funds.

Does amana accept US clients?

If you’re a US resident or liable to pay taxes in the US, we cannot open an account for you with amana. Sorry! This is a US regulation, and we have to abide.

How can I contact amana?

We’re available 24/5 to support you through trading journey. Take advantage of our highly trained, multilingual team of trading and investing experts, who can help answer your questions.

Give us a call:

United Arab Emirates
T: +971 4 276 9525
United Kingdom
T: +44207 248 6494 
Lebanon
T: +961 1370 940
UAE toll-free number
800AmanaApp

Drop us an email:

Are you on socials? So are we!

FacebookInstagramTwitterYoutubeTikTokDiscord 
Do you have a presence in the Middle East?

Yes, amana is from the region and for the region. Founded in 2011, our headquarters are in the UAE. We also have offices in Lebanon, and new points of presence in Jordan and Qatar.  Outside of MENA we have offices in Cyprus and the United Kingdom.

How is amana regulated?

Amana Capital is a multi-licensed group regulated by various regional and international bodies, including the Financial Conduct Authority (FCA), Dubai Financial Service Authority (DFSA), and other international authorities. For the complete list of licenses, see below:

Amana Financial Services UK Limited

License Number 605070

Financial Conduct Authority (FCA)

License Details: Know more


Amana Financial Services (Dubai) Limited

License Number F003269

Dubai Financial Services Authority – DFSA

License Details: Know more


Amana Capital Ltd

License Number 155/11

Cyprus Securities and Exchange Commission (CySEC)

To view Amana Capital Ltd’s authorization, Know more


Amana Capital SAL

License Number 26

Capital Markets Authority (CMA)

License Details: Know more


AFS Global

License Number MB/18/0025

Labuan Financial Services Authority (LFSA)

License Details:  Know more


ACG International Limited

License Number C118023192

Financial Services Commission - Mauritius (FSC)

License Details: Know more

Where can I leave a callback request?

You can visit our Support page and fill out the “Contact us” form, and we’ll get back to you as soon as possible.

Trading and investing
What’s a position?

A position is the amount of an asset (e.g., a currency or stock) owned by an individual or organization that has exposure to market movements and can generate a profit or a loss.

What’s an order?

An order is a set of instructions you place to buy or sell an asset.

What's my account leverage?

Your account leverage is, by default, set to 1:100 for currencies, metals, and commodities. As for shares and cryptocurrencies, the leverage varies from 1:2 up to 1:20, depending on the asset. You can find the offered leverage on any asset in the “Asset Info” tab or while placing an order (i.e., 5x, 20x, 100x, etc.). You can recognize it by the lightning bolt icon.

Only products with a lightning bolt icon next to them will have any type of leverage. 

Can I change my account’s base currency?

At this time, all amana accounts are in US Dollars.

What’s the difference between trading with leverage and without leverage?

The difference between trading with and without leverage is whether the amount required to open a position is the same as the asset’s exposure or not. When you trade with leverage, the USD value of the asset you’re trading is multiplied by the leverage ratio chosen.

For example, a 1:5 leverage means you use $100 to trade $500 worth of an asset. 

When you trade without leverage, you’re trading with “cash value.” That means the amount of capital required to open a position is equal to the exposure to the asset. 

What are overnight fees?

Overnight fees are daily charges for holding a leveraged position where the total value of the position is greater than the amount required to place the trade. 

For example, if you trade $1,000 worth of Apple stock with a leverage of 1:5, then you have a total position value of $5,000.

What is leverage?

Leverage is a trading service that lets you trade more of an asset than what your deposited amount is worth.

For example, $1,000 on a Disney stock with a leverage of 1:10 allows you to invest a value of $10,000.

Leverage is a great tool to increase your potential profit, but also your potential losses. It can be a double-edged sword, and we advise all our users to keep their risk in check at all times!

Keep in mind that when you trade on leverage, the difference between your deposited amount ($1,000) and your leveraged amount ($20,000) is a loan provided by your broker. That’s why, if you keep your leveraged position open for over 24 hours, you pay what is known as “overnight fees”.

What causes a negative balance?

A negative balance occurs when losses exceed the amount of funds in the account. This situation can happen when trading leveraged products where the amount of capital to enter the trade is less than the total value of the trade. In volatile market conditions, where prices move quickly or when markets gap, losses can exceed the amount used to open the trade and lead to a complete loss of your deposit, or even a loss greater than your deposit. 

Are cryptocurrencies regulated?

No, cryptocurrencies aren’t regulated. They’re decentralized networks based on blockchain technology, which is a public distributed ledger across a large network. Because they’re not issued by any central bank, they’re theoretically immune to government interference and/or manipulation. 

Is my stop-loss (SL) order guaranteed?

Under normal market conditions, your SL orders will typically be executed at the price you set.

But under abnormal conditions, the market is vulnerable to high levels of volatility, during which market gaps might happen. In a fast-moving market or a gap situation, your stop-loss order may be executed at a price different than requested.

Why was my stop-loss order executed at a different price?

Under normal market conditions, your SL orders will typically be executed at the price you set.

But under abnormal conditions, the market is vulnerable to high levels of volatility, during which market gaps might happen. And they could put you in a tight spot, where your stop-loss order is executed at a worse price. I.e., NFP (non-Farm Payroll) or Central Bank rate decision events.

To avoid the latter scenario, it’s best to stay out of the market before, during and after breaking news events. Usually, the effects unfold within 15 to 20 mins, then the market is (typically) back to normal conditions.

Are my limit orders guaranteed to be executed at the price I set?

Under normal market conditions, your limit orders will be executed at the price you set or better.

Can I place an order during the weekend?

Yes, you can, as long as there’s a market open on the weekend in question. For the time being, this only applies to crypto. To know more about the markets’ opening and trading hours.

What is a trade?

By definition, a trade is the act of exchanging one thing for another or buying and selling goods and services. In this case, it would be exchanging your deposited USD amount into asset investments of your choice, like buying an Apple share, 10 ounces of gold, a couple of thousand barrels of oil, or a currency pair, such as EUR/USD. Whether your trade is executed at market price or at a pre-defined price, it’ll still be considered a trade.

What is a market gap?

A market gap is a sharp upward or downward change in a stock’s price (or another financial asset), where little or no trading activity has taken place. When this happens, you will typically find the term “market gap” or “gap” used on the asset’s chart, as shown below.

 Whether upwards or downwards, gaps often take place because of:

  • Company earnings reports that show better-than-expected profits or dividend distribution. 
  • Company announcements, such as a new hire or the termination of a Senior level employee or a Board of Directors member.
  • Product announcements. For example, a certain defect or default that forces a company to withdraw part of their stock from the markets. 

The terms “gap up” or “gap down” refer to the direction of the market gap. If the asset price moves upwards, it’s a gap up. And if the price of the asset moves downwards, then it’s a gap down.

Usually, gaps are classified into four types depending on the price pattern. Some investors study these types of gaps to help inform their trading strategy. 

 

Here are the four types of market gaps:

  1. Common gap: The common gap simply shows a gap in price, irrespective of a certain price pattern.
  2. Breakaway gap: Positioned at the end of a ranging chart price pattern, this gap signals the beginning of a new pattern forming (upwards or downwards).
  3. Continuation gap: This gap takes place in the middle of an existing price pattern (upwards or downwards) and signals an additional rush of new buyers or sellers that share a common belief about the stock’s future direction.
  4. Exhaustion gap: This gap is considered the opposite of a continuation gap. It takes place at the end of a price pattern, signaling a last attempt to hit new highs or lows before a price pattern reversal.
Deposit and Withdrawal
What is a refund?

A refund is the process of withdrawing and returning funds to the same source previously used to deposit your funds. All refunds have to be sent to the original source of payment, as per amana’s policy and International Money-Laundering (AML) regulations.

What is a CVV, and where do I find it?

A CVV, also known as “Card Verification Value,” is the three-digit code printed on the back of your bank card. Turn your card over to see your CVV.

A CVV serves to establish the card owner’s identity and minimize the risk of fraud.

What is 3-D Secure?

3-D Secure, also known as “Payer Authentication”, is a security protocol that adds an extra layer of protection to your online debit/credit card transactions. Different card networks have developed their 3-D Secure systems, so your authentication will be branded with messages like “Verified by Visa” or “MasterCard Secure Code”. Whenever you receive an authentication request, simply enter the one-time PIN you receive via SMS into the required field.

What are SWIFT and IBAN codes?

You can find your SWIFT and IBAN codes on your bank account statement or within your online banking app. 

  • A SWIFT code, also known as a “BIC,” is an eight-digit number that helps any bank across international borders to identify your bank. 
  • An IBAN code, also known as the “International Bank Account Number,” helps banks to identify your specific bank account when processing a payment. 

Note: If you’d like to request a withdrawal to a bank that doesn’t have an IBAN code, enter your account number into the IBAN field on the “Withdrawal” page, followed by your bank’s branch code in the comments field.

Do you have local deposits?

Yes, we do. Our local deposits are available for residents of the UAE, UK, and CyprusTo know more, get in touch with us at [email protected]

Can I deposit or withdraw over the weekend?

Our Payments Team is available 24/5, from Monday to Friday. You’re welcome to send your deposit/withdrawal request during the weekend; however, we’ll only be able to process it during working hours.  

Note: If you deposit any time on Saturday or Sunday afternoon, the transaction should be reflected in your account before the market opens on Sunday at midnight. 

Which UAE bank(s) is amana dealing with?

amana currently banks with Mashreq Bank and Commercial Bank of Dubai (CBD).

Stocks and ETFs
Why does Amana count Day Trades for US Shares and ETFs?

Amana counts your day trades in US securities in the Profile section of the app to prevent violations of the Pattern Day Trading rule. You will see a counter that displays the number of day trades you have completed. Once a customer has 3 Day Trades, no buy orders in US shares or ETFs will be accepted until one of the Day Trades rolls out of the 5-day period. There are no restrictions on reducing or closing any open positions in US shares or ETFs.

What is Pattern Day Trading (PDT)?

US Regulators implemented a Pattern Day Trading rule in 2001 as a safety feature to help reduce the risk associated with short term trading. The rule attempts to prevent inexperienced traders from trading too much and also attempts to prevent them from incurring large losses.

Pattern Day Trading only applies to trades in US securities including shares and ETFs. Trades in forex, derivatives and crypto are not subject to Pattern Day Trading requirements.

What is a Day Trade?

A Day Trade is when a buy order and a sell order of the same symbol are executed in an account in one trading day.

What is a Pattern Day Trader?

US regulation defines a Pattern Day Trader as an account that does 4 or more “Day Trades” within any 5-day rolling period. A Day Trade is when a buy order and a sell order of the same symbol are executed in an account in one trading day. Customers that are tagged as Pattern Day Traders must maintain $25,000 worth of US shares in their securities account.

If you hold over $25,000 of US shares or ETFs in your securities account, you are able to engage in Pattern Day Trading. Customers that have less than $25,000 of US shares or ETFs in their securities account are allowed 3 Day Trades over a 5-day rolling period.

Amana counts your day trades in US securities in the Profile section of the app to prevent violations of the Pattern Day Trading rule. You will see a counter that displays the number of day trades you have completed. Once a customer has 3 Day Trades, no buy orders in US shares or ETFs will be accepted until one of the Day Trades rolls out of the 5-day period. There are no restrictions on reducing or closing any open positions in US shares or ETFs.

Are all amana accounts insured by SIPC?

TLDR: Yes, 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.  Please note, SIPC does not protect against gains and losses from market fluctuation. 

To know more about SIPC, click here.

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