amana Exposure Report: Withdrawal Delays & App Malfunction Allegations

amana, a United Arab Emirates-based broker, is reportedly losing most of the traders‘ favour recently. These traders have accused the brokerage entity of serious misconduct, including the long-pending fund withdrawal requests and poor customer services. Negative amana reviews have emerged across broker evaluation platforms such as WikiFX. Through this article, we have covered these allegations while providing our perspective on the broker’s regulatory status. This will help you make an informed call on whether you can trust amana with your capital.

amana Broker Trading Product Portfolio

amana advertises to be a full-fledged brokerage house, allowing investors to access a wide range of markets, such as forex, shares, crypto, gold, etc.

The brokerage entity promises to allow investments in over 50-70 currency pairs.

Additionally, the platform allows investments in over 325 cryptos, including Bitcoin and Ethereum.

If you are someone who would want to invest in gold, you can trade spot and gold ETFs on the platform.

At the same time, you can invest in 5,200+ leveraged US & MENA stocks, 2,100+ physical US shares, and 600+ physical MENA shares.

amana Broker License Claims

On the official website, amana operates a myriad of group companies with different regulatory authorities and their license numbers. The table below lists the different Amana companies and their regulatory claims.

Top Trading Complaints Against amana

amana Login App Lags & Freezes, A Trader Claimed

A United Arab Emirates-based user highlighted that the amana app constantly lags and freezes randomly while logging him out without any reason. The trader questioned the lack of face ID login on the application, as well as claimed that the broker charges steep overnight fees, which would potentially make him close the trading account soon. The user expressed sheer frustration with this amana review. Have a look.

An App Glitch Story Involving a 5K Fund Loss by the Trader

Another complaint came from a United Arab Emirates-based user, who alleged that the app glitch makes it difficult to stop trades, causing losses eventually. Recounting his case, the trader admitted to having lost 5K on the platform. When inquired with the customer support service, the trader was allegedly informed that it was not due to the brokers fault. At the same time, the user claimed that amana failed to provide any logs while calling out the customer support service for its unresponsive behavior. The screenshot below details this complaint.

An Indian Trader Also Raises Concerns Over App Function

The discrepancy concerning the amana app is also reported by an Indian user. According to the complaint, the trader recently warned others against investing in the app, flagging it as a money-losing tool. The trader expressed disgust over too many technical glitches and the lack of customer support service through this amana review.

Incompetent Live Chat on Withdrawals & Other Issues Reported

This complaint flagged the broker on almost every trading aspect. These included no reply to withdrawal queries by the live support team, the lack of the latest trading charts on the app, and high trade and overnight fees. Have a look at this crisp, but a very important complaint.

$150 Withdrawal Processed, But No Receipt at the Traders Bank Even After 10 Days

A Canadian user claimed to have withdrawn $150 from the amana trading account. However, even after ten days, the trader reportedly failed to receive any confirmation of the withdrawal request. Neither did the trader receive funds into his bank account. The trader made a detailed negative review of the broker online. Take a look at what the user actually said.

User Alleges Deposit Losses and Withdrawal Blocks Amid Repeated Payment Demands

A Hong Kong-based user claimed to have been persuaded by an amana customer manager to open an account and began trading after depositing 30,000, which was almost entirely lost. After adding another 50,000 the next day, the user reported that a staff member assisted with trading, resulting in a sudden spike in account balance to over 800,000. However, when attempting to withdraw funds, the user alleged that the request was blocked.

According to the complaint, customer support demanded additional payments under the pretext of “personal income tax” and later a “certification fund,” leading the user to transfer a total of 70,812 across multiple accounts. Despite these payments, withdrawals were still not processed. Subsequently, the user reported the matter to the police, alleging that the platform operated fraudulently.

For more details, check this amana review on WikiFX.

Some More amana Complaints on Withdrawals & Poor Customer Support Service

amana received some more complaints where traders criticized its poor withdrawal request handling and ineffective customer support service, including no responses to sent emails and giving auto-generated messages. Here are some more user allegation screenshots.

amana Broker Review by WikiFX: Is the Broker True About Its Regulatory Claims?

As per WikiFX‘s findings, amana holds five trading licenses, including three for forex trading. It is regulated by CMA, CYSEC, FSC, DFSA and LFSA across different jurisdictions. These do provide a sense of legitimacy. However, the surging user complaints cannot be ignored. The broker management needs to review the company’s operation thoroughly to resolve issues associated with withdrawal processing, app function, customer support, etc.

For now, the amana broker holds a respectable score of 6.67 out of 10.

Download the WikiFX app for more investigations about forex brokers.

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