Question 1

What are the account tiers on baraka?

Accepted Answer

There are currently two tiers of accounts on baraka. The Standard and Premium Tier, both provide access to 6,000+ US stocks and ETFs and the essential tools for your investment experience.
&#8211; The Standard Tier: a free general investment account providing you with all the tools you need to invest commission-free.
&#8211; The Premium Tier: along with the free investment account, you can unlock access to up-to-the-minute analysis, insights, stock alerts and much more, powered by data from Refinitiv.

Question 2

Is baraka safe? Is my money insured?

Accepted Answer

baraka is licensed and regulated by the Dubai Financial Services Authority (“DFSA”). To offer US Stocks and ETFs, we have partnered with DriveWealth, a Securities and Exchange Commission (SEC) registered broker-dealer and member of Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC).
Your investments are protected by the Securities Investor Protection Corporation (SIPC) up to $500,000 (which includes $250,000 on cash deposits).

Question 3

What is baraka?

Accepted Answer

baraka is an investment platform that enables GCC investors to make informed and strategic long-term investment decisions. From our comprehensive suite of products and cutting-edge automation tools to the expert insights and resources we provide, we are committed to supporting you in building and managing your wealth in a way that aligns with your financial goals and values.

Question 4

Where does baraka operate?

Accepted Answer

baraka is based in the United Arab Emirates, but we are creating opportunities and accessibility to the financial markets for everyone. While our app is primarily available for users in the GCC region, our educational content is open to anyone, anywhere.

Question 5

Is baraka free to use?

Accepted Answer

Yes, you can invest in US stocks and ETFs without any commission fees. baraka does not charge you any account funding fees, withdrawal fees or account management fees &#8211; just transparent, straightforward pricing.
However, if you are looking for a more comprehensive investment experience, we have a premium subscription option available. Our premium subscription gives you access to real-time market data, news and alerts from Refinitiv, all for a monthly fee of 37.99 AED or an annual fee of 369.99 AED.

Question 6

How do I withdraw money from my baraka account?

Accepted Answer

Withdrawing money from your baraka account:
1. Open the profile section on the application and select withdraw
2. Enter the amount you wish to withdraw and select your preferred bank account
3. If you do not have a bank account added please press 'Add Bank Account' and enter the relevant details.
You can withdraw funds only into a bank account that matches your account name in baraka.

Question 7

What is Auto-Deposit?

Accepted Answer

You can set up your account to deposit funds automatically and periodically as you decide. You have the power to select how often you'd like the deposits to be made (daily, weekly, bi-weekly, or monthly) and the days on which these transactions take place.
To activate Auto-Deposit:
1. Head to your Profile page and click on Deposit
2. Select the Debit Card funding option
3. Scan your debit card and enter the desired amount
4. Select the Auto-Deposit option from the drop-down menu in the top right corner then click on Add Funds
5. Choose the frequency of the deposits (i.e. Weekly, Monthly, etc.) then click on Confirm

Question 8

Why can't I withdraw my funds?

Accepted Answer

As trades and instant funding take 2-3 working days to settle into your baraka account, your funds will be available for withdrawal as soon as they settle into your account.

Question 9

Why is my cash balance negative?

Accepted Answer

Instant Funding deposits take 2 to 3 days to settle to your cash balance, however, it will instantly be available as a buying power where you can buy stocks. And, since you have done some trades, it currently shows as negative balance because the deposits are not settled it to your cash balance.

Question 10

How long does the deposit take?

Accepted Answer

Depending on the deposit method you have selected, the transfer time will differ 💳:
&#8211; If you fund your account with 'Instant Funding; (such as Debit card, Apple Pay or Google Pay), your money will be deposited immediately 💰.
&#8211; With Connect UAE and bank transfers, transfers can take 2-5 business days to reach your baraka account 💼.
Like any international bank transfer, payments are processed during normal banking hours from Monday to Friday 📅, excluding bank holidays. After business hours, your transfer will be processed the next day 🕰️.
If you have notifications enabled 🔔, you will receive a notification when your money reaches your account 💳.

Question 11

How can I change my personal details?

Accepted Answer

You can modify your personal details from the profile page. Head to the personal info tab, and click on 'Edit' on the top right corner.
Please note that UAE Pass users cannot change their personal details from the baraka app, as they will have to be modified from UAE Pass app first.

Question 12

I got a PDT warning &#8211; is my account restricted?

Accepted Answer

In order in to protect your account from PDT restriction and your trades, we have applied a temporary restriction on your account that will prevent you from trading for 5 business days counting from the day in which you made your first Day Trade, to protect your account from being flagged as a PDT, kindly avoid day trading frequently.

Question 13

Can I transfer through STC pay?

Accepted Answer

We only accept deposits via debit Visa cards and non-digital banks. Please head over to our deposit page to find out more information.

Question 14

How to change the language in the app to Arabic?

Accepted Answer

It is very easy to change your preferred language in the app. Just head over to Profile > Settings > Language

Question 15

How do I change currency in the app?

Accepted Answer

You can change the currency in the app to your desired currency by going to Profile > Settings > Currency
Please head over here to learn about our different funding methods.

Question 16

How can I download the baraka app?

Accepted Answer

You can download baraka both on the Google Play Store (if you’re using an Android device) and the iOS App Store (if you’re using an Apple device).
Download the application on the Google Play Store.
Download the application on the iOS App Store.

Question 17

What are Premium features?

Accepted Answer

baraka's Premium subscription allows us to provide better financial tools to help you invest better. This includes direct access to detailed stock analysis from Refinitiv including analyst price target estimates.
As a valued Premium Tier member you get unlimited access to in-depth company research, that includes buy-hold-sell recommendations, 12-month price targets, sector analysis, stock score across 8 categories (earnings, fundamental analysis, relative value, price momentum, risk, insider trading).
You can refer to the table below for a more detailed comparison.

Question 18

Do you provide any financial courses?

Accepted Answer

We provide a range of quick, bite-sized, engaging content in the form of blogs, newsletters, and articles covering investing fundamentals in the app. However, we do not provide any investment advice and recommend that you consult a financial advisor.

Question 19

Can I register from outside the GCC?

Accepted Answer

For the time being, we only provide the service to nationals and residents of the GCC, Jordan and Turkey.

Question 20

How can I login to baraka?

Accepted Answer

Once you have registered, you can log into the app either via email and password, or use one of the social login options available on the app &#8211; such as Apple ID, LinkedIn and Google Login.

Question 21

What is a stop order and how can I place it on baraka?

Accepted Answer

Stop Loss Orders are essentially limit sell orders for the stocks you hold in your portfolio, set at a price below the current market price. This is the price at which you would sell the security. By putting in a stop loss order, you are limiting your losses. Stop loss orders are designed to limit an investor’s loss on a position that makes an unfavourable move.
To place a stop order on, follow the steps below:
1. Select the stock or ETF you would like to place a order for
2. Click the ‘Invest’ button on the bottom right
3. Select ‘Stop Order’ from the drop-down menu on the top right corner
4. Enter the target price per share at which you’d like to buy the stock, the number of shares and its expiry date
5. Click 'Confirm' and review your order in the pop up dialogue box
Stop Sell Order:
1. Select the stock or ETF you would like to place a limit order for
2. Click the ‘invest’ button on the bottom right and select ‘sell’
3. Then on the top right corner select  ‘stop order’
4. Enter the target price per share at which you’d like to sell the stock, and the number of shares
5. Click confirm and review your limit order in the pop up dialogue box

Question 22

Will the dividend be paid to my bank account or baraka account?

Accepted Answer

Dividends will be credited to your baraka account. You can also choose to reinvest your dividends through our Dividend Reinvestment Plans (DRIPs) product.

Question 23

Why are there missing stocks?

Accepted Answer

You can request a stock directly from the app or by reaching out to support. Please head over to this page to find out more.

Question 24

Why didn’t my order get executed?

Accepted Answer

You may have pending market orders on your account for some stocks. As you placed these orders outside of the market hours, these will not be executed until the market opens.
Regular trading hours for the US stock market, including both the New York Stock Exchange and the Nasdaq Stock Market, are from 6:30 PM to 1:00 AM (GST), from Monday to Friday.

Question 25

How many time a week is the limit to buy and sell in your platform?

Accepted Answer

There are no limits to buying and selling on baraka. However, PDT designation rules do apply. In order to protect your investments, the FINRA has limited same day buy and sell transactions of the same stock to 4 trades per 5 working days. In order to bypass this, you will need to top up your account with a minimum of $25,000 in equity. Please head over to our PDT article to understand more.

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