What is baraka?

baraka is a UAE-based investing application on a mission to connect young, millennial investors to regional and international investment opportunities through a vibrant and transparent open investing ecosystem.

How does baraka make money?

Baraka is the first application to bring commission-free investing to the GCC region. By doing so, we’re empowering you to make more dynamic investment decisions based on the fast-moving nature of the financial markets.

Upon hearing “commission-free”, one of the first questions users ask is “how do you make money?”

We currently operate a freemium business model: the general investment account offers you free unlimited trading on over 4500 securities including ETFs, a messenger app for you to interact with the baraka community, the academy as well as insights. This will remain free forever.

You can, however, opt to try out our premium subscription – this will bring you up to date market analysis, stock reports and instant updates for AED 27.99 monthly or 279.99 yearly.

Is the baraka app free to use?

The baraka application is free to use. With baraka, you can invest in 4500+ US stocks, and exchange traded funds (ETFs) commission-free, meaning zero fees when you buy or sell stocks on baraka. Baraka does not have any funding fees, withdrawal fees or account management fees.

With baraka, you can expect complete transparency and no hidden fees or charges.

Should you require additional insight into market movements, you can opt for a premium subscription. This will provide you with up to second market data, news and alerts from Refinitiv.

What are the multiple account types on baraka?

There are currently 2 tiers of accounts on baraka. The free general investment account provides you with all the tools you need to invest commission-free – from 4500+ US stocks and exchange traded funds, portfolio and watchlist views, and academy for investment learning, to news and insights.

You can elect to advance to the premium tier, which will unlock access to up-to-the-minute analysis, insights, stock alerts and much more, powered by data from Refinitiv.

What documents do I need to set up a baraka account?

In order to set up your baraka account, you will require a form of documentation to verify your identity. This can either be your passport, identification card, or driving license.

You will also need to provide a proof of address. Inputs include your country of residence,city and street address, and your postal code. To verify your address, you can provide either one of the following documents:

  • Recent utility bill
  • Tenancy contract (or ejari)
  • Telephone bill
  • Bank statement

How can I login to baraka?

In order to be able to login to baraka, you must first register
Click on the login button on the get full access page prompted by the application.

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 – such as Apple ID, LinkedIn and Google Login.

How do I register to baraka?

You can register to baraka after having downloaded the application from the Google Play Store or the Apple App Store.

In order to register, you will be required to complete the following steps:

  1. Login: Setup your login details and validate your cell phone.
  2. Personal Details: Complete your personal information.
  3. Validate your identity: Verify your identity by submitting a few documents and a proof of address.
  • For document verification, you will either require your passport, identity card, or driving license.
  • A proof of address can be either a bill from the relevant water and electricity authority (DEWA, SEWA, FEWA, for instance), a tenancy agreement (ejari contract), a telephone bill or a bank statement.

Can I use my social profiles to log onto baraka?

You can log onto baraka using your social profiles on Facebook and LinkedIn, or your account on Google or Apple.

In order to choose social login, please follow the steps below:

On the login screen, click on the icon of choice (based on the social profile you’d like to use to log into baraka)

You will have to validate your social profile by logging into the social account you’ve chosen in an in-app screen

How much time does it take for my funds to get transferred?

Bank transfers can take 2-3 working 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, we will send you a notification when your money is available in your account.

How can I find stocks?

You can find stocks on baraka using a variety of methods. Let’s explore a few:

The Search Bar, Popular Stocks, New Stocks, Sectors.

The Search Bar is your best friend when it comes to exploring the investment universe. You can use it to scout over 4500 stocks available to trade on baraka.

How can I find the search bar?

You can find the search bar by following the steps below:

  1. Go to the Discover tab by clicking on the compass icon on the menu bar at the bottom of your screen.
  2. Find the search bar on the top of the Discover screen

Using the Search tab, you can search for stocks using the names of the companies (Apple, Tesla, Amazon) or their tickers (AAPL for Apple, TSLA for Tesla or FB for Facebook)

The Search Bar is followed by sections of stocks segregated on various various metrics – what’s popular, what’s trending, new stocks added to baraka, stocks classified sectorally, thematically and much more.

How can I add stocks to my watchlist?

Once you’ve created your watchlist, the next step is to add stocks to your watchlist. You can do so by following the steps below:

  • Click on the compass icon on the menu bar to navigate to the Discover page.
  • Navigate to the top of the screen to find the Search Bar
  • Click on the search bar to search for a stock of your choosing, for example, Apple
  • Click on the stock’s bar in the search dropdown to access the stock’s page
  • Click on the watch button on the top right hand corner.
  • Select the watchlist you want to add the stock to.

How can I search for stocks?

You can search for stocks on baraka by following the steps below:

  1. Head over to the discover page on the application by clicking the compass icon on the menu bar.
  2. You will find a search bar at the top of this page.
  3. Click on the search bar to browse over 4500 stocks and ETFs on the baraka application.

You can search for stocks either by their names or ticker symbols. For example, you can search for Amazon by either typing out the name in full, or its ticker symbol AMZN.

How can I view my portfolio?

To view your portfolio on baraka, navigate to the portfolio page by following the steps below:

  • Click on the wallet icon on the bottom left hand corner of the screen.
  • The portfolio page shows you the total value of your portfolio,
  • This page will show you a complete breakdown of how much money you have invested in each instrument (in each stock or ETF)

How do I buy a stock?

You can buy a stock on the baraka app by following the steps below:

  • Choose which stock you’d like to buy using the search bar or one of the sections on the discover page.
  • Click on the stock’s tab to open up the stock’s page
  • Scroll down to find the buy button
  • Click on the buy button
  • Enter the dollar amount of stock or the number of shares you’d like to buy.
  • Click on Confirm
  • Review your order on the pop up
  • Reconfirm to place your order

How do I sell a stock?

In order to sell a stock, follow the steps below:

  • Go to the Portfolio section on the app by clicking the wallet icon to the left on the navigation bar
  • Scroll down to the investments section to see the list of stocks and ETFs in your portfolio
  • Choose the stock you want to sell by clicking on the relevant stock tab
  • Scroll down the stock’s page to the sell button
  • Click on the sell button
  • Enter the dollar amount of stock or the number of shares you want to sell
  • Click on Confirm
  • Review your sell order on the pop-up
  • Reconfirm to place your order.

What is a market order?

A market order is a request from an investor to buy or sell a security at the best available price in the current market. It is widely considered the fastest and most reliable way to execute a trade (either buy or sell). A market order is the most likely method to enter or exit the market quickly.

Market orders are executed at the going asking prices for a security in the market. Meaning, that market buy orders will be to purchase the security at the going ask price in the market, and market sell orders will be to sell the security at the going bid price in the market.

Market orders are filled nearly instantaneously for securities traded in very high volumes – such as large cap stocks and ETFs.

What is a limit order?

Placing a limit order is done when investors do not want to execute trades at the going prices in the market. In other words. Limit orders are placed by investors keeping a target buy or sell price in mind. Investors may want to buy the stock at a lower target price than that currently in the market. Similarly, Investors may want to sell a stock they currently own when the stock reaches a target price, which is above the current market price. This is called a limit sell order.

See how you can place a limit order on baraka

How can I place a limit order on baraka?

To place a limit order on baraka, follow the steps below:

Head over to the Discover tab and find the stock you’d like to place a limit order for

Once on the Stock’s page, scroll down to find buy and sell buttons

Limit Buy Order

  • If you’re looking to place a limit buy order, click on buy
  • On the buy page, click on the limit order block
  • Enter the target price per share (at which you’d like to buy the stock), and the number of shares you want to purchase
  • Click on Confirm
  • Review your limit order in the pop up dialogue box and reconfirm to place your order

Limit Sell Order

  • If you’re looking to place a limit sell order, click on sell
  • On the sell page, click on the limit order block
  • Enter the target price per share (At which you’d like to sell the stock), and the number of shares you’d like to sell
  • Click on Confirm
  • Review your limit order in the pop up dialogue box and reconfirm to place your order

What is a stop order?

A stop order is an order to buy or sell a security when a security moves past a particular point, ensuring a higher probability of achieving a predetermined entry or exit price, limiting the investors loss locking in profits.

Stop orders can be used in 2 ways:

  • Stop Loss Order: 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 unfavorable move.

    The advantage of building in stop loss orders is that you don’t need to monitor your portfolios consistently.

    The disadvantage of stop loss orders is that a short term price fluctuation could activate the stop loss order and trigger an unnecessary sale.

  • Trailing Stop Order:  Trailing stop orders are limit sell orders used to lock in profits. In execution, they are exactly the same as stop losses. The only difference is that limit sell orders are called trailing stops when you have a favorable position (an unrealized gain or profit) and want to realize these profits by selling the security if it shows an adverse downward movement.

You can build a trailing stop based on your investment style and risk apetitite. As an active trader, you can use a 5% level (choose to sell your stock in the event of a 5% decline), while as a long-term investor, you can use a larger level – 15% or 20% for instance.

What is a trailing stop order?

Trailing Stop Order:  Trailing stop orders are limit sell orders used to lock in profits. In execution, they are exactly the same as stop losses. The only difference is that limit sell orders are called trailing stops when you have a favorable position (an unrealized gain or profit) and want to realize these profits by selling the security if it shows an adverse downward movement.

You can build a trailing stop based on your investment style and risk apetitite. As an active trader, you can use a 5% level (choose to sell your stock in the event of a 5% decline), while as a long-term investor, you can use a larger level – 15% or 20% for instance.

What is the difference between open and executed orders?

Open orders are orders waiting to be executed. These orders are not executed as yet owing to an unmet requirement. As is the case with limit buy or sell orders, investors have the flexibility to place orders that remain open or unexecuted until their specified condition (Target price) has been satisfied.

Because open orders are often conditional, many open orders are subject to delayed executions since they are not market orders (they are not executed at current market prices)

How can I change the base currency on the baraka app?

You can change the base currency on the baraka app by following the steps below:

  • Click on the Profile Icon at the bottom right of the screen
  • Scroll down in the profile section to the settings tab
  • Click on the Settings Tab
  • Click on Currency Converter
  • Change your currency preference by choosing one of the options on this page

Baraka currently supports USD, AED, SAR and KWD as base currencies.

What are available, unsettled and reserved cash balances?

The total cash in your account is divided into available to trade cash, unsettled amount and a reserved cash balance.

Available cash: Available cash includes the funds in your account available for trading. These funds constitute the withdrawable balance in your account.

Unsettled Funds: Money from your recent sell orders that hasn’t settled yet. Do note that the settlement of these trades is not instant, the transfer of unsettled funds to your account (Settlement) usually takes upto 3 trading days.

Reserved Cash: Money reserved for your queued buy orders.

There are a lot of bugs on the application – how can I report them?

We’re glad that you’re identifying gaps in the application. You feedback is incredibly valuable as it helps us optimize the application, keeping your needs and preferences in mind. The beta stage is meant to identify and fix these glitches.

You can help us fix bugs on the application by shaking the device and clicking on “report a Bug” or emailing us at support@getbaraka.com