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SquaredFinancial looks and feels like a top notch broker. Its interface is smooth, its trading conditions are favourable, there with the industry standards, and the legal documents are impressive in both size and content, even if at times questionable.
There are two brands under the SquaredFinancial name. One is Squared Financial (CY) Limited (squaredfinancial.com), and the other is SquaredFinancial (Seychelles) Ltd (sc.squaredfinancial.com). The one that we are going to be reviewing is the Cypriot based broker.
The website claims that the broker is licensed by CySEC, under the registration number 329/17. We went through the CySEC database and everything checks out.
This regulatory body is authorised to work by the governing laws of Cyprus when investigating broker firms. As one of the most important regulators out there, CySEC requires that all its licensed firms work under a strict rules guideline, issue regular reports, and treat their clients as priority. CySEC also covers its clients’ funds with the ICF which permits for a compensation of up to €20 000 to be paid to traders in case the broker fails to pay its dues.
We opened a live account, but were not able to do much with it since the broker required some ID details. This is good, for a licensed broker does not allow verified users to utilise it live accounts features.
In the EU, the leverage is restricted by ESMA to 1:30; anything higher than that is completely illegal. The broker later makes it clear that it offers a 1:30 leverage for retail users, and higher values for professional clients.
Users can trade with Forex Pairs, Commodities, and Indices. There are no shares and no crypto trading, which is a let down for these two asset categories have become a staple of any respectable broker. The Account Comparison page gives us a minimum spread of 1.2 pips for some undisclosed asset for the Gold Account. Both Platinum and Diamond Accounts have a 0 pip spread minimum with commissions, however.
English is the only available language.
The company relies on the Metatrader 4 for its tradings.
The superior functionalities of the MT4 include drag and drop charts, user friendly accessibility and multiple order types. With MetaTrader 4 you can set automatic trading bot to do your deals for you while you preoccupy your time with different activities.
There are commissions for both the Platinum and Diamond account. The Platinum account charges a $6, but it is not made clear if this tax is per side or round turn. If it were per side, then Platinum users would have to add an additional 1.2 pips to the taxed asset (also undisclosed).
Same principle is applied to the Diamond account. The $25 per million fee equals to a $2.5 per standard lot. If it is charged per side then an additional 0.5 pips will be added to the spread.
SQUAREDFINANCIAL MINIMUM DEPOSIT
The minimum deposit is said to be $100 for the Gold Account.
Users can deposit via a plethora of options: Credit/Debit Cards, SafeCharge, China Union Pay, Alipay, and Wire Transfer. This info was taken from the website.
The legal documents paint an obviously different picture. The additional payment methods according to the Deposits and Withdrawal Policy are Skrill and Neteller. The same document increases the minimum deposit amount to $200.
Thankfully, there are no depositing fees indicated anywhere.
SQUAREDFINANCIAL WITHDRAWAL TIME AND FEES
This being a CySEC regulated broker, rest assured that all withdrawals will be processed and payed without any disturbances.
The Client Agreement indicates that a withdrawal shall be paid out in no more that 5 days.
The website, most notably the Deposits & Withdrawals section, states that there are no withdrawal fees, but the Client Agreement says otherwise.
Again, inconsistencies that increase our distrust of this broker. As for the fees, they have not been revealed.
SquaredFinancial is regulated by CySEC, and that is a guarantee that clients' funds and interests will be kept safe. However, there are certain contradictory occurrences, and a clause or two taken from questionable sources, that has made us slightly reluctant to advice users to deposit with this one. If we had to tip the scales in one of two directions, we would recommend a different broker.
SquaredFinancial compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines