SquaredDirect SquaredFinancial Review 2024
Website: www.squaredfinancial.com
Min. Deposit: US$ 250
Leverage: 1:30 | 1:500
Trading Platforms: MT4, MT5, Mobile App
Regulation: CySEC, FSA
Headquarters: Cyprus
Founded: 2005
Updated on January 26, 2024
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SquaredFinancial, formerly recognized as SquaredDirect, and prior to that as ProbusFX, is a Cyprus-based broker offering Forex and CFDs trading services. The brokerage provides opportunities for trading CFDs on a variety of financial instruments including Forex, Precious Metals, Energies, Indices, Futures, Stocks, ETFs, and Cryptos, via advanced trading platforms such as MT4 and MT5.
SquaredFinancial Pros and Cons ▲
When evaluating SquaredFinancial, it's essential to weigh both the benefits and drawbacks. On the upside, SquaredFinancial is known for its competitive trading conditions, a variety of payment options, and access to a comprehensive range of financial instruments through the advanced MT4 and MT5 trading platforms.
Pros
Competitive trading conditions
Variety of payment methods
Access to a broad range of financial instruments
Cons
Lack of 24/7 customer support
History of name changes
Absence of a toptier regulatory license
SquaredFinancial Review Summary in 12 Points ▲
Headquarters: Cyprus
Regulation: CySEC, FSA
Instruments: CFDs on Forex, Energies, Indices, Precious Metals, Futures, Stocks, ETFs, and Crypto
Platforms: MT4, MT5, Mobile App
EUR/USD Spread: 1.1 pips
Demo Account: Available
Base currencies: EUR, USD, GBP, CHF
Minimum deposit: $250
Education: Educational materials, market analysis
Customer Support: 24/5
Overall SquaredFinancial Ranking ▲
Our extensive testing and comparison against over 1000 brokers reveal that SquaredFinancial offers competitive trading conditions, with access to over 10,000 trading instruments. The broker ensures global reach, offering services in numerous countries. Based on our findings, SquaredFinancial's overall ranking stands at 7.9 out of 5.
Is SquaredFinancial Safe or a Scam? ▲
SquaredFinancial is a legitimately regulated broker, fully authorized by the European authority CySEC, proving that it is not a scam. Being part of the EU and under CySEC's regulatory framework, the brokerage is held to high standards of investment services, aligned with strict rules and cross-registration within the EEA zone.
Yes, SquaredFinancial is a legitimate and regulated brokerage entity, possessing the necessary licenses and adhering to regulations for offering Forex trading services. Despite holding an offshore license in Seychelles, potential clients are advised to conduct thorough research, including perusing user reviews and considering other factors, to gauge the broker’s reputation and legitimacy. Our assessment of SquaredFinancial's reliability grants it a trust score of 8 out of 5, highlighting its commitment to regulation and client security. Nonetheless, it's crucial to evaluate your trading needs and preferences to ascertain if SquaredFinancial is an appropriate choice for you.
SquaredFinancial places a strong emphasis on client safety and fair treatment, ensuring dedicated support and unparalleled security for every investor. This includes the segregation of client funds, prohibiting the company from accessing these funds at any time, and participation in compensation schemes in the event of insolvency. Additionally, SquaredFinancial has implemented Negative Balance Protection, safeguarding trading accounts from incurring losses that exceed the initial balance.
While leverage can amplify the potential returns on investment by allowing traders to enter the market with a smaller initial investment, it's crucial to have a solid grasp of the concept to make informed decisions and effectively mitigate the associated risks when engaging in leveraged trading. SquaredFinancial provides leverage in accordance with regulations set forth by CySEC and FSA. As such, the European CySEC permits a maximum leverage of 1:30 for Forex retail accounts, with even lower levels for other instruments. Professional traders, however, may qualify for higher levels. Meanwhile, trading with SquaredFinancial's global offshore branches could allow you to access leverage ratios as high as 1:500.
Based on our extensive research involving 1000 brokers, we've determined that the broker offers two distinct account types: SquaredPro and SquaredElite, each designed to meet the varied needs and experience levels of traders. The primary difference between these accounts lies in their minimum deposit requirements and fee structures. The SquaredPro account allows for commission-free trading with spreads, whereas the SquaredElite account offers raw spreads with a $5 commission per trade. New traders can start with a risk-free Demo account before transitioning to a Live account. Moreover, Muslim Traders are welcome to choose any account type, as Swap-free options are available.
Opening SquaredFinancial Trading Account ▲
Registering an account with SquaredFinancial is straightforward. You can start the process by logging in and registering within minutes. Simply navigate to the "Open Account" page, enter your personal information (Name, email, phone number, etc.), and verify your identity by uploading the necessary documentation (proof of residence, ID, etc.). An electronic quiz to confirm your trading experience is also part of the process. Once your account is verified and activated, you can proceed with depositing funds.
SquaredFinancial offers a comprehensive range of trading instruments through FX and CFD models, boasting over 10000+ trading assets that include cryptocurrencies, futures, metals, energies, indices, ETFs, and stocks. The Market Range at SquaredFInancial is rated 4.3 out of 5 for its broad selection of Forex and CFD instruments, though it's worth noting that the offerings may vary between different entities and are generally limited to CFD-based assets.
Our review of the broker's fee structure reveals that costs depend on the chosen account type, with options for either commission or spread-based pricing. The SquaredPro account features no commission trading with standard spreads for FX pairs, while the SquaredElite account offers spreads starting from 0 pip but includes a $5 commission fee. Importantly, the broker does not impose deposit or withdrawal fees, but traders should be mindful of potential rollover and inactivity fees. SquaredFinancial's Fees are considered competitive, with an overall score of 4.2 out of 5 in our assessment, compared to over 1000 other brokers. However, fees and commissions may vary depending on the entity offering the services.
In our comprehensive analysis, the spreads offered by SquaredFinancial are dependent on the account type chosen. For the SquaredPro account, the trading costs are incorporated into a low-tight spread offering, with an average of 1.1 pips for EUR/USD, or even lower spreads provided by interbank rates but accompanied by a commission per trade. The SquaredElite account, on the other hand, boasts spreads starting from 0.0 pips along with a commission of $5 per transaction. When compared to over 1000 brokers, SquaredFinancial's spreads are considered average, earning an overall score of 4.2 out of 5. The forex spreads align closely with the industry standard, which is around 1.2 pips. Other spreads offered by the broker are also competitive.
Clients of SquaredFinancial are afforded a streamlined process for both deposits and withdrawals, prioritizing security and convenience through the client area. The broker supports a variety of depositing options, including widely used credit cards, bank wire transfers, and several e-payments. Additionally, clients are treated to a 0% fee or commission on both deposits and withdrawals. The funding methods provided by SquaredFinancial received a commendable score of 4.25 out of 5 in our evaluation. Broker fees are minimal to nonexistent, with no charges on deposits or withdrawals, and clients have the flexibility to deposit using different base currencies. However, the minimum deposit requirement stands at $250 for SquaredPro accounts, while SquaredElite accounts require an initial deposit of €5,000, which is considered average in comparison to other brokers.
Pros
Broad range of deposit and withdrawal options
No fees or commissions on deposits and withdrawals
Cons
Relatively high minimum deposit for SquaredElite accounts
SquaredFinancial grants traders access to the leading MetaTrader 4 and MetaTrader 5 trading platforms, which are compatible across all devices including mobiles and tablets. Additionally, the broker has developed its own proprietary SquaredFinancial mobile app. These platforms are renowned for their advanced trading functionalities, comprehensive analytical and technical tools, and additional features that cater to a wide range of trading strategies. The platforms and mobile app offerings from SquaredFinancial have been rated highly, with a score of 4.25 out of 5, in comparison to other brokers. The inclusion of the MetaTrader suite, recognized as an industry standard, further enhances the broker's platform offerings.
Pros
Access to industrystandard MetaTrader platforms
Proprietary SquaredFinancial mobile app for onthego trading
Cons
Limited information on proprietary platform features
To sum up, SquaredFinancial emerges as a regulated brokerage firm that serves as a mediator between traders and liquidity providers. The firm offers competitive trading conditions, including access to popular trading instruments via the advanced MetaTrader platforms, which appeal to both novice and professional traders alike. Clients benefit from competitive pricing and tight spreads across a variety of trading activities, in addition to an extensive selection of educational resources that aid in expanding market knowledge. Despite its commendable trading environment, potential drawbacks such as operations within an offshore jurisdiction and lack of 24/7 customer support exist. As such, we recommend thorough research and consideration of the broker’s offerings in relation to your specific trading needs.
Based on our comprehensive analysis and opinions from financial experts, SquaredFinancial is well-suited for:
Beginners
Advanced traders
Those seeking robust trading tools
European traders
Enthusiasts of EA/Auto trading and copy trading
Traders with a preference for MT4 or MT5 platforms
International traders
Individuals interested in currency and CFD trading
Those in pursuit of competitive spreads and fees
Users seeking quality educational materials
Traders employing a variety of strategies
