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SquaredFinancial Review 2024

By:
Plamen Stoyanov
Updated: Mar 28, 2024
Overall Rating
4.3
  • Trust
    3.8
  • Fees
    3.7
  • Platforms and Tools
    4.2
  • Tradable Instruments
    4.4
  • Customer Support
    4.6
  • Research
    4.7
  • Deposit and Withdrawal
    4.9
  • Account Types and Terms
    4.9
  • Education
    5
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.
    Chart

    Our Take on SquaredFinancial

    Founded in 2005 and headquartered and authorized in Seychelles, SquaredFinancial is a forex and CFD broker that operates under two entities.

    The broker incorporates the popular MetaTrader 4 and 5 platforms, offering access to over 2000 CFDs available for trading. It also provides diverse account types, VPS hosting, and enhanced social trading features.

    The broker’s trading fees differ across various asset classes and are slightly higher than the industry average. I found the pricing mechanism of the SquaredPro account better suited for day trading because of the elevated swap fees.

    Recommended in 3 best broker guides: 
    European Regulated | Social Trading | Trading Apps

    SquaredFinancial Pros and Cons

    Pros Cons
    • Social and automated trading 
    • Zero commissions
    • Extensive research and education
    • Rugged platforms 
    • High swaps
    • Spreads are slightly higher than the average

    SquaredFinancial Highlights for 2024

    • Diverse Pricing: The spreads on the SquaredPro account I tested were slightly above the average. However, more affordable pricing can be found on the SquaredElite account, which requires a minimum deposit of $5000.
    • Enhanced Social Trading: Signal followers have the convenience of easily filtering through all available trading strategies, optimizing their trading experience.
    • Extensive Education: SquaredFinancial boasts a comprehensive suite of educational materials, encompassing webinars, ebooks, video tutorials, and more.
    • Professional-grade Research: The broker delivers in-depth market analyses and an intuitive news screener, empowering traders to capitalize on current trading opportunities.

    What Sets SquaredFinancil Apart?

    I was particularly impressed by SquaredFinancial’s social trading hub. Its uniqueness lies in the extensive filtering options for strategies, surpassing other platforms offering.

    You can search for a strategy by asset class or select strategies based on the trading session. This functionality significantly enhances market exposure, allowing activity only under specific conditions.

    Additionally, you can examine a strategy’s past performance, average return, duration, maximum drawdown, and more.

    Who is SquaredFinancial For?

    Thanks to the broker’s competitive pricing, in-depth research, and extensive range of trading instruments, I consider SquaredFinancial to be particularly well-suited for intraday traders who can promptly take advantage of rising trading opportunities.

    I performed my tests on a SquaredPro trading account using the desktop and mobile app versions of MetaTrader 5. The account was opened with the SquaredFinancial (Seychelles) Ltd entity of the broker. Some features and services may vary depending on where you reside and which entity you open an account with.

    SquaredFinancial Main Features

    ☑️ RegulationsFSA (Seychelles), CySEC (Cyprus)
    🗺 Supported Languages
    English, Arabic, Italian, Spanish, Chinese, Portuguese, German
    💰 ProductsCurrencies, Stocks, Crypto, Indices, Commodities, Futures
    💵 Min Deposit$0
    💹 Max Leverage1:500 (FSA), 1:30 (CySEC )
    🖥 Trading Desk TypeSTP, No dealing desk
    📊 Trading PlatformsMT5, MT4
    💳 Deposit OptionsWire Transfer, Neteller, Skrill, Credit Card, Debit Card, NACE, Match2pay
    💳 Withdrawal OptionsWire Transfer, Neteller, Skrill, Credit Card, Debit Card, NACE, Match2pay
    🤴 Demo AccountYes
    🗓 Foundation Year2005
    🌎 Headquarters CountrySeychelles
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    SquaredFinancial Full Review

    Trust

    3.8
    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    SquaredFinancial operates through two entities: one is authorized by a Tier-1 regulator, CySEC, and the other is regulated offshore by the FSA in Seychelles. The broker ensures client funds are kept segregated, adheres to a ‘best execution’ policy, and categorizes its clients according to their trading experience.

    SquaredFinancial Regulations

    In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

    This is what I discovered about the two entities operating under the SquaredFinancial trade name:

    • SquaredFinancial (Seychelles) Limited is licensed and regulated by the Financial Services Authority (FSA) of Seychelles under license number SD024. We rate the FSA as a Tier-3 regulator.
    • SquaredFinancial (Cyprus) Limited is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 329/17. We rate CySEC as a Tier-1 regulator.
    SquaredFinancial (Seychelles) Ltd’s licensing information on fsaseychelles.sc
    SquaredFinancial (Seychelles) Ltd’s licensing information on fsaseychelles.sc

    We have summarized the most essential aspects of SquaredFinancial in terms of regulation and safety in the table below:

    Entity Features SquaredFinancial (Seychelles) Ltd SquaredFinancial (Cyprus) Ltd
    Country/Region Seychelles, Mahe Cyprus, Limassol
    Regulation FSA CySEC
    Tier 3 1
    Segregated Funds Yes Yes
    Negative Balance Protection No Yes
    Compensation Scheme No Up to EUR 20,000 under ICF
    Maximum Leverage 1:500 1:30

    Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

    Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders need to familiarize themselves with the safety mechanisms ensured by the entity they want to open an account with beforehand.

    Here is what you need to look for in a broker in terms of safety mechanisms:

    • Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. Both SquaredFinancial entities ensure segregated client funds.
    • Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. This is especially important in volatile markets. Only CySEC-regulated entity ensures negative balance protection.
    • Compensation scheme. A compensation scheme protects traders against the broker’s liabilities in the unlikely event that the company becomes insolvent. The Cyprus-based entity provides compensation of up to EUR 20,000 under the Investor Compensation Fund (ICF).
    • Maximum leverage. Capping the maximum leverage restricts the extent of market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. The maximum leverage with SquaredFinancial is 1:500.

    Is SquaredFinancial Safe to Trade With?

    The broker is regulated internationally and adheres to some essential safety requirements, like keeping its clients’ funds in segregated accounts. However, the FSA-regulated entity does not ensure negative balance protection, allows rather high maximum leverage, and its stop-out levels (at 30%) are quite low. The broker seems sufficiently safe, however, I would recommend traders be cautious of its rather loose safety nets.

    Stability and Transparency

    In our Trust category, we also evaluate factors related to stability and transparency, focusing on the broker’s longevity, company size, and the availability of transparent information.

    I found SquaredFinancial to be transparent regarding its fees, and I did not see any major discrepancies between what is stated on the website and what is charged by the broker.

    I also reviewed SquaredFinancial’s legal documents and found everything to be in order. There are no significant omissions or misleading language that could confuse readers.

    The broker has issued an ‘order execution policy,’ which is a written commitment to deliver the optimal price quotes under the prevailing market sentiment. Furthermore, SquaredFinancial has a robust client categorization policy during account creation, segregating experienced from inexperienced traders.

    In summary, my research indicates that SquaredFinancial can be regarded as having a decent level of trust and stability due to the following factors:

    • Authorized by Tier-1 regulator
    • Has issued an “order execution policy”
    • Has a robust client categorization policy

    Fees

    3.7
    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    The spread on the SquaredPro account I tessted were slightly above the industry average. However, there are no commissions. SquaredFinancial also charges a relatively high inactivity fee of $50, but it does not impose charges on deposits or withdrawals.

    SquaredFinancial Trading Fees

    SquaredFinanical Spreads

    I tested SquaredFinancial’s spreads during the most actively traded times – the London open at 8:00 a.m. GMT and just after the U.S. open at 2:45 p.m. GMT. The test was conducted on the 9th of February 2024. The results are shown in the table below:

    Instrument Live Spread AM Live Spread PM Industry Average
    EURUSD 1.1 pips 1.2 pips 1.2 pips
    GBPJPY 2.9 pips 3.0 pips 2.3 pips
    Gold (XAUUSD) 25 pips 25 pips 45 pips
    Crude Oil 0.06 pips 0.07 pips 0.03 pips
    Apple NA 0.02 points 0.07 points
    Tesla NA 0.06 points 0.07 points
    Dow Jones 30 3.8 basis points 4.8 basis points 3.5 basis points
    Germany 40 2.2 basis points 2.2 basis points 2.0 basis points
    Bitcoin  $32 $32 $30

    Broken down by asset class and compared to the industry average, SquaredFinancial charges low spreads on share CFDs, low-to-high spreads on commodities, average spreads on indices and cryptocurrencies, and average-to-high spreads on currency pairs.

    SquaredFinancial Commissions

    The SquaredPro account is commission-free, but the SquaredElite account type features a $5 commission per traded lot (100,000 units). The commission is round-turn, meaning $2.5 is charged for opening a position, and then an additional $2.5 is charged to close it. The commission rate falls below the industry average ($6). This makes it better suited for high-frequency trading.

    SquaredFinancial Swaps

    A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

    The values listed below are for one full contract (100,000 units) of the base currency.

    Instrument Swap Long Swap Short
    EURUSD Charge of $8.39 Credit of $1.12
    GBPJPY Credit of $11.7 Charge of $32.71

    My tests indicate that SquaredFinancial charges average-to-high swaps. This combination is not particularly suitable for day trading or position trading.

    SquaredFinancial’s Non-Trading Fees

    There is a $50 dormancy fee charged on accounts that have been inactive for longer than 3 months. The fee is charged monthly until activity resumes or the account balance drops to zero.

    The broker does not charge a handling fee for deposits or withdrawals, though third-party banking fees may apply depending on the payment method.

    Are SquaredFinancial’s Fees Competitive?

    SquaredFinancial’s fees vary. The SquaredPro account has less competitive prices, but with a minimum deposit of $250, it is quite accessible. In contrast, I found that the SquaredElite account offers more competitive rates than the industry average for trading costs. However, the relatively high minimum deposit requirement of $5,000 makes the broker less accessible to a wider audience.

    Traders should also keep in mind that the overall cost varies greatly from one asset class to another. For instance, the broker offers generally favorable conditions on most share CFDs, but its crude oil spread is quite elevated.

    Accounts Comparison

    I have compiled the table below to help you better understand the difference between the trading fees on SquaredFinancial’s accounts and the industry average. It illustrates the spreads and commissions I have recorded for the EUR/USD pair and compares them against the typical costs for ECN and STP accounts in the industry at large.

    The table demonstrates how much you would have to pay to trade 1 full lot (100,000 units) on the EUR/USD with a pip value of $10 for each account.

    To calculate the cost of such a full-sized trade, I used this formula: Spread x pip value+commission

    Account Type* Spread Commission** Net Cost
    SquaredPro 1.1 pips $0 $11
    SquaredElite 0.3 pips $5 $8
    Typical STP 1.0 pips $0 $10
    Typical ECN 0.2 pips $6 $8

    *The numbers in this chart are only illustrative and subject to change over time

    **Round-turn commission

    My tests reveal that SquaredFinancial’s Pro account has trading costs that generally meet the industry average for STP accounts. On the other hand, its Elite account type features a more favorable combination of spreads and commissions. I rate it as more competitive than the common STP account type and matches the conditions of a typical ECN account type.

    Platforms and Tools

    4.2
    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    SquaredFinancial incorporates the popular standard suite of MetaTrader 4 and MetaTrader 5 platforms which afford easy order execution. The broker also offers VPS hosting and social trading.

    Platform/Tool Suitable For
    MetaTrader 4&5 Easy order execution, automated trading
    VPS Hosting  Precise trading, automated trading
    Social Trading Hub Novice traders, copy trading

    MetaTrader 5 features multiple essential tools like one-click trading, an alarm setting option, and a market depth tool. These allow traders to examine various market developments from different angles and to exploit the underlying trading opportunities in multiple ways.

    MetaTrader’s depth of market tool
    MetaTrader’s depth of market tool

    MT5 is arguably best suited for automated trading via its Expert Advisors (EAs) feature. The platform also has an intuitive strategy tester, allowing experienced algo traders to tweak the parameters of their strategies so that they can be used under different market conditions. Additionally, SquaredFinanical offers Virtual Private Server (VPS) hosting for enhanced execution speeds.

    The Desktop Version of SquaredFinancial’s MT5 Platform

    MetaTrader 5’s main panel
    MetaTrader 5’s main panel

    General Ease of Use

    MT5’s layout is pretty straightforward. Account info is displayed at the bottom of the screen; charts occupy the middle portion of the window; a watch list of selected instruments and tools screen is positioned on the left side of the window; and a panel with various settings and configurations can be found at the top of the window.

    Charts

    I consider the charts screen a platform’s most important feature. It facilitates technical analysis by providing an overview of price action behavior. Chart artists use many analytical tools and chart configuration possibilities to examine it from multiple angles. In my experience, the really important aspect of a chart is how easy it is to scale price action up and down.

    MT5’s charts window
    MT5’s charts window

    I have broken down the available analytical tools and chart configurations below:

    • 38 technical indicators. The platform supports trend-based, volume-based indicators, oscillators, and more. These can be applied to study price action behavior and determine the underlying market sentiment. In general, technical indicators are used to gauge where the market is likely to head next. The problem with MetaTrader 5, in my opinion, is that applying 2 or more indicators to the chart obscures price action rather than contextualizing it. This is due to the ruggedness of MT5.
    • 24 drawing tools. Drawing tools, such as Fibonacci retracement levels and Elliott waves, are used to study repeatable price patterns. Additionally, they can be applied to determine key support and resistance levels and potential breakout or breakdown levels. Despite the rather big collection of drawing tools, the ruggedness of MT5 makes it difficult to discern price action behavior.
    • 21 timeframes. One of the standout features of MetaTrader 5 is its vast array of timeframes. MT5 allows multi-timeframe analysis of price action behavior. The greater the number of timeframes, the more intricate examinations that can be carried out across the short-term and long-term.
    • 3 chart types. Price action can be represented as a line, bars, or candlesticks. This diversity makes it possible to examine potential trading opportunities from different angles.

    Orders

    MT5’s order placing window
    MT5’s order placing window

    I have broken down the available order types on the MetaTrader 5 platform below:

    • Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order gets filled.
    • Limit orders. Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
    • Stop orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

    My Key Takeaways After Testing the MetaTrader 5 Platform

    MT5 is a good option for fast and simple order execution. On the other hand, its dated and rugged design falls short compared to newer, sleeker platforms. As a trader who prioritizes flexible chart scaling, I find MT5’s charting capability too rigid and less effective.

    SquaredFinancial’s MT5 Mobile App

    Watchlist of selected instruments (left), chart window (middle), order window (right)
    Watchlist of selected instruments (left), chart window (middle), order window (right)

    The mobile app version of MT5 affords quick and easy access to the market on the go. It is very useful for opening, terminating, and adjusting open positions.

    The market is continually evolving, marked by periodic surges and declines in volatility. For this reason, staying abreast of the latest market developments is crucial, a task made simpler through the mobile app version of MT5.

    You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades.

    My Key Takeaways After Testing MT5’s Mobile App

    MT5’s mobile app suffers from the same underlying problem inherent to other mobile apps. Analyzing price action behavior on low-resolution devices is extremely difficult. That is why I recommend using the mobile app only to monitor the development of your open positions and make changes if needed.

    Tradable Instruments

    4.4
    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    SquaredFinancial offers more than 2,000 instruments across various markets including forex pairs, commodities, share CFDs, indices, and cryptocurrencies. Several futures contracts can be used for hedging.

    Markets Types Contract Type
    42 Currency Pairs Majors, Minors, Crosses CFDs
    7 Commodities Metals and Energies CFDs
    957 Share CFDs US (687), UK (31), Europe (222), Switzerland (17) CFDs
    12 Indices US, Europe, and Asia CFDs
    18 Futures Commodities (9) and Indices (9) CFDs
    10 Cryptocurrencies Majors and Minors CFDs

    Compared to the industry average, SquaredFinancial offers an average amount of FX pairs, commodities, and cryptocurrencies and a high amount of share CFDs and indices.

    What Are CFDs?

    Contracts for difference (CFDs) are derivatives used to speculate on the underlying asset’s price without physical delivery. For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars.

    One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative. CFDs are leveraged products. Trading in CFDs carries a high level of risk and thus may not be appropriate for all investors.

    What Can You Trade With SquaredFinancial?

    Forex Commodities
    EURUSD | GBPJPY | AUDCAD | CADCHF | USDJPY |  EURAUD Crude Oil | Gold | Brent Oil | Silver | Natural Gas
    Share CFDs Indices
    Apple | Tesla | Microsoft | Barclays | Citigroup | Netflix | Amazon.com Dow Jones 30 | Germany 40 | Japan 225 | France 40 | UK100 | Hong Kong 50
    Futures Cryptocurrencies
    FRA40 | ESP35 | GER40 | UK100 | US30 | US100 | US500 | CC | CT | HG Bitcoin | Litecoin | Ripple | Cardano | Dash | Ethereum | DogeCoin

    My Key Takeaways After Exploring SquaredFinancial’s Instruments Offering

    I concluded that SquaredFinancial’s assortment of instruments is best fitted for speculative trading due to the abundance of characteristically volatile instruments, such as share CFDs, indices, and cryptocurrencies.

    However, the inclusion of 19 futures contracts also makes it possible for traders to hedge their positions by locking into trades with predetermined execution prices for some future delivery.

    Customer Support

    4.6
    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    SquaredFinancial offers multilingual support available during office hours via live chat, email, and phone. Generally, agents respond very quickly, however, sometimes it takes them longer to address more complex questions.

    Customer Support Channels

    Live Chat 24/5
    Phone 24/5
    Email During office hours
    Languages  English, Arabic, Spanish, Portuguese, Chinese, and more

    Customer Support Test

    When we test a broker’s customer support team, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

    I completed my test on 12 February at around 2:45 p.m. CET via live chat. I inquired into SquaredFinancial’s security, execution performance, and deposit and withdrawal policies.

    Before you connect to a live agent, you have to enter your name, email address, and phone number.

    An agent connected to my chat almost instantaneously. She was very polite throughout the conversation, leaving a pleasant impression on me; her answers were concise. My only concern was that, occasionally, her responses to even trivial questions took longer than expected.

    My conversation with SquaredFinancial’s customer support
    My conversation with SquaredFinancial’s customer support

    Deposit and Withdrawal

    4.9
    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    SquaredFinancial offers multiple payment methods, including bank wire, credit or debit card, e-wallet, and crypto wallet. Payments are usually processed quickly, and the broker does not charge a handling fee either for deposits or withdrawals. However, third-party banking fees may apply.

    SquaredFinancial Deposit Methods

    Payment Method Currency Fee Processing Time
    Bank Wire EUR, USD, GBP, ZAR, CHF $0 3-5 business days
    Credit/Debit Card EUR, USD, GBP $0 Instant
    Skrill EUR, USD, GBP $0 Instant
    Neteller EUR, USD, GBP $0 Instant
    NACE Varied Cryptocurrencies $0 Instant
    Match2pay USDT, TRC20 $0 Instant 

    SquaredFinancial Withdrawal Methods

    Payment Method Currency Fee Processing Time
    Bank Wire EUR, USD, GBP, ZAR, CHF $0 Up to 24 hours
    Credit/Debit Card EUR, USD, GBP $0 Up to 24 hours
    Skrill EUR, USD, GBP $0 Up to 24 hours
    Neteller EUR, USD, GBP $0 Up to 24 hours
    NACE Varied Cryptocurrencies $0 Up to 24 hours
    Match2pay USDT, TRC20 $0 Up to 24 hours

    Account Types and Terms

    4.9
    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    Account creation with SquaredFinancial is fast and easy. The broker supports 5 base currencies and offers two trading accounts. SquaredPro, featuring commission-free trading and floating spreads, and SquaredElite, with raw spreads and a fixed commission. Swap-free trading is available via its Islamic accounts.

    Why is Choosing the Right Account Type Important?

    Your account should reflect your goals, needs, and ambitions on the market. You should take into consideration several factors, such as whether the account type has a minimum deposit requirement, its spreads and commissions, the execution method, and more.

    What Account Types Does SquaredFinancial Offer?

    I have broken down the features of SquaredFinancial’s retail account types below.

    Account Type SquaredPro SquaredElite
    Spread From From 1.2 pips From 0.0 pips
    Commission $0 $5*
    Minimum Deposit $250 $5000
    Base Currencies EUR, USD, GBP, CHF, ZAR EUR, USD, GBP, CHF, ZAR
    Maximum Leverage 1:500 1:500
    Margin Call 100% 100%
    Stop Out 30% 30%
    Negative Balance Protection No No
    Islamic Account Yes Yes
    Demo Account Yes Yes

    *Round-turn

    The SquaredPro account type is unsurprisingly the most affordable of the two, with a minimum deposit requirement of only $250. However, its trading fees exceed the industry average.

    What is important to point out is the combination of high margin call, low stop-out, high leverage, and no negative balance protection. These factors add up to a potentially dangerous mix where reckless (or inexperienced) traders could very easily lose a vast portion of their accounts or even their entire balance. Essentially, this combination accommodates the execution of risk-taking strategies at the expense of rigid safety nets.

    What is CFD Leverage?

    The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

    SquaredFinancial’s Execution Model

    SquaredFinancial operates as an STP broker without a dealing desk. It averages execution speeds of around 100 milliseconds, which more or less matches the industry average. This performance is not particularly suitable for high-frequency trading because it risks negative slippage. However, it’s perfectly fine for intraday trading and day trading.

    SquaredFinancial Account Opening Process

    SquaredFinancial’s registration form
    SquaredFinancial’s registration form

    The account creation process with SquaredFinancial is straightforward and quick. You can go at your own pace and be done with everything within an hour. I have summarized the step-by-step process below:

    • Step 1. Click ‘Open Account’ at the top-right corner of the main page.
    • Step 2. Enter your name, country of residence, and other personal information.
    • Step 3. State your financial and wealth information, including your employment status, annual income, etc.
    • Step 4. Disclose your trading experience (if you have any).
    • Step 5. Enter your tax information.
    • Step 6. Acknowledge SquaredFinancial’s terms and conditions.
    • Step 7. Configure your account settings (choose a type, leverage, currency).
    • Step 8. Upload proof of ID and proof of address to verify your account.
    SquaredFinancial’s registration form (continued)
    SquaredFinancial’s registration form (continued)

    Demo Account Important

    SquaredFinancial offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself alongside your live CFD account.

    Islamic Account

    SquaredFinancial offers Islamic accounts for swap-free trading, as mandated under Shariah law. Traders who want to open an Islamic account need to contact the broker’s customer support and request the service from there.

    SquaredFinancial Restricted Countries

    SquaredFinancial Seychelles’ services are not directed towards clients from certain jurisdictions such as EU/EEA member states, UK, USA, Canada, Australia, New Zealand, FATF-listed countries including, among others, Iran, North Korea, Cuba, Syria, Belarus, Myanmar (Burma), Russia, South Sudan, Venezuela, and Yemen.

    Research

    4.7
    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    SquaredFinancial offers diverse research instruments and materials such as a useful news screener, a sophisticated podcast by seasoned market experts, and informative market breakdowns. They help traders stay on top of the latest market developments and determine how they can be best exploited.

    I have broken down SquaredFinancial’s research content by type below:

    Market Insights

    SquaredFinancial’s market insights
    SquaredFinancial’s market insights

    Daily updates on current market developments assist traders in grasping the prevailing market sentiment more effectively. Each article closely examines the economic factors influencing price action. I appreciated the inclusion of numerous charts as they aid traders in comprehending the analysis more clearly.

    Market Watch

    SquaredFinancial’s Market Watch tool
    SquaredFinancial’s Market Watch tool

    The Market Watch tool is used for monitoring price fluctuations of groups of assets (forex pairs, commodities, etc). Essentially, it serves as a market sentiment gauge. The tool is useful for determining where the market is likely to head next, to anticipate upsurges and downsurges in volatility.

    Newsfeed

    The newsfeed tool of SquaredFinancial
    The newsfeed tool of SquaredFinancial

    Being frequently updated, the newsfeed highlights the latest economic and financial news. However, it lacks supporting charts or graphs.

    Additionally, summaries of recent news are available in video format in the website’s ‘Daily News’ section.

    Economic Calendar

    SquaredFinancial’s economic calendar
    SquaredFinancial’s economic calendar

    The economic calendar is an essential tool in a trader’s arsenal. It informs traders of upcoming market events and releases that have the potential to stir price action, thereby creating viable trading opportunities.

    My Key Takeaways After Exploring SquaredFinancial’s Research Materials

    I appreciated SquaredFinancial’s research content for its insightfulness and scope. It is updated regularly and does a good job of helping traders understand what is driving the market at all times.

    However, the broker does not provide actionable trading ideas and does not incorporate any third-party content, such as Autochartist’s market breakdowns or Trading Central’s market buz features.

    Education

    5
    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    SquaredFinancial offers a highly beneficial educational academy. Its content spans a broad range of trading topics, providing novices with insights into technical analysis, fundamental analysis, and trading psychology. The material is available in various formats, offering great flexibility.

    I have broken down SquaredFinancial’s educational content below:

    Talk Show

    SquaredFinancial’s Talk Show
    SquaredFinancial’s Talk Show

    A podcast featuring two market experts, Noureldeen Hammoury and Dominique El Khoury, who regularly appear on reputable news outlets such as Bloomberg, discusses market developments and trends. I found it valuable for traders seeking to comprehend the market’s driving forces at all times.

    Webinars

    A schedule of upcoming webinars
    A schedule of upcoming webinars

    SquaredFinancial conducts webinars in English every day. There are several main topics, including ‘Introduction to Forex,’ ‘Basic Class Bootcamp,’ ‘Weekly Outlook,’ and more. The webinars are informative and provide very practical insights.

    eBooks

    SquaredFinancial’s multiple educational books
    SquaredFinancial’s multiple educational books

    The broker offers a variety of educational books covering the basics of trading. There are also books dedicated to technical analysis, fundamental analysis, and the psychology of trading. This resource is particularly beneficial for beginners, providing them with a comprehensive and detailed understanding of crucial trading concepts.

    Educational Videos

    SquaredFinancial’s video tutorials
    SquaredFinancial’s video tutorials

    SquaredFinancial boasts an extensive library of 98 educational videos, organized into three distinct categories: markets and tradable instruments, trading strategies, and trading platforms. These videos are an excellent supplement to the educational books.

    The Bottom Line

    SquaredFinancial has almost 20 years of operating history and is regulated by top-tier CySEC and offshore FSA Seychelles. After thorough research, I consider it a sufficiently safe and transparent broker.

    SquaredFinancial incorporates the widely used MT4 and MT5 platforms and provides VPS hosting. It stands out for its extensive range of educational and research materials, along with an advanced social trading feature.

    SquaredFinancial accommodates various trading strategies and provides access to over 2000 instruments across multiple markets, meeting the needs of intraday and day traders.

    With median execution speeds around 100 milliseconds, SquaredFinancial matches the industry standard. The broker’s trading fees vary. The spreads on its commission-free SquaredPro account are slightly above the industry average, but I discovered that the SquaredElite account type offers a more competitive pricing structure (commissions and spreads).

    FAQ

    SquaredFinancial is headquartered in the Seychelles.
    SquaredFinancial is regulated offshore by the FSA, as well as by CySEC in Cyprus. The broker is transparent, but it has relatively narrow stop-out levels and no negative balance protection.
    Squared Financial charges spreads, commissions, and swap/rollover fees in its accounts.
    SquaredFinancial offers extensive educational and research content, making it an excellent choice for beginners. The broker also has reliable customer support.
    SquaredFinancial offers extensive educational and research content, making it an excellent choice for beginners. The broker also has reliable customer support.
    The minimum deposit is $250.
    Withdrawals can be processed via wire transfer, credit/debit card, e-wallets, and crypto-wallets.
    Transaction times may vary between 3 to 5 business days. However, once the withdrawal is approved, it is immediately debited from the client’s account.
    The maximum leverage for retail traders with SquaredFinancial is 1:500.
    SquaredFinancial incorporates MetaTrader 4 and MetaTrader 5.
    Yes, Squared Financial offers a demo account.
    Yes, auto-trading is available via MetaTrader’s Expert Advisors (EAs) feature.
    Yes, it is. The broker offers several Futures contracts that can be used to hedge your market exposure.
    No, spread betting is not available with SquaredFinancial.
    Yes, SquaredFinancial offers VPS hosting.
    SquaredFinancial operates as an STP broker without a dealing desk.
    No, SquaredFinancial does not operate a bank.

    See SquaredFinancial Full Information

    Headquarters CountrySeychelles
    Foundation Year2005
    RegulationsFSA (Seychelles), CySEC (Cyprus)
    Publicly TradedNo
    Number Of Employees101
    Trading Desk TypeSTP, No dealing desk
    Trading PlatformsMT5, MT4
    Restricted Countries
    United States, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Spain, Sweden, Iceland, Liechtenstein, Norway, United Kingdom, Switzerland, Canada
    Supported Languages
    English, Arabic, Italian, Spanish, Chinese, Portuguese, German
    Min Deposit$0
    Max Leverage1:500 (FSA), 1:30 (CySEC )
    Deposit OptionsWire Transfer, Neteller, Skrill, Credit Card, Debit Card, NACE, Match2pay
    Withdrawal OptionsWire Transfer, Neteller, Skrill, Credit Card, Debit Card, NACE, Match2pay
    Time to Withdrawal3
    Time to Open an Account1
    Crypto
    Ethereum, Bitcoin, Litecoin, Bitcoin Cash, Ripple, Cardano, Polkadot, Binance Coin, Solana
    Products
    Currencies, Stocks, Crypto, Indices, Commodities, Futures
    Demo AccountYes
    OCO OrdersNo
    Offers HedgingYes
    Automated TradingYes
    API TradingNo
    Guaranteed Stop LossNo
    Guaranteed Limit OrdersNo
    Guaranteed Fills / LiquidityNo
    Economic calendarYes
    Trading From ChartYes
    One-Click TradingYes
    Expert AdvisorYes
    Social TradingYes
    AutochartistNo
    Trading SignalsNo
    Platform Languages
    Chinese, Arabic, English, Spanish, Russian, German, Polish
    24 Hours SupportYes
    Support During WeekendsNo
    Live ChatYes
    Daily Market CommentaryYes
    News (Top-Tier Sources)Yes
    WebinarsYes
    Deposit FeeNo
    Withdrawal FeeNo
    Inactivity FeeYes

    About the Author

    Plamen StoyanovBroker Analyst

    Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

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