On-line since:
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Squared Financial (Squared Financial Group) is an investment company with headquarters in Cyprus. It was founded in 2005 in Ireland. The company offers its clients more than 60 different trading instruments, including indexes, currencies, and commodities. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) in Seychelles. Squared Financial works with traders from 170 countries.
Trading conditions
Trading instruments:
- futures
- energy
- metals
- indexes
When it comes to assets, the company offers traders a wide range of options: 50 currency pairs, CFD on energy, precious metals, and major indexes. Energy CFDs enable investors to trade assets without physical purchase and delivery. Precious metals are now even more popular because they are so vulnerable to inflation, which gives investors the opportunity to hedge or diversify their portfolios.
Account types:
- Gold (suitable for novice traders, spreads from 1.2 pips, minimum initial deposit - $100/€100, leverage - 1:100, minimum trade size - 0.01 lot, protection from negative balance)
- Platinum (suitable for experienced traders, minimum initial deposit - €500 or $500; commission - $6, spreads from 0.0 pips, leverage -1:100, minimum trade size -0.01 lot)
- Diamond (suitable for experienced traders and institutional clients; fixed low commission – $25, spreads from 0.0 pips, minimum initial deposit - $20,000/€20,000, leverage-1:500, minimum trade size-0.1 lot)
The company offers its clients to practice online trading with a free demo account that comes with $50,000 in virtual funds.
Payment methods: credit cards, wire transfers,as well as Skrill and Neteller e-wallets. The company assures its customers that transactions are processed instantly from e-wallets, but while payment by means of credit cards and wire transfers take up to 1 hour and 3 working days, respectively? Squared Financial does not charge fees for deposits and withdrawals, but you should keep in mind that the bank that processes the transaction might have its own terms and thus charge fees.
The broker gives access to the MetaTrader 4 trading platform, which is available in the mobile version (iOS and Android).
The company uses AutoTrade, a next-generation account mirroring service (trade copy) that allows clients to copy deals from the most successful traders by using algorithmic trading robots (Expert Advisors), to trade on your behalf by monitoring the markets and handling all steps of the market order execution process. The company uses the Myfxbook app to implement social trading, which involves copy trading of signals as well as successful trading strategies of other traders. Through Myfxbook, clients can join a shared network of traders and get a description of their strategies, including detailed analytical reviews. Importantly, Myfxbook picks only the most successful strategies that are sure to bring high yield. However, Squared Financial is not responsible for signals generated by the AutoTrade system, as well as transactions made with the help of those signals. The company warns " Signals generated through the use of the AutoTrade system and the resulting trades are not the responsibility of SquaredFinancial and do not constitute general or personal advice."
Training
The company offers new clients useful training materials that are not only interactive but also contain details about different strategies. Customers can take advantage of training videos and e-books, as well as use informative text tutorials.
Support service
Support service is available every hour when trading is unfolding. You can contact company managers via chat, email, phone, or Facebook.
Feedback
Traders complain about problems with withdrawals, slow order execution, and bonus cancellation. There are significantly more negative reviews than positive ones. Many traders left comments about the successful cooperation with the company until 2018. Today they mainly call the broker a swindler.
Advantages and disadvantages
Pros:
- round-the-clock support service (on working days) available in several languages
- large array of trading instruments
- wide range of training materials
- scalping and hedging allowed
- low initial deposit
- zero spreads on EUR/USD and USD/JPY
Cons:
- no trading on the weekend
- lack of negative balance protection on a Gold account
- no cooperation with US traders
