SquaredFinancial (Squaredfinancial.com) is a broker offering a high leverage loss of 56.82 percent. Squared Financial is a platform that is specifically designed for Forex trading. Although the platform is CySEC registered, members have been complaining of a few issues. The high leverage is one of them and most end up losing funds. It is extremely hard to make profit with the platform. Read this genuine SQUAREDFINANCIAL Review for more details.
The platform claims to offer commission free, easy, and fast trading experience. They also profess to have a full range of financial products. Once members sign up, they are promised to increase their trading portfolio. The platform sells itself as setting a high priority to members which is odd considering the complaints. Members have also been complaining of being neglected by the platform for various reasons. Communication is one of them as the platform is far from being efficient in communicating with clients.
When it comes to the founding members of the platform, a lot leaves to be desired. The platform has used the name of a well-known entrepreneur as their executive chairman. Philippe Ghanem is the personality posted as their CEO. The entrepreneur left another firm called ADSS a year ago. These people are using false credentials to try and sell their services. And this is where we mask their false practice. A closer look at their about us page reveals they are using business personalities as their staff members.
The assets and services offered by Squared Financial include Auto trade, Energies, Forex, Indices, and Metals. SquaredFinancial is offering autotrade services to members who don’t have a clue on trading. They claim to have the best trade copy platform that enables traders to win big. Another claim from the platform is their auto trade system runs for 24 hours without any supervision. And this is a clear platform with some issues we will discuss. Stay safe and use approved and vetted brokers at all times. That’s the only way to make a decent profit margin with online trading.
SquaredFinancial is also offering CFDs a good example being energies. Some of the energies available on their platform include XTIUSD and XBRUSD. They fail to mention the bid, ask and spread available with energy assets. The platform has only two currency pairs for Forex trading, EURUSD and GBPUSD. Metals offered include XAGUSD and XAUUSD. Indices on offer are GER30Cash, US30Cash, and US100 cash. It is clear they don’t have a wide array of assets to offer.
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According to the domain register whois.net, squaredfinancial.com website was created on 5th December 2005. The details show they have been in the industry for a while. We have a problem with the platform because they have been providing shoddy services for a while. Documents with CySEC show the website received their first license on 23rd June 2017. The platform has been offering unlicensed trading services for over ten years. And that is unacceptable since majority of members could not get depository insurance.
The platform has been licensed by CySEC and given the green light by the Central Bank of Ireland. We do have a problem with the fact that the platform has been operating without a valid license. Since 2005, they recently got a trading license from the regulator in 2017. It means they have been offering unregulated trading services for over twelve years. And this is why a majority of complaints come from. SquaredFinancial is a platform which could not cover the deposits made by members for over ten years.
Even though the platform is registered, we do have some compliance issues. The platform has been facing ownership wrangles for a while. And this is probably the reason they use celebrity staff members. The use of false information on owners is a violation of the agreement between traders and officials. These scam artists are clearly violating the rules as they fail to mention the real owners. In other words, this is a broker offering unfair trading services, even though they have a license.
SquaredFinancial is offering traders three account types to choose from. Accounts listed include Gold, Platinum, and Diamond account. Minimum first deposit for the basic account is $100 which is below the acceptable set price. Only scam artists will go for a price below $250 which is the industry recommended price. These brokers target newbie traders who want to start trading with a small sum. Once they deposit funds, it is the last you will see of it. And this is proof we are dealing with an unfair broker.
The claim of having an auto trader is a roost to entice traders to sign up. Investors who don’t have a clue on trading techniques get offered an auto trader. The auto trader in question does not provide effective trading results. Most newbies have lost their initial deposit trying their hand on the auto trader. SquaredFinancial is clearly sending the wrong information regarding the expected returns. Their auto trader has no special features and is a robot which is making huge losses for members.
Another shocking feature with SquaredFinancial is having offline chat services. Once you click on their chat box, you notice the platform has posted the agents are unavailable. These are the same agents members are promised to have 24/5. We tried the chat box for a whole week and could not find any of them online. Phone numbers listed don’t go through and we suspect the chat box is used to harvest data. Most crooked brokers are in league with other third parties and sell vital information. Why do you have to leave your contact details when their agents should be available?
SquaredFinancial is also claiming to have educational materials which will greatly help investors. They include EBooks, Trading guides, Squared Financial Academy, and Video tutorials. What we found out is that the video tutorials used are from other notable brokerage firms. These crooked brokers are using materials from other brokers, copying word to word. Their academy comes at a price and not much can be said about the certificates issued. They have no meaning in the trading world.
The set channels include AliPay, Maestro, MasterCard, Neteller, Skrill, and Visa. The main problem we have with SquaredFinancial is they hide their withdrawal agreement page. Some members have been having problems withdrawing funds with the platform.
The only commendable thing with the platform is having CySEC license and MT4 trading platform. MT4 and MT5 trading terminals are the best to use in the industry. They offer quick execution speeds and are safe. With the platform using MT4 platform, the terminal is secure from third party attacks. We do have some issues with the website as it lacks security software. Sure, the trading platform is safe, but what about the entire website?
Another problem we have with Squared Financial is security of funds. We did mention earlier that the platform recently acquired a trading license from CySEC. They have been in the trading world for over fifteen years and it took them twelve to get a license. It means investors who signed up during the twelve years did not have their deposits insured. And this is a huge loophole as none of them will ever get any compensation. If the platform goes bankrupt, their funds will go down with the platform.
The evidence on our hands clearly shows SquaredFinancial is a licensed entity with a shoddy history. It is best to choose authentic Forex trading robots when it comes to auto trading services.
We will be adding this platform to our not recommended broker list for obvious reasons.
Continue reading our reviews for more on online trading products and services.
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