SquaredFinancial review.

Overview

TrueBroker is a free broker safety checker, and this page is our review of SquaredFinancial, scored 5.7 out of 10 across regulation, fees, platform, support and reviews. SquaredFinancial is the trading name used by Squared Financial (CY) Limited, a Cyprus-based CFD broker whose contact page lists an office at Archiepiskopou Makariou, 205 Victory House, Ground Floor, Shop 1, 3030, Limassol, Cyprus. The firm’s own site carries a banner notice stating that it is implementing a strategic transition and has initiated the voluntary renunciation of its CIF Licence (No. 329/17) and will no longer onboard new clients under CySEC, which is the single fact a prospective client should weigh before anything else on this page.

Overview Table

Facts List

• The firm’s own homepage banner states that Squared Financial (CY) Ltd has begun voluntarily giving up CySEC licence 329/17 and will not onboard new clients under that licence.
• The CySEC register itself records licence 329/17 as “(Under examination for voluntary renunciation of the authorisation)”, confirming the firm’s own notice.
• The FSA Seychelles register separately confirms a regulated securities dealer entry for SquaredFinancial, but the register does not publish licence numbers, so licence SD024 is not confirmed by the register and remains the firm’s own claim; none of the other pages we fetched for our evidence mention a Seychelles entity, only the Cyprus one.
• We searched 1,441 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius, and SquaredFinancial matched none of them.
• The SquaredPro account carries no minimum deposit, no commission, and spreads the firm’s own accounts page advertises as “from 1.2 pips” on EUR/USD.
• The SquaredElite account requires a 500 USD minimum deposit, charges $5 per lot commission, and advertises spreads “from 0.0 pips” on EUR/USD.
• Both live accounts cap leverage at 1:30 and set the margin call level at 100% and the stop out level at 50%, according to the firm’s own accounts page.
• The firm’s platform pages reference MetaTrader 4, MetaTrader 5 and a Squared Mobile App, but the dedicated mobile app page returned a 404 when we fetched it.
• The firm’s demo account page states it provides $50,000 in virtual funds.
• The contact page lists a Limassol, Cyprus office address and a telephone number, +357 22090227.

Why SquaredFinancial’s regulatory picture is the weakest part of this review

The regulation score of 3.5 out of 10 rests on a licence that is real but is being handed back. The CySEC register confirms licence 329/17 for Squared Financial (CY) Ltd, dated 23/06/2017, and its own wording flags the licence as “(Under examination for voluntary renunciation of the authorisation)”. The firm’s own site says the same thing in different words: it is walking away from CySEC oversight and has stopped onboarding new clients under that licence. The FSA Seychelles register separately confirms a listing for the firm as a regulated securities dealer, though the register does not publish licence numbers, so licence SD024 remains the firm’s own claim rather than a confirmed detail; none of the firsthand pages we fetched mention a Seychelles entity, a different leverage cap, or insurance cover, all of which appear only in our earlier review and could not be checked against the current site.

What SquaredFinancial charges, and why fees scored highest

Fees score 9 out of 10, the highest mark in this review, and the accounts page supports it: SquaredPro needs no minimum deposit and carries no commission, while SquaredElite charges a flat $5 per lot with tighter advertised spreads. The one fee we can point to that works against a client comes from our earlier review, not from a page we fetched ourselves: it reported a 2% charge applied when a client deposits funds and withdraws the full amount without placing a trade. We could not confirm that fee on any firsthand page in our evidence, so treat it as carried over rather than verified fresh.

Platform and support

Platform scores 5.5. SquaredFinancial’s About page lists MetaTrader 4, MetaTrader 5 and a Squared Mobile App as available, but the site’s own dedicated mobile app page returned a 404 when we fetched it, so the app itself could not be inspected beyond the homepage description. Support scores 5.8: the contact page gives a phone number, a contact form and an office address, and states hours as Monday to Friday, 7am to 9pm GMT+3, a narrower window than the 24/5 support the earlier review described.

Score change from our previous review

Our previous review of SquaredFinancial scored 4.3 out of 10; this review scores 5.7. That change reflects our current assessment against the evidence gathered for our evidence, not any change in the firm itself: this pass drew on firsthand pages, direct register checks against CySEC and FSA Seychelles, and a warning-list search across 1,441 entries, none of which the earlier score was built on. Where the two disagree, such as the stop-out level shown as 50% on the firm’s own accounts page against 30% in the earlier review, or the $50,000 demo balance against a previously reported $100,000, we have gone with what the firsthand pages state.

Key Takeaways

This review scores SquaredFinancial 5.7 out of 10, up from the 4.3 we gave it previously. The move is ours, not the firm’s: this pass rests on pages we fetched directly plus a register check, where the earlier score leaned more heavily on our earlier review’s uncorroborated detail. Fees score highest at 9, regulation lowest at 3.5, with platform at 5.5, support at 5.8 and reviews at 4.7.

Why regulation is the weak point

• The CySEC register confirms licence 329/17 for Squared Financial (CY) Ltd, but the register’s own wording flags it “Under examination for voluntary renunciation of the authorisation” twice over, dated 23/06/2017. That is a confirmed licence, not a licence in good standing, and the firm’s own site-wide banner says it will no longer onboard new clients under CySEC.
• The Seychelles FSA register lists SQ Sey Ltd, trading as SquaredFinancial, as a regulated securities dealer, which is a genuine second confirmation. The FSA register does not publish licence numbers, so the “SD024” figure remains the firm’s own claim rather than something the register itself states.
• Every firsthand page we fetched, across ten country exits, carries the same line: the site “is not intended to offer investment services to citizens of” the UK, USA, Canada, Australia and New Zealand, among others. We fetched that identical content under the gb and au exits themselves. A regulatory disclaimer that the site does not appear to act on is a finding, not a technicality.
• We searched 1,441 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius, running a positive control on two of those registers first so an empty result would mean absence rather than a broken search. SquaredFinancial matched none of them. That is a clean result within the scope of the lists we mirror, and no more than that.

What SquaredFinancial’s own account pages show

• The firsthand account pages describe one operating entity, Squared Financial (CY) Limited, with leverage capped at 1:30 on both the SquaredPro and SquaredElite accounts. Our earlier review instead described a Seychelles entity offering leverage up to 1:500 and Lloyd’s of London insurance up to $1,000,000 per client. None of that appears on any page we fetched.
• SquaredPro requires no minimum deposit, quotes average EUR/USD spreads from 1.2 pips with no commission, and lists a recommended deposit of $200. SquaredElite requires a $500 minimum, quotes spreads from 0.0 pips plus $5 per lot commission, with a recommended deposit of $2,000. Both list a 100% margin call level and a 50% stop out level.
• That 50% stop out figure contradicts our earlier review’s account comparison table, which gave 30% for both accounts. A 50% stop out closes positions with materially less room than 30%, so this is not a rounding difference.
• The demo account page states $50,000 in virtual funds; our earlier review said $100,000.
• The homepage advertises a Fixed Time Deposit product paying up to 5.25% APR, tied to a “100% First-Time Deposit Bonus and 50% Redeposit Bonus,” which differs from the 20%/10% deposit bonuses and $30 no-deposit bonus our earlier review described. The dedicated Fixed Time Deposit page and the mobile app platform page both 404 on every country exit we fetched, so neither the current promotion’s terms nor the app itself can be read past the homepage mention.

Fees and withdrawals

• Fees is the highest-scoring criterion here, driven by SquaredPro’s no-minimum, no-commission structure and SquaredElite’s sub-pip spreads with a flat per-lot fee, both stated on the firm’s own accounts page.
• Our earlier review reported a 2% charge on a deposit that is withdrawn in full with no trading in between, and separately that withdrawals are returned to the original funding source, with extra documentation requested if that is not possible. Neither of those was confirmed on the payment pages we fetched, so they carry as our earlier review’s reporting rather than the firm’s own words.
• Our earlier review also described bonus structures where deposit-bonus principal is booked as a margin loan and only trading profits are withdrawable, and where a $30 no-deposit bonus can be used to trade but never withdrawn. Those terms do not match the Fixed Time Deposit promotion currently on the homepage, so a reader should treat them as historical rather than current.

Support

• The Contact Us page lists a Cyprus phone number, a contact form, and an office address in Limassol. It states support hours as Monday to Friday, 7am to 9pm GMT+3, which contradicts the 24/5 availability our earlier review claimed.

Licenses & Regulation

SquaredFinancial’s own pages identify one operating entity for the site we fetched: Squared Financial (CY) Limited, the Cyprus-based firm behind squaredfinancial.com. A site-wide banner on that entity’s pages states that Squared Financial (CY) Ltd is implementing a strategic transition and has initiated the voluntary renunciation of its CIF Licence (No. 329/17) and that the company will no longer onboard new clients under CySEC. That is the firm’s own language, on its own site, describing its own licence going away.

What the CySEC register shows

We checked the Cyprus Securities and Exchange Commission register directly. It confirms licence 329/17, held by “Squared Financial (CY) Ltd,” dated 23/06/2017, against Company Registration Number 355968. But the register’s own entry is qualified, twice repeating the same annotation: “(Under examination for voluntary renunciation of the authorisation)”. A confirmed CySEC licence that the regulator itself flags as under examination for voluntary renunciation is not a licence in plain good standing, and it matches what the firm’s own banner already told us: new clients are not being onboarded under this authorisation. Before treating an empty register result as an absence anywhere in this review, we ran a positive control on both registers we searched, checking a firm known to be listed first, so a blank search means the firm isn’t there rather than that the search itself failed.

The Seychelles licence SquaredFinancial cites

We also searched the Seychelles FSA register. It lists SQ Sey Ltd, trading as Squared Financial, as a regulated securities dealer. The Seychelles FSA register does not publish licence numbers on that listing, so the number SD024, which the firm cites for this entity, is the firm’s own claim rather than something the register itself states.

An entity the firm’s own pages don’t mention

The earlier published review describes a second operating entity, “SquaredFinancial (Seychelles) Limited,” holding that FSA licence SD024, offering leverage up to 1:500 and Lloyd’s of London insurance cover up to $1,000,000 per client. None of that appears on any firsthand SquaredFinancial page fetched for our evidence. The firsthand account pages we did fetch, for SquaredPro and SquaredElite, cap leverage at 1:30 on both live accounts. A reader relying on our earlier review of a 1:500-leverage, insured Seychelles offering would be describing terms this site does not currently show, and would not know that the entity it does describe, the CySEC one, is mid-way through giving up its licence rather than onboarding under it.

Who SquaredFinancial says it won’t serve

The firm’s own root page states the site “is not intended to offer investment services to citizens of” the UK, USA, Canada, Australia, New Zealand, and a list of FATF-flagged jurisdictions including Iran, North Korea, Cuba, Syria, Belarus, Myanmar, Russia, South Sudan, Venezuela and Yemen. That disclaimer is on the page. The same page content, unchanged, was also what we were served when we fetched the site through UK and Australian exit points, meaning the geo-serving didn’t act on the exclusion the page itself states.

Warning-list search

We searched 1,441 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius. SquaredFinancial does not appear on any of them. That’s a real result, worth stating plainly, but it only covers the three regulators we mirror; it is not a clean bill from every regulator that publishes a warning list.

Our previous score for this broker’s regulation was lower; this review puts regulation at 3.5 out of 10. The move is our assessment being restated against what we could check now, not a claim that the firm’s standing has changed: a CySEC licence the register itself marks as under voluntary renunciation, a Seychelles licence number the register doesn’t itself publish, an entity the firm’s own pages don’t mention appearing only in the earlier review, and a stated exclusion list the site’s own geo-serving didn’t honour when we tested it, all sit awkwardly next to a warning-list search that came back clean.

How to Trade

Squared Financial (CY) Limited is the entity behind squaredfinancial.com, and its account pages describe two live options, SquaredPro and SquaredElite. Both list minimum trade volume of 0.01 lots, margin call level at 100% and stop out level at 50%, with leverage capped at 1:30 on either account. SquaredPro lists a minimum deposit of 0 USD, a recommended deposit of 200 USD, and average EUR/USD spreads from 1.2 pips with no commission. SquaredElite asks a 500 USD minimum, a recommended 2,000 USD, and prices EUR/USD from 0.0 pips plus a $5-per-lot commission. A demo account is also listed, credited with $50,000 in virtual funds according to the firm’s own accounts page.

What SquaredFinancial lets clients trade

The firm’s own homepage lists CFDs across currencies, metals, indices, commodities such as Brent Crude, WTI, natural gas, corn and wheat, futures, stocks and ETFs, and cryptocurrencies. None of the fetched pages break out per-instrument spreads, swap rates or contract sizes beyond the EUR/USD figures quoted on the account comparison page, so the pips above are the only firsthand pricing data available.

Platforms, and a page that doesn’t load

SquaredFinancial’s About page names MetaTrader 4, MetaTrader 5 and a “Squared Mobile App” as the ways to trade. The homepage describes that app as an “all-in-one SquaredFinancial mobile app” with one-click trading and account management, but the dedicated platforms/mobile-app page returned a 404 on every country version fetched, so the app’s actual feature set is not something we could confirm beyond the homepage’s own description of it.

The licence that is winding down

A site-wide banner on the firm’s own pages states that Squared Financial (CY) Ltd is implementing a strategic transition and has initiated the voluntary renunciation of its CIF Licence (No. 329/17) and will no longer onboard new clients under CySEC. That matches what the CySEC register itself shows: licence 329/17 is confirmed but recorded by the regulator as “Under examination for voluntary renunciation of the authorisation.” For anyone opening a position under this entity, that means the CIF licence a client’s account currently sits under is in the process of being given up, and new clients cannot be onboarded to it at all. We also checked the Seychelles FSA register, which lists SQ Sey Ltd (trading as Squared Financial) as a regulated securities dealer, but the firsthand pages we fetched describe only the Cyprus entity and its 1:30 leverage cap; they make no mention of a Seychelles account, 1:500 leverage or the insurance terms an earlier published review attached to that entity. A reader going by that earlier description would be trading on leverage and coverage terms the current site does not offer.

Margin and stop-out mechanics

Both live accounts share the same close-out structure: a margin call at 100% and a stop out at 50%, per the firm’s own account pages. That is the figure to rely on; an earlier review of this firm put stop out at 30% for the same two accounts, which would leave a trader with a materially different cushion before positions are force-closed, and that earlier figure does not match what the firm’s own pages currently state.

A deposit product advertised but not reachable

The homepage promotes a “Fixed Time Deposit” earning “up to 5.25% Annual Percentage Rate,” alongside a live “100% First-Time Deposit Bonus and 50% Redeposit Bonus” tied to it. The dedicated product page for this, products/fixed-time-deposit, also returned a 404 across every country fetched, so the terms behind that 5.25% figure and the bonus mechanics are not something the firm’s own site let us verify beyond the homepage summary.

This review scores SquaredFinancial 5.7 out of 10, up from a prior score of 4.3. Our warning-list search came back clean: we checked 1,441 entries mirrored from CySEC, the FCA and the FSC Mauritius, running a positive control against a known-listed firm first, and SquaredFinancial matched none of them. Regulation sits lowest at 3.5, weighed down by the CySEC register’s own “under examination for voluntary renunciation” annotation on the licence this entity trades under. That combination, cheap to trade on paper against a licence that is being wound down, is the shape of this section’s evidence.

Account Types

SquaredFinancial’s own account pages describe two live trading accounts, both run by the single entity named on the firm’s pages, Squared Financial (CY) Limited, and both capped at the same 1:30 leverage. A site-wide banner on the same pages states that this entity has started the voluntary renunciation of its CySEC licence (No. 329/17) and will no longer onboard new clients under CySEC, a status the CySEC register confirms in its own words as “under examination for voluntary renunciation of the authorisation.” Anyone opening an account today is opening it against a licence in the process of being given up, not one in ordinary good standing.

SquaredPro and SquaredElite

The firm’s accounts page lists SquaredPro with a 0 USD minimum deposit, a recommended deposit of 200 USD, an average EUR/USD spread “from 1.2 pips,” no commission, a minimum trade volume of 0.01, a margin call level of 100% and a stop out level of 50%. SquaredElite carries a 500 USD minimum deposit, a recommended deposit of 2,000 USD, an average EUR/USD spread “from 0.0 pips,” a $5 per lot commission, and the same 0.01 minimum trade volume, 100% margin call level and 50% stop out level as SquaredPro. Both accounts trade the same leverage ceiling of 1:30. This is a two-tier setup: pay nothing on the spread account or pay a lot commission for a tighter spread, with no account type in between.

What SquaredFinancial charges around the accounts

The fees score in this review moved to 9 out of 10, and the account pages support that: SquaredPro carries no commission at all, and SquaredElite’s $5-per-lot charge sits against a near-zero advertised spread. Set against that, our earlier review describes a 2% fee charged when a client deposits funds and then withdraws the entire amount without placing a trade, a term that was not present on any page fetched directly for our evidence and so is carried here as reported, not as read in the firm’s own terms. Our previous score for this broker was 4.3 out of 10; this review scores it 5.7. That movement reflects this review’s own criteria and the evidence gathered for it, not any change at the firm, and the fee evidence above is the clearest driver of it in this section.

Demo account and the Fixed Time Deposit

A separate page describes a demo account funded with $50,000 in virtual money, with no expiry stated on that page. The homepage also advertises a “Fixed Time Deposit” product paying “up to 5.25% Annual Percentage Rate,” described there as inflation hedging, low risk and offering guaranteed returns, and tied on the same page to a “100% First-Time Deposit Bonus and 50% Redeposit Bonus.” The dedicated product page for this deposit account returns a 404 across every country version of the site fetched for our evidence, so the terms behind that 5.25% figure, and the mechanics of the bonus attached to it, are not reachable from the site itself.

Two account pictures that do not match

The firsthand pages describe only the one entity and the 1:30 leverage cap set out above. Our earlier review instead describes a second entity, SquaredFinancial (Seychelles) Limited, holding leverage up to 1:500 and Lloyd’s of London insurance cover up to $1,000,000 per client, a picture that does not appear on any page fetched directly for our evidence. Our earlier review’s account comparison table also gives a stop out level of 30% for both accounts, against the 50% stated on the firm’s own account pages fetched here. A trader relying on either the higher leverage figure or the lower stop-out figure from our earlier review would be working from numbers that do not match what the firm’s own current pages show. Our earlier review’s account bonuses, a 20%/10% deposit bonus structured as a margin loan with only profits withdrawable, and a non-withdrawable $30 no-deposit bonus, also do not match the 100%/50% Fixed Time Deposit bonus now advertised on the homepage, so those older bonus terms cannot be assumed to still apply.

Negative Balance Protection

Both live accounts firsthand pages we fetched, SquaredPro and SquaredElite, set the same two numbers for what happens as a position moves against a client: a margin call level of 100% and a stop out level of 50%, with leverage capped at 1:30 on either account. That is the whole of what SquaredFinancial’s own account-types page tells us about how losses are limited before the firm intervenes.

The stop-out and margin-call levels SquaredFinancial’s account pages state

A 50% stop-out means the platform starts closing a client’s open positions once account equity falls to half of the margin used, rather than letting it run further down. A 100% margin call level means the warning to top up or reduce exposure is triggered as soon as equity dips to the margin requirement itself, before any forced closure. These figures come from the same account comparison page for both live account types, so neither account is built with a materially different loss-limit design than the other.

What the account pages do not cover

The firm’s UK accounts page lists “Negative balance protection” among its features, and the SquaredPro and SquaredElite pages we fetched give margin call and stop-out percentages and a leverage cap. None of those pages explains how the protection works: how a residual negative balance after a stop-out is handled, or how a client whose account goes negative in a fast market is made whole.

The earlier review described a separate entity, SquaredFinancial (Seychelles) Limited under FSA (Seychelles) licence SD024, offering leverage up to 1:500. Every firsthand page we fetched, across ten country exits, describes only Squared Financial (CY) Limited, with the 1:30 cap shown above; none of them mention a Seychelles entity, a different leverage tier, or the insurance figure the earlier review attached to it. Higher leverage and lower stop-out margin generally mean a smaller equity cushion before positions are closed, so a client opening an account expecting 1:500 leverage on the strength of the earlier review would in fact be opening an account capped at 1:30 under the entity the current site actually offers.

What the licence status does to loss protections

The site-wide banner we read states that Squared Financial (CY) Ltd is implementing a strategic transition and has initiated the voluntary renunciation of its CIF Licence (No. 329/17) and will no longer onboard new clients under that CySEC authorisation. The CySEC register confirms the licence itself, 329/17 dated 23/06/2017, but records it as “Under examination for voluntary renunciation of the authorisation” rather than a licence in ordinary good standing. For a new client, that matters specifically for loss limits: whatever protections and complaint routes are tied to being onboarded under an active CySEC CIF licence, including access to the Cyprus Investor Compensation Fund, are protections a new client will not be picking up through this entity, because the firm’s own notice says it is not onboarding new clients under that licence. We searched the CySEC and FSA (Seychelles) registers directly and ran a positive control on both before treating any result as an absence; the CySEC entry is the one described above, and the Seychelles FSA register separately confirms SQ Sey Ltd, trading as Squared Financial, as a regulated securities dealer, though that register does not publish licence numbers, so the SD024 figure remains the firm’s own claim rather than something we read off the register.

None of the 1441 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius that we checked names SquaredFinancial, so there is no active warning against the firm on the lists we searched. That is a separate question from what protects a client’s balance if a trade moves hard against them, and the account pages we fetched do not answer that second question either way.

Trading Instruments

SquaredFinancial’s own pages describe a single operating entity, Squared Financial (CY) Limited, trading seven CFD asset classes: forex CFDs across “major, minor, and exotic” pairs, metals CFDs on gold and silver, indices CFDs, commodities CFDs on Brent Crude, WTI, natural gas, corn and wheat, futures CFDs, stocks CFDs and ETFs, and cryptocurrency CFDs.

What SquaredFinancial’s account pages actually promise

The firm publishes two live account tiers, and the country pages we fetched give the terms in some detail. SquaredPro needs no minimum deposit, recommends 200 USD, quotes an average EUR/USD spread from 1.2 pips with no commission, and caps leverage at 1:30. SquaredElite needs a 500 USD minimum, recommends 2,000 USD, quotes an average EUR/USD spread from 0.0 pips plus a $5-per-lot commission, and also caps leverage at 1:30. Both list a minimum trade volume of 0.01 lots, a margin call level of 100% and a stop out level of 50%. A demo account offers $50,000 in virtual funds on the page we fetched, with no expiry stated there.

Those figures matter because an earlier published review of this firm and did not fetch ourselves, described a different picture: a second entity, SquaredFinancial (Seychelles) Limited under FSA licence SD024. None of the Seychelles entity, the 1:500 leverage, or the insurance appears anywhere on the pages we fetched for our evidence. A trader who carried those older figures into a live account would be sizing positions against a stop-out cushion and leverage ceiling the current site does not offer.

The Fixed Time Deposit product SquaredFinancial can’t show you

The dedicated product page at products/fixed-time-deposit/ returned a 404 on every country exit we fetched, so whatever a Fixed Time Deposit product actually offers is not published anywhere we could read it.

Restrictions that sit oddly with how the site served us

The homepage states the site is “not intended to offer investment services to citizens of” the UK, USA, Canada, Australia, New Zealand, and a list of FATF-flagged countries including Iran, North Korea, Cuba, Syria, Belarus, Myanmar, Russia, South Sudan, Venezuela and Yemen. We fetched that same disclaimer, unchanged, from ten different country exits, including the UK and Australian ones, and in both cases the site served the full page rather than blocking access. A UK or Australian visitor reading the firm’s own words is told the firm does not intend to serve them, while the browsing experience says otherwise.

A separate restriction from the earlier review, naming the United States, Canada, Israel, Iran and North Korea as prohibited for the Seychelles entity, cannot be checked against anything on the pages we fetched, since that entity does not appear on them at all.

What’s missing from the asset picture

Nothing on the fetched pages gives a contract specification sheet, per-instrument spread table beyond the EUR/USD headline figure, margin requirements by asset class, or a full symbol list for any of the seven CFD categories. The instrument list we hold is the firm’s marketing description of what it covers, not a dealing sheet a trader could size a position from.

Education & Analysis

SquaredFinancial’s own About page lists three ways to trade: MetaTrader 4, MetaTrader 5, and what the homepage calls the “Squared Mobile App,” pitched there as offering one-click trading and account management. That is the entire firsthand account of the firm’s trading technology.

What SquaredFinancial’s own platform pages actually show

The site links out to a dedicated mobile app page, but that page (platforms/mobile-app) returned a 404 on every country version we checked it against, so the “one-click trading” claim on the homepage cannot be checked against the page meant to back it up. The same is true of the Fixed Time Deposit product advertised on the homepage at “up to 5.25% Annual Percentage Rate”: its own product page also 404s, leaving the terms of that product unverifiable from the site itself.

Beyond naming MT4 and MT5, the About page does mention social trading, describing it as letting users copy “top performing strategies” while staying in full control of their accounts, trades and positions.

Instruments available to trade

The homepage sets out seven CFD asset classes: forex (major, minor and exotic pairs), metals including gold and silver, indices, commodities naming Brent Crude, WTI, Natural Gas, Corn and Wheat, futures, stocks and ETFs, and cryptocurrencies. No instrument counts, symbol lists, or per-asset spread tables accompany these categories on the page we read; the description is a set of headline categories rather than a specification sheet.

Demo account and testing tools

The firm’s Demo Account page (fetched under the gb country exit) states the demo provides $50,000 in virtual funds, with no expiry mentioned on that page. This is worth flagging because the earlier review being rewritten here described the demo as carrying $100,000, a figure that does not appear on the page we read. Either the demo terms have changed since that review was written or the two figures were describing different things; either way, a trader sizing a test strategy against the site today should work from the $50,000 the current page states, not the $100,000 the earlier write up carried.

Account terms that shape how a platform can be used

Both live accounts named on the firm’s Australia-exit account page, SquaredPro and SquaredElite, cap leverage at 1:30, set the margin call level at 100% and the stop-out level at 50%, with a minimum trade size of 0.01 lots on each. The earlier review’s account comparison table instead gave a 30% stop-out level for both accounts, and separately described a second entity, SquaredFinancial (Seychelles) Limited, offering leverage up to 1:500. Neither the Seychelles entity nor 1:500 leverage appears on any of the ten country-exit pages fetched for our evidence, which describe only the Cyprus entity trading at up to 1:30. A trader configuring risk parameters around a 1:500 assumption, or expecting a 30% stop-out cushion, would be working from figures the current site does not carry.

Special Offers

SquaredFinancial’s current homepage offer

The version of squaredfinancial.com we fetched advertises a “Fixed Time Deposit” product on its homepage, pitched as “inflation hedging, low risk, guaranteed returns” and offering to “Earn up to 5.25% Annual Percentage Rate”. That page ties the product to a “100% First-Time Deposit Bonus and 50% Redeposit Bonus”. We could not read the conditions behind either the interest rate or the two bonus percentages: the site’s own dedicated page for the product, at products/fixed-time-deposit/, returned a 404 on every country version we fetched, as did the separate platforms/mobile-app page the same homepage links to for its mobile app. A visitor who clicks through from the homepage promotion to find out how the 5.25% is calculated, what “guaranteed” covers, or how the deposit and redeposit bonuses are unlocked reaches a broken link rather than the terms.

Older bonus terms that no longer appear on the firm’s pages

An earlier published review of this broker described a different set of promotions: a 20% deposit bonus and a 10% redeposit bonus, plus a $30 no-deposit bonus. None of those three appears anywhere on the firsthand pages we fetched for our evidence, which show only the Fixed Time Deposit bonus described above. Restating what that earlier review reported, rather than treating it as this firm’s current wording: the 20%/10% deposit bonuses were structured as a margin loan, meaning the bonus principal itself was not client money a client could withdraw, only the trading profits generated using it. The $30 no-deposit bonus, per the same earlier review, was for trading only and could not be withdrawn under any circumstance. Whether either arrangement still holds for the Fixed Time Deposit bonus now live on the homepage is not something we can check, because the product page that would spell out its terms 404s. The mismatch between the two sets of offers also lines up with a wider gap between the two sources: the earlier review’s account details describe a Seychelles-licensed entity with 1:500 leverage, while the only entity our firsthand pages describe is the Cyprus one, capped at 1:30 leverage on both live accounts and in the process of giving up its CySEC licence (329/17) rather than taking on new clients under it.

A charge for taking the money straight back out

The same earlier review reported a fee that sits next to any promotion a client might take up: a 2% charge on money deposited and then pulled out untraded. That is not framed as part of a specific bonus in what we have, but it works against anyone tempted to test a deposit bonus by funding an account and pulling the money straight back out, since the exit itself is what triggers the charge. We have no firsthand page confirming this fee still applies or setting out how it is calculated beyond the flat 2% the earlier review gave.

What we could and could not verify

We read the firm’s own terms and conditions for our evidence, and searched the CySEC and FSA Seychelles registers directly, plus 1,441 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius, on which this firm does not appear. None of that first-hand work reached the promotional terms themselves: no promotions or bonus-terms page loaded for us, so we cannot set out the wagering requirements, minimum trade volumes, or expiry conditions attached to either the live Fixed Time Deposit bonus or the older bonuses described in the earlier review. What we can say is limited to what the two sources actually state: the firm’s own current homepage advertises a 100% first-deposit and 50% redeposit bonus tied to a fixed-term deposit product with a broken terms page, and an earlier review reported a now-absent set of margin-loan-style deposit bonuses and a non-withdrawable no-deposit bonus, alongside a 2% fee for depositing and withdrawing without trading. A client relying on the homepage banner alone has no working link to the document that would tell them what “guaranteed returns” or “100% bonus” actually commit the firm to.

Opening an Account

Two live account tiers are open to new clients through Squared Financial (CY) Limited, the only operating entity described on any page we fetched for our evidence. SquaredPro requires no minimum deposit, though the firm’s own accounts page recommends 200 USD to start, quotes an average EUR/USD spread from 1.2 pips with no commission, and caps leverage at 1:30. SquaredElite asks for a 500 USD minimum, recommends 2,000 USD, quotes an average EUR/USD spread from 0.0 pips, and charges 5 USD per lot instead. Both tiers carry the same margin mechanics: a 100% margin call level, a 50% stop-out level, and a 0.01 minimum trade volume, all as stated on the firm’s own account-comparison page.

Trying it first: SquaredFinancial’s demo account

The firm’s demo account page describes 50,000 USD in free virtual money, with no expiry stated on that page. This is worth flagging against the earlier review we are updating, which put the demo balance at 100,000 USD; the two figures do not match, and we can only stand behind the 50,000 USD figure because it is the one on the page we actually fetched.

Who SquaredFinancial says it will not open an account for

Every country-exit version of the homepage we fetched, ten in total and all identical, carries the same disclaimer: the site “is not intended to offer investment services to citizens of” the UK, USA, Canada, Australia, New Zealand, and a list of FATF-named countries including Iran, North Korea, Cuba, Syria, Belarus, Myanmar, Russia, South Sudan, Venezuela and Yemen. That disclaimer sits oddly next to what we actually observed: the same page, with the same content, was served without any block under the UK and Australian country exits we tested, two of the jurisdictions the disclaimer names. A visitor from either country reading the small print is told the firm does not intend to take them on, while the site in front of them loaded normally.

The earlier review we are updating separately described a second entity, SquaredFinancial (Seychelles) Limited under FSA licence SD024, blocking a different and shorter list: the United States, Canada, Israel, Iran and North Korea. We note that description here only because it does not appear anywhere in the pages fetched for our evidence; nothing we read firsthand mentions a Seychelles entity, its licence, or its own restricted list, so we cannot confirm it is still the policy in force.

The CySEC route into SquaredFinancial is closing to new clients

A site-wide banner notice states that Squared Financial (CY) Ltd is implementing a strategic transition and has initiated the voluntary renunciation of its CIF Licence (No. 329/17) and will no longer onboard new clients under CySEC. The CySEC register itself confirms licence 329/17, dated 23/06/2017, but qualifies the entry as “Under examination for voluntary renunciation of the authorisation.” Taken together, anyone opening an account with this entity now is signing up during a wind-down of the licence that would otherwise carry MiFID and Investor Compensation Fund protections, not into a licence in ordinary good standing.

Funding the account once it is open

The firm’s payment methods page groups funding options into Bank Transfer, Credit Cards, E-Wallets and Alternative Payment Methods, and names the processors behind them: PayMaxis, regulated by the Malta Financial Services Authority; PowerCash and SafeCharge, both regulated by the Central Bank of Cyprus; and Skrill, regulated by the Central Bank of Ireland. The earlier review we are updating adds per-method minimums and processing times, for instance a 100 USD minimum on bank wire transfers and a 20 USD minimum on card funding, none of which we were able to confirm on the payment methods page we fetched, so we report those figures only as the earlier review’s claim rather than the firm’s own.

One condition is worth knowing before funding: the earlier review describes a 2% fee charged if a client deposits money and then withdraws the full balance without placing a single trade. If that is still current, it means the account is not free to open and immediately close, even though the firm’s general position on deposits and withdrawals is otherwise fee-free.

Sign-up bonuses attached to opening an account

The homepage we fetched advertises a live promotion tied to its Fixed Time Deposit product: a 100% first-time deposit bonus and a 50% redeposit bonus, alongside a headline rate of up to 5.25% APR. We could not read the terms behind that offer because the dedicated Fixed Time Deposit product page returned a 404 on every country exit we checked, including the one advertising it. The earlier review describes a different bonus structure entirely: 20%/10% deposit bonuses booked as a margin loan, where only the profits made trading with the bonus can be withdrawn, plus a 30 USD no-deposit bonus that can be used to trade but never cashed out. Whether that structure or the Fixed Time Deposit offer is the one a new client actually gets is not something either the firm’s page or the earlier review resolves; the two simply describe different promotions.

Score note

This review scores SquaredFinancial 5.7 out of 10, up from our earlier 4.3. Regulation still scores low, 3.5, because the only licence backing new accounts, CySEC 329/17, is mid-renunciation and closed to new clients under that authorisation, and the Seychelles licence the earlier review relied on does not appear on any page we checked.

Deposits & Withdrawals

SquaredFinancial’s own Payment Methods page, fetched for our evidence, groups funding into four categories: Bank Transfer, Credit Cards, E-Wallets and what it calls Alternative Payment Methods. That page names four payment service providers behind those categories and states the regulator of each provider rather than the broker itself: PayMaxis (Malta Financial Services Authority), PowerCash (Central Bank of Cyprus), SafeCharge (Central Bank of Cyprus) and Skrill (Central Bank of Ireland). The page does not give currencies, minimums, or processing times against any of the four categories, so what follows on amounts and timing comes from the earlier review of this firm not from anything we fetched ourselves.

What the earlier review reported about funding SquaredFinancial

That earlier review put the minimum for a bank wire transfer at $100, with no broker-side fee and 3 to 5 business days for the funds to land. For cards (Visa and Mastercard) it gave a $20 minimum with instant credit, and withdrawals back out within 24 hours. For e-wallets, specifically Skrill and Neteller, it gave a $5 minimum deposit, a $50 minimum withdrawal, and instant processing. For crypto, naming Bitcoin, Ethereum and USDT, it gave a processing window of two or more days each way. None of these figures appear on the Payment Methods page we fetched, so they should be read as the earlier review’s account of the firm at the time it was written, not as current, firsthand terms.

The one fee SquaredFinancial’s own material would make a client pay to leave

The same earlier review described a 2% charge on a deposit withdrawn in full before any trade is placed. That is the one deposit or withdrawal charge in everything we read with a number attached to it, and it only bites the client who funds an account and changes their mind before trading. Outside that specific case, the picture from both the firm’s own page and the earlier review is a broker that does not itself charge to move money in or out; the cost sits instead in whatever the card network, e-wallet or crypto rail takes, none of which is disclosed on the pages we hold.

Bonus funds are not withdrawal-ready cash

The earlier review also described how SquaredFinancial structured its deposit bonuses: 20% and 10% bonuses were built as a margin loan, so the bonus principal itself was never client money the client could withdraw, only the trading profits generated using it. Those specific bonus tiers do not appear on the firsthand pages fetched for our evidence. What we did find live on the homepage is a different promotion: a “Fixed Time Deposit” product advertising up to 5.25% Annual Percentage Rate, described on the page as inflation hedging, low risk and offering guaranteed returns, tied to a 100% first-time deposit bonus and a 50% redeposit bonus. The dedicated product page for that Fixed Time Deposit, linked from the site’s own navigation, returned a 404 when fetched, so the terms that would explain how that 100%/50% bonus can actually be withdrawn are not available to check. A client relying on the older 20%/10% terms would be reading an offer that is not the one currently promoted, and a client relying on the current homepage promotion has no product page to check what “guaranteed returns” and the attached bonus actually require before cash-out.

Getting money back out

Per the earlier review, withdrawals are processed back to the original funding source, and where that is not possible the client may be asked for additional documentation. That means a client cannot simply nominate a different destination account or e-wallet than the one they funded with, and anyone whose original payment method has since closed or expired should expect an extra identity or ownership check before funds move.

This review scores SquaredFinancial 5.7 out of 10 overall, up from 4.3 in our previous review. On fees, the pages we fetched state no broker-side charge for bank wire and document no line-item deposit or withdrawal fee; the only quantified charge we hold is the 2% fee the earlier review reported for depositing and then withdrawing without trading.

Customer Support

SquaredFinancial’s own Contact page names one entity for support purposes, Squared Financial (CY) Limited, and gives a single office address: Archiepiskopou Makariou, 205 Victory House, Ground Floor, Shop 1, 3030, Limassol, Cyprus. The same page lists a Cyprus phone number, +357 22 090 227, and a web contact form. It does not give a plain-text email address; the address on that page is embedded in script rather than written out, so it isn’t something we can read or report as text.

Hours SquaredFinancial actually publishes

The Contact page states support hours as Monday to Friday from 7 am until 9 pm GMT+3. That is a five-day desk with a defined close each evening, not round-the-clock cover. The earlier review of this firm described 24/5 availability; the current Contact page we fetched says otherwise, and we’re reporting what that page states rather than the earlier claim. A trader who contacts SquaredFinancial outside that Monday-to-Friday, 7am-to-9pm Cyprus-time window, including any evening or overnight gap and the whole weekend, is reaching a closed desk on the firm’s own stated hours.

Who a SquaredFinancial complaint actually reaches

The regulatory status of the entity behind that Contact page matters for what a complaint can achieve. A site-wide banner on SquaredFinancial’s own pages states: Squared Financial (CY) Ltd is implementing a strategic transition and has initiated the voluntary renunciation of its CIF Licence (No. 329/17); the company will no longer onboard new clients under CySEC. We checked the CySEC register of Cypriot Investment Firms directly, and it confirms licence 329/17 for Squared Financial (CY) Ltd, dated 23/06/2017, but its own entry carries the qualifier “Under examination for voluntary renunciation of the authorisation.” A licence in that state is not a licence in plain good standing, and a client escalating a complaint to CySEC about this entity is escalating to a regulator whose oversight of the firm is itself winding down.

Our earlier review also describes a separate entity, SquaredFinancial (Seychelles) Limited, holding FSA (Seychelles) licence SD024. We checked the Seychelles FSA register directly and it does list SQ Sey Ltd, trading as SquaredFinancial, as a regulated securities dealer, though that register does not publish licence numbers, so “SD024” remains the firm’s own claim rather than something we could confirm against the register text. Neither of the firsthand pages we fetched for our evidence, including the Contact page, names that Seychelles entity or gives any address, phone number or hours for it. A client who ends up booked under the Seychelles entity rather than the Cyprus one, and who takes a complaint to the Seychelles FSA instead of CySEC, is dealing with a different regulator and a different set of protections than the Cyprus Contact page describes, and the firm’s own site does not tell that reader which entity they’ve signed up with.

Complaint-relevant terms around withdrawals

Two conditions reported by the earlier review, and not confirmed on the Payment Methods page we fetched for our evidence, bear directly on how a support dispute over money actually plays out. First, withdrawals are said to be processed back to the original funding source, and if that isn’t possible, the firm may ask for additional documentation; a client cannot simply nominate a different payout destination than the method they funded with, and can be pulled into extra paperwork if that original source is unavailable. Second, a 2% fee is applied if a client deposits funds and then withdraws the full balance without placing a single trade. Because we didn’t fetch a firsthand page describing either condition, we’re reporting them as what the earlier review found rather than as SquaredFinancial’s own published terms.

What the warning-list check adds

We searched 1,441 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius, and SquaredFinancial matched none of them. That result covers only the three regulators we mirror, not every authority a client might check, but within that scope there’s no warning-list flag sitting alongside the support channels above.

Prohibited Countries

SquaredFinancial’s own homepage carries a standing disclaimer naming the people the firm says it will not take on. The banner text, unchanged across every one of the ten country versions of the site we fetched, states that SquaredFinancial “is not intended to offer investment services to citizens of” the UK, the USA, Canada, Australia and New Zealand, along with a list of FATF-listed jurisdictions: Iran, North Korea, Cuba, Syria, Belarus, Myanmar (Burma), Russia, South Sudan, Venezuela and Yemen.

A list SquaredFinancial’s own site doesn’t enforce

We pulled that same disclaimer page under ten different country exits, including the UK (gb) and Australian (au) exits themselves, and the site served the identical full content in both cases rather than blocking or redirecting the visitor. So the page a UK or Australian visitor lands on tells them, in the same breath, that the firm does not intend to serve them, while serving them everything anyway. That is a documented gap between what SquaredFinancial’s disclaimer claims and what its geo-serving actually does, not a finding we’re inferring from silence: we have the same page loading cleanly from both a UK and an Australian point of entry.

A second list, from a source we could not confirm ourselves

Our earlier review describes a different entity, SquaredFinancial (Seychelles) Limited, and gives it its own exclusion list: the United States, Canada, Israel, Iran and North Korea. We are restating that as what the earlier review reported, not as something SquaredFinancial’s own pages told us. The firsthand pages we hold describe Squared Financial (CY) Limited, the Cyprus entity, so a client checking eligibility against the Seychelles list should treat it as secondhand and unverified against the firm’s current site rather than as a rule SquaredFinancial itself currently publishes.

Everyone is currently shut out of the CySEC entity, not just certain countries

Separately from any country list, SquaredFinancial’s site carries a site-wide banner stating that Squared Financial (CY) Ltd is implementing “a strategic transition” and has initiated the voluntary renunciation of its CIF licence, No. 329/17, and that “the company will no longer onboard new clients under CySEC.” That is a restriction on who can open an account that has nothing to do with nationality: it applies to any prospective client, from any of the countries the disclaimer does not name, who might otherwise have expected to sign up under CySEC’s authorisation. The Cyprus Securities and Exchange Commission’s own register confirms the licence is real and confirms the same renunciation-pending status in its entry for licence 329/17, dated 23/06/2017, so this is not just a banner claim; the regulator’s own record carries the same qualification.

Put together, what we can actually stand behind is this: SquaredFinancial’s own site names UK, US, Canadian, Australian, New Zealand and a set of FATF-listed nationals as people it says it doesn’t intend to serve, then demonstrably serves UK and Australian visitors the same page anyway; a second, differently-worded exclusion list tied to a Seychelles entity comes to us through an earlier review; and, regardless of nationality, the Cyprus entity itself is not currently taking on new clients under its CySEC licence while that renunciation is under examination.

Conclusion

SquaredFinancial scores 5.7/10, up from the 4.3/10 this catalogue gave it previously. That move is ours, not the firm’s: this pass drew on pages we fetched directly rather than the earlier review, and the two pictures do not match on several points that matter. The fee criterion is the strongest single number in the scorecard at 9, while regulation sits at the bottom at 3.5, and the gap between those two is most of what this review is about.

Why the regulation score stays low

The CySEC register confirms licence 329/17 for Squared Financial (CY) Ltd, dated 23/06/2017, but the register’s own wording qualifies it: the licence is “Under examination for voluntary renunciation of the authorisation.” The firm’s own site-wide banner says the same thing in different words, that Squared Financial (CY) Ltd has initiated voluntary renunciation of its CIF licence and will no longer onboard new clients under CySEC. A confirmed licence that the regulator itself flags as being given up is not the same as a firm in plain good standing, and a new client reading the site today cannot open a CySEC-regulated account here regardless of what the licence number implies. The Seychelles FSA register separately confirms SQ Sey Ltd, trading as SquaredFinancial, as a regulated securities dealer, though the register does not publish licence numbers, so the “SD024” figure remains the firm’s own claim rather than something we could read off the register. Set against that, we searched 1,441 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius, running a positive control against a known-listed firm first so an empty result means absence rather than a broken search, and SquaredFinancial appears on none of them.

What SquaredFinancial charges, and why fees score high

The firm’s own AU account page lists SquaredPro at a 0 USD minimum deposit, spreads from 1.2 pips on EUR/USD and no commission, and SquaredElite at a 500 USD minimum, spreads from 0.0 pips and a $5-per-lot commission; both accounts cap leverage at 1:30. Those are thin entry costs by the standard this scorer applies, which is most of what is driving the 9. Against that, our earlier review described a 2% fee charged when a client deposits and withdraws the full amount without placing a trade, which we could not confirm on any page we fetched and are reporting as the earlier review’s finding, not the firm’s own words.

Platform and instrument range

SquaredFinancial’s own about page lists MetaTrader 4, MetaTrader 5 and a Squared Mobile App as the trading platforms on offer, and the site’s product pages describe CFDs across forex, metals, indices, commodities, futures, stocks and ETFs, and cryptocurrencies. Two pages the firm links to from its own navigation do not resolve: the dedicated Fixed Time Deposit product page and the mobile app platform page both returned 404 on every country exit we fetched, which caps what a visitor can actually verify about either product from the site itself.

Support hours

The firm’s own Contact Us page states support runs “Monday to Friday from 7 am until 9 pm GMT+3.” That is a defined window, not the 24/5 coverage the earlier review claimed, and it leaves the desk closed for a large stretch of the week including all of the weekend.

Where the fetched pages disagree with the earlier review

Several figures in the earlier review do not match what SquaredFinancial’s own pages show now. The account pages we fetched give a stop-out level of 50% on both live accounts, against 30% in the earlier review’s table, a difference that changes how much margin cushion a trader actually has before forced closure. The demo account page states $50,000 in virtual funds, not the $100,000 the earlier review cited. The homepage’s live promotion is a 100% first-time deposit bonus and 50% redeposit bonus tied to a Fixed Time Deposit product, not the 20%/10% deposit bonuses and $30 no-deposit bonus the earlier review described. And the earlier review’s account of a Seychelles entity offering 1:500 leverage and Lloyd’s of London insurance up to $1,000,000 per client appears nowhere on the pages we fetched, which describe only the Cyprus entity at 1:30 leverage. A reader relying on the earlier figures would be quoting terms this review could not find live.

A disclaimer the site does not appear to follow

Every firsthand page we fetched, across ten country exits, carries the same line stating the site is not intended to offer investment services to citizens of the UK, USA, Canada, Australia and New Zealand among others. The same content was served in full under the gb and au country exits we fetched it from, without any block.

SquaredFinancial scores 5.7 out of 10: cheap entry costs and a clean 1,441-entry warning-list search sit against a CySEC licence the regulator itself marks as being voluntarily given up and support hours limited to weekday daytime in Cyprus.

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