Do you want to trade on Square FX? Why squarefx.uk is not a genuine broker! Read detailed Square FX review to know about this platform.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
What is Square FX?
Square FX also known as squarefx.uk is an offshore brokerage company with a lot of promises for forex traders. The broker claims headquarters in London, United Kingdom. This means the broker must have a license with local Financial Conduct Authority, UK. In this case, you will know exactly that.
Also, there are different account type offered by the broker namely, STANDARD, CRYSTAL AND DIAMOND
What is more, the broker offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Deposit and Withdrawal
Square FX Minimum Deposit:
Square FX minimum deposit is indicated $100 based on the account type. Although this broker presented minimum deposit to traders, it is already a risk.
Another factor to consider with registered and licensed forex brokers, is the fact that, clients can start trading as low as $100 with no fear of their investment.
As for the payment methods, clients could deposit with a credit/debit cards, wire transfer, or alternative electronic payment solution – Skrill, Neteller, or FasaPay. However, you should not consider making any payment with this broker considering its fraudulent scheme.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Square FX leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Square FX Platform:
Square FX platform claims to offer web based trader and Metatrader 5 (Industry standard trading platforms). What you must know is that, the claim to offer MT4 does not make the broker genuine in the service because any scam broker can do the same to appear real and lure forex traders/ clients. Many scammers have trading software to fool their victims that their money is being invested.
As for Square FX leverage, it can get up 1:500. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Why You Should Avoid squarefx.uk Forex Broker
First and foremost, squarefx.uk has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit. On our search, we could not find this broker on Financial Conduct Authority, UK register let alone licensed by FCA, UK. Anyway, see what UK, FCA has to say —-
Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Square FX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Lastly, Square FX located at squarefx.uk claims to be a trustworthy trading broker, however, that cannot be ascertained. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
In case you found this information valuable, please share with us your experience on the comment section below.