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SquaredDirect Review - is it scam or safe?

SquaredDirect Review - is squareddirect.com scam or good forex broker?

RATING: 2.9 / 0 REVIEWS SquaredDirect
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Trading Accounts and Conditions

 

Trading account  Min. deposit  Min. trade size Max. leverage Average Spread
Classic  $200 0.01  1:200 1.1 pips
Standard  $500 0.01  1:200 0.1 pips + $4.5 /lot
Premium  $10 000 0.01  1:200 0.1 pips +$1.8 /lot

 

Cypriot broker SquaredDirect (formerly ProbusFX) offers its clients three account types. All of them provide default leverage of 1:30 and variable spreads. Trading is done on the ever popular MetaTrader 4 platform and the conditions are quite attractive.

 

 

SquaredDirect Advantages

 

Solid regulation

The strongest selling point of this broker is its CySEC license. SquaredDirect is currently owned and operated by Squared Financial (CY) Limited, the Cypriot arm of the Squared Financial group. Prior the broker’s partnership with Squared Financial, the brand was called ProbusFX, and owned by Aspide Financial Limited. It was founded by Walid Abou Sleiman, who is also behind Lebanese brokerage brand Aksys Capital.

 

To date, Cyprus is one of the most popular centers for forex brokers not only in Europe, but globally. First, it is because of its well-balanced financial regulation. Second, Cyprus us a EU Member State, which means that any corporate entity licensed by the CySEC has the right to offer financial services all over the EU and the EEA.

 

Trading on the MT4

As we have already mentioned, SquaredDirect offers its services on the good old Metatrader 4 platform. Although it was launched more than 10 years ago, the MT4 continues to be the industry’s leader. This is due to its ease of use, reliability, great charting package, the automated strategies (Expert Advisors), customization options and the MQL market place.

 

 

>> More MT4 brokers <<

 

 

Attractive trading conditions

Clients of SquaredDirect are able to open a live account by depositing $200, which is not a high initial investment. A number of shady unregulated brokers require more as a start. On top of that, the cost of trading with this broker is quite low. Even the spreads on the most basic account type are good enough, averaged 1.1 pips on EUR/USD (and no commission applies).

 

 

>> Compare the spreads of top-tier forex brokers in real time <<

 

 

Furthermore, SquaredDirect provides solid leverage levels, up to 1:200, provided that its clients meet certain requirements. Otherwise the default ratios provided are 1:30, as per ESMA’s guidelines.

 

Those of you who are into social trading would not be disappointed from SquaredDirect either. The broker has partnered with Myfxbook and its clients can connect to social trading tool AutoTrade, powered by Myfxbook.

 

 

SquaredDirect Disadvantages

 

No CFDs on Stocks and cryptocurrencies

In our opinion, SquaredDirect does not have any major disadvantages, but we will still mention some less important downsides in its offer.

 

Although this broker offers around 40 something currency pairs, its CFD offering is not that impressive. Actually, two popular asset classes are missing – CFDs on stocks and on Bitcoin and other cryptocurrencies. We also have to note that Classic account holders are only able to trade in forex and precious metals.

 

If you are keen on trading in digital assets, here is a list of some reliable forex brokers that offer such.

 



>> Our recommended Bitcoin forex brokers <<

 

 

Conclusion

 

SquaredDirect (formerly ProbusFX) is a MT4 forex and CFD broker whose trading conditions are quite good: competitive spreads, solid leverage levels, and reasonable initial deposit required. On top of that, SquaredDirect is licensed by the Cyprus Securities and Exchange Commission (CySEC) 

 

Forex brokers licensed by CySEC are required to maintain a certain capital (EUR 730 000), keep client funds in segregated accounts, regularly report transactions and also comply with the requirements set on a EU level. The latter include provision of negative balance protection on a per account basis, ban on trading incentives, leverage restrictions, and more requirements, whose main purpose is to guarantee that the interests of brokers’ clients are protected.

 

On top of that, there is the Investor Compensation Fund, which can pay compensation up to €20,000 EUR per person, if a regulated becomes insolvent.

 

Let’s sum up the positive and negative parts of SquaredDirect’s offer:

 

Pros Cons

CySEC license

No CFDs on stocks and cryptos

MT4 available

 

Competitive spreads, solid leverage

 

AutoTrade service supported

 

 

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Traders` reviews for SquaredDirect

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Price feed

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Platform

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Customer service

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