Brokers Profile

SquaredFinancial Review 2026: FSA Status & Trading Tests

Written by
Mahmoud Abdallah
Reviewed by
Christopher Lewis
Fact checked by
Robert Petrucci
Created on:
Last updated:
Overall Rating
2.3/5
BP Score™
47/100
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Risk warning: CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. SQ Sey Ltd does not publish a retail loss percentage. Never deposit money you cannot afford to lose.

What Is SquaredFinancial?

SquaredFinancial started in 2005 as an institutional business. It provided liquidity, clearing and white-label services to other brokers and operated offices in Ireland and the UK. Founder Philippe Ghanem later expanded the business to serve retail traders looking for MetaTrader and low trading costs.

Over the last ten years, SquaredFinancial operated through two companies. Squared Financial (CY) Ltd, based in Limassol, Cyprus, received its CySEC license (329/17) in June 2017. It was first known as Aspide Financial Limited and served EU clients. SQ Sey Ltd, based in Seychelles, held an FSA license (SD024) and served clients outside the EU. The company was called Squared Financial (Seychelles) Ltd until February 2024.

SquaredFinancial now operates through a single entity. In November 2025, CySEC announced a €50,000 settlement with SQ Sey Ltd. The purpose of this investigation was to examine whether the Seychelles firm provided investment services in or from Cyprus without a license between October 2022 and September 2024. CySEC also charged the Cyprus company €35,000 for marketing CFDs to retail clients.

A few weeks later, the Cyprus company said it had started giving up its license voluntarily as part of an internal reform. It stopped opening new accounts and started closing its EU client accounts. TradeInformer also reported that the group had frozen millions of dollars owed to partner brokers. Reports said Ghanem had left his executive role and moved to the US. However, a company representative told TradeInformer that he was still on the board.

Today, SquaredFinancial operates mainly through its offshore company, SQ Sey Ltd. It offers forex, metals, energies, indices, stock CFDs and crypto CFDs on MT4 and MT5.

For this BrokersProfile review, we opened a live account to test SquaredFinancial’s trading conditions, order execution, deposits, withdrawals, and customer support. Our testing clearly defines how the broker operates today. However, the current Seychelles FSA review is a serious concern, so we recommend waiting for the review to conclude before depositing funds.

Pros & Cons

Pros

  • SquaredElite costs about $6 per EUR/USD lot, among the lowest we have tested
  • No minimum deposit on SquaredPro
  • Steady execution, zero requotes in 200 orders
  • Dynamic leverage that reduces risk on big positions
  • EAs, scalping and hedging all allowed
  • Swap-free accounts available

Cons

  • Seychelles FSA review of SQ Sey Ltd, announced 6 August 2026 and still open
  • CySEC license being surrendered; no new EU clients
  • Two CySEC settlements in November 2025
  • Reported freezes of partner broker funds
  • No investor compensation scheme for new clients
  • Elite minimum listed at $5,000 by most sources
  • MetaTrader only, with thin education and research
  • Swaps above the peer average

BP Score™ Breakdown

Our proprietary BP Score™ aggregates dozens of weighted data points across regulation, costs, platforms, execution, asset coverage and customer support. SquaredFinancial earns a final score of 47/100.

regulation & Trust

2/10

Only active license is offshore and under FSA review; CySEC license being surrendered; two 2025 settlements; reported partner fund freezes

trading Costs

7/10

Elite ~$6 per lot all-in; Pro average; swaps above peers; Elite minimum high

platforms & Tools

5/10

MT4 and MT5 work well; no other platforms, little research, no VPS

execution Speed

6/10

79 ms average, zero requotes, slight negative slippage tilt

asset Coverage

5/10

Broad CFD list, especially stocks; no real assets; total count unverified

customer Support

3/10

Quick on trading questions; final score depends on your FSA-review question and withdrawal results

Frequently Asked Questions

Quick answers to the most common questions about SquaredFinancial in 2026.

Written by
Mahmoud Abdallah
Mahmoud has been working fulltime in the Foreign Exchange markets for 12 years. Offers his analysis, articles and recommendations at the most renewed Arabic websites specialized in the global financial markets, and his experience gained a lot of interest among Arab traders. Works on providing technical analysis, market news, free signals and more with follow up for at least 12 hours a day, and aims to simplify forex trading and the concept of trading for his audience.
Reviewer
Christopher Lewis
Christopher Lewis is a Columbus, OH-based Forex trader who enjoys trading a wide range of pairs from the traditional EUR/USD to more exotic USD/RUB, and many things in between. Unlike many Forex traders who prefer to trade in a specific market session, Christopher takes advantage of the flexibility provided by the currency markets, and he trades in all sessions, most often when he’s taking a study break from pursuing degrees in both finance and computer science.
Fact-checker
Robert Petrucci
Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. Important aspects of his work involve risk analysis and advisory services. As an advisor in a Family Office he maintains a conservative approach for wealth management and investments. Robert also works in private finance with investors and companies delivering financial and management services.
Written by
Mahmoud Abdallah
Mahmoud has been working fulltime in the Foreign Exchange markets for 12 years. Offers his analysis, articles and recommendations at the most renewed Arabic websites specialized in the global financial markets, and his experience gained a lot of interest among Arab traders. Works on providing technical analysis, market news, free signals and more with follow up for at least 12 hours a day, and aims to simplify forex trading and the concept of trading for his audience.
Reviewer
Christopher Lewis
Christopher Lewis is a Columbus, OH-based Forex trader who enjoys trading a wide range of pairs from the traditional EUR/USD to more exotic USD/RUB, and many things in between. Unlike many Forex traders who prefer to trade in a specific market session, Christopher takes advantage of the flexibility provided by the currency markets, and he trades in all sessions, most often when he’s taking a study break from pursuing degrees in both finance and computer science.
Fact-checker
Robert Petrucci
Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. Important aspects of his work involve risk analysis and advisory services. As an advisor in a Family Office he maintains a conservative approach for wealth management and investments. Robert also works in private finance with investors and companies delivering financial and management services.

Final Verdict: Start Trading with SquaredFinancial

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Risk warning: Trading derivatives and leveraged products carries a high level of risk and may not be suitable for all investors. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.

Ready to trade with SquaredFinancial?

CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. SQ Sey Ltd does not publish a retail loss percentage. Never deposit money you cannot afford to lose.

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