Squire FX – Is it Another Scam?

Website URL: https://squirefx.com/

Founded: 2021

Regulations: Unregulated

Languages: English

Deposit Methods: Bank Transfers

Minimum Deposit: $1

Free Demo Account: Yes

Number of Assets: N/A

Types of Assets: Forex

Trading Accounts and Conditions

Squire FX claims that they understand their clients and their need for variety. That’s why they have established three account types. The first one is called Classic, and it boasts a minimum deposit of $1 to a maximum of $500. This account is also said to have competitive spreads, perfect for beginners. The second account is called ECN, with a minimum deposit of $500 and a maximum of $10,000. It has a lower spread compared to the first account type mentioned. Lastly, they have their highest tier, the VIP with a minimum deposit amount of $10,000. Their highest-tier offering is unique as it doesn’t have any limit to the maximum amount allowed to be deposited.

All of these mentioned accounts are entitled to 24/7 customer support, and besides the minimum and maximum deposit amounts, we can see any other differences

According to Squire FX, they also offer a free demo account, however, we haven’t had the chance of trying it yet since the platform is a bit confusing.

Squire FX – Advantages

• MetaTrader4/MetaTrader5 Platform

The only advantage that we can see that this website offers is its utilization of both MetaTrader4 and MetaTrader5 platforms. Both of these versions work well, and even MT4 is still considered as on par with many latest trading platforms. MT5 in particular is loaded with so many helpful features that make trading a breeze.

Although we consider this as an advantage, it still doesn’t cancel out the fact that Squire FX is an offshore broker, and is most likely a scam. We don’t have anything against offshore brokers, but in the current economic climate, it is much better to take precautions instead of regretting everything later on. Don’t get attracted by MT4 and MT5 implementations as it is fairly easy to have them on board, and most of the time, offshore brokers only include them to gain trust from their clients.

Squire FX – Disadvantages

• Anonymous Entity

Although Squire FX has provided an address on their website, we’re still certain that they are hiding something, even their identities. Squire FX is an offshore broker, and it is common for schemes like this to lie, especially because they are trying to gain the trust of their potential clients.

Dealing with a broker without knowing who’s behind the curtains is just like asking for your money to be taken away. Through this move, they can easily escape from obligations and make it very hard for them to get traced.

Plus500

$100

Minimum Deposit

Start Trading

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Unregulated Platform

Just by looking at the website, it is easy to conclude that they aren’t regulated by anyone, and by doing a quick search on the internet, our hunch has been proven, that Squire FX is indeed an unregulated broker.

There are a lot of bad things that can happen if you have deposited funds to an unregulated broker, and one of the worst scenarios is having your withdrawal requests denied. Since they aren’t in the hands of regional financial authorities, your investment isn’t protected by any laws, so you don’t have any means of fighting this broker legally. Avoid being involved with schemes like these, and only go for brokers that are licensed and are being regulated by at least two financial authorities.

• Unfunctional Legal Documents

We have tried uncovering every nook and cranny of Squire FX and we have landed on their terms and conditions. It isn’t working at all, so there’s no real way of telling what entails on their T&C.

Not knowing entirely what you have signed up for is very dangerous as Squire FX can easily manipulate the T&C and have it in favor of their side. No matter how you look at it, the clients are the ones who are at a disadvantage, and knowing this, it is just proper to not give them any amount of funds.

• High Minimum Deposit

Their first account tier offers a minimum deposit of $1, which is a very good offer and there’s no problem with that. However, their second and third tier is a bit problematic, as they require $500 and $10,000 minimum deposit respectively.

Having this high amount of minimum deposit is an obvious red flag, and it means that they want to get as much money as possible.

• Limited Funding Options

One thing where Squire FX is consistent is their ambiguity with their features, especially the walls of texts that are on their website. Most people will never understand what is indicated on their website, and the worse thing is that information that is most important is hidden or not even included on the website.

As an example, we have only managed to know the account funding options after finishing the account creation process, which is a very big hassle. On their dashboard, they only allow bank wire transfers, which is never stated on their website. Although this method is considered safe and regulated, it is still much better to patronize a broker with many options for flexibility’s sake.

• Shady Withdrawal Conditions

When dealing with online brokers, the very first thing that you should do is to review the withdrawal conditions since your efforts will be futile once you have been blocked by the broker. As aforementioned, Squire FX has problematic legal documents, and their T&C in particular is not showing up. That easily means that there’s no way of knowing the process of withdrawal.

Offshore brokers are also notorious for changing their policies at any time, which is being done to prevent their clients from withdrawing any money.

Conclusion

Squire FX has too many red flags that are already in our faces, so it is much easier to say that they are scamming people’s money in broad daylight. What’s worse is that Squire FX’s lies can be easily detected, and their true intentions are showing.

Although they have both the MT4 and MT5 platforms in their features, it is still not enough to convince us that they are legitimate. It is much better to deposit your money in the bank, rather than dumping everything in this scam platform.

Squire FX

2.5

User Experience

3.5/10

Payment Options

2.4/10

Security

2.0/10

Support

2.5/10

Reputation

2.2/10

Pros

• MetaTrader4/MetaTrader5 Platform

Cons

• Anonymous Entity
• Unregulated Platform
• Unfunctional Legal Documents
• High Minimum Deposit
• Limited Funding Options