As a Mauritius-based company, this broker can’t earn much respect from any experienced trader unless they have top-tier licenses. In any case, with registration in 2023, it’s expected the company knows what makes any investment firm legit.
Unfortunately, after you read this Square Markets review, you will find out they don’t know. Or they simply ignore it. On the other hand, it’s a good sign for you to stay away from them.
| Regulated by: | No regulations |
| Is This Company Safe? | No |
| Known Websites: | |
| Have Warnings from: | N/A |
| Registered in: | Mauritius |
| Operating since: | 2023 |
| Trading Platforms: | MT5 (allegedly) |
| Maximum Leverage: | 1:500 |
| Minimum Deposit: | $100 |
| Deposit Bonus: | N/A |
| Trading Assets: | Cryptocurrencies, forex, commodities, indices |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Withdrawing funds from unregulated brokerages is always questionable. Especially without a transparent withdrawal policy. Luckily, refunds are almost always a solution. So, if you have trouble getting your money back, get in touch with our chargeback team for assistance. |
Legal info: Is Square Markets Legit or a Scam?
It’s important to realize that this brokerage doesn’t reveal any legal documents on its website. Therefore, the legal entity and owners remain unknown. Luckily, regulatory databases can be searched by domain as well. In the first place, we were checking the FSC (Mauritius) and DFSA (Dubai) registers. But we had no luck finding this brokerage in any. That’s already a sign to keep your funds away from the company’s hands.
But to be fair to the company, we also checked some top-tier regulatory databases, such as FCA, BaFin, ASIC, IIROC, and CySEC. The situation was the same. Consequently, the company’s statements about segregated funds and working under strict regulatory guidelines don’t make much sense.
Who are Square Markets’s Victims?
According to the company’s domain age, they have been around for only one year. For that one year, we found no Square Markets reviews. But if you analyze the company’s website traffic, you will see where most of the visitors and potential victims come from. Fairly, those are countries heavily targeted by scammers, starting with:
- United States
- Brazil
- United Kingdom
- Australia
So, if you come from any of these and have funds stuck with this company, get in touch with our refund team for assistance. But also, if you experience any traps that we mention in our Merrix review.
Leverage, Commissions, Spreads, Fees and Taxes
With insanely high trading costs, the Square Markets broker can’t even compete with the average regulated trading firm, not to mention tier-1 licensed ones. The commission goes up to $15, and it’s not specified if it’s one-way or round-turn. At least, for higher accounts, traders can expect lower spreads starting from 0.03 pips.
The critical condition is always the leverage. With this broker, you can see they offer up to 1:500, and that’s also a sign they are not regulated adequately, especially not for operations in the UK, US, or Australia.
Bonuses
To be fair, none of the Square Markets accounts include bonus offers. Thus, it’s not a guarantee you won’t get some. After all, without transparent T&Cs, you can’t even find out before you sign up.
But to see how bonuses can impact your withdrawals, check our BBanc review.
Square Markets Trading Features
Important to realize is that the broker doesn’t promote any highly sophisticated features. These may include copy trading, social trading, or auto-trading. Instead, traders will have only the option to use EAs. At least there’s something, but is it worth it since the firm is not licensed?
Trading Platforms Available
Generally, if the company truly offers MT5, there will be plenty of advanced options. However, you’ll have to complete the Square Markets login procedure to test it out. Overall, some features you can expect are the aforementioned EAs, advanced charting options, and more than 80 indicators.
Available Trading Assets
According to the company’s presentation, more than 1,000 assets will be available. Thus, their products page reveals just a few of those, such as:
- Forex – EUR/GBP, AUD/SGD
- Indices – S&P500, DAX30
- Cryptos – BTC, LTC
- Commodities – crude oil, natural gas
Account Types
Generally, all accounts with this brokerage include the same features. The main difference comes from trading costs like commissions and spreads. Therefore, you can choose between:
- Crystal – $100
- Gold – $1.000
- Diamond – $5.000
- Platinum – $20.000
Mobile Trading App
Since you have to be a registered user to get access to the platform, we’ll have to trust the company that it offers the MT5 app. But if you sign up with them and see anything other than MT5, you know their app doesn’t exist.
Demo Account
One of the reasons traders might be suspicious about MT5 is that there’s no demo account in the offer. With MT5, a standard bundle is offered to all brokers using it. So, if you want to explore platform features, you better find some adequately licensed brokerage.
Education
Unfortunately, the company’s section for education is currently under construction. Therefore, you have another reason to stay away from them.
Square Markets Withdrawal
When it comes to Square Markets withdrawal, traders can expect most issues. For some reason, the company advertises 180-minute withdrawals, which are only available to traders from India. Apparently, this feature will expand soon to other regions.
Nevertheless, you can’t expect smooth withdrawals without a license and transparent withdrawal fees.
Customer Support
As can be seen, the company doesn’t have clear support working hours. But on the positive side, they provide traders with various phone numbers, WhatsApp, live chat, and e-mail for contact options.
Key Information To Consider About Square Markets
If Square Markets MT5 availability is true, it would be quite easy to attract traders. However, without trusted regulations, all that falls down the drain. Generally, we suggest all traders wait a bit if they consider investing with this broker. But if you deposit and experience some issues withdrawing the money, reach out to our refund team immediately.
After all, such problems are highly expected and it’s good to know how to recover your money. Send us a message and book your first free consultation already today!
FAQ Section
What is Square Markets?
Square Markets is an offshore brokerage allegedly registered in Mauritius but with offices in the United Arab Emirates.
Is Square Markets Broker Legit?
No. Without transparent services, the Square Markets app, and regulations, it’s clear traders can only expect issues with this firm. It’s a matter of time before warnings start piling up.
How to Get Money Back From a Scam Broker?
Depending on the payment method, traders can apply for a chargeback or other refund methods. For a step-by-step guide, reach our refund team.
Source:
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