Note:Square FX's official website:https://starfx-trade.com/indexbc14.html?a=home is currently inaccessible normally.
Square FX Information
Established in 2012 in the United Kingdom, Square FX is an unregulated trading venue. It provides trading leveraging up to 1:500 on the MT5 system.
Its great leveraging is the main benefit. Its uncontrolled condition is the main drawback since it causes great hazards.
Pros and Cons
Is Square FX Legit?
Square FX is an unregulated broker since it runs without government supervision. The lack of legislative protection calls potential investors great caution.
The official website of SP Markets is prohibited now.
What Can I Trade on Square FX?
Square FX offers many popular market instruments including over 30 currency pairs and multiple cryptocurrencies.
Account Type
Square FX offers three types of live accounts: Standard, Crystal, and Diamond. They do not provide demo accounts or Islamic accounts.
Square FX Fees
Square FX's fees are relatively high compared to industry standards.
Trading Fees
Trading fees include spreads, commissions, and swap rates.
Square FX Spreads and Commissions
Spreads for Standard accounts start at 2.5 pips with no commission, Crystal accounts have 2 pips with no commission, and Diamond accounts offer 0-0.3 pips with a $15 charge.
Non-Trading Fees
Square FX does not charge any deposit or withdrawal fees.
Trading Platform
Deposit and Withdrawal
Square FX does not charge any deposit or withdrawal fees. The minimum deposit required is $100 for the Standard account, $1,000 for the Crystal account, and $10,000 for the Diamond account.
Customer Support
Square FX provides 24/5 customer support. Support options include phone, email, and online chat.
The Bottom Line
The main benefit of Square FX is great leverage up to 1:500. Its uncontrolled position is a major disadvantage, nevertheless, and puts great danger to traders. Experienced traders who are at ease with bigger risks may find this broker most appropriate.
FAQs
Is Square FX safe?
No, Square FX is unregulated.
Is Square FX good for beginners?
No, it is not ideal for beginners due to high risks.
Is Square FX good for day trading?
Yes, it offers features suitable for day trading.