Squared Financial offers Islamic swap-free trading for Muslim traders. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of a swap. The fee is not an interest and depends on the direction of the order.
Squared Financial At a Glance
| Broker's Name | Squared Financial |
| 🏛️ Headquarters | Cyprus |
| 📅 Year Founded | 2005 |
| ⚖️ Regulating Authorities | Squared Financial (Cyprus) Limited – CySEC Squared Financial (Seychelles) Limited – FSA |
| 🌐 Countries not accepted for trade | United States |
| 📌 Accounts | SquaredPro SquaredElite |
| ☪️ Islamic account (swap-free) | Yes |
| 📒 Demo Account | Yes |
| ✴️ Institutional Accounts | Yes |
| 👨🏼💼 Managed Accounts | No |
| ⬆️ Maximum Leverage | 1:30 (Retail), 1:500 (Professional) |
| 👉 Sign Up Bonus | No |
| 💰 Minimum Deposit | $500 USD / R 8000 ZAR |
| 💳 Spread | From 0.0 to 1.2 pips |
| 💳Fees | No Deposit or withdrawal fees |
| 💳 Deposit Options | Credit Cards Debit Cards UnionPay AliPay Skrill Neteller NatWest (Bank Wire) Bank of Cyprus (Bank Wire) |
| 💳 Withdrawal Options | Credit Cards Debit Cards UnionPay AliPay Skrill Neteller NatWest (Bank Wire) Bank of Cyprus (Bank Wire) |
| 📊 Platform Types | MetaTrader 4 and MetaTrader 5 |
| 📶 OS Compatibility | Windows, Linux, MacOS, Android, iOS, Web Browsers |
| 📈 Tradable assets offered | Forex, futures, energies, metals, indices, and shares |
| 💬 Languages supported on Website | English, Spanish, Chinese, French, Italian, German, Arabic |
| 💬 Customer Support Languages | English, Spanish, Chinese, French, Italian, German, Arabic |
| ⏲️ Customer Service Hours | 24/5 |
| 🔎 Open an Account | 👉 Click Here |
Min Deposit
USD 100
Regulators
CySEC
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our Squared Financial below.
Squared Financial Islamic Account – 11 key point quick overview:
Squared Financial At a Glance- Squared Financial Overview
- What exactly is an Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening a Squared Financial Islamic Account?
- What are Squared Financial’s spread costs on an Islamic Account?
- What other features does Squared Financial’s Islamic Account have?
- Squared Financial Customer Reviews
- Squared Financial Pros and Cons
- Squared Financial Conclusion
- Frequently Asked Questions
Squared Financial Overview
Squared Financial is a forex company founded in 2005 in Ireland, owned and operated by SquareFinancial (CY) Limited. It has offices in Limassol, Cyprus and Mahe, Republic of Seychelles.
The broker is a Cyprus-based ECN and STP broker and licensed and regulated through CySEC in Cyprus and FSA in Seychelles.
Squared Financial offers trading on over 70 financial instruments spread over six asset classes, namely forex, futures, energies, metals, indices, and shares. Traders also have the option of trading on the popular MetaTrader 4 or the revised MetaTrader 5.
In addition, Squared Financial offers a choice between only two live account types, namely the Squared Pro Account and the Squared Elite Account. It also offers Muslim traders the option to open an Islamic Swap-free account and makes provision for a demo account that can be used by either beginner traders or the more advanced trader that would like to see what Squared Financial has on offer.
Negative balance protection is applied to both account types but only for retail traders. As professional traders are expected to have adequate risk management in place, negative balance protection does not apply where professional traders are concerned.
Squared Financial offers traders competitive trading conditions, a range of useful trading tools, and negative balance protection which is applied to all trading accounts.
Customers from the United States are not accepted as clients at Squared Financial.
What exactly is an Islamic Account?
An Islamic Account, as offered by most brokers, is not a standalone account, as some brokers dedicate one account to being an Islamic or Swap Free account. This option of especially offered by Forex brokers.
Islamic Accounts are also provided by brokers who serve Middle Eastern clients together with clients from other jurisdictions. It offers certain features that are in line with Sharia law, which prohibits the accumulation of interest on funds deposited into the account.
On Islamic Accounts, transactions must be settled immediately. This requires that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.
Two key elements of Islamic law relate specifically to trading accounts, these elements are:
- Riba
- Gharar
Riba is the prohibition of generating money from money, which in this case specifically refers to an interest, which is not allowed according to Sharia law. This type of interest is seen as both unjust and exploitive gains of trade or business.
Which financial activities are restricted and prohibited by Sharia law?
| 💠Financial Activities restricted & prohibited by Sharia law | 📈 NPBFX |
| Overnight rollovers | incurrence or receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 5 PM EST |
| Margin deposits and interest | the accrual of interest on funds that are deposited into the trading account |
| Loans | when followers of the Sharia law have funds transferred by either a bank or other financial institution and it involves interest terms |
| Trading on margin | stocks that are traded on margin result in the trader being liable for paying interest |
| Short sales | affects mostly shares and involves borrowing and subsequent sale of an asset |
| Forward sales | affects forward contracts as well as the trading of futures contracts which involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract |
What are the steps involved in opening a Squared Financial Islamic Account?
1. Step 1 –Register a live account
Traders must first register for a live trading account on the Squared Financial website. With Squared Financial any of the two live trading accounts can be converted into an Islamic Account.
2. Step 2 –Documentation for conversion
Certain documents will be requested. Documents need to be uploaded to prove their identity and residential address.
As soon as the live trading account is approved, traders can log into their Client Portal and request the conversion of the account into an Islamic Account.
What are Squared Financial’s spread costs on an Islamic Account?
Depending on the live account that is originally registered for spreads will vary. On the Squared Pro Account, traders are offered variable spreads which start from 1.2 pips. On the Squared Elite Account, variable spreads which start from 0.0 pips are offered.
These spreads offered may fluctuate depending on the financial instrument being traded and the market conditions on the day of trading.
What other features does Squared Financial’s Islamic Account have?
When making use of Squared Financial’s Islamic account, traders should note that both the live account types have their unique features.
However, similar features that both these accounts must include:
- The MetaTrader 4 trading platform.
- Maximum leverage ratio of 1:30 for retail traders and 1:500 for Professional traders.
- Market Execution on orders.
- Micro-lot trading on forex from 0.01 lots.
- Access to automated trading as well as Expert Advisors (EAs).
- Margin call level of 50% and stop-out level of 30%.
- EUR, USD, GBP, or CHF as the base currency of the account.
Squared Financial Customer Reviews
My advice to you is to give them a try
My advice to you is to give them a try, but to go for the demo account first since things are not always clear when you start out, and sometimes the Metatraders can be a bit confusing (saying this from experience, guys)
I usually don’t write reviews on these
I usually don’t write reviews on these sites but I felt I needed to this time because there are some bad reviews here on Squared Financial and I have to tell you that I had a very good experience with them. No glitches, no setbacks, no surprise fees. Works like a charm.
Very fast payout
Received my withdrawal very fast. everything is very fast and efficient with customer support.
Squared Financial Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated through CySEC | U.S, South African and several other countries not allowed |
| Registered member of ICF | High minimum deposit on advanced accounting options |
| Tight spreads and low commissions | E-payments can only be used for deposits, not withdrawals |
| Low minimum deposit on entry-level account | No referral bonus offered |
| Variety of payment methods | No sign-up bonus, welcome bonus, or deposit bonus is offered with first time sign up |
| Variety of tradable instruments | No trading bonus for loyal customers |
| Superior educational materials | No indication of how long the demo account is valid MetaTrader 4 offered Offered on both live account types Sign-up completed in minutes |
| Expert 24/5 customer support in multiple languages | A limited number of trading instruments |
| MetaTrader 4 offered | Clients from the United States not accepted |
| Offers competitive and attractive trading conditions | |
| Demo account sign-up fully digital | |
| Offered on both live account types | |
| Sign-up completed in minutes | |
| Many educational resources | |
| No additional fees charged on Islamic accounts | |
| Offers an Islamic Account |
Squared Financial Conclusion
Overall, Squared Financial offers Islamic swap-free trading for Muslim traders. The Islamic forex trading environment is ideal for traders following strict sharia law with a fixed fee instead of a swap. The fee is not an interest and depends on the direction of the order.
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Min Deposit
USD 100
Regulators
CySEC
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Frequently Asked Questions
Are Muslim traders from South Africa allowed to to open a trading account with Squared Financial?
Yes, Muslim traders from South Africa can open an Islamic account with Squared Financial
What spreads can I expect with the Squared Financial Islamic account?
Squared Financial offers variable spreads from 0.0 pips on the Squared Elite Account. Spreads are determined by the financial instrument being traded as well as the market conditions on the day of trading.
Does Squared Financial charge a commission on an Islamic account?
Yes. Commissions of $ 5 per lot are charged on the Squared Elite Account whereas the Squared Pro Account offers commission-free trading on forex.
Are there additional charges on the Islamic account?
No. There are no additional charges on the Islamic Account. Muslim traders receive the same trading conditions on the Islamic Account as the live trading account that they converted.
Is the Squared Financial Islamic account a standalone account?
Squared Financial Islamic account is not a standalone account. Traders are required to open a live account and request that the account be converted to Islamic account.
