Beware! SquireFX.com is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
SquireFX.com might seem like a decent website at first, but things here quickly escalate to the complete opposite direction of good. We encourage users to read the review and see why we are opposed to depositing in this broker.
Creating an account with a broker that you feel is hiding something is the best way to uncover that which is hidden. And that is what we aimed to do with SquireFX.com, for this broker is surely up to something. The account creation process was simple and very easy to complete, and just in a matter of seconds, we were given access to a user area, not before verifying our account, that is.
The client area was decent enough and has all the industry standard options. We were given the option to open a live trading account with a respectable trading software, which is something that you don’t see every day. While creating said account, we had the option to choose a leverage spanning from 1:1 to 1:400. Soon, however, we started getting errors and excuses from the broker not to give us trading credentials. The first one is obvious and is a standard one- a user must verify her account before opening a live trading one. The second one had to do something with the trading platform itself, which eventually culminated in us not trusting the trading platform that we originally thought to be impressive. But more on this, later on in the review.
Because of this predicament, we can boldly assert that none of the advertised trading conditions are applicable to the experience that SquireFX.com tries to sell.
The website is translateable in no other language other than English.
SQUIREFX.COM REGULATION AND SAFETY OF FUNDS
Let’s talk a little bit about the website. The biggest issue we have with it is that it’s incredibly limited, and what you see is basically what you get. By this, we mean that SquireFX.com’s home page is literally the only page there is. Aside from the registration page, all the information is contained within a single page. There are no sub-pages to browse through, and what’s more worrying is that there are no legal documents to speak of!
Without legal provisions, SquireFX.com can do as it pleases, and will easily and without consequences manipulate invested capital and any personal info! Furthermore, the small scale of the site is indicative of the shady nature of SquireFX.com.
One last thing, the official contact information holds that the broker is located in Saint Vincent and the Grenadines. This nation does not have an FX regulator and so none of the brokers there are licensed. And nor is SquireFX.com!
In conclusion, SquireFX.com is definitely UNREGULATED, and a sure risk to all user investments!
Investing in unregulated brokers is one of the biggest mistakes you will make. Before doing anything, even registering, please check for a license. Even if the broker claims to be regulated you should double-check with the watchdog itself to see if you can find the broker in its database. Usually, we advocate for all FCA or CySEC regulated entities, for these regulators oversee some of the best and most popular brokers out there. Not only that, but these two entities also offer to all users under their brokers a compensation scheme that reimburses them any money that the broker cannot pay due to some reason or another. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
SQUIREFX.COM TRADING SOFTWARE
The supposed MT4 that SquireFX.com comes with servers that are under a different name, completely destroying any hope we had for the MT4 being present. And seeing that there is no further proof of another trading software, we can claim that there is really nothing to trade on at SquireFX.com!
SQUIREFX.COM DEPOSIT/WITHDRAW METHODS AND FEES
As we revealed, the website of the broker is very short and as such, very uninformative. So much so, that we can only reveal to our readers that the supposed minimum deposit is $1. There are no depositing methods included anywhere, and what’s even worse is that there is absolutely no mention of any withdrawal methods, fees, and otherwise. Everything has been completely left out!
Usually, unregulated brokers hang on three main payment methods: credit/debit cards, bank transfers, and some sort of crypto payment alternative, which the broker will try to push the most since crypto deposits are untraceable and there is no way to get them back. Withdrawals are most of the time illusory, and there are hidden fees here and there. This is what the perfect scammer broker looks like.
As for SquireFX.com, we can only speculate on the payment conditions, but we do know for sure that it is a risk to all those that invest in it!
How does the scam work?
The scheme that unregulated brokers apply is a very popular one that other fraudsters from different industries are also known for practicing. Its structure is the same across brokers, with small differences in the delivery.
The first step is falling for fake ads online usually those that offer an easy lifestyle that comes from investing big and winning even bigger. These ads come plastered with beautiful women, cars, and exotic houses, and because of the prospect of allure, most of these ads are located in popular social media sites and similar sources.
These ads will redirect users to either a scammer broker or an intermediary website. Wherever you end up, these ads are there to trick you into giving your email and phone number. If the user gives her contact info, she will surely start receiving calls from solicitors whose job is to push you to deposit, whatever it takes. They will be annoyingly stubborn because they get a chunky commission from initial deposits.
If a deposit is made, then it’s time for the expert scammers who are disguised as the “account managers”. These have years of experience behind their backs and are usually part of the core team of the shady broker. They are even more stubborn and will stop at nothing. The ultimate goal here is to make the investor deposit as many times as possible. This is achieved through long and tedious conversations filled with false promises and carefully concealed lies and manipulative tactics.
The time will come when the user will want her money back. This is always expected and a risk of the craft for the scammers. That is why they are prepared to counter every withdrawal request. Usually, they stall users as much as possible by calling them and telling them that a big spike in a given asset is about to happen. Sometimes the broker may block the account or simply deny requests. More extreme examples include fraudulent brokers who completed shut down their websites!
What to do if scammed?
Filing for a cashback is probably the first thing you should do once you realize you have been scammed. Chargebacks are available through your credit and/or debit card company. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer investment frauds are slightly more difficult to handle. The first thing you should definitely do is change both the username and password on your bank account in order to prevent the broker from accessing or hacking your account. Next, victimized users should call the bank and explain to them the situation. Some banks may have a plan for such cases.
As for investments with any sort of cryptocurrency, they are most certainly lost. That is why it is advisable to never invest in crypto coins!
There are others that can profit from your loss. Once your funds are stolen you will start noticing these recovery agencies or agents who will promise all your money back. They just need a payment in order to offer their services. It’s obvious that once paid, these expert scammers will disappear leaving you at an even bigger loss!