Squared Financial Under Fresh Fire: Halt New Client Onboarding, Withdrawals Delayed

Only one month after BrokersView highlighted a sharp increase in complaints against Squared Financial, the CFD broker is once again facing mounting questions over its operations.

The latest concerns center on the company’s Seychelles-based offshore business, where traders have reported withdrawal delays, a lack of customer support response, and difficulties accessing their accounts. At the same time, the broker appears to have stopped accepting new clients, raising further concerns among existing users.

New Account Openings Blocked, Website Issues Reported

According to reports, Squared Financial is no longer allowing individuals or corporate clients to open new accounts.

Attempts to register through the broker’s website reportedly repeatedly returned the error message: “failed to check email. Please try again,” preventing users from completing the onboarding process.

The issue has fueled speculation about the broker’s current operational status, especially as complaints from existing clients continue to increase.

Traders Report Withdrawal Problems and Silence from Support

Online complaints against Squared Financial have surged in recent months, particularly from clients believed to be registered under its Seychelles entity.

Several traders claimed they submitted withdrawal requests in June and July but have not received their funds. Others said their requests remained pending for extended periods, while customer support channels allegedly stopped responding.

Review platforms such as Trustpilot show multiple users reporting blocked withdrawals, disabled trading access, and difficulties contacting the company. Trustpilot has also added a warning notice to Squared Financial’s profile after detecting and removing a number of fake reviews.

One trader wrote that the platform stopped responding, withdrawals were unavailable, and even trading access had become problematic. Another user claimed their MT4 account and client portal were disabled, leaving funds inaccessible.

Former Nigeria Executive Calls for Investigation

The issue has also drawn attention from former Squared Financial Nigeria Managing Director Temitope Ijibadejo, who reportedly raised concerns with authorities over pending withdrawals and requested an investigation into the company’s operations and client funds.

According to reports, Ijibadejo had previously informed Squared Financial’s management about a rising number of withdrawal complaints. He said founder and CEO Philippe Ghanem indicated that the company planned to wind down operations, while allegedly attributing the withdrawal freeze to a court-related freezing order in Cyprus.

Squared Financial has not publicly responded to the allegations.

From Cyprus Exit to Offshore Uncertainty

The broker previously exited Cyprus by surrendering its CySEC licence after settlements related to potential CFD marketing violations. Its Seychelles entity, SQ Sey Ltd, still holds an active securities dealer licence with the Seychelles Financial Services Authority (FSA).

However, an active offshore licence does not necessarily resolve concerns surrounding client fund access, communication issues, or operational transparency.

BrokersView Reminds You

Although Squared Financial appears to hold regulatory licenses, investors should still exercise caution, independently verify all regulatory claims, and carefully assess the potential risks before depositing funds.

If you suspect you have encountered a fraudulent platform or are facing withdrawal obstacles, please preserve all chat logs and trading screenshots. File complaints with authorities. Or you can promptly submit a complaint to BrokersView, and we will assist you in reporting the situation to the relevant regulatory authorities.