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Problem Squared Financial - deposit and profit not returned

I am having an issue with a company
They have revoked my profit and closed the account.
Reason: abusive trading.
My trading style is newstrading, NOT latency arbitrage.
Here their email (translated from italian to english):

Dear XXX,

The benefits offered by our company are intended to benefit our customers by providing high-quality performance to enhance their experience. However, you may abuse these benefits by using them in a manner that is strictly prohibited in our Terms and Conditions.

We have an experienced team of Risk Managers dedicated to identifying such behaviors. Trading patterns are analyzed by the Risk department. Patterns of activity that indicate the terms we provide are being abused are highlighted. Squared Financial has the right to cancel trades if arbitrage or abuse is indicated or suspected.

Terms & Conditions

8.11. No abusive commercial behavior.

8.11.1. The Company reserves the right to exclude the Customer from the Promotion and take further action if it suspects or has reasonable suspicion that the Customer has taken advantage of the Promotion, has abused the Terms and/or rules of this Promotion or is involved in abusive commercial transactions . behavior in any way.

8.11.2. The Company reserves the right to determine what constitutes abusive business conduct and its decision will be final and binding on the Customer. The Company may take any other action against abusive conduct or prohibited trading arising under any of the Operating Agreements.

“Abusive Trading” means the following actions, but not limited to, pip-hunting, scalping, arbitrage, manipulation or exploitation of any timing and/or minor inaccuracy in any rate or price offered on the Trading Platform, a combination of transactions faster/slower feeds, use of robots, spiders or other automated data entry systems with the Trading Platform (unless the Client receives express written consent from the Company before activating the robot), violation of the obligations of the Customer.

Trading patterns identified on your account:

• Identified the use of an automated data entry system

• Trades made collectively with other traders, i.e. the same trades made in the same second

• Positions opened/closed before/after the closing of an economic event


Conclusion

In light of the above, your initial deposit will be refunded, all transactions will be canceled and your account will be closed in accordance with our terms and conditions of use. This is entirely a decision of the Company which it may make at its discretion.


Best regards,

SquaredFinancial
 
Profit revokation.png
 
Very sad to start writing on a forum with a message like this. Unfortunately the same thing happened to me too exactly on the same day.
 
I opened account my account on July 2023 by funding the initial amount of €4000 and carried out trading operations constantly for 10 months, accumulating a profit resulting from normal trading operations based on macroeconomic news. Without any warning, on Friday 17 May 2024 my account was no longer enabled for trading and I received an email from Squared Financial informing me of the cancellation of all trades carried out since the opening of the account and therefore the removal of all profits with the simultaneous closure of my profile on their website with the consequent impossibility of downloading the complete account statement of all operations.

In 10 months my capital grew up to 8691,17€ unti 4691,17€ arbitrarily deducted from my account without warning, without reports of unwelcome trading for almost a year and then suddenly this nasty surprise. I therefore consider this operation fraudulent and voluntarily harmful to my capital. I was allowed to carry out all operations without any reports or complaints for almost a year, accumulating that significant profit which was removed from my account at the same time as the first withdrawal request.

I would like to point out that I have carried out the same trading operations in the same way and with the same results on many other brokers without the slightest problem and with the profits regularly withdrawn. No arbitrage trading! Reading the horrible reviews about Squared Financial on TrustPilot I realized that I was not the only one in this unpleasant situation and I came to think that I was the victim of a fraudulent operation.

I tried to make a written complaint to the broker who rejected the request and refused to pay any profits made beyond the initial capital. The question arises spontaneously: who pocketed my almost 5K in profit? For this reason, for the first time I'm going to request the intervention of the FSA authority to recover the unduly stolen capital.
 
Incredible Squared! a lot of new and fake positive feedbacks on Trustpilot after my and other bad reviews
 
Unfortunately the same thing happened to me too: after 7 months of trading I received an email in which I was informed that all the trades carried out had been canceled and the profits revoked. This is a figure higher than the €2800 that this fraudulent broker unfairly stole from me with shameful excuses. The curious thing is that from what we have learned, users who suffered losses did not receive any cancellation of their trades. This simply means that Squared Financial is a total scam and the only way to avoid having your money stolen by these crooks is to not have accounts with them. I applied to the FSA but have not received any responses yet.
 
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