SquaredFinancial doubles customer numbers, trading volumes in Q3 2021
SquaredFinancial has released its financial and operational metrics for the third quarter ending September 30, 2020, which featured strong performance across a number of key indicators, ranging from client growth to revenues.
The CySEC-regulated broker said its trading volumes grew 266 percent compared to earlier last year when the coronavirus pandemic created unprecedented volatility across varying asset classes.
SquaredFinancial also highlighted impressive growth figures for its client base, which nearly tripled during a year characterized by major disruptions to the global financial markets.
The group attributed the positive performance to expanding its product range which currently provides access to over 10,000 instruments across different asset classes. The broker has also presented its global investors with the opportunity to trade cryptocurrency CFDs, following strong demand from clients over the past few months.
Gold trading is also seeing record volumes, said SquaredFinancial, as investors flock to the safe-haven commodity amid violent market swings on fears of a coronavirus-fueled global recession.
Philippe Ghanem, Founder and Chairman of SquaredFinancial Group explained: “We set out to build something different, listen to what clients want and provide stability and security. In the coming months, we will continue to release new products, new funding channels, more online banking services and asset management, access financial markets and help clients towards achieving financial freedom. Each new member of our Board, each one of them brings a specific and different skillset, strengthening our Corporate Governance, Emerging Markets and Corporate Finance expertise that will help build, grow and promote SquaredFinancial in the coming years.’’
SquaredFinancial rebranded in 2018 from its previous tradename, ProbusFX, a Cyprus based financial services provider that was founded in 2017 and soon received its license from the Cyprus regulator. The move came as part of their pairing up with sister company, Squared Financial Services Limited, now trading as SquaredPro to form the Squared Financial Group.
Additionally, the legal name of the company has been changed from Aspide Financial Limited to Squared Financial (CY) Limited.
In 2020, the company appointed Husam Al Kurdi to the role of its Chief Executive Officer (CEO), replacing Youssef Barakat, who has been with the CySEC-regulated broker since 2009.
Prior to landing at SquaredFinancial, Al Kurdi served as Head of Product Management/Business Transformation at Abu Dhabi-headquartered international brokerage, ADSS. He joined the Middle East focused broker back in 2011, where he was originally appointed E-trading Project Manager.