SQUARE broker Accounts

square Account Types & Opening Guide 2025: Complete Comparison and Registration Steps

Part 1: square Account Types Overview

square Account Types Explained

Square offers various account types tailored to different business needs. Below are the primary account types available:

1. Square Free

• Minimum Deposit Requirement: No minimum deposit
• Spread/Commission Structure: No monthly fees; transaction fees apply
• Leverage Options: Not applicable
• Key Features: Basic POS features, online store capabilities, and customer engagement tools
• Target User Profile: Small businesses and startups
• Trading Instruments Available: Payment processing

1. Square Plus

• Minimum Deposit Requirement: No minimum deposit
• Spread/Commission Structure: Monthly fee with lower transaction fees
• Leverage Options: Not applicable
• Key Features: Advanced reporting, team management tools, and promotional features
• Target User Profile: Growing businesses needing more features
• Trading Instruments Available: Payment processing, online store

1. Square Premium

• Minimum Deposit Requirement: No minimum deposit
• Spread/Commission Structure: Higher monthly fee with the lowest transaction fees
• Leverage Options: Not applicable
• Key Features: Comprehensive analytics, custom reporting, and dedicated support
• Target User Profile: Established businesses with high transaction volumes
• Trading Instruments Available: Payment processing, advanced inventory management

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginners: Square Free
• Intermediate Users: Square Plus
• Advanced Users: Square Premium

Part 2: square Account Features Comparison

Detailed square Account Features

Advantages of Each Account Type

• Square Free:

• No upfront costs

• Basic functionality for startups

• Easy to set up and use

• Square Plus:

• Enhanced features for growing businesses

• Lower transaction fees compared to Free

• Access to team management tools

• Square Premium:

• Comprehensive analytics for data-driven decisions

• Lowest transaction fees for high-volume businesses

• Dedicated customer support

Disadvantages of Each Account Type

• Square Free:

• Limited features compared to paid plans

• Higher transaction fees for low-volume businesses

• Square Plus:

• Monthly fees may not be ideal for very small businesses

• Some features may still be limited compared to Premium

• Square Premium:

• Higher monthly fees

• May be excessive for businesses with lower transaction volumes

Part 3: square Account Opening Requirements

square Account Registration Requirements

• Eligibility Criteria:

• Age Requirements: Must be at least 18 years old

• Geographic Restrictions: Available in the U.S. and select countries

• Prohibited Countries: Countries under U.S. sanctions

• Identity Verification Documents Needed:

• Government-issued photo ID (e.g., passport, drivers license)

• Additional documents may be required for business verification

• Proof of Residence Requirements:

• Utility bill or bank statement with the applicant's name and address

• Additional Documentation for Professional Accounts:

• Business registration documents

• Tax identification number

KYC/AML Compliance Procedures

• Square adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring verification of identity and business information.

Verification Time Frames

• Verification typically takes 1-3 business days, depending on the completeness of submitted documents.

Part 4: square Account Opening Process

Step-by-Step square Account Opening Guide

1. Visit Website and Click Registration: Go to the Square website and click on the "Get Started" button.
2. Personal Information Entry: Fill in your name, email address, and create a password.
3. Choose Account Type: Select the account type that best fits your business needs.
4. Set Trading Preferences: Specify your preferences for payment processing and reporting.
5. Document Upload: Upload required identification and business documents.
6. Account Verification: Wait for Square to verify your information.
7. Fund Your Account: Once verified, fund your account to start processing payments.
8. Start Trading: Access your Square dashboard to begin using your account.

Desktop vs Mobile Registration Differences

• The registration process is similar on both desktop and mobile, but the mobile app may have additional prompts for document verification.

Common Registration Issues and Solutions

• Issue: Document verification fails.

• Solution: Ensure documents are clear and meet the requirements.

• Issue: Unable to complete registration.

• Solution: Check internet connection and try again.

Average Account Approval Time

• Account approval generally takes 1-3 business days.

How to Upgrade/Downgrade Account Types

• Users can upgrade or downgrade their account types through the Square Dashboard under account settings.

Part 5: square Demo Account Information

square Demo Account Guide

• Demo Account Features and Benefits:

• Allows users to practice using Square's features without financial risk.

• Provides access to a simulated environment for testing.

• How to Open a Demo Account:

• Visit the Square website and follow the prompts to create a demo account.

• Demo Account Limitations:

• Limited to simulated transactions; cannot process real payments.

• Virtual Balance Amount:

• Typically set at a fixed amount for testing purposes.

• Demo vs Live Account Differences:

• Demo accounts do not involve real money and are used for practice only.

• Duration/Expiry of Demo Accounts:

• Demo accounts may expire after a set period or remain active as long as the user engages with the platform.

Part 6: square Islamic Account (if available)

square Islamic Account Details

• Swap-Free/Islamic Account Availability:

• Square does not currently offer Islamic or swap-free accounts.

• Eligibility Requirements:

• Not applicable as Islamic accounts are not offered.

• Differences from Standard Accounts:

• Not applicable.

• How to Apply for Islamic Account:

• Not applicable.

• Restrictions or Special Conditions:

• Not applicable.

FAQs – square Account Types & Opening

1. What account types does square offer？

• Square offers Free, Plus, and Premium account types.

1. What is the minimum deposit for each account type？

• There is no minimum deposit required for any Square account type.

1. How long does square account verification take？

• Verification typically takes 1-3 business days.

1. Does square offer demo accounts？

• Yes, Square provides demo accounts for practice.

1. Can I have multiple account types with square？

• Yes, users can upgrade or downgrade their account types as needed.

1. Does square offer Islamic/swap-free accounts？

• No, Square does not offer Islamic or swap-free accounts.

1. What documents do I need to open a square account？

• A government-issued photo ID and proof of residence are required.

1. Can I change my account type after registration？

• Yes, you can change your account type through the Square Dashboard.