Most ER32, maybe all, have 8 full depth slots. Square stock can be gripped on the corners as losg as you position the corners so they do not lie on the through slots. The positioning accuracy is dependent on how uniform the corners on the are. I most cases it is pretty good and quite satisfactory for most applications. Grip is not quite as rigid as a square collet, but again it's quite adequate for most turning operations. Even with square collets accuracy is dependent of the condition of the stock.
With a 20mm max diameter on ER32 you can chuck up to 14mm square stock (0.55 inch).
Gail in NM