SOCRATES LEGACY broker Accounts

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

socrates legacy Account Types Explained

Socrates Legacy offers three distinct account types tailored to meet the needs of various traders. Each account type has unique features, minimum deposit requirements, and trading conditions.

1. Philosopher Account

• Minimum Deposit: $100
• Spread/Commission Structure: Spread from 1.0 pips, $0.0 commission per lot per side
• Leverage Options: Up to 1:500
• Key Features:
• Suitable for day traders and scalpers
• Free swap for minimum deposit of $1,000
• Micro lot trading (0.01) available
• Target User Profile: Beginner to intermediate traders
• Trading Instruments Available: 35 currency pairs

2. Stoic Account

• Minimum Deposit: $100
• Spread/Commission Structure: Spread from 0.0 pips, $3.5 commission per lot per side
• Leverage Options: Up to 1:500
• Key Features:
• Designed for expert advisors (EAs) and scalpers
• Free swap for minimum deposit of $1,000
• Micro lot trading (0.01) available
• Target User Profile: Advanced traders and algorithmic traders
• Trading Instruments Available: 35 currency pairs

3. PAMM Account

• Minimum Deposit: $500
• Spread/Commission Structure: Spread from 1.0 pips, $5.0 commission per lot per side
• Leverage Options: Up to 1:500
• Key Features:
• Specifically for EAs
• Free swap for minimum deposit of $1,000
• Micro lot trading (0.01) available
• Target User Profile: Professional traders and fund managers
• Trading Instruments Available: 35 currency pairs

Account Type Comparison Table

Recommended Account Types by Trader Level

• Beginner: Philosopher Account
• Intermediate: Stoic Account
• Advanced: PAMM Account

Detailed socrates legacy Account Features

Comparison of Features Across Different Account Types

• Minimum Deposit:

• Philosopher: $100

• Stoic: $100

• PAMM: $500

• Maximum Leverage:

• All accounts: Up to 1:500

• Spreads (Typical/Minimum):

• Philosopher: 1.0 pips

• Stoic: 0.0 pips

• PAMM: 1.0 pips

• Commission Fees:

• Philosopher: $0.0

• Stoic: $3.5

• PAMM: $5.0

• Lot Size:

• All accounts: Micro lot trading (0.01) available

• Available Trading Platforms:

• All accounts: MetaTrader 5

• Execution Type:

• All accounts: STP (Straight-Through Processing)

• Islamic Account Availability:

• All accounts offer Islamic (swap-free) options

• Swap-Free Options:

• Available for all account types with a minimum deposit of $1,000

• Demo Account Features:

• Available for all account types to practice trading without risk

Advantages of Each Account Type

• Philosopher Account:

• No commission fees

• Suitable for all trading styles

• Low minimum deposit

• Stoic Account:

• Extremely low spreads

• Ideal for high-frequency trading

• Supports automated trading with EAs

• PAMM Account:

• Allows fund managers to trade on behalf of investors

• Potential for higher returns through pooled investments

• Suitable for professional traders

Disadvantages of Each Account Type

• Philosopher Account:

• Higher spreads compared to Stoic Account

• Limited to basic trading features

• Stoic Account:

• Commission fees apply

• May not be suitable for beginners

• PAMM Account:

• Higher minimum deposit requirement

• Limited to EAs only

socrates legacy Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old
• Geographic Restrictions: Not specified, but may vary by country
• Prohibited Countries: Not explicitly listed, but typically includes regions under international sanctions

Identity Verification Documents Needed

• Government-issued ID (passport or national ID)
• Proof of residence (utility bill or bank statement)

Additional Documentation for Professional Accounts

• May require additional financial documents or proof of trading experience

KYC/AML Compliance Procedures

• All clients must undergo Know Your Customer (KYC) verification
• Anti-Money Laundering (AML) checks are performed

Verification Time Frames

• Typically, account verification can take up to 24 hours, depending on the volume of applications.

Step-by-Step socrates legacy Account Opening Guide

1. Visit Website: Go to the Socrates Legacy website.
2. Click Registration: Select the “Sign Up” or “Create Account” button.
3. Personal Information Entry: Fill in your personal details such as name, email, and phone number.
4. Choose Account Type: Select the account type that best suits your trading needs.
5. Set Trading Preferences: Indicate your trading preferences and risk tolerance.
6. Document Upload: Upload the required identity verification documents.
7. Account Verification: Wait for the verification process to complete.
8. Fund Your Account: Deposit the minimum required amount to activate your account.
9. Start Trading: Access the trading platform and begin trading.

Desktop vs Mobile Registration Differences

• The registration process is similar on both platforms, but mobile users may have a simplified interface.

Common Registration Issues and Solutions

• Issue: Document upload failure

• Solution: Ensure documents are clear and in the correct format.

• Issue: Account verification delays

• Solution: Contact customer support for assistance.

Average Account Approval Time

• Generally, account approval takes about 24 hours, but it can vary based on the completeness of the submitted documents.

How to Upgrade/Downgrade Account Types

• Users can contact customer support to request changes to their account type based on their trading needs.

socrates legacy Demo Account Guide

Demo Account Features and Benefits

• Allows traders to practice without financial risk
• Access to all trading instruments available in live accounts
• Ideal for testing strategies and familiarizing with the trading platform

How to Open a Demo Account

• Follow the same registration steps as for live accounts, selecting the demo account option.

Demo Account Limitations

• Limited duration, typically expiring after 30 days unless extended.

Virtual Balance Amount

• Demo accounts usually come with a virtual balance of $10,000.

Demo vs Live Account Differences

• Demo accounts do not involve real money and may have different trading conditions.

Duration/Expiry of Demo Accounts

• Standard demo accounts last for 30 days, but can be extended upon request.

socrates legacy Islamic Account Details

Swap-Free/Islamic Account Availability

• Islamic accounts are available across all account types.

Eligibility Requirements

• Must request the swap-free option during account registration.

Differences from Standard Accounts

• Islamic accounts do not incur swap fees, aligning with Sharia law.

How to Apply for Islamic Account

• Indicate the request for an Islamic account during the registration process.

Restrictions or Special Conditions

• Islamic accounts must adhere to specific trading conditions set by Socrates Legacy.

FAQs – socrates legacy Account Types & Opening

1. What account types does socrates legacy offer？

• Socrates Legacy offers the Philosopher Account, Stoic Account, and PAMM Account.

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

• Philosopher Account: $100, Stoic Account: $100, PAMM Account: $500.

1. How long does socrates legacy account verification take？

• Account verification typically takes up to 24 hours.

1. Does socrates legacy offer demo accounts？

• Yes, demo accounts are available for all account types.

1. Can I have multiple account types with socrates legacy？

• Yes, clients can have multiple accounts as per their trading needs.

1. Does socrates legacy offer Islamic/swap-free accounts？

• Yes, Islamic accounts are available across all account types.

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

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

1. Can I change my account type after registration？

• Yes, you can request to upgrade or downgrade your account type through customer support.