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Socrates Legacy foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://secure.socrateslegacy.com/signup, about the company's legal and temporary regulatory information, the company's address Hamchaku, Mustsamuda, Atonomes Island of Anjouan Union of Comoros..

Socrates Legacy Forex Broker

Basic Information

Registered Region

Comoros

Operating Period

Company Name

Socrates Legacy Ltd

Abbreviation

Socrates Legacy

Company employee

Customer Service Email Address

support@socrateslegacy.com

Contact Number

+13153090077

Company Website

https://www.socrateslegacy.com/

Company address

Hamchaku, Mustsamuda, Atonomes Island of Anjouan Union of Comoros.

Instagram

https://www.instagram.com/socrateslegacy/

Keywords

2-5 years

Suspicious Regulatory License

White label MT5

Regional Brokers

High potential risk

Company profile

Socrates Legacy Review Summary Company Name Socrates Legacy Ltd Registered Country/Region Saint Vincent and the Grenadines Regulation No Regulation Market Instruments N/A Demo Account N/A Leverage 1:500 Spread Forex (Start from 14 point), XAU (Start from 38 point), XTI/Oil (Start from 30 point) (For Free Thinker) Commission $10 (Free Thinker) Trading Platforms N/A Minimum Deposit $100 Regional Restrictions Afghanistan, Belarus, Botswana, Brazil, Burundi, Colombia, Congo, Cuba, Egypt, Guinea, Guinea-Bissau, Iran, Iraq, Israel, Japan, Lebanon, Liberia, Libyan Arab Jamahiriya, Mali, Myanmar, New Zealand, Nicaragua, Nigeria, North Korea, Pakistan, Somalia, Somali Republic, South Africa, Spain, Sudan, Syria, Togo, Ukraine, United States of America (including its territories), Venezuela, Yemen, and Zimbabwe Customer Support 24/5 - Tel: +1 315 309 0077; Email:support@socrateslegacy.com; Live Chat; Social Media: Facebook, Instagram, LinkedIn, Youtube, Twitter, TikTok Company Address Hamchaku, Mutsamudu, Autonomes Island of Anjouan Union of Comoros What is Socrates' Legacy？ Socrates Legacy Ltd is a trading firm headquartered in Saint Vincent and the Grenadines. It operates without regulation from any recognized financial oversight body, indicating elevated risk for clients. Traders should exercise due diligence and conduct adequate research before engaging with unregulated trading firms such as Socrates Legacy Ltd. Pros & Cons Pros Cons High Leverage No Regulation Multiple Customer Support Channels Commission Charged Strict Regional Restrictions Lack of Information about Market Instruments Pros High Leverage: This broker offers a high leverage ratio of up to 1:500, allowing traders to enter trades of significantly larger value than the capital they possess. Although this can lead to increased profits, it can also amplify potential losses. Multiple Customer Support Channels: Socrates Legacy provides several channels for customer support including live chat, telephone, email, and social media. This could make it easier for clients to reach out with their queries or concerns. Cons No Regulation: Socrates Legacy is not regulated, which increases risks for clients as the company doesn't have to adhere to any established financial standards nor offer protections typically required by financial regulators. Commission Charged: Unlike some brokers that offer commission-free trading, Socrates Legacy charges a commission, which renders its services less competitive in comparison. Strict Regional Restrictions: The broker imposes strict geographical restrictions, excluding users from many countries from their services, thereby limiting their potential customer base. Lack of Information about Market Instruments: There is an apparent lack of transparency or readily available information about the market instruments offered by Socrates Legacy, which makes it difficult for prospective clients to make informed decisions. Is Socrates Legacy Safe or Scam？ Regulatory Sight: Socrates Legacy is currently not regulated by any recognized financial authority. Traders should exercise caution and conduct thorough research before engaging with Socrates Legacy. User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums. Security Measures: So far we haven't found any information about the security measures for this broker. Account Types Free Thinker: This is an entry-level account with a minimum deposit requirement of $100. It is suitable for beginners or individuals who want to start trading with a small amount of money. Eidos: This is a mid-level account that requires a minimum deposit of $500. The Eidos account can be preferable for experienced traders who are willing to invest a higher amount for potentially greater returns. Stoic: This is a premium account for high-volume traders or investors. A high minimum deposit of $50,000 is required to open a Stoic account, providing access to more comprehensive services or features suited to advanced trading strategies and larger investment portfolios. Leverage Socrates Legacy offers a high maximum leverage of 1:500 for all its account types, including Free Thinker, Eidos, and Stoic. This means that traders can control a position up to 500 times the amount of their deposited funds. For example, with a deposit of 1,000, a trader could take a position up to 500,000 in value. High leverage can potentially allow a trader to realize larger profits if the market goes in their favor. However, it also comes with significant risks, as it can amplify potential losses if the market moves against the trader's position. As a result, leverage should be used with caution and a clear understanding of the associated risks Spread & Commission Account Type Commission per Trade Spread (Forex) Spread (XAU) Spread (XTI/Oil) Free Thinker $10 Start from 14 points Start from 38 points Start from 30 points Eidos $2 Stoic $7 RAW The spread and commission of Socrates Legacy vary among different accounts, which are presented above. The Stoic account uses RAW spreads, which means that clients get access to the raw spreads directly from the liquidity providers, with no markups. Customer Support Socrates Legacy offers comprehensive customer support to its clients. This includes being available 24 hours a day, 5 days a week. Clients can reach out to Socrates Legacy through various channels. Telephone: Clients can call their number +1 315 309 0077 for any queries. Email: The firm offers assistance through email atsupport@socrateslegacy.com. Live Chat: Live chat is available for clients who prefer a quick and instant response. Social Media: Socrates Legacy also maintains a strong presence on Facebook, Instagram, LinkedIn, YouTube, Twitter, and TikTok, providing clients with a more informal method of communication or for staying updated with the firm's latest news. The company also provides its physical address, Hamchaku, Mutsamudu, Autonomous Island of Anjouan Union of Comoros. However, it's always recommended to use online methods for quicker response times. Conclusion Socrates Legacy Ltd is an unregulated broker posing a considerable risk for potential clients. While the firm offers high leverage and multiple customer support channels, its lack of regulation, and strict regional restrictions make due diligence imperative before investing. Frequently Asked Questions (FAQs) Q: What is the leverage offered by Socrates Legacy？ A: Socrates Legacy offers a high maximum leverage of 1:500 for all its account types. Q: Is Socrates Legacy a regulated broker？ A: No, Socrates Legacy does not operate under the regulation of any known financial body. Q: How much is the minimum deposit of Socrates Legacy？ A: It requires a minimum deposit of $100. Risk Warning Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

Socrates Legacy broker review

Is Socrates Legacy safe or scam

Rating Index

PAMM

Minimum Deposit

$500

STOIC

Minimum Deposit

$100

Socrates Legacy Forex Broker - Complete Information Guide

1. Broker Overview

　　Socrates Legacy, officially known as Socrates Legacy Ltd, is an offshore brokerage that has been operational since 2021. The company is headquartered in Saint Vincent and the Grenadines, a jurisdiction often associated with unregulated financial activities. Socrates Legacy operates as a private entity, catering primarily to retail traders interested in forex and commodities trading.

　　The brokerage claims to offer a range of services, including investment opportunities in forex, stocks, commodities, and cryptocurrencies. However, specific details about the trading instruments and market reach remain vague. The lack of transparency regarding its operational history and milestones raises concerns about its credibility.

　　Socrates Legacy's business model focuses on providing trading services to individual clients, but it lacks the necessary regulatory oversight and operational history that typically characterize reputable brokers. This absence of regulation is a significant red flag for potential investors.

2. Regulation and Compliance Information

　　Socrates Legacy operates without any regulatory licenses, which is a critical aspect of its operational framework. The company is registered in Saint Vincent and the Grenadines, a location notorious for its lack of stringent financial regulations. Consequently, Socrates Legacy does not adhere to any recognized regulatory standards, which poses a considerable risk to clients.

Main Regulatory Bodies: None
Regulatory License Numbers: Not applicable
License Validity and Scope: There are no valid licenses; thus, no regulatory oversight is present.
Legal Entities in Different Regions: Socrates Legacy Ltd operates solely in Saint Vincent and the Grenadines.
Client Funds Segregation Policy: The broker does not offer segregated accounts for client funds, increasing the risk of fund mismanagement.
Investor Compensation Fund Participation: Socrates Legacy is not part of any investor compensation scheme.
KYC and AML Compliance Measures: There is no evidence of adequate Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance protocols in place.

　　The absence of regulatory oversight and compliance measures makes Socrates Legacy a risky option for traders, emphasizing the importance of conducting thorough due diligence before engaging with the broker.

3. Trading Products and Services

　　Socrates Legacy claims to offer a variety of trading products, but detailed information is scarce. The broker purportedly provides access to the following:

Forex Currency Pairs: The specific number of currency pairs available for trading is not disclosed, raising concerns about the breadth of its forex offerings.
CFD Product Categories: The broker mentions commodities and cryptocurrencies but fails to specify the exact instruments available in these categories.
Special Products or Unique Trading Instruments: No unique trading products are identified in the available information.
Product Update Frequency and New Additions: There is no clear policy regarding the frequency of product updates or the introduction of new trading instruments.
Retail Trading Services: Socrates Legacy focuses primarily on retail clients, but the details of its trading conditions remain unclear.
Institutional Client Services: Information regarding services for institutional clients is not provided.
White Label Solutions: There is no mention of any white label offerings.
Asset Management Services: No asset management services are indicated.

　　Overall, the lack of transparency regarding the trading products and services offered by Socrates Legacy raises significant concerns for potential investors.

4. Trading Platforms and Technology

　　Socrates Legacy claims to support the MetaTrader 5 (MT5) trading platform, but the details surrounding its implementation are questionable. The broker does not have a proprietary trading platform, and users have reported accessing only a generic version of MT5 without any broker-specific features.

MetaTrader 4/5 Support: The broker claims to support MT5, but users have reported accessing a demo version that lacks essential trading functionalities.
Proprietary Platform Details: No proprietary trading platform is available.
Web-Based Trading Platform: Information regarding a web-based platform is not provided.
Mobile Applications: There is no indication of mobile application support for iOS or Android devices.
Execution Model: Socrates Legacy does not specify whether it operates on an ECN, STP, or Market Making model.
Server Location and Technical Infrastructure: Details about server locations and the technological infrastructure supporting the trading platform are not disclosed.
API Access and Automated Trading Support: There is no information available regarding API access or support for automated trading solutions.

　　The lack of a robust trading platform and technological infrastructure further diminishes the appeal of Socrates Legacy as a viable trading option.

5. Account Types and Trading Conditions

　　Socrates Legacy offers several account types, but the specifics regarding trading conditions are vague and lack transparency. The following account types are mentioned:

Standard Account Conditions: The minimum deposit for the basic account is $100, but details regarding spreads and commissions are not clearly defined.
Advanced Account Types: Information about advanced account types is not provided.
Special Accounts: There is no mention of Islamic accounts or corporate accounts.
Demo Account Policy: The availability of a demo account is not specified.
Leverage Ratio Range: The broker claims to offer leverage up to 1:500, which is significantly higher than what is typically allowed by regulated brokers.
Minimum Trade Size: Details regarding the minimum trade size are not disclosed.
Overnight Fee Policy: Information about overnight fees or swap rates is not provided.

　　The lack of clarity in account types and trading conditions raises concerns about the overall trading experience with Socrates Legacy.

6. Fund Management

　　Socrates Legacy supports limited deposit and withdrawal methods, which raises concerns about the safety and accessibility of client funds.

Supported Deposit Methods: Clients can deposit funds via bank transfers and cryptocurrencies, but specific details are not provided.
Minimum Deposit Requirements: The minimum deposit for the standard account is $100.
Deposit Processing Time: The processing time for deposits is unspecified.
Deposit Fees: No information about deposit fees is available.
Withdrawal Methods and Restrictions: Withdrawal options are not clearly defined, and the process may be cumbersome.
Withdrawal Processing Time: The time it takes to process withdrawals is not specified.
Withdrawal Fee Structure: There is a lack of clarity regarding any potential withdrawal fees.

　　The limited and unclear fund management options available through Socrates Legacy further highlight the risks associated with trading with this broker.

7. Customer Support and Educational Resources

　　Socrates Legacy provides customer support through various channels, but the quality and availability of these services may not meet industry standards.

Support Channels: Clients can contact Socrates Legacy via phone, email, live chat, and social media.
Service Hours and Time Zone Coverage: The support services are available 24/5, but specific time zone coverage is not indicated.
Multilingual Support: There is no information on the languages supported by the customer support team.
Types of Educational Resources: The availability of educational resources, such as webinars, tutorials, and eBooks, is not specified.
Market Analysis Services: There is no mention of daily analysis, news updates, or research reports provided by the broker.
Trading Tools: Information regarding the availability of trading tools, such as calculators, calendars, and signal services, is not disclosed.

　　The lack of comprehensive customer support and educational resources may hinder traders' ability to make informed decisions when using Socrates Legacy.

8. Regional Coverage and Restrictions

　　Socrates Legacy operates primarily in specific regions, but its services are limited in many areas due to regulatory restrictions.

Main Service Markets: The broker primarily targets clients in regions where regulatory oversight is minimal.
Regional Office Distribution: There is no information available about regional offices.
Countries/Regions Not Accepting Clients: Socrates Legacy does not accept clients from several countries, including the United States and various other jurisdictions.
Special Restrictions: The broker imposes strict geographical restrictions, limiting its potential customer base and raising concerns about its legitimacy.

　　In summary, Socrates Legacy presents significant risks for potential investors due to its lack of regulation, transparency, and questionable trading conditions. As such, it is advisable for traders to exercise extreme caution and consider more reputable alternatives in the forex market.

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