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
Comoros
2-5 years Suspicious Regulatory License White label MT5 Regional Brokers High potential riskCompany profile
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
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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.
FX1317325726
United States
I would say most of us have lost out on the opportunity to trade online because most people don't fall for any advertisements which promise high profit in such a short time. But Socrates Legacy is a different one. I just started trading six months ago, and it's working well.
Positive
2023-03-02