Socrates Legacy review 2023: 5 things you should know about socrateslegacy.com

Beware! Socrates Legacy is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Socrates Legacy is a broker you should not invest any money with. The reason is simple – this firm is totally unlawful as it lacks any kind of license or credibility. As a matter of fact it offers quite risky trading conditions, shady payment methods and a questionable trading platform as well. The absence of any legal data doesn’t speak well about this broker’s reliability, so it would be truly reckless to deposit even a cent here. If you want to learn more on what’s wrong with Socrates Legacy and why to avoid it, keep reading the full review.

Socrates Legacy Regulation and safety of funds

First things first – Socrates Legacy claims its registered address to be in St. Vincent and the Grenadines and that is the first sign that something’s wrong here. It’s just because this country has a terrible reputation of being the scam heaven for forex trading. It’s popular for the absence of any forex regulation, in fact St. Vincent and the Grenadines does not license forex brokerage activities at all. This can be easily proved if you open the website of the local Financial Services Authority (FSA). There you can read the whole warning about the risks of trading with unregulated brokers in this country. Take a look at it down below:

So you see, Socrates Legacy is certainly not authorized and is not acting under the supervision of any financial authority. This makes this particular firm quite dangerous, as it doesn’t follow any rules or requirements. Not to mention that the possibility of getting scammed is huge.

That’s why you should always choose reliable and regulated brokers who can ensure your safety of funds. These firms are obligated to follow many requirements like for example to keep your deposits in segregated accounts apart from their own capital. This way you can be calm that your funds won’t be misused or stolen.

Socrates Legacy Trading software

As a matter of fact, there is no data about the trading software this broker is supposed to offer. Socrates Legacy doesn’t mention anything on the whole website, which seems rather suspicious. Yet, at the bottom of its homepage, there’s a logo of MetaTrader 5, so we suppose that’s the platform this broker uses.

After we registered there were several links for downloading the software on desktop or mobile. What we downloaded however was highly disappointing. It turned out that you can just access a demo version of MT5 that is not provided by any broker in particular, let alone Socrates Legacy. Take a look:

You can see for example that there is no data about the spread or leverage this firm provides. What’s more, we didn’t receive any log in details anyway, so obviously this broker doesn’t offer its own trading platform at all. Don’t bother opening an account here as it’s pointless!

Moreover, there are plenty of reputable brokers who provide MetaTrader 4 or MetaTrader 5 for real.

Socrates Legacy Trading instruments

As we mentioned already, there’s a lot of essential information missing on this website. Like for example there’s no data about the trading instruments this broker is offering and that’s quite worrisome. How can you decide if you want to open an account here, if you don’t have the slightest idea what assets would be available? Sounds ridiculous, right?

With regulated brokers on the other hand you would be able to access a variety of trading instruments including forex pairs, cryptocurrencies, commodities, stocks and shares, to name a few.

Socrates Legacy Spreads and cost of trading

Socrates Legacy claims to offer three account types – Free thinker, Eidos and Stoic. Take a look at some more details about them down below:

As you see this broker promises tight spreads starting from 14 points for Forex. However since it doesn’t offer its own trading platform we couldn’t see any data on the spreads.

Make sure to trade with reputable brokers who offer attractive spreads below 2 pips, as they come with lower trading costs.

Socrates Legacy Maximum leverage

The maximum leverage this broker offers is said to be 1:500. After we registered this was the amount that was automatically set for our account. This volume however is proven to be too risky, so we don’t recommend investing here at all. Not to mention that there is a leverage limit in most of the countries that regulate forex brokerage activities – for example 1:30 for the UK and 1:50 for the US.

Socrates Legacy Deposit and withdrawal methods

Again, Socrates Legacy doesn’t mention anything when it comes to its payment methods. After we registered, we were able to make a deposit with local bank transfer and crypto transactions. The curious part however is that the currency used is Indonesian Rupiah (Rp), which is rather unusual and suspicious.

Also beware that crypto payments are quite tricky, as they are impossible to be overturned. In other words, you won’t be able to get your money back no matter what you do.

Apart from that, there is no data about the execution time or any fees or taxes required.

Socrates Legacy Minimum deposit

The minimum deposit with this broker is 100 USD. This is a rather usual amount. In fact most legitimate brokers usually ask for around 250 USD for a regular account, while micro accounts require even less – around 10 USD.

Socrates Legacy Withdrawal requirements

After we opened an account with Socrates Legacy, it turned out that the minimum withdrawal amount was 5 USD. Note however that genuine brokers don’t usually require a minimum withdrawal, so this is certainly a red light for fraud.

In addition, there is no data about this firm’s fees and taxes. To be precise there are no legal documents like Terms and Conditions or Withdrawal Policy at all and that’s yet another alarming sign you should look out for. Also bear in mind that scammers tend to ask for huge fees upon every withdrawal request – for example 15 or even 20%!

Because of that and everything said so far, it would be for your own good to stay away from this shady broker!