Trade Socio review – 5 things you should know about sociomarkets.live

Beware! Trade Socio 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.

Trade Socio, or Socio Markets, wants us to believe that it is a regulated forex broker that we can confidently trust with our money. But before we put our money on the line it is imperative that we do a background check. And in the case of Trade Socio, verification shows that this is not a legitimate financial services provider, but a scam.

Trade Socio Regulation and safety of funds

When you visit the website of a legitimate broker you can expect to find clear and detailed information about the company that owns and operates it, where it is based and what regulatory regimes it is subject to. Licensed financial services providers are also required to provide a comprehensive set of legal documentation.

The full name of the company stated as the owner of the broker is only mentioned in the registration data of the trading software used by Trade Socio – Trade Socio Cy Ltd.

This company is stated to be based in Cyprus. However, Trade Socio is not listed among the brokers authorised by the Cyprus Securities and Exchange Commission (CySEC). In fact, we found no evidence that this legal entity actually exists.

Agreement to the Terms and Conditions is required when registering an account, but the link to this and other documents on the website is blank. We do not know exactly who we are dealing with, nor what the terms of the deal are.

If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the CySEC.

There are many advantages to working with such brokers because they must comply with all the requirements of the European Securities and Markets Authority (ЕSМА). All brokers licensed in Cyprus and other EU countries are members of the Investor Compensation Fund, which may cover a maximum of EUR 20,000 per person in the event of broker insolvency. EU forex brokers are required to report their clients’ transactions on a regular basis. This requirement is designed to improve investor protection and promote market integrity and transparency.

Trade Socio Trading software

Trade Socio uses the industry standard MetaTrader 4 (MT4) platform.

It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.

There are more than enough licensed brokers offering clients the MT4 experience and/or the newer version of the software MT5. These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Trade Socio Trading instruments

Trade Socio claims to offer all major asset classes, but does not provide detailed information on trading parameters as you will find on the websites of genuine brokers.

Trade Socio Spreads and cost of trading

According to the starter trading account descriptions, Trade Socio offers a spread starting at 2.2 pips. This level is almost double the industry average and very unprofitable for the trader.

Trade Socio Maximum leverage

The leverage offered by Trade Socio  reaches a very high level of 1:1000. This may also serve as evidence that Trade Socio  is not a regulated broker based in Cyprus.

The European Securities and Markets Authority (ESMA) and accordingly all EU regulators limit leverage to 1:30 for major currency pairs, 1:20 for non-major pairs, gold and major indices, 1:10 for other commodities and non-major indices, and 1:2 for cryptocurrencies.

Trade Socio Deposit and withdrawal methods

The website claims that Trade Socio  allows deposits and withdrawals via a wide range of payment methods, including credit cards, Skrill, Neteller,  PerfectMoney, FasaPay and cryptocurrencies. But the reality is different – in the deposit menu, the only option is to send money to a personal account at an Indonesian bank.

Trade Socio Minimum deposit

Trade Socio requires a minimum deposit of only 10 USD. But this shouldn’t tempt you – many of the industry’s leading brands also offer starter accounts with a very low minimum deposit.

Trade Socio Withdrawal requirements

The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.