Looking to read Socrates Legacy reviews, you are in the right place. Read detailed reviews to know about this forex broker and why it’s not a genuine trading platform to start your forex journey.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
About Socrates Legacy
Socrates Legacy FX otherwise known as Socrateslegacy.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
What’s more, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. It also presents a zero spread difference in Buy/Sell.
Is Socrateslegacy.com Regulation Claim Genuine?
First of, Socrateslegacy.com claims to hold registered address of St. Vincent & the Grenadines.
But, Saint Vincent and the Grenadines SVG is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
Furthermore, Socrateslegacy.com does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.
These are drawbacks for forex traders/ clients to avoid losing money with scam brokers lurking online. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Does Socrates Legacy FX Have Account Types?
Socrates Legacy FX offers different account types such as Free Thinker, Eidos and Stoic. According to the account descriptions, the broker offers a leverage capped 1:500.
Socrates Legacy minimum deposit is indicated $100 based on the account type. A good start for traders if only the broker was legit and regulated.
On a quick one, you should better stay with a legitimate broker that clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
There are no information on its funding methods. This is a red flag because most reputable brokerage usually describe their deposit/withdrawal policy, transaction times, fees and taxes.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Socrates Legacy FX Provides What Trading Software?
Socrates Legacy FX claims offer an advanced trading software MT5. After we registered there were several links for downloading the software on desktop or mobile. It turned out that you can just access a demo version of MT5.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Socrates Legacy FX Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that Socrateslegacy.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Socrates Legacy FX located at Socrateslegacy.com appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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