Socrates Legacy Review – Facts About socrateslegacy.com Trading Scam

Is Socrates Legacy a Scam Broker?

First, Socrates Legacy claims that its registered address is in St. Vincent and Grenadines. This is the first indication that something’s not right. This is because the country has a bad reputation for being a scam paradise for forex trading. This country is well-known for its lack of forex regulation. It is easily to prove by visiting the website of your local Financial Services Authority (FSA). There you can read the whole warning about the risks of trading with unregulated brokers in this country.

Socrates Legacy isn’t authorized to act under any financial authority. This makes the firm very dangerous as it doesn’t adhere to any regulations or requirements. There is a high chance of being scammed.

You should only choose reliable, regulated brokers that can protect your funds. These brokers are required to adhere to many requirements, including keeping your deposits separate from their capital. You can rest assured that your funds will not be misused or stolen.

Socrates Legacy Trading Software

In fact, no information is available about the trading software this broker may offer. It seems suspicious that Socrates Legacy has not mentioned anything on its entire website. However, the homepage has a MetaTrader 5 logo, so it is possible that this broker uses MetaTrader 5.

Socrates Legacy Trading Assets

We have already mentioned that there is a lot of missing information on this website. It’s not clear what trading instruments the broker offers, which is very concerning. If you don’t know what assets are available, how can you decide whether you want to open an Account? It sounds absurd, right?

You would have access to a wide range of trading instruments with regulated brokers, including forex pairs, commodities, stocks, shares.

Every day new scam brokers and trading bots appear on the web with only one goal – to steal your money. We have already exposed some of them, for example – Blink Trades, CED Capital Limited, FinTech Platform.

Socrates Legacy: Maximum Leverage, Deposit and Withdrawal, Accounts

Maximum leverage offered by this broker is 1:500 This was the initial value that was set automatically for our account after we registered. However, this value has been proven too risky so we do not recommend investing there. There is also a limit on leverage in many countries that regulate forex brokerage activities, such as 1:30 in the UK and 1:50 for the US.

Socrates Legacy does not mention payment methods. We were able to deposit money with crypto transactions and local bank transfers after we had registered. However, the most interesting part is that the currency used was the Indonesian Rupiah. This is unusual and suspicious.

Crypto payments can be quite tricky as they cannot be reversed. This means that you will not be able get your money back, no matter what you do.

Other than that, we don’t have any information about the execution time nor any fees or taxes.

Choose only trustworthy and reliable brokers. You can read about the best ones in our article Best online brokers in 2023.

This broker requires a minimum deposit of 100 USD. This is a fairly common amount. Most brokers will ask for 250 USD to open a regular account. Micro accounts are much cheaper at around 10 USD.

Socrates Legacy: Video

You can also write a comment under the video on our YouTube channel to tell other traders about your experience. But if you’ve already been a victim, contact us for a free consultation by filling out the form at the top of the page.
Below you will find a short video about Socrates Legacy. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about Socrates Legacy!