Hamchaku, Mustsamuda, Atonomes Island of Anjouan Union of Comoros.

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Frequently Asked Questions

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About Socrates Legacy

Socrates is a financial service broker specializing in the fields of forex and asset management. With a focus on providing expert guidance and tailored solutions, we cater to the diverse needs of our clients in the dynamic world of foreign exchange and asset investment. Also combination of individuals with reliable trading skills, experienced business people, and experts who produce sophisticated technology, to make it easier for you to profit from Forex trading.

When you trade with us, you are trading with Socrates legacy as principle, this is the case with all Forex and CFD providers globally.
We do not operate a proprietary trading book, we source our prices from external unrelated liquidity providers or directly, these prices are then passed onto you with no dealing desk intervention.

Socrates Legacy holds client money in segregated client trust accounts in Tier 1 banks.

This marks our journey in Partnership with liquidity providers:

May 2022: Socrates successfully partnered with its first Tier 2 Liquidity Partner, Broctagon.
August 2022: Another milestone was achieved as Socrates secured its first Tier 1 Liquidity Partner, GBE Prime.
March 2023: Continuing the successful trajectory, Socrates added its second Tier 1 Liquidity Partner, IS Prime.

The good news is that we accomplished all of this within a span of just three years.

This is one of the most frequently asked questions. The challenge in comprehending the meanings of ECN and STP lies in the varied interpretations by different individuals. There are three primary business models employed by Forex brokers, differing in how transactions and orders are executed: ECN, STP, and Market Makers.

ECN (Electronic Communication Network): ECN stands for ‘Electronic Communication Network,’ a technical term describing how banks and liquidity providers connect to establish bid and offer prices. In the Forex industry, it identifies providers using this pricing mechanism to offer raw interbank pricing to retail traders. Under this model, brokers stream raw prices, and trades are either offset with another client, a liquidity provider, or held internally by the broker. This often results in faster trade execution, distinct from order execution that may involve an offsetting order placed with a liquidity provider.

STP (Straight Through Processing): STP is short for ‘Straight Through Processing’ and is used when a Forex and CFD provider processes all trades at market prices obtained from a liquidity provider, with the price passed on by the broker. This is similar to the ECN pricing model, where the price remains unaltered, and there is no dealing desk intervention during trade processing.

Socrates Legacy is the issuer of the products it provides. We position ourselves as a forex provider offering the ECN pricing model by sourcing pricing from external, unrelated liquidity providers, passing these prices on to you with no dealing desk intervention. To enhance price certainty and ensure fast execution speed, we refrain from offsetting every position with our liquidity providers. We adopt this approach to deliver an improved overall trading experience.

To sum all of that, Socrates Legacy is NOT a market maker broker.

Account Question

Here are short phrases for each step:

  1. Register an account with Socrates Legacy
  2. Log In to your dashboard
  3. From the dashboard, Complete the verification process (Minimum ID verification)
  4. The verification process will begin. Wait for your account to be verified
  5. After your account is verified, you will receive an email containing your account details, including your MetaTrader name, ID, Master Password and Investor Password
  6. Use the information to log in on the MT5 Platform.

Socrates Legacy, as a financial service provider, restricts its services to residents of certain countries due to differing local laws and regulations. These are Afghanistan, Belarus, Botswana, Brazil, Burundi, Colombia, Congo, Cuba, Egypt, Guinea, Guinea-Bissau, Iran, Iraq, Israel, Japan, Lebanon, Liberia, Libyan Arab Jamahiriya, Mali, Myanmar, New Zealand, Nicaragua, Nigeria, North Korea, Pakistan, Somalia, Somali Republic, South Africa, Spain, Sudan, Syria, Togo, Ukraine, United States of America (including its territories), Venezuela, Yemen, and Zimbabwe. Additionally, the information on the company’s website is not targeted towards residents of U.S., Israel, New Zealand, Iran, and North Korea, officially known as the Democratic People’s Republic of Korea, or use by any person in any country where it would be illegal.

Deposit & Withdrawal Process

Withdrawals and deposits with our platform are characterized by speed and immediacy, facilitating seamless transactions through a variety of channels, including both local and international banking institutions, as well as cryptocurrency methods.

The minimum deposit required for each account type varies. For our Philosopher Account & Stoic Account, the minimum deposit  is 100$. For Our PAMM.Account, the minimum deposit is 500 $.

The minimum Withdrawal in Socrates Legacy is 10 $.

Trading Question

We are pleased to offer commission-free trading for our Philosopher Account. For our Stoic is 3,5$ Per lot per side. And for our PAMM. Account is 5$ Per lot per side.

The maximum leverage that we offer is 1:500 And this applies to all types of accounts.

We are pleased to offer Micro Lot Trading (0.01).

A Stop-loss is a trade order to sell a currency when the price reaches or falls below the specified price. This is used to limit loss, usually when the trader cannot actively monitor the price. A take profit (TP) is an order that you tell or send to your broker, informing them to close your position or trade when the price reaches a specified price level in profit.

Yes, Our Demo account is reflected from Stoic Account. You can try the same Feature.

Platform Question

We Use MetaTrader 5 (MT5)

MetaTrader 5 (MT5) for its advanced charting tools, support for multiple asset classes, algorithmic trading capabilities, comprehensive technical indicators, user-friendly interface, and risk management features. The platform’s versatility and accessibility make it a popular choice for both novice and experienced traders.

To download MT5 for your Windows devices, simply go through the footer section and click.

You can easily download MT5 for your iOS, Android, or Harmony OS mobile phone by going through the footer section and downloading MT5 according to your device type.

General Information

Yes, you can enter trades and exit them as quickly as you would like with no restrictions on-hold time or where you set your stop loss or take profit.

Balance – The value of your account before considering any current open positions.

Equity – This would be the current value of your account if all current positions were closed.

Margin – The amount of money you must have and maintain in your account to cover any open positions.

Free Margin – The difference between your Equity and the Margin amount above.

Margin Level – This is the ratio of Equity to Margin, calculated by the following formula:(Equity / Margin) x 100 = Margin Level

The contract for difference (CFD) is a popular form of derivative trading. CFD trading enables you to speculate on the rising or falling prices of fast-moving global financial markets (or instruments) such as shares, indices, commodities, currencies and treasuries.

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