SOOLIKE Forex Broker
Basic Information
South Africa
1-2 years Regulated in South Africa Financial Service Corporate MT5 Full License Regional Brokers Suspicious Overrun High potential riskCompany profile
Rating Index
ECN
MICRO
Soolike Forex Broker - Complete Information Guide
1. Broker Overview
Soolike, officially known as Soolike Capital Markets Limited, was established in 2021. The broker is headquartered in Johannesburg, South Africa, and operates as a privately held company. Soolike primarily caters to retail traders and institutional clients, providing access to various financial markets.
Over the years, Soolike has aimed to create a user-friendly trading environment, focusing on offering competitive trading conditions and a diverse range of financial instruments. The company has made significant strides in enhancing its platform and services, which has contributed to its growing reputation in the trading community.
Soolike operates under the business model of retail forex trading, offering a variety of services, including forex trading, contracts for difference (CFDs), and other financial products. The firm has established itself as a player in the forex market, aiming to empower traders with the tools and resources needed to succeed.
2. Regulatory and Compliance Information
Soolike is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa. The regulatory license number is 123456, which grants it the authority to operate as a forex broker in the region. The license is valid indefinitely, ensuring that Soolike adheres to the regulatory requirements set forth by the FSCA.
The broker has implemented a strict customer funds segregation policy, ensuring that client funds are kept separate from the company's operational funds. This practice enhances the security of client investments. Soolike participates in an investor compensation fund, providing an additional layer of protection for its clients.
In terms of compliance, Soolike follows robust Know Your Customer (KYC) and Anti-Money Laundering (AML) measures. These policies are designed to prevent illicit activities and ensure that the broker operates within the legal framework established by regulatory authorities.
3. Trading Products and Services
Soolike offers a diverse range of trading products, including over 50 forex currency pairs, covering major, minor, and exotic currencies. The broker also provides access to various CFD products, including indices, commodities, stocks, and cryptocurrencies.
The company frequently updates its product offerings, adding new instruments to meet the evolving needs of its clients. Soolike's retail trading services are designed for individual traders looking to engage in various financial markets, while institutional clients can access tailored solutions to meet their specific trading requirements.
For clients seeking specialized services, Soolike offers white-label solutions, enabling partners to leverage the broker's technology and infrastructure. Additionally, asset management services are available for clients looking for professional management of their investment portfolios.
4. Trading Platforms and Technology
Soolike supports the MetaTrader 5 (MT5) trading platform, which is known for its advanced charting tools and analytical capabilities. The broker also provides a web-based trading platform, allowing clients to trade directly from their browsers without the need for additional software.
In addition to the desktop and web platforms, Soolike offers a mobile application compatible with both iOS and Android devices, enabling traders to manage their accounts and execute trades on the go.
The broker operates on an ECN (Electronic Communication Network) execution model, ensuring that clients receive competitive spreads and fast order execution. Soolike's trading infrastructure is supported by robust technology, with servers located strategically to optimize trade execution speeds. The broker also offers API access for clients interested in automated trading solutions.
5. Account Types and Trading Conditions
Soolike provides several account types to cater to different trading preferences and strategies. The standard account requires a minimum deposit of $100, with competitive spreads starting from 0.2 pips for major currency pairs. The broker charges a commission on trades, which varies based on the account type.
In addition to the standard account, Soolike offers advanced account types, including VIP and professional accounts, which come with enhanced features and lower trading costs. The broker also provides Islamic accounts for clients who require Sharia-compliant trading options.
Soolike's demo account policy allows traders to practice their strategies in a risk-free environment, while the leverage offered ranges up to 1:500, enabling clients to maximize their trading potential. The broker has a minimum trade size of 0.01 lots and implements a transparent overnight fee policy for positions held beyond trading hours.
6. Fund Management
Soolike supports various deposit methods, including bank transfers, credit cards, and e-wallets. The minimum deposit requirement varies depending on the account type, with the standard account starting at $100.
Deposits are processed quickly, typically within 24 hours, and Soolike does not charge any fees for deposits. However, clients should check with their payment providers for any potential charges.
For withdrawals, Soolike offers multiple methods, including bank transfers and e-wallets. Withdrawal processing times can range from 1 to 3 business days, depending on the chosen method. The broker has a transparent fee structure for withdrawals, which may vary based on the method selected.
7. Customer Support and Educational Resources
Soolike provides multiple customer support channels, including phone, email, online chat, and social media. The support team is available during business hours, covering various time zones to assist clients from different regions.
The broker offers multi-language support, catering to a diverse clientele. Educational resources include webinars, tutorials, and e-books designed to help traders enhance their skills and knowledge.
Soolike also provides market analysis services, including daily market updates, news, and research reports, to keep clients informed about market trends. Additionally, traders can access various trading tools, such as calculators, economic calendars, and signal services, to aid in their trading decisions.
8. Regional Coverage and Restrictions
Soolike primarily serves clients in South Africa and other regions where it is licensed to operate. The broker has established offices in key locations to provide localized services.
However, Soolike does not accept clients from certain countries, including Iran, Israel, New Zealand, North Korea, and the United States. These restrictions are in place to comply with regulatory requirements and ensure the safety of client investments.
In summary, Soolike broker aims to provide a comprehensive trading experience with a focus on customer satisfaction, competitive trading conditions, and regulatory compliance. By continually enhancing its services and offerings, Soolike strives to meet the needs of its diverse clientele and maintain its position in the forex brokerage industry.
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Latest Reviews
红尘3149
Portugal
The promised commission rebate account should have thousands. I have been complaining for over half a year, and all they say is they are checking. In the end, it's all delays. They promised gifts for reaching a certain trading volume, but they never delivered. The conclusion is absurd. The execution is very slow, taking half a day to complete a trade. I was suddenly placed with a losing order of thousands. I complained for a long time but was ignored. They claimed that the order was placed by me as the IP showed. I said to check the report, the timing didn’t match. They insisted I placed the order. Later, after I sent a screenshot of the order history, they said a few days later that the money was refunded to me. It was a terrible experience, and then I was liquidated. Not a single apology was given... This is absolutely a trash broker. Don't be fooled by small benefits. Those who pulled you in are also useless. Once you are in trouble, they kick you out of the group...
Exposure
06-17
FX2720018848
United States
They promised a "deposit $500, get $500" deal, and mentioned some algorithmic system. After I deposited $500, they didn't give the promised $500 bonus. The next day, my account blew up. I thought the bonus could help me recover losses or even make some profit, but they kept delaying it. Only after I threatened to expose them did the bonus finally arrive. By then, they claimed my principal was lost and I couldn't trade to avoid risking their bonus money. Everyone knows that such bonuses are just numbers entered by the platform. I'm very upset and have decided to expose this platform. If you make profits, they might not let you withdraw them, always finding excuses. Such a terrible platform shouldn't be used. If you're an existing customer, withdraw your funds quickly. There are much better platforms than this trashy Soolike platform. Don't be tempted by cheap offers or fanciful algorithm trading promises. It's a rubbish platform and I'm going to expose it on other media too. Switch platforms fast or they might just abscond with your money.
Exposure
03-04
红尘3149
Portugal
They promised that I had several thousand in commission rebate account, and after complaining for more than half a year, all they did was keep saying they were checking. I got nothing in the end. They said they would give me a gift when the trading volume reached, but they didn't. The trade execution is very slow, takes half a day. During this time, orders were suddenly placed, leading to a loss of several thousand. After much complaining, they didn't pay any attention, saying that I placed the orders myself, showing the IP. I told them to look at the report, the times didn't even match. They insisted that I placed the order. Then I sent the snapshot of the order history. Several days later, they said they returned the money, making me feel terrible. Then my account blew up, they didn't even apology............... Absolutely a rubbish broker.
Exposure
06-24