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Score

4.03 /10
Average

SOOLIKE

South Africa

1-2 years

Regulated in South Africa

Financial Service

MT5 Full License

Regional Brokers

High potential risk

https://soolike.com/en

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Comparison

Quantity 14

Exposure

Open Account
Website

Score

Regulatory Index3.51

Business Index4.38

Risk Management Index0.00

Software Index9.02

License Index3.51

The WikiFX Score of this broker is reduced because of too many complaints!
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Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

SOOLIKE CAPITAL MARKETS

Company Abbreviation

SOOLIKE

Platform registered country and region

South Africa

Company website

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Company summary

Pyramid scheme complaint

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WikiFX Risk Alerts
Previous Detection : 2024-12-22
  • The number of the complaints received by WikiFX have reached 12 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

Exposure

14 pieces of exposure in total
Pyramid scheme complaint
Expose
Unable to Withdraw

Profit cannot be withdrawn.

Profit cannot be withdrawn. Normal trading is considered as violating platform rules, and the profitable portion is forcibly reclaimed.

2024-09-18 16:02
Unable to Withdraw

My agent account was forcibly cancelled and I am unable to withdraw funds.

The account manager promised a commission of 18 USD per lot for a gold and foreign exchange spread of 35 to 35 points. I traded more than 260 lots, so I should have received around 5000 USD in commission. However, I only received a little over 1300 USD in commission, and there is still more than 3000 USD missing. They unauthorizedly closed my agent account. During my trading process, I incurred a loss of 8800 USD. They did not fulfill their promise to return the commission and forcibly withheld my commission. When I contacted customer service, they refused to assist me. When I contacted the account manager, they kept insisting that I was engaging in fraudulent trading and refused to give me the commission. No one mentioned anything about fraudulent trading before, and I myself do not understand how to engage in full position trading, which resulted in the loss of 8800 USD. I will not seek compensation for my personal loss of 8800 USD from anyone, but they should fulfill their promise to return the commission. This is a typical scam platform that preys on inexperienced traders. Please help coordinate the return of the rightful commission.

2024-08-13 13:02
Others

Closing profitable positions without a reason

The response time for opening and closing positions can be as long as half a minute. After the position account is profitable, the trading function is cancelled, and it is unable to open or close positions, set stop loss or take profit. After the profit reaches a certain amount, the account will be closed directly. After setting the account balance for withdrawal, all customer accounts will be closed. The general explanation given is that if there is a bonus in the account, it is considered as improper trading, and if there is no bonus, it is considered as a system exception. The account will be forcibly closed after the positions are liquidated.

2024-09-10 15:20
Scam

Conducting fraudulent activities using bonus offers as bait.

After reading the rules of the bonus offer, I dared not participate in any bonus activities. The account manager communicated that trading in non-bonus accounts would not be restricted and withdrawals would not be subject to review. Consequently, I did not participate in any activities and made deposits for trading, yet my account was still closed while in a profitable position.

2024-09-14 12:26
Scam

Forcing liquidation of profits and confiscating them under the pretext of system abnormalities

Profit is forcibly liquidated, and all profits are confiscated under the pretext of system abnormalities, even the principal is reset to zero.

2024-10-01 10:03
Others

Unable to close position

The balance of account 300568 on the soolike platform on Friday, August 9th was $1265. I opened a long position of 0.1 lots of gold. On Monday, August 12th, I added another long position of 0.3 lots of gold. Around 22:00 Beijing time on the same day, I made a profit of over $1000. At that time, I planned to set a take profit at $2470 and take a rest. However, I found that I couldn't set it. So I tried to close the position, but I couldn't close it either. I predicted that the trading function of my account was restricted, so I contacted my account manager. The account manager was estimated to be off duty and did not reply. Then I contacted the platform customer service. The platform customer service replied that my account was closed due to abnormality, which was caused by a system error, specifically a conflict of backend system instructions. The platform forcibly closed the position and closed the account based on customer instructions. The remaining funds of $1814 in the account will be refunded to the bank account. I have repeatedly negotiated with the account manager to request the restoration of the account and to view the trading records and account balance, but to no avail. On Wednesday, August 14th, $1972 was returned to my account. I strongly condemn this unjustified suspension of my holding account and demand the restoration of the account to view the trading records and account balance, and to meet the bottom line requirement of replenishing my account balance. At present, I can forgive the platform for the expected high losses caused by the account closure.

2024-08-19 10:44
Scam

Arbitrarily closing profitable holding accounts

The response time for opening and closing positions reaches up to half a minute. After the holding account shows a profit, the trading function is disabled, preventing any new positions from being opened or closed, and stop loss and take profit settings are inaccessible. Once profits reach a certain threshold, the account is directly closed. The platform autonomously decides to close all customer accounts after the account balance is withdrawn. Common explanations provided are: if the account has bonus funds, it's considered illegitimate trading; if there's no bonus, it's attributed to a 'system anomaly,' followed by forced closure of the account after positions are closed.

2024-09-03 15:32
Others

Exercise caution with bonus programs: Manage profits wisely. Beware that once your profits reach a certain amount, your account will become inactive.

Be wary of participating in bonus programs; excessive profits may lead to your account becoming non-functional. Carefully read the rules of any bonus program to determine if there's a chance your trading could be deemed improper before deciding to participate. Even if not participating in a bonus program, be cautious as reaching certain profit levels might still result in your account functionalities being disabled (often attributed to "system anomalies").

2024-08-23 10:03
Resolved

All transactions were normal, but after a $4k rollover, the platform directly deleted my account.

All transactions were normal, but after a $4k rollover, the platform directly deleted my account and forcibly confiscated it, refusing to allow withdrawals. That's really something.

2024-12-10 12:19
Others

I made two profitable trades, but was accused of high-frequency trading and scalping, and my profits were withheld, leading to the closure of my account.

On the evening of August 12th, there was significant movement in gold prices, so I executed a trade that resulted in a few hundred dollars in profit. I then placed another order around the price of 2470. By the early morning of August 13th, when I saw the trend was not favorable, I quickly closed the position for a small profit. Subsequently, I was unable to place any more orders. When I logged into the platform and contacted customer service, they accused me of high-frequency trading and scalping, which they claimed are not permitted on the platform, and proceeded to close my account. WTF! From August 12th to 13th, I only made two trades; the platform labeled this as high-frequency trading. Moreover, each of these trades lasted over five minutes. When I tried to log into my account again, it showed authorization failed and I couldn't access my account (see attached image). You can close my account if you must, but accusing me of high-frequency trading is something I cannot accept. Since the platform is acting unreasonably, I attempted to withdraw my funds, only to be informed by the platform that I could only withdraw my principal and not my profits. They also stated that it's up to the platform to determine the type of trading (see attached image), implying that if they label you as a high-frequency trader, then you are one—whether it’s true or not—thus no profits will be paid out. Throughout ongoing communications with customer service, all they say is that if the platform determines it's high-frequency trading, then it is considered such. If you can't handle it, then don't start.

2024-08-15 23:11
Scam

Beware of scam platforms that lure customers into trading for commission rebates, leading to significant losses without returning the promised commissions.

I was enticed to deposit and trade gold with the promise of an $18 commission per lot. I incurred a loss of $8,800, trading approximately 268 lots, which should have earned me over $4,800 in commissions. However, I only received about $1,300 in rebates. From April 2024 until a few days ago, they never provided me with the commission account login details. Only recently when I asked customer service, they told me that the account had been canceled long ago and that they had informed the account manager. However, the manager kept this hidden from me. When I asked him to help retrieve my transactions and check the fees, he kept making excuses and claimed he was checking with finance; months passed without any resolution. They deliberately delayed and hid the truth because they did not want to pay me and encouraged me to keep trading and incurring more losses. Only after persistent questioning did they recently register a new commission account for me and transferred $1,300. They still owe me $3,500, which seems unlikely to be paid back. Please help me get justice and warn others not to fall for such scams.

2024-08-14 12:29
Others

Profit not given, scam platform

I have traded a total of 2 orders, but the platform has determined that I am engaged in high-frequency trading and refuses to provide profits. It's a scam platform. Everyone must not register on this platform, take this as a warning. I asked customer service why I could only trade 2 orders, and the platform said that I was engaged in high-frequency trading, so my account was suspended. I can't believe it. I traded one order on August 12th and another on the 13th, making a profit of several hundred US dollars, but they still determined it as high-frequency trading. Your ugly face really disgusts people. 😡😡😡

2024-08-21 21:31
Resolved

Profit cannot be withdrawn, serious slippage, maliciously closing customer accounts

There are orders for two weeks, and if I make a profit, they say I am scalping. The delay is high, and it takes 30 seconds to open and close an order. The account manager blocked my WeChat and the platform closed the backend.

2024-08-02 09:32
Unable to Withdraw

SOOLIKE platform arbitrarily deducts profits!

Introduced by a friend, I opened an account and deposited funds for trading on the SOOLIKE platform, which coincidentally had a bonus promotion at the time. I deposited $500 and gradually made some profits. However, when I tried to withdraw, my withdrawal request was rejected within minutes, with the reason being that it was an arbitrage account and I needed to trade 3 lots after deducting the bonus before I could withdraw. I was puzzled as it only took a few minutes without a proper review to claim there was an issue with my account. Seeing that the requirement was only 3 lots, which wasn't strict, I decided to continue trading until reaching three lots before attempting another withdrawal. However, when I met the 3-lot trading volume, my withdrawal request was still denied on the grounds of insufficient trading volume. When I asked customer service, they claimed I had only traded 0.3 lots. Thinking maybe the system hadn't updated, I continued to trade another 3 lots, but the result was the same; no matter if I emailed or asked online customer service, they kept saying I had only done 0.3 lots. After trading more than 10 lots and realizing that no matter how much I traded, the platform would still claim 0.3 lots, something seemed off—it might have been deliberate. Only then did the account manager say that arbitrage accounts could only withdraw principal and that I also needed to record a video and write an agreement by hand to withdraw my principal. With no other choice, I reluctantly agreed just to get my principal out. For SOOLIKE's behavior of deducting profits without any evidence and constantly manipulating customers in various ways, I cannot tolerate it! I hope to seek justice and recover my deducted profits. Also, I hope all investors will be vigilant and recognize the true nature of such scam platforms! Stay away from scam platforms!

2024-12-10 20:40
    SOOLIKE · Company summary
    SOOLIKEReview Summary
    Founded2010
    Registered Country/RegionRegulated
    RegulationSouth Africa
    Market InstrumentsForexPrecious metalsCommoditiesEnergiesIndicesStocks CFDCryptocurrency
    Demo Account✅
    LeverageUp to 1:500
    SpreadFrom 0.0 pip
    Trading PlatformMT5
    Min Deposit$100
    Customer SupportPhone: +27 10143 1654
    Email: support@soolike.com
    Online Chat: 24/7
    Physical Address: Atrium on 5th, 9th Floor, 5th Street, Sandton, Johannes burg, 2196, South Africa
    Social Media: Twitter, Facebook, Instagram, Linkedin

    SOOLIKE Information

    SOOLIKE is a South African-registered brokerage established in 2010 and regulated by the FSCA. It enables traders to trade various products, including forex currency pairs, commodities, futures, indices and stocks via the MetaTrader 5 trading platform. There are also 4 types of accounts that support spreads starting from 0.0pip.

    SOOLIKE Information

    Pros and Cons

    Pros Cons
    Well regulated
    275+ instruments
    The spread starts at 0.0 pip
    Support MT5

    Is SOOLIKE Legit?

    Regulated RegionRegulated AuthorityRegulated EntityLicense TypeLicense NumberCurrent Status
    Regulated Region
    		FSCASOOLIKE CAPITAL MARKETS (PTY) LTDFinancial Service53244Regulated
    Regulated Authority

    What Can I Trade on SOOLIKE?

    SOOLIKE says it supports 275+ instruments, including trading forex pairs, such as GBPUSD, EURUSD, USDJPY, etc. It also has Stock CFDs; Ftse 100, Germany 40, Wall Street and other indexes; Precious metals are gold, silver and so on; Trading commodities, including metals, energy and agricultural markets; It is also possible to trade more than a dozen cryptocurrencies, including Bitcoin, Ether and Litecoin.

    Tradable Instruments Supported
    Forex✔
    Precious metals✔
    Commodities✔
    Energies✔
    Indices✔
    Stocks CFD✔
    Cryptocurrency✔
    Bonds❌
    ETF❌
    What Can I Trade on SOOLIKE?

    Account Types

    SOOLIKE has four types of accounts: Standard Account, Premium Account, Micro Account and ECN Account.

    They have a uniform leverage of 1:500, with minimum deposits from $100 to $10,000.

    Account Types

    SOOLIKE Fees

    The spread of the 4 accounts ranges from 0pip to 1.8pip with no commission. In addition, all four types of accounts charge swap fees.

    Trading Platform

    SOOLIKE enables traders to use MT5 on desktop, mobile and web.

    Trading PlatformSupported Available Devices Suitable for
    MT5✔Desktop, Mobile, WebSkilled traders
    MT4❌
    Trading Platform

    Deposit and Withdrawal

    SOOLIKE supports payment methods such as VISA, BANK TRANSFER, Bitcoin, Perfect Money, wire transfer and mastercard.

    Deposit and Withdrawal
    Deposit and Withdrawal

    News

    NewsAnalysis of today's market

    On Thursday, gold prices rebounded from Wednesday's sharp decline, gaining 0.20%. Gold had fallen sharply earlier following the Federal Reserve's decision to adopt a more gradual stance and oppose thr

    WikiFX
    2024-12-20 09:10
    Analysis of today's market

    NewsAnalysis of today's market

    Gold prices edge slightly higher during the North American session at the beginning of the week, up by 0.28%, as investors await the Federal Open Market Committee (FOMC) decision. At the time of writi

    WikiFX
    2024-12-17 09:12
    Analysis of today's market

    NewsAnalysis of today's market

    On Thursday, as investors digested U.S. economic data, gold prices ended a streak of consecutive gains, plunging by more than 1%. The consumer report was more moderate than expected, but higher prices

    WikiFX
    2024-12-13 09:22
    Analysis of today's market

    NewsAnalysis of today's market

    On Wednesday, gold prices extended their upward trend after the release of U.S. inflation data. As the inflation picture evolves, expectations for the Federal Reserve to cut interest rates next week h

    WikiFX
    2024-12-12 09:14
    Analysis of today's market
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    Comments

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    Gux^pingu
    more than one year
    经朋友介绍在SOOLIKE平台开户入金交易，当时平台也刚好有个赠金活动，所以入金500美金，陆续有一些盈利，然而等我想尝试出金的时候，提交出金几分钟就被驳回，原因是套利账户，需要扣除赠金后交易3手才能出金。当时我很纳闷，才几分钟，根本就没审核就说我账户有问题，但是看到要求只要3手，并不严格，也就不管它，先继续交易够三手再出金，但是，当我满足3手交易量时，再提交出金，还是以我交易量不足为由拒绝出金，然后我问客服，客服说我的有效手数只有0.3手，我当时以为系统可能没更新，就继续交易3手，结果还是一样，无论发邮件或是问在线客服，都是说只做了0.3手。直到我交易了10多手，发现无论怎么交易平台就是说0.3手，发现不对劲平台可能故意恶心人，这个时候客户经理才说，套利账户必须只能出本金，而且还需要本人录制视频，手写协议才能出本金。没办法，只能先妥协，把本金出了。对于SOOLIKE这样恶心人，毫无证据的情况下扣除盈利，而且还要变着法子玩弄客户，这样的行为，我表示不能容忍！我希望斑马投诉帮我讨回公道，追回被扣盈利，也希望各位投资者擦亮眼睛看清楚黑平台嘴脸！远离黑平台！
    经朋友介绍在SOOLIKE平台开户入金交易，当时平台也刚好有个赠金活动，所以入金500美金，陆续有一些盈利，然而等我想尝试出金的时候，提交出金几分钟就被驳回，原因是套利账户，需要扣除赠金后交易3手才能出金。当时我很纳闷，才几分钟，根本就没审核就说我账户有问题，但是看到要求只要3手，并不严格，也就不管它，先继续交易够三手再出金，但是，当我满足3手交易量时，再提交出金，还是以我交易量不足为由拒绝出金，然后我问客服，客服说我的有效手数只有0.3手，我当时以为系统可能没更新，就继续交易3手，结果还是一样，无论发邮件或是问在线客服，都是说只做了0.3手。直到我交易了10多手，发现无论怎么交易平台就是说0.3手，发现不对劲平台可能故意恶心人，这个时候客户经理才说，套利账户必须只能出本金，而且还需要本人录制视频，手写协议才能出本金。没办法，只能先妥协，把本金出了。对于SOOLIKE这样恶心人，毫无证据的情况下扣除盈利，而且还要变着法子玩弄客户，这样的行为，我表示不能容忍！我希望斑马投诉帮我讨回公道，追回被扣盈利，也希望各位投资者擦亮眼睛看清楚黑平台嘴脸！远离黑平台！
    Translate to English
    2024-12-10 20:40
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    宇。
    0-3months
    全部正常交易，翻仓4k，平台直接删除账户，并且强制没收，不给出金，真厉害
    全部正常交易，翻仓4k，平台直接删除账户，并且强制没收，不给出金，真厉害
    Translate to English
    2024-12-10 12:19
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