SOOLIKE

What is SOOLIKE？

Founded in 2024 and registered in South Africa, SOOLIKE CAPITAL MARKETS is a forex and CFD broker, regulated by the South Africa Financial Sector Conduct Authority (FSCA). The broker offers forex, stocks CFDs, indices, commodities, cryptocurrencies, metals, and energies. SOOLIKE uses the MT5 platform, which is available on PC, Android, iOS, and web, providing flexibility for traders. The broker features four account types, STANDARD, PREMIUM, MICRO, and ECN, along with a demo account for risk-free practice. Customer support is available through email, phone, and an online contact form.

Pros and Cons

On the positive side, it is regulated by the FSCA, offering a degree of trustworthiness. The broker provides multiple trading instruments and account types, and supports the popular MT5 platform. Plus, the acceptance of crypto payment methods adds a modern touch to its services. However, some drawbacks include high minimum deposits for certain account type, lack of transparency in fee structures, and limited customer support hours with no weekend assistance. These factors, combined with the absence of clear information on payment fees, may give pause to some traders.

Is SOOLIKE legit？

SOOLIKE is regulated by the South Africa Financial Sector Conduct Authority (FSCA) under license no. 53244, which can give traders great confidence when trading with this broker.

Market Instruments

SOOLIKE offers access to over 275 tradable instruments across Forex, Stocks CFDs, Indices, Commodities, Cryptocurrencies, Metals, and Energies. Traders can engage in Forex trading with major, minor, and exotic pairs, leverage up to 1:500, and competitive spreads. Stocks CFDs provide opportunities to trade on the price movements of well-known companies like Meta and Coca-Cola. Indices trading includes major global indices through CFDs, futures, and ETFs. Commodity trading covers metals, energies, and agricultural products, benefiting from market fluctuations. Cryptocurrency trading includes popular coins and a comprehensive Crypto 10 Index. Finally, traders can speculate on precious metals and energy commodities via CFDs.

Account Types

SOOLIKE provides four main types of trading accounts: STANDARD, PREMIUM, MICRO, and ECN.

The STANDARD account requires a $700 minimum deposit, offering leverage up to 1:500 and spreads from 1.6 pips, covering a broad range of instruments such as forex pairs, metals, CFDs, indices, and shares, with zero commission.

The PREMIUM account, ideal for larger investors, has a $10,000 minimum deposit. It also provides leverage up to 1:500, zero commission, with tighter spreads from 0.7 pips. This account includes the same instruments as the STANDARD account, with forex majors and spot metals being swap-free.

For novice traders, the MICRO account has a $100 minimum deposit. It offers the same leverage up to 1:500 and has spreads from 1.8 pips with no commissions, focusing on smaller trade volumes. It includes the same instruments as the STANDARD account.

The ECN account is tailored for high-frequency traders, requiring a $10,000 minimum deposit. It offers leverage up to 1:500, spreads from 0 pips, and no commissions, with access to the same instruments as other accounts.

How to Open an Account with SOOLIKE

1. Register: Go to the SOOLIKE website and click on 'Open Live Account' or 'Register'. Fill out the registration form with your personal details, including your name, email, phone number, and country of residence, and create a unique username and password.

1. Verify: After submitting the registration form, you'll receive a verification email. Click the link in the email to verify your address. Then, log in to your account and upload the required documents for identity and address verification, such as a government-issued ID and a recent utility bill or bank statement.
2. Deposit: Once your account is verified, log in to your Client Portal and fund your account. SOOLIKE offers several payment options, including wire transfer, MasterCard, VISA, bank transfer, Bitcoin, and Perfect Money. Select your preferred payment method and make the minimum deposit required for your chosen account type.
3. Trade: With your account funded, you can start trading. Log in to the MT5 trading platform with your credentials. If you are new to trading, you could practice with a demo account to get comfortable with the platform before trading with real money.

Leverage

SOOLIKE provides up to 1:500 maximum leverage for all account types, including STANDARD, PREMIUM, MICRO, and ECN.

Spreads & Commissions

The Standard account provides spreads from 1.6 pips, while the Premium account has tighter spreads beginning at 0.7 pips. The Micro account starts at 1.8 pips. Finally, the ECN account features raw spreads from 0 pips.None of these accounts impose commissions.

Other Fees

SOOLIKE charges swap fees across all four account types. These fees are applicable when positions are held overnight. They can be either positive or negative, depending on the currency pair and the direction of the trade.

Promotions

SOOLIKE's Trading Bonus Promotion is an enticing way to bring in new clients. The most notable aspect is the $30 bonus that is added to your account automatically without the need for an initial investment. Any trading winnings made with this bonus are fully withdrawable. You can enhance your trading capacity with the opportunity for free margin increases, which are included in the promotion.

The bonus structure is meant to be equitable and proportional. A proportional amount of the bonus is deducted from the account each time a trader requests a withdrawal, as shown in the instances given. That way, customers can access their winnings even as the bonus keeps serving as an incentive for vigorous trading. On one hand, the promotion provides a tempting entry point for new traders, and on the other, it helps the broker keep a sustainable business model.

Trading Platform

SOOLIKE offers the MetaTrader 5 (MT5) trading platform across multiple devices, including PC, Android, iOS, and Web. Known for its advanced charting tools and extensive analytical options, MT5 supports automated trading via Expert Advisors (EAs), making it a preferred choice for traders of all experience levels. The platform has user-friendly interface and comprehensive trading capabilities.

Trading Tools

• Daily Market News: Provides a morning briefing to keep traders informed of key trading events.
• Economic Calendar: Highlights important prescheduled market events and includes forecasts from leading analysts.
• Professional Insights: Offers deeper analysis of preferred currency pairs, featuring predictions from experienced professionals.
• Trading Central Targets: Integrates with the MT5 platform to deliver real-time market signals and expert-level trade information.

Deposit & Withdrawal

SOOLIKE supports payment methods include wire transfers, MasterCard, VISA, Bank Transfers, Bitcoin, and Perfect Money. The minimum deposit amounts differ by account type, starting from $100 for Micro accounts, $700 for Standard accounts, and $10,000 for Premium and ECN accounts.

Customer Support

Email: support@soolike.com

Phone: +27 10143-1654

Address: Atrium on 5th, 9th Floor, 5th Street, Sandton, Johannes burg, 2196, South Africa

Contact form and Online Live Chat are available.

Working Hours

Monday to Friday: 9:00 AM -6:00 PM

Saturday and Sunday: Closed

Conclusion

SOOLIKE CAPITAL MARKETS is a regulated broker providing various trading instruments and account types while supporting the advanced MT5 trading platform. However, it is your choice whether to trade with this broker or not.

FAQs

Is SOOLIKE CAPITAL MARKETS a regulated broker？

No, SOOLIKE is regulated by FSCA in South Africa.

What trading instruments does SOOLIKE offer？

SOOLIKE features various instruments, including forex, stocks, indices, commodities, cryptocurrencies, and metals.

What are the account types and their respective minimum deposits？

MICRO requires $100, STANDARD $700, and PREMIUM and ECN both need $10,000 minimum deposits.

What trading platforms does SOOLIKE support？

It supports the MT5 platform, usable on PCs, mobile devices, and the Web.

Is weekend customer support available at SOOLIKE？

No, customer support is unavailable on weekends. It operates only Monday through Friday, from 9:00 AM to 6:00 PM.

Risk Warning

Online trading poses substantial risks, with the potential for complete loss of invested capital, rendering it unsuitable for all traders. It is imperative to comprehend the inherent risks and acknowledge that the information provided in this review is subject to change due to continuous updates in the company's services and policies.

Additionally, the review's generation date is a critical consideration, as information may have evolved since then. We strongly advise readers to verify updated details directly with the company before making any decisions, as the readers must be aware of and willing to accept the inherent risks involved in utilizing this information.