SOOLIKE Review 2025: Is This Forex Broker Safe?

Established in 2023, SOOLIKE is a SOOLIKE broker serving the South African market. Despite carrying a formalized license, the platform currently holds an alarmingly low WikiFX Score of 1.34 out of 10. The score heavily reflects an overwhelming recent surge in client complaints totaling over 90 within just three months, bringing its reputation and operational safety into serious question.

Pros and Cons of SOOLIKE

• ✅ Regulated by the South Africa FSCA.
• ✅ Offers multiple account types, including ECN and Micro accounts.
• ✅ Maximum trading leverage is high, up to 1:500.
• ❌ Exceedingly low WikiFX score of 1.34.
• ❌ Massive volume of severe user complaints regarding failed withdrawals.
• ❌ Accusations of unauthorized account deletion and EA manipulation.
• ❌ Lacks official proprietary trading apps for iOS, Android, macOS, and Web platforms.

SOOLIKE Regulation and License Safety

South Africa FSCA License

SOOLIKE operates under the corporate entity SOOLIKE CAPITAL MARKETS (PTY) LTD and is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, holding license number 53244.

While holding a license from a recognized financial authority provides a layer of legitimacy, regulatory oversight cannot entirely prevent broker disputes. Given the massive influx of recent complaints against the entity on WikiFX, the theoretical safety provided by this license appears compromised. Traders should view this broker with extreme caution despite its documented regulatory status.

Real User Feedback and Complaints

The volume and severity of user complaints detailed on WikiFX are staggering. Traders from multiple regions have documented a consistent pattern of severe operational abnormalities. Primary allegations include complete refusal of withdrawal requests under the guise of fake “scalping” violations, malicious manipulation via automated Expert Advisors (EAs), and trapped funds linked to deceptive bonus schemes.

Furthermore, users have reported difficulties with the SOOLIKE login process, citing MT5 authorization failures and instances where they were abruptly locked out of the system while the broker allegedly liquidated their positions or deleted their accounts entirely, erasing all transaction history.

Among the most severe 2025 complaints is the evidence of EA manipulation and arbitrary account deletion, as reported by users experiencing sudden account liquidations:

SOOLIKE Forex Trading Conditions and Fees

Accounts and Minimum Deposits

The broker provides four distinct account options. The entry threshold is relatively low for entry-level accounts, with the Standard account requiring $70 and the Micro account starting at $100. However, professional setups like the Premium and ECN accounts demand a substantial $10,000 minimum deposit.

Spreads

Spreads vary depending on the account tier selected. The ECN account features minimum spreads starting from 0 pips. Premium accounts start at 0.7 pips, Standard at 1.6 pips, and Micro accounts max out the base offering with minimum spreads starting from 1.8 pips.

Leverage

Across all account categories, traders have access to a maximum leverage of up to 1:500. This enables significant market exposure with a fraction of the actual capital, though it carries heightened trading risks.

Platforms

Trading is conducted exclusively on the industry-standard MetaTrader 5 (MT5) platform. The software is highly customizable, supports various languages, and offers transparent fee reporting. However, the broker noticeably lacks independent, proprietary trading applications for smartphone operating systems or web browsers, and the current MT5 implementation lacks specialized secure logins, such as native two-step verification or biometric authentication.

Final Verdict

A comprehensive review of SOOLIKE reveals a disturbing disconnect between its regulated status and its actual business practices. Although it is officially monitored by the FSCA and offers competitive MT5 trading conditions, the relentless wave of over 90 severe complaints makes it highly dangerous. From blocked withdrawals to sudden account deletions and technical lockouts, the reported operational hazards far outweigh any platform benefits.

To stay safe and view the latest regulatory certificates, check SOOLIKE on the WikiFX App.