Headway Broker Review
Is Headway Broker Legit?
!! Regulator Warning !!
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
I started trading with HeadWay one year ago and I must say it has been great an experience. The no-deposit bonus is very helpful and the starting deposit is very low.
Horrible customer support! just pray you don't run into a problem while using this broker because it will be hard to resolve it
Please avoid this broker, they cleared the money in my trading account and when i asked them they kept passing me around. I had to let it go because the money was just $2 but it is a redflag
They are a low-budget broker offering just the basics which is enough for any beginner to trade. Do not expect too much from them.
when i started using headway i was not sure what to expect but as time went on i enjoyed their services. Deposits reflect quickly, withdrawals are quick, and platforms are stable, no hanging or freezing during high impact news events. Their minimum deposit is also very low which makes them my go to broker when i want to open a small trade
Their bonus is very easy to get. Their spread is not the lowest but its very competitive
Headway broker is okay but they are not very organized when compared to other brokers
Sometimes the Headway mobile app tells me i am offline even when i am online, also i cant find anywhere to monitor my active trades on the Headway mobile app
Headway is not a good broker, its easy to put money in but very difficult to take money out, i experienced this firsthand on my account 14103413. They look for every excuse not to decline your withdrawal. You must initiate the withdrawal to the same account you deposited with and for the same exact amount so what about the profits you made trading where do you withdraw it to?
Headway account opening document verification takes too long
The moment you register with headway, they automatically create an mt5 account for you and immediately ask you to deposit into it even without you submitting your ID card and other verification documents. They also support several funding methods which is good
Their fees are pretty decent, and their entry requirements are not high so anyone can start trading with them
A pretty good broker and i have been using them for almost one year. I like the cent account because it has no minimum deposit so i can practice with less risk. The mobile app is okay but needs improvement so it has better features and the charts load faster
Fake no deposot bonus, its impossible to meet the conditions for withdrawing the profits you make from the bonus. They just want you to open a live account and fund it in order to be able to withdraw the bonus.
HeadWay broker is a relatively new forex broker regulated by the FSCA South Africa with $10 minimum deposit & Unlimited Leverage
| 👨 Broker | Jarocel PTY LTD |
| 👨 Trading Name | Headway |
| 👨 Accepts Kenyan Traders? | Yes |
| 📅 Year Founded | 2022 |
| ⚖ Regulators | FSCA South Africa |
| ⚖ FSP No. | 52108 |
| ⚖ Authorized ODP | No |
| 💰 Minimum Deposit | $1 |
| 💰 Minimum Withdrawal | $0 |
| 📈 CFD Instruments | Forex, Cryptocurrencies, Metals, Energies, Stocks, Indices, FX Indices |
| 🚀Leverage | 1: 2000 |
| 🔎Auditors | |
| 💻 Platforms | MT4, MT5, Headway Mobile App |
| 📋Account Types | Cent, Standard, Pro |
| 💱Account Currency | ZAR, USD, NGN, EUR, JPY |
| 📞Live Support | 24/7 |
| 🏖️ Inactivity Fee | $0 |
| 😭CFD Traders Who Lose Money | - |
| ✅Reason To Trade | |
| ❌Reason To Avoid |
Regulation - 6/10
Is Headway Broker Regulated by CMA Kenya?
No, Headway (A Trading Name Owned By Jarocel PTY LTD) is not regulated by the CMA in kenya instead they are regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.
Funding & Withdrawal - 7/10
Headway Broker Minimum Deposit
To open a trading account, you need a Headway minimum deposit of 1 USD for the Cent Account, 10 USD for the Standard Account & 100 USD for the Pro Account.
Accepted Funding Methods
1. Visa/MasterCard
Headway broker accepts funding via Visa & MasterCards issued by any South African banks.
2. Crypto Deposits
You can also fund your trading account using Bitcoin, Ethereum & Tether cryptocurrencies.
Headway Withdrawal Time
Headway withdrawals are processed instantly and at most 2 working days.
Headway No-Deposit Bonus
Headway has a No-Deposit Bonus worth $111 & that must be used within 7 days.
How to get the Headway No-Deposit Bonus is that you must open a Bonus Account.
On the Bonus Account you can trade with up to 1:2000 leverage & any profits you make will be displayed in your personal area (even after the bonus account has expired).
To withdraw your Headway bonus, you must open a live account in USD currency & trade a certain number of lots gotten by dividing your bonus earned by 3.
For example if you earned a $60 bonus, you must trade 20 standard lots on your live account before you can withdraw the bonus.
Account Types - 8.5/10
1. Cent Account
This is a small account meant for beginners to learn how to trade with using little capital. This account has restrictions on the lot size you can trade
The Headway Cent Account has a 1 USD minimum deposit & can only be opened in USD currency.
2. Standard Account
The Headway Standard Account lets you trade bigger lot sizes (than the cent account) and the minimum deposit is $10.
3. Pro Account
The HeadWay Pro Account is a Raw Spread Account where you get lower spreads in exchange for paying a flat commission on every trade.
The minimum deposit for this account is 100 USD & the smallest lot size you are allowed to trade is 0.1 lot.
Account Management - 8/10
1. Online Wallet
Headway provides you with a virtual online wallet where you can keep funds which you don't want to assign to trading.
From your Headway Wallet, you can perform internal transfers & allocate the funds to your trading accounts.
2. Negative Balance Protection
Your Headway trading account is protected from entering negative balance even when markets are extremely turbulent. If you account balance happens to go into negative, Headway will absorb the negative balance & bring your account balance back to zero.
3. Margin Call & Stop Out
At Headway, a Margin Call comes when your margin level falls to 30% & Stop-Out happens when your margin level falls to 0%. This is high risk because, by the time you are stopped out, your account balanced would have been wiped out to zero.
4. Account Currencies
Headway does not have KES account currency intead they offer USD, NGN, ZAR, EUR & JPY account currencies.
5. Leverage
Headway allows you access up to 1:unlimited leverage provided you have traded up to 5 standard lots, but before then you can access up to 1:2000 Leverage.
From your personal area, you can always edit the leverage on your account and reduce it to manage your risk.
6. Maximum Number of Trading Accounts
At Headway, you can open a maximum of 18 trading accounts (9 MT4 & 9 MT5 Accounts).
If you need to open more than 18 Headway trading accounts, you have to archive some active accounts to give room for new ones.
Range of Markets - 5/10
1. Forex CFDs (1:2000 Leverage)
At Headway, you can trade over 60+ forex pairs including ZAR pairs such as USD/ZAR, AUD/ZAR, NZD/ZAR, CHF/ZAR, ZAR/JPY, & EUR/ZAR.
2. Gold & Silver CFDs (1:2000 Leverage)
At Headway, Gold & Silver are paired against the USD, ZAR, EYR & GBP.
3. Crypto CFDs (1:20 Leverage)
You can trade CFDs on over 20+ Crypto pairs including Bitcoin (BTC/ZAR, BTC/USD), Cardano, Aave, BNB, Doge, PolkaDot, Enjin, Ethereum, ChainLink, LiteCoin etc.
4. Energy CFDs (1:200 Leverage)
Crude Oil & Natural Gas are the only Energies available for trading at Headway broker.
5. Stock CFDs (1:20 Leverage)
You can trade 200+ Stock CFDs (European & American Stock) with up to 1:20 leverage.
6. Index CFDs (1:200 Leverage)
Headway has Nasdaq indices as well as 20 other popular indices such as GER30, US30, AUS 200, US Dollar Index, etc.
Headway Fees - 6/10
1. Spread
The spread at Headway starts from 0.3 pips on the Standard Account & from 0.0 pips on the Pro Account.
However, Headway spread is not very transparent because they don't tell you the average spread to expect; all you are given is a minimum spread.
When trading popular pairs like EUR/USD the spread starts from 0.4 pips. For exotics like USD/ZAR, the spread starts from 31.5 pips.
2. Commission
When you are trading with the Headway Pro Account, you get spreads as low as 0.0 pips on popular FX pairs but you must pay a 1.5 USD per side commission in addition to this low spread.
3. Overnight Fees (swaps)
At Headway, you pay an overnight fee for leaving your CFD trades open till the next day.
Headway broker also offers swap-free trading accounts (even to Non-Muslims) for trading major forex pairs & precious metals only
4. Inactivity Fees
Headway does not charge inactivity fees on dormant accounts, instead the accounts are archived & you may lose the account history.
5. Funding & Withdrawal Fees
Headway does not charge fees for withdrawal or deposits.
Trading Apps & Platforms - 6/10
1. MetaTrader (MT4 & MT5)
Headway allows you trade with the MT4 & MT5 platforms & all your trades can also be monitored on the mobile app.
2. Headway Mobile App (android & iOS)
Headway has also built their own proprietary mobile trading app which you can download from google & apple stores.
The Headway mobile app lacks sophistication but is enough for you to perform basic trading tasks like opening & closing a trade, setting stop loss, funding your account etc.
Tools - 3/10
1. Economic Calendar
Headway provides traders an economic calendar which shows the exact dates when important economic data will be released.
2. Copy Trading
Headway has a copy trading tool which you can use to copy the trades of more experienced Strategy Providers (SP), or you could choose to become a provider yourself.
In your copy traders area, Headway displays the amount each SP has lost & won so you can decide if you want to copy them.
Customer Support - 7/10
1. Live Chat
Headway live chat is available 24/7 and the hold time is below 1 minute. Typically, you are greeted by a bot but you have to option of talking directly to an agent.
2. WhatsApp
Headway does not display a telephone number on their website instead when you click on the telephone icon, you are redirected to WhatsApp.
3. Telegram
You can contact Headway through Telegram, simply click on the Telegram icon on their website/app.
3. Facebook Messanger
You can contact Headway through Facebook, simply click on the Messanger icon on their website/app.
4. Education
Headway offers some educational content to help beginners get started but the content is not very organized and lacks depth.
Final Verdict - 6/10
Headway broker is a low-cost broker suitable for beginners, but they are high risk since they are not CMA regulated.