Headway Broker Review
Is Headway Broker a Scam?
!! 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.
Trading Conditions
| Min Trade | USD 1 |
| Min Deposit | NGN 2000 |
| Base Currencies | USD, ZAR, NGN, EUR, JPY |
| EURUSD Spreads | 1 |
All Reviews
Headway minimum deposit is N2,000 coupled with a h...
Headway minimum deposit is N2,000 coupled with a high leverage up to 1:1000 allows ow income earners like me to trade
Everything just feels cheap with this broker, thei...
Everything just feels cheap with this broker, their website, trading app, etc. Surprisingly they have okay trading conditions but they should improve on the overall user experience
I started trading with HeadWay one year ago and I ...
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...
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 i...
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 bas...
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 t...
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 n...
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 organ...
Headway broker is okay but they are not very organized when compared to other brokers
Sometimes the Headway mobile app tells me i am off...
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 mone...
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 take...
Headway account opening document verification takes too long
The moment you register with headway, they automat...
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 requ...
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 fo...
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 ...
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 is a forex broker with $1 minimum deposit
| 👨 Broker | Jarocel PTY LTD |
| 👨 Trading Name | Headway |
| 👨 Accepts Nigerian Traders? | Yes |
| 📅 Year Founded | 2022 |
| ⚖ Regulators | FSCA |
| 💰 Minimum Deposit | N2,000 |
| 💰 Minimum Withdrawal | N1,200 |
| 🚀Leverage | 1: 2000 |
| 💻 Platforms | MT4, MT5, Headway Mobile App |
| ✅Reason To Trade | Free bonus even without making any depositLow trading feesNo inactivity feesN2,000 minimum depositN1,200 minimum withdrawalCent account |
| ❌Reason To Avoid | No TradingView & cTraderWeak regulation |
Reputation & Trust - 5/10
Headway broker is legit because they are regulated by the Financial Sector Conduct Authority (FSCA) of South Africa. Headway is a relatively new broker and does not have a global presence, their only regulation comes from South Africa.
Payment Channels - 9/10
The Headway minimum deposit in Nigeria is N2,000 for local bank transfer and Visa/Mastercard deposits . The minimum deposit is the same for all Headway account types, which is commendable.
Headway minimum withdrawal in Naira is N2,000, when using the Nigerian bank transfer method.
As per our testing, Headway withdrawals are treated instantly but for Nigerian banks, withdrawals must go to the same account number you used to deposit.
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.
Deposit/withdrawal methods are limited to Nigerian bank transfer, cards and crypto which is poor. Most rival brokers offer more variety including popular NG options like USSD and mobile money.
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./p>
Headway falls short when it comes to the range of different payment methods available to traders. However, they make up for this by having a very low minimum deposit/withdrawal and even giving a no-deposit bonus which most brokers don't offer.
Account Types - 5/10
Headway offers a Cent Account which lowers risk for for beginners due to its lot size restriction.
If you hate lot size restrictions you can open the Classic Account and the Pro (Raw Spread) Accounts.
Headway offers Naira account currency as well as USD, ZAR, EUR & JPY account currencies.
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.
Headway stands out in its account types because there is something for both beginners and experts; and they all come at the same N2,000 minimum deposit. This is commendable because most brokers increase the minimum deposit for their raw spread accounts to up to $100 but Headway leaves theirs at just N2,000.
Risk Management - 4/10
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.
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 balance would have been wiped out to zero.
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 client area, you can always edit the leverage on your account once every 6 hours, to manage your risk.
Range of Markets - 5/10
1. Forex (1:2000 Leverage)
60 FX pairs including majors, minors & exotics, which is enough for any trader, their collection of FX pairs is good.
2. Metals (1:2000 Leverage)
We are not impressed with the range of metals, only gold and silver are offered here, which is poor.
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 (1:200 Leverage)
Another poor listing as Crude Oil & Natural Gas are the only Energies available for trading here.
5. Stocks (1:20 Leverage)
Only 200 stocks are available for trading which is not good, most rival brokers offer upwards of 800 stocks. HeadWay does not offer ETFs and this is another minus because ETFs are a cheaper way to get exposure to expensive/volatile markets
Headway does well when it comes to indices but they clearly fall short in the commodities section; they dont even offer agricultural commodities like cocoa and coffee.
6. Index CFDs (1:200 Leverage)
Headway does surprisingly well when it comes to indices, all the mjor indices such as NAS100, SP500 etc. are available, you also get EU & Asian indices but the DE40 index is noticeably missing.
Headway also offers synthetic indices like Crash & Boom 100 which you can trade with up to 1:500 leverage.
Trading & Non-Trading Fees - 8/10
Headway spread starts from 1.0 pips on the cent and standard account. For traders seeking lower spread, the pro account offers raw spread from 0.1 pips but you must also pay a 1.5 USD per side commission on every trade.
Headway does not charge inactivity fees and withdrawal fees, but overnight trades will be charged an overnight fee/swap.
Headway trading fees are low when compared to rival brokers. For instance you can access raw spread for a lower commission per side than what most rival brokers offer.
Trading Software & Apps - 6/10
The most tech savvy trading platforms are not available at Headway, and I mean the TradingView & cTrader platforms.
What Headway offers is MT4 & MT5 platforms which are also good but sorry they are not as potent as TradingView or cTrader.
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.
Customer Support - 5/10
The only way you can really get in contact with Headway is via live chat, and you get a response after around 2 minutes, which is fair enough.
However we were disappointed that there is no telephone support, although WhatsApp and telegram channels are available.
Final Verdict - 6/10
Not a very sophisticated broker, but Headway is an excellent broker for beginners especially because of the no-deposit bonus.