Has anyone traded with the Headway broker no deposit bonus in South Africa, and were you able to withdraw the profits?

It is basically a 111 USD no-deposit required bonus so you can get this bonus even if you don't make any deposit.

The Headway bonus must be traded with in 7 days (which I find kind of weird) after which it expires. The bonus is not withdrawable too but only profits can be withdrawn.

Upon expiry of the bonus, any profit you made is displayed in your Personal Area and you cannot touch it unless you trade a specific number of lots using your live account. This means you must open a trading account and trade with real cash to access the profits you made from the bonus.

The specific number of standard lots you must trade is gotten by dividing the profit you made by 3.

So if you made a $90 profit from trading with the Headway bonus, you must trade 90/3 = 30 standard lots before you can withdraw the bonus.

What I don't like about the Headway bonus is the 7 day expiry period which doesn't give one time. Other brokers give a higher grace period to trade with their bonus.

They give you a 111 USD bonus which expires in 7 days after which the bonus account is closed and any profits you made shifted to your client area. Just like any other broker, Headway also requires you trade Profit/3 number of standard lots using your real account before you can access the bonus.

So, if you made a 60 USD profit, you must trade 20 standard lots on a real account before you can withdraw the 60 USD bonus.

This is the same procedure required by other brokers who give deposit bonuses, they require you to open a real account and trade a certain volume before you can withdraw the bonus.

I never knew headway gives no deposit bonus that high, i will definitely try it out.