WikiFX Broker Assessment Series | Headway: Is It Trustworthy?

Background:

Founded in 2021 and headquartered in South Africa, Headway operates as an online brokerage specializing in the trading of exchange CFDs, distinguishing itself with a low barrier to entry that makes trading accessible to anyone.

Headway provides a diverse range of over 70 tradable assets, covering currency pairs, metals, cryptocurrencies, energies, stocks, and global indices. In comparison to its industry peers, the trading instruments offered by Headway are relatively fewer.

Additionally, Headway offers a social trading service named Headway Copytrade, facilitating money managers and traders to enhance efficiency, profitability, and generate passive income via copy-trading.

Meanwhile, Headway features an introducing broker (IB) program, enabling individuals and businesses to earn commissions by referring new clients to the company.

Types of Accounts:

Headway offers three account options: the Cent Account, the Standard Account and the Pro Account. Please refer to the attached image below for more detailed information on each corresponding account:

Deposits and Withdrawals:

Headway offers a range of payment options, including bank transfers, Mastercard/Visa, cryptocurrencies (Bitcoin, Ether, Tether), electronic payments, and additional methods.

No further specifications regarding Headways deposit and withdrawal methods are listed on the website, such as the fees and corresponding processing times. This could indicate a lack of transparency by the broker.

Trading Platforms:

Headway provides two trading platforms:

• The MetaTrader 4 (MT4) trading platform, available on PC, mobile, and web, is widely used in the industry. MetaTrader 4 is an advanced trading platform offering a comprehensive suite of features and tools for precise trading analysis. With one-click trading, quick order execution, VPS hosting, and up to four pending order types along with trailing stops, it provides a highly customizable interface with thousands of online tools to plug in. The platform supports fully customizable and in-depth charts, in-depth trading history, and allows users to build or import Expert Advisors (EAs), enabling the automation of trading strategies.

• The MetaTrader 5 (MT5) trading platform, available on PC, mobile, and web, renowned for its technological sophistication, provides access to a depth of market and various advanced solutions. It offers features such as buy and sell flexibility with six types of pending orders, 38 technical indicators, 44 analytical objects, and 21 timeframes, providing a customizable platform with numerous online tools for integration. Quick order execution, an economic calendar for tracking global macro-economic news, one-click trading, mobile trading capabilities, and an intuitive market search and grouping functionality contribute to the platform's comprehensive and user-friendly trading experience.

Research and Education:

Headway seems to be deficient in educational resources, which poses a notable disadvantage for traders, particularly newcomers or those aiming to expand their trading expertise. The absence of tutorials, webinars, or educational articles may impede clients from gaining essential skills and insights crucial for making well-informed trading choices.

Customer Service:

Headway provides customer service support in multiple languages, including English, French, Arabic, Bahasa Indonesia, Japanese, and Bahasa Melayu through its live chat application. Clients can also contact Headway via email at care@hw.site.

However, notably, Headway does not offer a phone number or WhatsApp contact, which may hinder accessibility for clients needing urgent help.

Conclusion:

To summarize, here's WikiFX's final verdict:

WikiFX, a global forex broker regulatory platform, has assigned Headway a WikiScore of 1.20 out of 10.

Upon examining Headway‘s license, WikiFX found that although the broker claims to be regulated by South Africa’s Financial Sector Conduct Authority (FSCA), the license is a suspicious clone.

Therefore, WikiFX urges our users to opt for a broker with a higher WikiScore that is legitimately regulated for better protection.