South AfricaRegulationFSCA
Min. deposit$1
Leverage1:1 – 1:2000
PlatformsMT4, MT5
InstrumentsForex & CFDs
Founded2022
🏛️ Which entity will open your account?
📍 Pick your country above and we'll tell you exactly which entity opens your account at Headway.
How is this decided and how do I verify it? →Regulation by region
The entity you sign with — and your protection — changes depending on where you live.
United Kingdom
No FCA license
No FCA authorization or UK entity; operates under South African FSCA, no FSCS. The FCA 'HeadWay Capital' alert is a separate clone firmEuropean Union
No CySEC/MiFID license
No regulated EU entity; clients outside ICF and ESMA protectionUnited States
Doesn't accept US clients
No NFA/CFTC registrationAustralia
No ASIC license
No AFSL or Australian entityRest of the world
Offshore regulation (no compensation scheme)Market maker / STP
Operates via JAROCEL PTY LTD (FSCA South Africa, FSP 52108) — supervision with no compensation scheme. Reports of withdrawal problemsAll licenses
Every regulator where the group holds a license, with its execution model. The entity that applies to you depends on your country (see above).
Account types
Centcents for beginners, from $1, spreads from 0.3, no commission
Standardclassic no-commission, from $10, spreads from 0.3
Prospreads from 0.0 + market execution, from $100, commission ~$1.5/side
Pros
✓Competitive costs
Cons
✗No tier-1 regulation (offshore)
✗Withdrawal complaints / confiscation
✗Very high leverage (more risk)
Breakdown by axis
The total score (out of 100) is the sum of the 7 axes, with the same yardstick for everyone. Below each one, the rationale with its source.
Regulation: Offshore6/22 pts
Why: ONLY regulated entity: Jarocel (Pty) Ltd, FSCA South Africa FSP 52108 (tier-2). No FCA/ASIC/CySEC. The Comoros license attributed to it is NOT confirmed
Withdrawals / payments: Delays / complaints4/20 pts
Why: SERIOUS: WikiFX 87 complaints (score 4.42/10), a pattern of withdrawals blocked after a profit and RECURRING reports of balances zeroed out ('I made a profit, tried to withdraw, it failed, and the balance suddenly went to 0')
Fund safety: Segregated (no compensation)8/15 pts
Why: segregated (FSCA requirement); BUT complaints that negative-balance protection 'failed' and old losses are deducted from new deposits; no compensation scheme
Transparency: With caveats5/10 pts
Why: the offshore/Comoros license attributed to it is not confirmed; Trustpilot flag for review solicitation
Reputation: Mixed5/10 pts
Why: founded 2022; Trustpilot ~3.2, WikiFX 4.42/10
Costs: Competitive8/8 pts
Why: raw EURUSD 0.0 + $3/side; min $1
Flags detected
🚩[regulation] offshore -> ONLY regulated entity: Jarocel (Pty) Ltd, FSCA South Africa FSP 52108 (tier-2). No FCA/ASIC/CySEC. The Comoros license attributed to it is NOT confirmed
🚩[withdrawals] delays -> SERIOUS: WikiFX 87 complaints (score 4.42/10), a pattern of withdrawals blocked after a profit and RECURRING reports of balances zeroed out ('I made a profit, tried to withdraw, it failed, and the balance suddenly went to 0')
Sources
Don't take our word for it — check it yourself. These are the official registries and legal pages we relied on.
🔗 Headway — licenses (JAROCEL/FSCA)🔗 FSCA South Africa — register of regulated entities🔗 ForexPeaceArmy — Headway reviewTrader reviews
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