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5.62/10
TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Minimum deposit:
  • $100
Trading platform:
  • MetaTrader5
Regulation:
  • FSA (Seychelles)
785
users picked this broker in 3 months
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Our Evaluation of Bullwaves

5.62/10
TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Traders Union icon

Bullwaves is a moderate-risk broker with the TU Overall Score of 5.62 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Bullwaves clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.

Bullwaves offers a wide choice of CFDs, educational materials, and comprehensive client support. While operating without oversight from major international regulatory authorities, the broker maintains a transparent trading environment with a strong emphasis on risk management.

Brief Look at Bullwaves

Bullwaves is a Forex and CFD broker established in 2023. The company uses Straight Through Processing (STP) technology and offers access to over 160 trading instruments, including currencies, stocks, commodities, indices, metals, and cryptocurrencies. It provides various account types with leverage up to 1:500. Bullwaves is a brand name of Equitex Capital Limited, regulated by the Financial Services Authority of Seychelles (FSA), with license number SD185. While Bullwaves is an international broker, its services are not available in certain jurisdictions, including the U.S., the UK, Canada, Russia, Belarus, Iran, and some others.

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Advantages of trading with Bullwaves:
  • Diverse account types with varying trading conditions;
  • Negative balance protection;
  • Commission-free trading on all account types;
  • Access to active social trading;
  • Wide choice of trading instruments with leverage up to 1:500;
  • Availability of a demo account and educational materials for novice traders;
  • Variety of deposit and withdrawal methods.
Disadvantages of Bullwaves:
  • MetaTrader 5 is the only supported platform;
  • Lack of top-tier regulatory oversight.

TU Expert Advice

Andrey Mastykin

Author, Financial Expert at Traders Union

Bullwaves provides trading services with a focus on Forex and CFDs through the MT5 platform. It offers diverse account types with leverage up to 1:500 and over 160 trading instruments, including currencies, stocks, commodities, indices, metals, and cryptocurrencies. Advantages include fee-free trading, negative balance protection, social trading access, educational resources, and varied deposit and withdrawal methods, facilitating a broad trading environment.

However, Bullwaves operates under the regulation of the Seychelles Financial Services Authority, lacking Tier-1 regulatory oversight, which may concern some traders. Additionally, limited platform support and occasional fees for withdrawals are notable drawbacks. The platform may suit novice traders benefiting from educational materials but may not be ideal for those prioritizing Tier-1 regulatory assurance or needing extensive platform versatility.

Bullwaves Trading Conditions

Your capital is at risk.  CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

💻 Trading platform: MetaTrader 5 (MT5)
📊 Accounts: Demo, Classic, VIP, and Elite
💰 Account currency: USD, EUR, GBP, and CHF
💵 Deposit / Withdrawal: Bank transfers, bank cards, cryptocurrencies, APMs (Alternative Payment Methods), and e-wallets
🚀 Minimum deposit: $100
⚖️ Leverage: Up to 1:500
💼 PAMM-accounts: No
📈️ Min Order: 0.01 lots
💱 EUR/USD spread: 0,2-0,6 pips
🔧 Instruments: CFDs on Forex, stocks, cryptocurrencies, indices, commodities, metals, and ETFs
💹 Margin Call / Stop Out: Stop out: 25%-50% depending on the account type
🏛 Liquidity provider: No
📱 Mobile trading: Yes
➕ Affiliate program: Yes
📋 Order execution: Market
⭐ Trading features: Commission-free trading; Access to social trading.
🎁 Contests and bonuses: Yes

Bullwaves offers three account types and over 160 trading instruments, including 47 currency pairs, encompassing major, minor, and exotic pairs such as USD/TRY, USD/MXN, USD/ZAR, and EUR/SEK. Leverage varies depending on the asset: up to 1:400 for Forex; 1:200 for indices, metals, and commodities; and 1:5 for stocks and cryptocurrencies. Professional traders using the Elite account can utilize leverage up to 1:500.

Bullwaves Key Parameters Evaluation

User Satisfaction i

Score:
6/10

Share your experience

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sharey383
13 weeks ago

I started working on Bullwaves’ VIP account with a minimum deposit of $10,000. I liked spreads from 1.5 pips and leverage up to 1:400. However, the minimum order of 0.05 lots turned out to be somewhat high for me. Deposits and withdrawals are smooth without delays, but a €10 withdrawal fee for small amounts is a bit disappointing. Overall, the broker's trading conditions suit me, but I would like to see more flexibility in trade sizes.

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PavelK82
13 weeks ago

At Bullwaves, I'm trading on the Classic account with a minimum deposit of $250. Minimum spreads of 2 pips and leverage of 1:200 suit my trading style. I like the availability of a demo account for testing strategies. However, the lack of margin notifications is sometimes concerning. Client support responds promptly, which helps resolve any arising issues. I believe that the conditions are suitable for novice traders.

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vedz
13 weeks ago

I opened the Elite account with Bullwaves, attracted by spreads starting from 1.1 pips and leverage up to 1:500. The comprehensive asset choice, including stocks, significantly enhanced my portfolio diversification. The minimum trade size of 0.1 lots is clearly outlined in the account specifications. Margin notifications and a 25% stop-out level are advantages. Financial transactions are fast, though fees are applicable for small withdrawals. Overall, Bullwaves' trading conditions suit me.

Score:
7.14/10

Trading Account Opening

To open a trading account with Bullwaves, follow the instructions below:

1

Click Get started on the broker’s official website.

2

Complete a registration form, providing your personal information, and create a secure password.

3

Confirm your email address and sign in to the user account with your email and password.

4

Upload the documents required for verification.

Score:
We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria
3.7/10

Regulation and safety

Bullwaves has a safety score of 3.7/10, which corresponds to a Low security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.

Advantages
  • Is regulated
  • Negative balance protection
Disadvantages
  • Not tier-1 regulated
  • Track record of less than 8 years

Bullwaves Regulators and Investor Protection

Abbreviation Full Name Country of regulation Investor Protection Fund Regulation Level
FSA (Seychelles) FSA (Seychelles) Financial Services Authority of Seychelles Seychelles No specific fund Tier-3

Bullwaves Security Factors

Foundation date -
Negative balance protection Yes
Verification (KYC) Yes
Score:
We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria
5/10

Commissions and fees

The trading and non-trading commissions of broker Bullwaves have been analyzed and rated as Medium with a fees score of 5/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.

Advantages
  • No deposit fee
  • No withdrawal fee
Disadvantages
  • Above-average Forex trading fees
  • No ECN/Raw Spread account
  • Inactivity fee applies

Trading Fees and Spread

Below, we evaluated and compared the trading commissions of Bullwaves with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.

Standard Account Spread

For Standard accounts, Bullwaves’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.

Bullwaves Standard spreads

Bullwaves Pepperstone OANDA
EUR/USD min, pips 0,2 0,5 0,1
EUR/USD max, pips 0,6 1,5 0,5
GPB/USD min, pips 0,3 0,4 0,1
GPB/USD max, pips 0,7 1,4 0,5

Does Bullwaves support RAW/ECN accounts?

As we discovered, Bullwaves does not offer RAW/ECN accounts, which might be a drawback for transparency and liquidity. However, this doesn't make the broker uncompetitive. Consider factors like spread levels, execution speed, regulation, support quality, and trading tools when choosing a reliable broker.

Non-Trading Fees

We conducted a detailed analysis of the non-trading fees associated with Bullwaves. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.

Bullwaves Non-Trading Fees

Bullwaves Pepperstone OANDA
Deposit fee, % 0 0 0
Withdrawal fee, % 0 0 0
Withdrawal fee, USD 0-10 0 0-15
Inactivity fee ($, per month) 10 0 0
Score:
7.59/10

Account types

Bullwaves offers three account types that differ in minimum deposit, leverage, trading conditions, access to specific assets, and the automated risk management level.

Account Type
Description
Classic
This is a basic account type with a minimum deposit of $250. Leverage is up to 1:200 and all assets excluding stocks are available. Spreads start from 2 pips and the minimum order is 0.01 lots. Margin notifications are not available. The stop-out level is 50%.
VIP
It is the most popular account type designed for more experienced traders. The minimum deposit is $10,000, with leverage up to 1:400. All assets excluding stocks are available. Spreads start at 1.5 pips and the minimum order is 0.05 lots. Margin notifications are available. The stop-out level is 35%.
Elite
This is a premium account type with enhanced capabilities for professional traders. The minimum deposit is $50,000, with leverage up to 1:500. All assets are available. Spreads start at 1.1 pips and the minimum order is 0.1 lots. Margin notifications are available. The stop-out level is 25%.
Score:
This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology
4/10

Deposit and withdrawal

Bullwaves received a Low score for the efficiency and convenience of its deposit and withdrawal processes.

Bullwaves offers limited payment options and accessibility, which may impact its competitiveness.

Advantages
  • Bank card deposits and withdrawals
  • Bank wire transfers available
  • Minimum deposit below industry average
  • Low minimum withdrawal requirement
Disadvantages
  • Wise not supported
  • BTC not available as a base account currency
  • PayPal not supported

What are Bullwaves deposit and withdrawal options?

Bullwaves offers a limited selection of deposit and withdrawal methods, including Bank Card, Bank Wire. This limitation may restrict flexibility for users, making Bullwaves less competitive for those seeking diverse payment options.

Bullwaves Deposit and Withdrawal Methods vs Competitors

Bullwaves Plus500 Pepperstone
Bank Wire Yes Yes Yes
Bank card Yes Yes Yes
PayPal No Yes Yes
Wise No No No
BTC No No No

What are Bullwaves base account currencies?

A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. Bullwaves supports the following base account currencies:

What are Bullwaves's minimum deposit and withdrawal amounts?

The minimum deposit on Bullwaves is $100, while the minimum withdrawal amount is $2. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact Bullwaves’s support team.

Score:
The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change.
5/10

Markets and tradable assets

Bullwaves offers a limited selection of trading assets compared to the market average. The platform supports 200 assets in total, including 0 Forex pairs.

Advantages
  • ETFs investing
  • Copy trading platform
  • Indices trading
Disadvantages
  • Limited asset selection
  • Crypto trading not available

Bullwaves Supported markets vs top competitors

We have compared the range of assets and markets supported by Bullwaves with its competitors, making it easier for you to find the perfect fit.

Bullwaves Plus500 Pepperstone
Currency pairs 60 90
Total tradable assets 200 2800 1200
Stocks Yes Yes Yes
Commodity futures Yes Yes Yes
Crypto No Yes Yes
Stock indices Yes Yes Yes
Options No Yes No

Investment options

We also explored the trading assets and products Bullwaves offers for beginner traders and investors who prefer not to engage in active trading.

Bullwaves Plus500 Pepperstone
Bonds No No No
ETFs Yes Yes Yes
Copy trading Yes No Yes
PAMM investing No No Yes
Managed accounts No No No
Score:
8.05/10

Customer support

Information

Bullwaves offers 24/7 client support in 12 languages, accessible through multiple channels.

Advantages

  • Real-time support
  • 24/7 accessibility

Disadvantages

  • Single phone number for all supported countries

Available communication channels include:

  • Live chat;

  • Email;

  • Phone;

  • Feedback form.

Contacts

Registration address CT House, office number 9A, Providence, Mahe, Seychelles
Regulation FSA (Seychelles) Licence number:
8434948-1
Official site https://www.bullwaves.com/
Contacts
+248 4379848
Score:
6.15/10

Education

Information

Bullwaves offers educational materials, including trading courses, webinars, and e-books, catering to both novice and more experienced traders. Furthermore, a demo account is available.

What’s on Bullwaves’ website
What’s not on Bullwaves’ website
Basic information on Forex and CFD trading
Advanced trading strategies
 
Setting up pending orders
 
In-depth technical analysis study

Comparison of Bullwaves with other Brokers

Bullwaves Bybit Eightcap XM Group TeleTrade FBS
Trading
platform
MetaTrader5 MetaTrader5 MT4, MT5, TradingView MT4, MT5, MobileTrading, XM App MT4, MT5 MT4, MobileTrading, MT5, FBS app
Min deposit $100 No $100 $5 $10 $5
Leverage From 1:1
to 1:500
From 1:1
to 1:500
From 1:30
to 1:500
From 1:1
to 1:30
From 1:1
to 1:500
From 1:1
to 1:3000
Trust management No No No No No No
Accrual of % on the balance No No No No No No
Spread From 1.1 point From 0 points From 0 points From 0.8 points From 0.2 points From 1 point
Level of margin call
/ stop out
25%  /  50% No  /  50% 80%  /  50% 100%  /  50% 70%  /  20% 40%  /  20%
Order Execution Market Maker Market Execution Market Execution Market Execution Market Execution, Instant Execution Market Execution
No deposit bonus No No No No No No
Cent accounts No No No No No No

Detailed Review of Bullwaves

Bullwaves focuses on transparency and security, providing negative balance protection and holding client funds in segregated accounts. Educational materials and responsive client support make the broker a solid competition in the market. Bullwaves serves traders worldwide, excluding the U.S., Canada, and the UK. For risk management purposes, margin decrease notifications and the automated stop out are implemented. A demo account is available for practicing strategies.

Bullwaves’ trading platform:

  • MetaTrader 5. The platform is available across desktop, mobile, and browser-based devices.

Bullwaves by the numbers:

  • Over 100,000 partners in 100 countries;

  • Support in 12 languages;

  • 900+ copy trading strategies;

  • Over 10,000 registered traders and 2,000+ active clients.

Useful services offered by Bullwaves:

  • STP trading model;

  • Social trading enabling real-time interaction and following successful traders;

  • Educational materials to enhance traders’ skills;

  • Affiliate and IB programs;

  • Demo accounts for risk-free training and strategy testing;

  • 24/7 multilingual support.

Promotions and bonuses:

  • 20% deposit bonus.

Advantages:

1

Legal and regulated activities;

2

Deposit bonuses;

3

Streamlined registration and verification;

4

24/7 multilingual support;

5

Advanced technologies ensuring stable and secure trading;

6

Mobile trading.

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