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
- $100
- MetaTrader5
- FSA (Seychelles)
Our Evaluation of Bullwaves
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
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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- 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.
- MetaTrader 5 is the only supported platform;
- Lack of top-tier regulatory oversight.
TU Expert Advice
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
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Trading Account Opening
To open a trading account with Bullwaves, follow the instructions below:
Click Get started on the broker’s official website.
Complete a registration form, providing your personal information, and create a secure password.
Confirm your email address and sign in to the user account with your email and password.
Upload the documents required for verification.
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.
- Is regulated
- Negative balance protection
- 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) |
Financial Services Authority of Seychelles | Seychelles | No specific fund | Tier-3 |
Bullwaves Security Factors
| Foundation date | - |
| Negative balance protection | Yes |
| Verification (KYC) | Yes |
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.
- No deposit fee
- No withdrawal fee
- 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 |
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.
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.
- No deposit fee
- No withdrawal fee
- Bank card deposits and withdrawals
- Bank wire transfers available
- BTC not available as a base account currency
- BTC payments not accepted
- USDT payments not accepted
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.
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.
- Copy trading platform
- Indices trading
- ETFs investing
- Small selection of currency pairs
- Bonds not available
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 |
Customer support
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
|
Education
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.
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:
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Over 100,000 partners in 100 countries;
-
Support in 12 languages;
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900+ copy trading strategies;
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Over 10,000 registered traders and 2,000+ active clients.
Useful services offered by Bullwaves:
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STP trading model;
-
Social trading enabling real-time interaction and following successful traders;
-
Educational materials to enhance traders’ skills;
-
Affiliate and IB programs;
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Demo accounts for risk-free training and strategy testing;
-
24/7 multilingual support.
Promotions and bonuses:
-
20% deposit bonus.
Advantages:
Legal and regulated activities;
Deposit bonuses;
Streamlined registration and verification;
24/7 multilingual support;
Advanced technologies ensuring stable and secure trading;
Mobile trading.
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