Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
Bullwaves Pros & Cons
- 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;
- Narrow range of available leverage;
- Lack of top-tier regulatory oversight.
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.
TU Expert Verdict
I can confidently recommend Bullwaves — it is a highly trusted company that I have personally tested and verified. Its trading conditions and user feedback show that most traders are satisfied, and my own experience confirms its solid and consistently reliable performance.
Top-5 Brokers Traders Prefer
Bullwaves User Reviews
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5-star
51%
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4-star
32%
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3-star
11%
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2-star
3%
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1-star
3%
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Commissions and Fees
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 criteria9 /10The trading and non-trading commissions of Bullwaves have been analyzed and rated as having Low fees, with a fees score of 9/10. Additionally, these commissions were compared with those of the top two competitors, OANDA and FOREX.com, to provide the most comprehensive information.
- Low Forex trading fees
- Tight EUR/USD market spread
- No deposit fee
- No withdrawal fee
- 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 OANDA FOREX.com EUR/USD min, pips 0.00 0.1 0.7 EUR/USD max, pips 0.1 0.5 1.2 GPB/USD min, pips 0.01 0.1 0.9 GPB/USD max, pips 0.8 0.5 1.4 RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
Bullwaves RAW/ECN spreads Bullwaves OANDA FOREX.com Commission ($ per lot) The commission is the fee charged by the broker for trading one standard forex lot (100,000 units of the base currency). 3.5 5 EUR/USD avg spread 0.15 0.2 GBP/USD avg spread 0.2 0.4 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 OANDA FOREX.com Deposit fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks. 0 0-15 0 Inactivity fee ($, per month) 10 0 15 -
Is Bullwaves Safe?
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 criteria3.7 /10Bullwaves 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) Full Name Financial Services Authority of Seychelles Country of regulation Seychelles Investor Protection Fund No specific fund Regulation Level Tier-3 Bullwaves Security Factors Foundation date - Negative balance protection YesVerification (KYC) Yes -
Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.7.6 /10Bullwaves offers the following account options: Demo, Standard, ECN/Raw spread, Swap Free.
However, it does not provide a Cent account, which can be a disadvantage for beginners looking to practice with minimal risk.
- Low minimum deposit
- Standard account with balanced trading conditions
- Demo account
- No VIP account option
- Micro lots are not available
Bullwaves account types vs top competitors Bullwaves Plus500 Trading.com Standard YesYesYesECN/Raw spread YesNoNoDemo YesYesYesCent NoNoNoMicro NoNoNoSwap Free YesNoNoVIP NoNoNoManaged NoNoNoBullwaves accounts trading conditions
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 STP Account This is a basic account type with a minimum deposit of $100. Leverage is up to 1:500 and all assets excluding stocks are available. Spreads start from 1.6 pips and the minimum order is 0.01 lots. Margin notifications are not available. The stop-out level is 50%. Swap-Free Account It is the most popular account type designed for more experienced traders. The minimum deposit is $100, with leverage up to 1:500. All assets excluding stocks are available. Spreads start at 1.6 pips and the minimum order is 0.01 lots. Margin notifications are available. The stop-out level is 50%. ECN Account This is a premium account type with enhanced capabilities for professional traders. The minimum deposit is $5,000, with leverage up to 1:500. All assets are available. Spreads start at 0.1 pips and the minimum order is 0.01 lots. Margin notifications are available. The stop-out level is 25%. -
Deposit and Withdrawal
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 methodology8.5 /10Bullwaves received a High score for the efficiency and convenience of its deposit and withdrawal processes.
Bullwaves excels by providing a broad selection of payment methods, ensuring minimal costs and a seamless experience for users seeking efficient fund management.
- Wise transfers supported
- No deposit fee
- USDT (Tether) supported
- No withdrawal fee
- Only major base currencies available
- BTC not available as a base account currency
What are Bullwaves deposit and withdrawal options?
Bullwaves stands out with an excellent selection of deposit and withdrawal methods, a variety of base currencies, and zero broker fees, making it an excellent choice for traders seeking low costs and maximum flexibility. Available methods include Bank Card, Bank Wire, PayPal, Wise, Payoneer, Skrill, Neteller, BTC, USDT.
Bullwaves Deposit and Withdrawal Methods vs Competitors Bullwaves Plus500 Trading.com Bank Wire YesYesYesBank card YesYesYesPayPal YesYesNoWise YesNoNoBTC YesNoNoWhat are Bullwaves base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs. Bullwaves supports the following base account currencies: USD, EUR, GBP, CHF.
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.
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Markets and Tradable Assets
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. Learn the assessment criteria6 /10Bullwaves offers a limited selection of trading assets compared to the market average. The platform supports 200 assets in total, including 50 Forex pairs.
- 50 supported currency pairs
- Copy trading platform
- ETFs investing
- Crypto trading not available
- 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 Trading.com Currency pairs 50 60 69 Total tradable assets The total tradable assets listed include all available instruments, including CFDs. Due to regional restrictions, certain CFDs may not be offered in some countries. For example, cryptocurrency CFDs are banned in the UK, and the U.S. has restrictions on CFDs. 200 2800 69 Stocks YesYesNoCommodity futures YesYesNoCrypto Cryptocurrency CFDs are restricted or prohibited in certain regions due to regulatory limitations. These include the United Kingdom, China, Egypt, the United States and Canada. NoYesNoStock indices YesYesNoOptions NoYesNoInvestment 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 Trading.com Bonds NoNoNoETFs YesYesNoCopy trading YesNoNoPAMM investing NoNoNoManaged accounts NoNoNo -
Trading Account Opening
Score:We evaluated Trading Account Opening at Bullwaves by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.10 /10We successfully registered an account with Bullwaves in 8 minutes. The KYC verification was completed within 1 business day. The minimum deposit amount at Bullwaves is $100. This is one of the most accessible and hassle-free onboarding procedures on the market.
- Fast registration time (up to 15 minutes)
- Low minimum deposit requirement
- Fully online account opening process
- Account setup process may feel less convenient for beginners
Bullwaves account opening Bullwaves Plus500 Trading.com Online Registration YesYesYesMinimum deposit $100 $100 $50 Mandatory KYC YesYesYesRegistration time (min) 8 20 KYC time (days) 1 3 2 Is Bullwaves available in my country?
If you are a citizen of United States, the broker accepts clients from your country.
Please note that availability may vary due to regulatory requirements, so we recommend confirming directly with the broker for the most accurate and up-to-date information.
Account opening details
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.
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Customer Support
Score:We evaluated Customer Support at Bullwaves by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria8.1 /10Bullwaves demonstrates a high level of customer support. Assistance is available through multiple channels, and most requests are handled quickly.
During TU testing, managers responded promptly, communication was clear and structured, and support continued until the issue was fully resolved. Overall, Bullwaves shows reliable service and active engagement with clients.
InformationBullwaves offers 24/7 client support in 12 languages, accessible through multiple channels.
- Real-time support
- 24/7 accessibility
- 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:
8434948-1Official site https://www.bullwaves.com/ Contacts support@bullwaves.com +248 4379848
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FAQs
How do reviews assess Bullwaves’ regulation and overall safety level?
Bullwaves has a safety score of 3.7/10, which corresponds to a low security level in the reviewed methodology. It is regulated by the Financial Services Authority of Seychelles (FSA), a Tier-3 regulator, and offers negative balance protection and KYC verification, but it is not Tier-1 regulated and has a track record of less than 8 years, which may increase regulatory and longevity risks compared with more established, higher-tier jurisdictions.
What do reviews say about Bullwaves trading commissions and non-trading fees?
According to the review, Bullwaves’ overall fee level is rated highly, with a fees score of 9/10 and low Forex trading costs, including tight EUR/USD spreads on Standard accounts (typically between 0.0 and 0.8 pips) and no deposit or withdrawal fees. The main noted drawback is a $10 per month inactivity fee, while ECN/RAW accounts use market-based spreads plus a commission per lot, although the exact Bullwaves ECN commission is not specified in this section.
What account types and trading conditions does Bullwaves provide for different trader profiles?
Bullwaves offers Demo, ECN Account, STP Account, and Swap-Free Account, but does not provide Cent or Micro accounts, which may limit very small-position trading. The STP Account starts at a $100 minimum deposit with spreads from 1.6 pips and a 50% stop-out; the ECN Account starts at $5,000 with spreads from 0.1 pips and a 25% stop-out; and the Swap-Free Account starts at $100 with spreads from 1.6 pips and a 50% stop-out; all have leverage up to 1:500.
What markets and investment products are available for trading with Bullwaves?
Bullwaves supports 200 tradable assets, including 50 currency pairs, stocks, commodity futures, and stock indices, but does not offer crypto, bonds, or options. For more passive or diversified approaches, the broker provides ETFs and a copy trading service, while PAMM investing and managed accounts are not available.
How is Bullwaves customer support described in reviews and testing feedback?
Bullwaves’ customer support is rated positively, with a safety score of 8.1/10 in this area and reports of prompt, clear, and structured responses during testing. Support is available 24/7 in 12 languages via live chat, email, phone, and feedback form, although there is only a single phone number for all supported countries.
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