Bullwaves Review 2025

Trust

Bullwaves Regulations

In our reviews, we examine the licenses and regulations of each entity operated by a broker, allowing us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

This is what I discovered about the two entities operating under the Bullwaves trade name:

• Equitex Capital Limited is licensed and regulated by the Financial Services Authority (FSA) of Seychelles under license number SD185. We rate FSA as a Tier-3 regulator.
• Moonance LLC is licensed and regulated by the Mwali International Services Authority (MISA) under license number T2022122. We rate MISA as a Tier-3 regulator.

Understanding the Regulatory Protections of Your Account

Brokers operate multiple entities globally, but regulatory protections vary. Some regulators enforce stricter financial standards than others, so traders should understand the safety measures of the entity with which they choose to open an account.

Here is what you need to be looking for in a broker in terms of safety mechanisms:

• Segregation of Client Fund:. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. Both Bullwaves entities guarantee the segregation of client funds.
• Negative Balance Protection: This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. The only Bullwaves entity that guarantees negative balance protection is Moonance LLC.
• Compensation Scheme: A compensation scheme protects traders against the broker’s liabilities if the company becomes insolvent. Bullwaves does not participate in a compensation scheme.
• Maximum Leverage: Capping the maximum leverage restricts the extent of market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. The maximum retail leverage with Bullwaves is 1:500.

Stability and Transparency

In our Trust category assessments, we evaluate factors tied to stability and transparency, including the broker’s longevity, company size, and information transparency.

Bullwaves has only been active for a year, so its long-term presence in the market remains unproven. According to the ‘associated members’ section on the broker’s LinkedIn page, the company appears to have fewer than a dozen employees, which suggests it’s still in an early growth phase.

During my review of Bullwaves’ legal documents and website content, I uncovered several transparency issues:

• The broker has not published a ‘best execution policy’, which is essential for ensuring fair and competitive pricing.
• The site is missing a ‘contract specifications’ page, where traders would typically find details like target spreads, margin requirements, and live pricing.
• Trading commissions are not disclosed anywhere on the website, which raises concerns about fee transparency.

I also noted some user experience (UX) issues on the website, such as small design inconsistencies that suggest the platform is still a work in progress. While these aren’t major dealbreakers, they do reinforce the impression that Bullwaves is still finding its footing as a broker.

Is Bullwaves Safe to Trade With?

I determined that Bullwaves has a moderate level of safety due to the following factors:

• Is authorized by two regulators
• Keeps client funds in segregated accounts
• Ensures readily available legal info

Fees

Bullwaves Trading Fees

Bullwaves Spreads

I tested Bulwlave’s spreads on 2 April 2025 during the London and New York opens. The results are shown in the table below:

According to my findings, Bullwaves charges low share CFDs spreads, average Bitcoin spreads, average-to-high spreads on commodities and indices, and high spreads on currency pairs.

Bullwaves Commissions

In addition to spreads, Bullwaves charges the following commission rates on its Classic trading account:

Bullwaves’ commissions are generally aligned with the industry average, except for DAX40 and crude oil, where the commissions exceed the industry average.

Bullwaves Swaps

A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

The values listed below are for one full base currency contract (100,000 units).

My research indicates that Bullwaves’ swaps are average-to-high compared to the industry benchmark. Overnight charges do change over time.

Bullwaves Non-Trading Fees

Bullwaves does not impose a handling fee for deposits or withdrawals, though third-party processing fees may apply. There are also two exceptions to this:

1. For bank wire withdrawals equal to or below EUR 100, Bullwaves will charge a fixed fee of EUR 10.
2. For withdrawals below or equal to EUR 20, Bullwaves will charge a fixed fee of EUR 10.

The broker also imposes a $10 inactivity fee on dormant accounts. The fee is charged monthly until account activity resumes or the balance drops to zero. An account is considered dormant when no activity has been registered for 12 calendar months or longer.

Are Bullwaves’ Fees Competitive?

I assessed that Bullwaves’ fees are not among the industry’s most competitive. The broker charges above-average spreads on top of volume-based commissions. While deposits and withdrawals with Bullwaves are generally cost-free, the broker charges dormant accounts a $10 monthly inactivity fee.

Platforms and Tools

Bullwaves MT5 Desktop

I tested the desktop version of the MetaTrader 5 platform, which offers several essential tools, including one-click trading, an alarm setting option, and a market depth tool. These features enable traders to analyze market developments from multiple perspectives and take advantage of trading opportunities in various ways.

In my opinion, MT5 is best suited for automated trading via Expert Advisors (EAs). The platform also has an intuitive strategy tester, allowing experienced algo traders to tweak the parameters of their strategies so that they can be used under different market conditions.

MT5 Features

MT5 also features:

• Alerts-Setting Option: Traders can set alerts for when the price of a given instrument falls/rises to a predetermined level, which could potentially signal a viable entry opportunity.
• Watchlist Customization: Traders can populate watchlists with their favorite instruments and track market changes more easily.
• One-click Trading: This feature enables instant market entries at the spot price and is invaluable for high-precision traders, such as scalpers.
• Trading from the Chart: Traders can place conventional trading orders directly from the chart, specifying the entry price, volume level, stop and take-profit levels, and more.

Charts

From my experience using MetaTrader, its charts can quickly become cluttered, even with just two indicators. This can obscure price action examination and make it harder to perform detailed technical analysis.

I have broken down the available analytical tools and chart configurations below:

• 38 technical indicators: This includes trend-based and volume-based indicators and oscillators to analyze price action and assess market sentiment, helping predict market movements.
• 24 drawing tools: Tools like Fibonacci retracement levels and Elliott waves help identify price patterns, support/resistance levels, and breakout points. However, MT5’s design can make price action harder to interpret.
• 21 timeframes: For multi-timeframe analysis, enabling detailed price action analysis.
• 3 chart types: Price action can be displayed as line, bars, or candlesticks, offering diverse perspectives on trading opportunities.

In my opinion, the chart screen is one of the most crucial features of a trading platform. It equips traders with essential tools and configurations to analyze price action and spot trading opportunities. Just as important is the ability to easily scale price action, allowing for a clearer and more detailed view of market movements.

Orders

MetaTrader 5 features three types of order execution: market, pending, and one-click trading, which allows for immediate entries at the spot price.

I have broken down the available order types on the MetaTrader 5 platform below:

• Market Orders: Used for immediate entry at the best available price. They guarantee volume filling, though the entry price may differ from the requested price.
• Limit Orders: Guarantee exact price entries, but won’t be filled if the price doesn’t reach the trigger level.
• Stop Orders: They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

MT5 Desktop: My Key Takeaways

MetaTrader 5 is a good option for fast and simple order execution, even though its dated and rugged design is inferior to newer and sleeker platforms. Still, MetaTrader remains the most popular and widely used trading platform in the industry.

Bullwaves MT5 Mobile

The MT5 mobile app is available on iOS and Android, enabling quick and easy access to the market on the go. It is very useful for opening, terminating, and adjusting open positions.

You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades.

MT5 App: My Key Takeaways

The MetaTrader app stands out for its convenience, making it an essential tool for adjusting trades, especially during periods of heightened volatility. However, I consider it cumbersome and not the best choice for analyzing price action.

Bullwaves Execution Model

Bullwaves operates on a hybrid model, serving both as principal to client orders and intermediary between its clients and the broader market. In the first instance, Bullwaves operates as a market maker (counterparty to client orders). In such cases, Bullwaves creates liquidity by trading against the trader – it buys against sellers and sells against buyers.

In the second instance, the broker routes client orders to its pool of liquidity providers, where they are filled at the best possible prices. In such cases, Bullwaves does not act as a counterparty to client orders but merely as an intermediary.

Tradable Instruments

Compared to the industry average, Bullwaves offers a low number of share CFDs and a high number of currency pairs, commodities, indices, and cryptocurrencies.

What Are CFDs?

Contracts for difference (CFDs) are derivatives that speculate on the underlying asset’s price without physical ownership.

For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars.

One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

What CFDs Can You Trade With Bullwaves?

Bullwaves Instruments: My Key Takeaways

I was impressed by the range of 109 currency pairs, which includes a variety of exotic crosses, and 135 cryptocurrencies. Popular assets like USD, EUR, GBP, BTC, ETH, and LTC are crossed with rare fiat currencies and digital assets. I also learned that Bullwaves offers gold and silver contracts denominated in various currencies.

Customer Support

Customer Support Channels

Customer Support Test

When we test a broker’s customer support, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

I conducted my test on 2 April at around 12:13 CET via live chat. Before starting my chat, I stated my name and email address. An agent then connected within a minute.

My first question was about Bullwaves’ trading commissions, but the support agent seemed uncertain about whether the broker offered any commission-free accounts. I then asked about the retail leverage policy, but ran into a similar issue. It wasn’t until my second attempt that the agent finally provided a breakdown of leverage rates by asset class.

Deposit and Withdrawal

Bullwaves Deposits

Bullwaves Withdrawals

Account Types and Terms

Bullwaves Account Opening Process

To open an account with Bullwaves, follow these steps:

1. Click ‘Get Started’ in the top-right corner.
2. Fill in your name and choose a password.
3. Choose a base currency.
4. Enter your DOB and email address.
5. Provide your full contact details.
6. Confirm you are not a politically exposed person.
7. Agree to Bullwaves’ T&Cs and Privacy Policy.
8. Confirm your email address.
9. Upload proof of ID and proof of address.

Bullwaves Account Types

I found that Bullwaves’ VIP and Elite accounts are designed for experienced, high-volume traders, offering lower spreads in exchange for significantly higher minimum deposits—$10,000 for VIP and $50,000 for Elite.

During the registration process, I noticed that account type selection isn’t available upfront. This can be an issue, especially for newer traders who may not realize they’re being placed on an account that charges volume-based commissions in addition to floating spreads.

On the risk management side, Bullwaves uses a 100% margin call and a 50% stop-out level, which offers some protection during volatile conditions. However, it’s important to note that the broker does not guarantee negative balance protection, meaning traders could lose more than their initial deposit in extreme market scenarios.

Demo Accounts

Bullwaves offers a demo account that introduces traders to the broker’s services and allows them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself prior to or alongside your live CFD account.

Islamic Accounts

Bullwaves does not offer Islamic accounts for swap-free trading at the present moment.

What is CFD Leverage?

Leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of leverage. Essentially, the broker lends the trader money so that they can open bigger positions. Leverage multiplies the profits a trader generates from winning positions, as well as the losses incurred from failed trades.

Maximum Leverage By Asset Class

In the table below, I have listed the maximum retail leverage available with Bullwaves for instruments from different asset classes:

Bullwaves Restricted Countries

Bullwaves does not accept as clients residents of Belgium, North Korea, the United States, Afghanistan, Belarus, the Central African Republic, China, Iran, Russia, Cuba, Libya, Nicaragua, the Palestinian Authority/Gaza/West Bank, Venezuela, or any other jurisdiction where trading may be prohibited by law.

Research

However, no additional research tools or in-depth analysis are currently available, leaving traders with limited insight.

To better support its clients, Bullwaves could enhance its research offering by adding features like comprehensive market breakdowns, actionable trading signals, and a reliable economic calendar.

Education

The Bottom Line

Bullwaves is a financial derivatives broker launched in 2023 and headquartered in Seychelles, offering 280+ CFD instruments available on the MetaTrader 5 platform.

What sets Bullwaves apart is its extensive instrument selection, featuring over 100 forex pairs and 100+ crypto pairs—a level of market access that’s rare among brokers. This includes a wide range of exotic crosses, giving traders the chance to explore unique and less-traveled markets.

On the downside, trading fees are on the higher end, and the broker currently provides very limited research content. Its educational section is still in development, which may leave beginners seeking resources elsewhere.

If you’re a forex or crypto trader eager to explore new market opportunities, Bullwaves’ wide selection of exotic pairs could be just what you’re after—as long as you’re comfortable with the higher trading costs and minimal research support.

FAQ