Bullwaves Review 2026

Trust

How Does Bullwaves Protect You?

I went over Bullwaves’ client agreement and risk disclosure policy to assess the broker’s client protections and best practices. You can access these and other important legal documents by clicking the ‘About’ tab on the website, and then ‘Legal’.

Here is what I found out about Equitex Capital Limited:

✅ Segregated Accounts – The funds you invest with Bullwaves are kept in separate bank accounts from the ones used for the broker’s corporate capital.

✅ Negative Balance Protection – Your losses cannot exceed your invested capital.

❌ Compensation Scheme – The broker does not participate in a client compensation scheme, and your funds may be exposed to the broker’s credit liabilities. This means you may lose your invested capital if the broker goes bankrupt.

Note: The protections you might be entitled to depend on the entity you choose to open an account with.

To learn more about the most important safety mechanisms and how they apply to you, check our dedicated guide on client protections.

Stability and Transparency

When I first visited the Bullwaves website, I saw the client protection notice below. The system must have recognized that I was entering from a European IP address because I was informed of the risks of trading with an offshore broker – primarily that I would not be entitled to the same client protections under the EU’s Markets in Financial Instruments Directive (MiFID II). I appreciated this notice and the fact that Bullwaves was upfront about its client protections.

My next step was to check Bullwaves’ company background. I reviewed its website and social media channels and learned that the company was established in 2023 and is headquartered in the Seychelles. According to its LinkedIn page, it employs 21 professionals, which is fewer than most other brokers.

I then looked at Bulllaves’ risk notice displayed at the bottom of the page. While I appreciated that the broker warns visitors to the website of the considerable risks associated with leveraged trading, the one thing missing was the percentage of traders who end up losing money with Bullwaves.

Is Bullwaves Safe?

Based on my research, I found Bullwaves sufficiently safe to trade with due to the following factors:

• It is licensed and regulated by the FSA.
• It keeps client funds in segregated accounts.
• It ensures negative balance protection.
• It is fully transparent about client protections and trading risks.

Fees

Bullwaves Trading Fees

Bullwaves Spreads

I tested Bullwaves’ spreads on a Classic account on 4 May and on an ECN account on 12 June. Data was collected during the London and New York market openings. I used live accounts on the MetaTrader 5 platform. Here are my results:

Classic Account: Given the 1.7-pip EURUSD and 4.1-pip GBPJPY spreads I recorded, I found Bullwaves unsuitable for trading forex pairs. My tests also showed that the broker charges above-average spreads on gold and indices.

Crude oil spreads were aligned with the industry average, which surprised me, considering that I collected my data at a time when global energy supply remained tight owing to the ongoing US/Iran war.

On the plus side, the broker’s share CFD and BTCUSD spreads were kept pretty low, benefiting stock and crypto traders.

ECN Account features much better forex prices than the Classic account across both Majors and Crosses. Notice the 0.85-pip average GBPJPY spread, which came in slightly below the industry average of 1.01 pips.

Stock prices matched the Classic account’s corresponding spreads, while index and commodity spreads were markedly better. Gold fluctuated in the 14-17 cents range, which was better than on the Classic account but still elevated above the industry-average ECN costs.

I also recorded a $0.007 WTI spread during the London open, which was another strong point of the ECN account’s prices alongside BTCUSD. The Bitcoin spread that I captured fluctuated between $1 and $5.

Last but not least, the ECN account delivered low index spreads that outpaced both the Classic account and the industry average for ECN accounts.

Bullwaves Commissions

Bullwaves also charges round-trip commissions on some instruments, in addition to the spread. A round-turn (also round-trip) commission is a fee you pay to open and close a full-sized contract (100,000 units).

Bullwaves’ commissions are mixed. The greatest perk of the ECN account is that it does not charge commissions on digital currencies, while its crypto spreads are kept pretty tight.

Forex and metals commissions meet the industry average, while those for energies, stocks, and indices exceed it.

Bullwaves Swaps

I collected the data on Bullwaves’ overnight fees on 4 May. I took them from the broker’s website, not from the platform. The values listed below are for one full base currency contract (100,000 units):

I concluded that Bullwaves’ swaps exceeded the industry average across the board – sometimes by several cents, others by thousands of dollars. The only exception was the -$1.9 swap long I observed on Apple stocks, which was better than the industry benchmark of $6.83.

Notice the massive -$ 1,647.1 swap long on the Dow 30. It exceeds the industry average nearly 20 times. Then there is the -$38526.3 swap long on Bitcoin, which came in 1921 times higher than the benchmark. This makes Bullwaves an unsuitable option for swing traders.

Note that swaps fluctuate over time, subject to changing interest rates.

Are Bullwaves’ Fees Competitive?

To help you understand how much you’ll pay to trade each instrument, I calculated the cost of trade using the formula: spread rate x pip value + commission rate (swaps are not included).

Classic Account: From my live tests, I concluded that Bullwaves is great for trading Apple shares. According to my findings, it would cost you $15 to trade 1 lot of APPL shares vs the $31.78 industry average. This is more than 2x lower.

The broker also offers decent conditions for trading TSLA and BTCUSD, while its crude oil cost of $40 meets the industry benchmark.

All other instruments exceed the industry average – from the $17.5 (vs $11.54 industry average) for EURUSD to $39.17 (vs $30.51 industry average) for DAX 40.

ECN Account: I calculated that the ECN account’s FX Majors (EURUSD) cost of trade was aligned with the industry average. While FX Crosses (GBPJPY), energies (crude oil), and stocks (Apple and Tesla) fees beat the benchmark. The highlight of my testing was the $2.8 BTCUSD trade cost, which beat the benchmark several times over.

The only outliers were the $24.50 XAUUSD and $26 Dow Jones 30 trade costs.

Bullwaves Non-Trading Fees

Inactivity Fee: $10 after 12 calendar months of inactivity. The fee is applied monthly until account activity resumes or the balance drops to zero.

Deposit and Withdrawal Fees: $0

Platforms and Tools

MetaTrader 5 Desktop

Classic Outlook: Navigating MetaTrader is easy because it follows a familiar design. The charting area occupies the middle section of the window. Then there is a tools panel on the top, and a watchlist and navigator tool placed on the left-hand side.

Multiple Functionalities: Arguably, the greatest perk of MetaTrader is that it accommodates a range of different styles. It supports all basic order types for day and swing trading, one-click and Depth of Market (DoM) trading for scalping, and trade automation via Expert Advisors (EAs) for algo trading.

Helpful Learning Materials. The other major advantage of MetaTrader is its vast library of educational and supporting content, which includes dozens of articles and video tutorials explaining how to use the platform. These are available through the ‘Help’ tab from the settings panel. You can also learn about the platform’s multiple technical indicators and drawing tools – what they are used for and how to apply them on the chart.

Outdated charting capabilities. The biggest drawback of MetaTrader is its outdated charting capabilities, which are outmatched by more modern trading platforms, such as cTrader and TradingView. In my opinion, MetaTrader’s chart visuals are too rugged and unsuited for scalping price action up and down.

Availability & Features

The MT5 platform by Bullwaves is available for Windows and Mac users and supports 39 languages, including English, Spanish, German, Arabic, and Chinese.

MT5 features include:

• Price Alerts: Set alerts when an instrument hits a specific price — ideal for spotting trade entry opportunities.
• Customizable Watchlists: Monitor your favorite trading instruments from your custom-built watchlists.
• One-Click Trading: Enter trades instantly at market price — perfect for scalpers or fast-paced traders.
• Chart Trading: Place and manage orders directly from the chart, including entry points, volume, stop-loss, and take-profit levels.

Charting & Analysis Tools

MT5 is loaded with analytical tools, including:

• 38 built-in technical indicators: From trend-following to oscillators and volume-based tools. You can use these to spot price trends and ranges and to assess their strength. For example, I used the MACD to assess the mounting bullish momentum on the 1H crude oil chart, following a recent breakout above a descending channel.
• 24 drawing tools: Including Fibonacci retracements, Elliott Waves, and more for technical pattern spotting. I use tools like the Fibonacci retracement levels to map out major support and resistance levels within a price trend. I then use these as reference points for possible rebounds/reversals or breakouts/breakdowns, depending on the underlying trend. I also like using parallel channels to outline the boundaries of price trends, as shown on the 1H WTI chart above. By plotting one simple trend line (from the previous bottom) and a descending channel (from the previous peak), I was able to assess where the downtrend would likely bottom out before a new bullish correction followed.
• 21 timeframes: Great for multi-timeframe analysis. MT5 offers one of the largest time-frame selections of any platform. Typically, I use higher timeframes (above 4H) to determine the market’s general direction and smaller timeframes (below 1H) to spot viable entries within the broader trend.
• 3 chart types: Line, bar, and candlestick options let traders view price action in their preferred format. Personally, I prefer candlesticks because they provide a more comprehensive picture and can help identify potential trend reversals. For example, when found at the top of a bullish trend, a Hammer candle could indicate a bearish reversal. Alternatively, an Inverted Hammer at the bottom of a downtrend may signal a possible bullish reversal.

Order Types

MT5 offers four execution modes and covers all the core order types needed by most traders:

• Market Orders: Instant execution at the best available price — ideal for quick entries.
• Limit Orders: Target a specific price level for entry, though order filling isn’t always guaranteed.
• Stop Orders: Protect open positions with predefined risk levels. Stop-loss orders automatically convert into market orders once triggered.
• Stop-Limit Orders: Unlike classical stop orders, when the stop price is reached, the order turns into a limit order, which guarantees precise price execution.

MT5 App

I tested the Bullwaves MT5 app on my personal Google Pixel phone running Android.

The app supports most of the platform’s functionalities across the desktop and web versions, such as watchlist customization and one-tap trading. This makes the MT5 app a convenient tool for staying connected to the market and adjusting your positions on the go.

You can also use the app to place market, limit, and stop orders, as well as manage position size and risk. That said, the charting experience still feels a bit cramped, and price action can be hard to scale and analyze comfortably on a small screen.

Bullwaves Execution

Execution Model

I went through Bullwaves’ client agreement and learned that the broker operates as principal (counterparty) to client orders. This means that it fills client orders by trading against them – it sells to buying orders and buys from selling orders.

Execution Speed

I used the MetaTrader 5 platform to measure Bullwaves’ order execution speeds across popular instruments like EURUSD, gold, crude oil, Apple, and the DOW 30. I placed several orders in quick succession on 5 May 2026, immediately after the New York market opening. I used a demo account for my hands-on tests because I did not deposit real capital to my live account.

I recorded speeds ranging from 59ms (on gold) to 75ms (on the DOW 30), which is almost perfectly aligned with the industry average of 60ms. If you are a high-frequency trader, you’d best secure execution speeds below 60ms to reduce the risk of negative slippage.

The biggest determinants of how fast your orders are filled include: the broker’s server locations relative to your own, as well as your internet speed. For example, I am based in Europe, and I noticed that Bullwaves, as an offshore broker, has four servers based in the Netherlands and the UK. That’s why I observed reasonably fast execution speeds with the broker. However, if you are located outside Europe, you may experience more significant latency with Bullwaves.

Tradable Instruments

Bullwaves’ rare metals crosses and non-leveraged cryptocurrency offerings set the broker apart from competitors. They are ideal for the buy-and-hold strategy. It means that you will benefit as the value of gold and silver rises over time.

What CFDs Can You Trade With Bullwaves?

Customer Support

Customer Support Channels

Customer Support Test

When I test a broker’s customer support, I evaluate the agent’s knowledge of their own website, the time it takes them to respond to questions, and the level of detail in their answers.

I conducted my first test on 4 May at around 15:30 CET via live chat. I began by asking about Bullwaves’ maximum leverage and got a straight answer. I then inquired about the broker’s account types, and the agent sent me a screenshot showing different attributes of the Classic, VIP, and ECN accounts.

I then asked how I could set up an ECN account, and the agent recommended making a deposit of at least $5,000. The agent’s responses, though accurate and helpful, seemed to me a bit pushy. That last answer, in particular, sounded almost pushy, and some people might take an issue with that.

At any rate, my final question was about copy trading and whether the broker imposed a servicing fee for it. The agent did not know the answer to that but said I should receive an answer to my email from the account team within 48 hours. I never got such an email.

I conducted my second test on 5 May at around 17:30 CET. I inquired about one of Bullwaves’ tools, the “AI Platform,” and the “Bullwaves Prime” service. The agent explained that the first was a service for trading signals, while the other was the broker’s prop trading offering. Their answers were once again tight and straight to the point.

Deposit and Withdrawal

Please note that I could not record Bullwaves’ processing times as I did not deposit real funds for this review. My final score for the category reflects the number of payment methods available and the applicable handling fees.

How Do You Deposit Money with Bullwaves

Note that if you choose to deposit in a currency that does not match your account’s base currency, you may have to pay a conversion fee.

How Do You Withdraw Money with Bullwaves

Account Types and Terms

How to Open an Account With Bullwaves

1. Click ‘Get Started’ at the top-right corner of the main page.
2. Enter your name and choose a password.
3. Choose your account base currencies.
4. Enter your DoB and email address.
5. Enter your address and phone number.
6. Answer whether you are a politically exposed person.
7. Agree to Bullwaves’ Terms and Conditions.
8. Verify your email address.
9. Configure the parameters of your trading account.
10. Upload proof of ID and proof of address to verify your account.

Bullwaves Account Types

Classic Account has the lowest deposit requirement of $100 and features floating spreads and zero commissions. This is also the only account that has a demo version.

VIP and ECN Accounts feature raw spreads plus commission and have significantly higher minimum deposits – $3,000 and $5,000 accordingly. Such a high entry barrier makes these accounts less accessible to beginners and casual traders. Plus, none of these accounts has a demo version for practice.

Note that the service is available with Moonance LLC, an entity of Bullwaves incorporated in St Vincent and the Grenadines and authorized by MISA. MISA is the weakest offshore regulator.

Swap-Free (Islamic) Accounts

Bullwaves offers Shariah-compliant Islamic accounts for swap-free trading. They are geared towards Muslim traders who, due to their religious beliefs, cannot receive any interest on their positions.

Note that you may incur an administrative fee on the Islamic account in exchange for the swap. For further information, please contact the Bullwaves customer support.

What Leverage Does Bullwaves Offer?

The maximum retail leverage with Bullwaves is 1:500, which is pretty standard for an offshore broker. It means that if you use just $100 to open a trade and utilize the full 1:500 leverage, you would be able to open a position worth $50,000.

A word of caution: Trading on margin with high leverage is extremely risky and may result in significant losses.

Bullwaves Restricted Countries

Bullwaves does not accept traders from Belgium, Iran, Maldives, North Korea, United States, Afghanistan, Belarus, Central African Republic, China, Iran, Russia, Cuba, Libya, Nicaragua, Palestinian Authority/Gaza/West Bank, Venezuela, any jurisdiction on the FATF and EU/UN sanctions lists, or any other country or jurisdiction where trading is prohibited by law (Verified May 2026).

Research

The Acuity package is the highlight of the Bullwaves’ research offering. It features the economic calendar, which catalogs upcoming economic releases and market events that have the potential to stir price action, and the ‘Market Intelligence’ sentiment gauge. Day and news traders can use it to assess prevailing market sentiment across a range of instruments and see where the market might be headed next.

The standout feature of the package is the AI-generated trading signals. Each trading signal flags an opportunity on the underlying asset. You are usually given a viable entry level and a likely target level. You are also told where to place a protective stop-loss order.

I also reviewed Bullwaves’ news screener, accessing it from the ‘Tools and Analysis’ tab of the website, under ‘Bull News’. The broker publishes daily content and zooms in on the hottest events in the market. For example, the latest article explores Meta’s $13 billion funding round led by Morgan Stanley and JPMorgan Chase. The story was presented in several paragraphs, making it easy to assimilate.

I noticed that the current brief contained not a single word about the ongoing US-Iran war, which remains the biggest topic in financial news. Hence, you might have to look for different sources of information if you want to keep pace with everything going on in the world.

Education

The Bottom Line

Bullwaves is a Seychelles-based forex and CFD broker founded in 2023. I found that it holds licenses from the FSA and MISA, and offers 360+ tradable instruments across currency pairs, commodities, stocks, indices, cryptocurrencies, and ETFs.

The standout feature of the offering is the 100+ FX pairs, rare metals, and non-leveraged cryptocurrencies. You can trade them on the MT5 platform, which can be enhanced using the NexGeneration plugin.

My live testing revealed that Bullwaves offers high spreads on forex, gold, and indices. Although I experienced very competitive prices on major US stocks and WTI. I also learned that the broker does not impose a servicing fee for copy trading.

I measured execution speeds of around 60 milliseconds with Bullwaves, which is aligned with the industry average. The broker also incorporates AI-generated trading signals from Acuity.

On the downside, Bullwave’s educational offering remains extremely narrow, while its VIP and ECN accounts have too-high deposit requirements ($3,000 and $5,000).

All things considered, Bullwaves is a decent option for traders interested in copy trading, stock trading, and trading on rare instruments.

What I Did not Test

Please note that for this review of Bullwaves, I did not:

1. Use live accounts to test Bullwaves’ order execution speeds;
2. Upload proof of ID and proof of address to fully verify my Bullwaves’ live accounts;
3. Deposit or withdraw real capital into or from Bullwaves;
4. Test actionable trading signals from Acuity.