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Bullwaves Review
Overall rating
3.5/5
Minimum deposit
$100
EUR/USD spread
From 1.6 (Standard); from 0.1 (ECN)
Use this review to validate safety, fees, platform fit, and where this broker falls short.
Written by
BrokerAnalysis Research Desk
Fact Checked by
BrokerAnalysis Editorial Team
Updated
Oct 17, 2026
Is Bullwaves a good broker?
Sources & References
- BrokerAnalysis ranking methodology— BrokerAnalysis
- BrokerAnalysis data sources— BrokerAnalysis
- BrokerAnalysis editorial policy— BrokerAnalysis
Should you choose Bullwaves?
Use this short answer before you dive into the full review.
Best for
Copy and social trading on MT5
Not ideal for
Single offshore licence: Seychelles FSA, no tier-1 regulator
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Trust Score: 70/100
Based on regulatory status, company history, and financial transparency
Bullwaves Score Breakdown
- Standard account from $100
- MT5 with copy and social trading
- Swap-free account
- 100% first-deposit credit up to $5,000 (terms apply)
Founded
2023
Headquarters
Mahé, Seychelles
Why choose Bullwaves
Bullwaves is the trading name of Equitex Capital Limited, a Seychelles securities dealer licensed by the Seychelles Financial Services Authority (licence SD185). It is a young MetaTrader 5-only CFD broker (independent reviewers date the brand to 2023) with a $100 Standard account, a $5,000 ECN account, a swap-free account, copy and social trading, and a 100% first-deposit credit of up to $5,000. Its only licence is offshore. The Seychelles FSA is a lower-tier regulator, there is no investor compensation scheme, and Trustpilot withholds the company's TrustScore after a guidelines breach, so weigh the account minimums against that before depositing. The website says it is not intended for residents of the EU, Canada, Australia or the United States. Bullwaves Prime, a separate prop-trading firm, is run by a different company (Moonance LLC) and is not covered by this licence.
Pros
- Low entry: Standard and Swap-Free accounts from $100
- MetaTrader 5 on desktop, web and mobile, plus a copy-trading app
- Segregated client funds and negative balance protection (broker-stated)
- Written complaints procedure with a 21-business-day response target
Cons
- Single offshore licence: Seychelles FSA, no tier-1 regulator
- No investor compensation scheme and no Financial Commission membership
- Trustpilot TrustScore is withheld for a guidelines breach; withdrawal complaints recur
- ECN needs $5,000 and its commission is not published
- Not offered to US, EU, Canadian or Australian residents
Bullwaves
Fast decision summary
Min Deposit: | $100 |
Regulated: | Yes |
Inactivity Fee:
Up to $10; reviews differ on whether it starts after 30 days or 12 months, so check the Client Agreement
See how the best brokers compare to Bullwaves
The Standard and Swap-Free accounts quote spreads from 1.6 and charge no commission on forex (the Key Facts Statement lists commission only for share and futures CFDs). ECN quotes spreads from 0.1 but needs $5,000, and Bullwaves does not publish its commission. Spread units are not printed on the site; independent tests measured EUR/USD at about 0.1 pips on ECN and about 1.7 to 1.8 pips on Standard.
| Instrument | Standard | Raw/Pro |
|---|---|---|
| EUR/USD | From 1.6 (about 1.7 to 1.8 pips measured) | From 0.1 (ECN, commission not published) |
Deposit
None from Bullwaves
Bank wire withdrawal of $100 or less
$10 (independent reviews)
Inactivity
Up to $10 (trigger varies by source)
Non-trading fees
Deposit fee
None charged by Bullwaves (your bank or card issuer may charge)
Withdrawal fee
$10 on bank wires of $100 or less (independent reviews)
Inactivity fee
Up to $10; reviews differ on whether it starts after 30 days or 12 months, so check the Client Agreement
Fees and conditions last verified: October 2026.
Fees may vary depending on account type and jurisdiction. We aim to keep this data updated regularly.
Equitex Capital Limited (Seychelles company 8434948-1) holds Seychelles FSA Securities Dealer licence SD185, shown on its legal pages and Key Facts Statement. We could not confirm the licence on a searchable FSA public register, although two independent review sites report the same number. ETX Services Limited (Cyprus) is named as the independent representative and distributor; it is not a regulator. The broker says client funds are segregated under FSA Client Money rules and that it protects accounts from negative balances, and its site states that clients fall outside EU MiFID II protections. We found no warning from the FCA, CONSOB or the Central Bank of Ireland naming Equitex Capital or Bullwaves.
Regulatory Status
| Regulator | Country | Tier | License |
|---|---|---|---|
| FSA | Seychelles | 3 | SD185 |
Safety Features
| Segregated Accounts | Yes |
| Negative Balance Protection | Yes |
| Investor Protection | No investor compensation scheme. Complaints go to Bullwaves first (acknowledged within 2 business days, answered within 21 business days, up to 90 for complex cases), then to the Seychelles FSA. Bullwaves is not a member of the Financial Commission. |
Compare Bullwaves with top alternatives
Use the side-by-side comparison tool once you have checked fees and safety.
Bullwaves says it accepts a wide range of payment methods and advertises fast withdrawals. Independent reviews list cards, bank wire, Neteller and USDT, BTC and ETH; PayPal and Skrill are not supported. Withdrawals go back to the original funding source and need ID verification.
Deposit Options
| Method | Processing Time | Fee | Min. Deposit |
|---|---|---|---|
| Card (Visa, Mastercard) | Instant (independent reviews) | None from Bullwaves | $100 (account minimum) |
| Bank wire | Up to 5 business days (independent reviews) | None from Bullwaves; intermediary banks may charge | $100 (account minimum) |
| Crypto (USDT, BTC, ETH) | Network dependent | None from Bullwaves | $100 (account minimum) |
Withdrawal Options
| Method | Processing Time | Fee | Min. Withdrawal |
|---|---|---|---|
| Card, bank wire, crypto | Cards and crypto up to 48 hours; bank wire 3 to 7 business days (independent reviews) | $10 on bank wires of $100 or less | Not stated on the site |
Base Currencies
USD, EUR, GBP
The homepage shows three accounts: ECN, Standard and Swap-Free. The platform page also refers to a VIP account (clients can hold up to six accounts: two each of Standard, VIP and ECN), but the homepage publishes no VIP terms, so confirm them in the client portal. Standard and Swap-Free share the same pricing; ECN adds tighter spreads and a 25% stop-out.
Account Types
| Account Type | Min. Deposit | Key Features |
|---|---|---|
| Standard | $100 |
|
| Swap-Free | $100 |
|
| ECN | $5,000 |
|
Verification Steps
- Time to open: Not stated
- Demo Account: Yes
- Islamic Account: Yes
Clients trade through the MetaTrader 5 mobile app on iOS and Android. Bullwaves also lists a Client Portal app and a Copy Trading app on Google Play.
App Features
- MT5 mobile trading
- Copy Trading app
- Client Portal app
MetaTrader 5 only, on desktop, Web Trader and mobile, with Bullwaves' MT5 NexGeneration plugins for order management and sentiment tools. Independent reviewers report MT4 is no longer offered.
Supported Platforms
- MetaTrader 5: Desktop, Web Trader and mobile platform with expert advisor support.
- MT5 NexGeneration: Plugin suite that adds order, sentiment and management tools to MT5.
Compare platform providers:
Bullwaves quotes 250+ assets on its platform page and 300+ on its homepage across forex, shares, indices, metals, commodities and ETFs. Independent reviewers count over 100 forex pairs. The homepage does not list crypto, although one review counts crypto CFDs, so check the instrument list before relying on them.
Available Instruments
| Forex Pairs | 100 |
| Indices | 12 |
| Stocks | 89 |
| Commodities | 16 |
| Cryptos | 0 |
| ETFs | 8 |
Leverage Limits
| Instrument | Max Leverage |
|---|---|
| Forex | Up to 1:500 |
| Indices | About 1:100 (independent test) |
| Stocks | About 1:20 (independent test) |
| Crypto | Not confirmed |
Got Questions?
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Frequently Asked Questions
Review Team
Why Traders Shortlist Bullwaves
Key points from our latest editorial review and testing process.
- Standard account from $100
- MT5 with copy and social trading
- Swap-free account
- 100% first-deposit credit up to $5,000 (terms apply)
Compare Bullwaves before you commit
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Compare AlternativesWhy this review is trustworthy
- Freshness dates and fact-checking are shown on the page.
- Broker scoring follows our public methodology and disclosure standards.
- Country-specific differences still matter, so compare the exact entity before you deposit.
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Our Verdict
Bullwaves is recommended for Copy and social trading on MT5
Copy and social trading on MT5
Single offshore licence: Seychelles FSA, no tier-1 regulator
Use this final check alongside the fee, safety, platform, and funding sections above. If Bullwaves still fits your country, account size, and risk tolerance, open the account through the tracked broker route below.
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Risk Warning: Forex/CFD trading involves significant risk. 68-80% of retail accounts lose money.|Affiliate Disclosure: We may earn commissions from listed partners.|Not Advice: For educational purposes only.
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