Score

4.04 /10
Average

Bullwaves

Seychelles

2-5 years

Regulated in Seychelles

Derivatives Trading License (EP)

MT5 Full License

Medium Risk

Offshore Regulation

B

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Comparison

Quantity 4

Exposure

Time Machine
Website

Score

Regulatory Index6.69

Business Index6.48

Risk Management Index5.68

Software Index6.82

License Index4.03

Time Machine
Website

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

open now

Broker Information

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Company Name

Equitex Capital Limited

Company Abbreviation

Bullwaves

Platform registered country and region

Seychelles

Company website

Company summary

Pyramid scheme complaint

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WikiFX Risk Alerts
Previous Detection : 2026-10-14
  • This broker is regulated in an offshore jurisdiction with a light-touch supervisory framework. Please be aware of the risks!

WikiFX Verification

Pyramid scheme complaint
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Bullwaves · Company summary
Bullwaves Review Summary
Founded2023
Registered Country/RegionSeychelles
RegulationFSA (Offshore Regulated)
Market InstrumentsForex, Shares, Indices, Metals, Commodities, and ETFs
Demo Account✅
LeverageUp to 1:500
SpreadFrom 1.6 pips (Classic account)
Trading PlatformMT5
Minimum Deposit$100
Customer Support24/7 live chat
Tel: +248 4379848, +44 1212258769
Email: support@bullwaves.com

Bullwaves Information

Bullwaves, registered in Seychelles, is an online trading platform that offers trading in forex, shares, indices, metals, commodities, and ETFs on the MT5 platform, with a consistent leverage of up to 1:500 and spreads starting from 0.1 pips. A minimum deposit of $100 is required, and Bullwaves provides three live account types (Classic, VIP, ECN) and a demo account.

Bullwaves' homepage

Pros and Cons

Pros Cons
  • Supports Meta Trader 5
  • Inactivity fee charged
  • High leverage of 1:500
  • Offshore regulation
  • Regulated by the FSA

Is Bullwaves Legit?

Bullwaves is officially licensed and offshore regulated by the Seychelles Financial Services Authority (FSA) in Seychelles under license number SD185.

Regulated AuthorityCurrent StatusRegulated CountryLicense TypeLicense No.
Seychelles Financial Services Authority(FSA)Offshore RegulatedSeychellesRetail Forex LicenseSD185
Offshore regulated by FSA

What Can I Trade on Bullwaves?

Bullwaves offers trading across various markets, including forex, shares, indices, metals, commodities, and ETFs.

Tradable Instruments Supported
Forex✔
Shares✔
Indices✔
Metals✔
Commodities✔
ETFs✔
Cryptocurrencies❌
Bonds❌
Options❌
What Can I Trade on Bullwaves?

Account Type

Bullwaves offers three types of accounts, with a demo account available.

Account TypeIdeal forMinimum DepositStop outSpread from
ECNAdvanced traders$5,00025%0.1 pips
STPBeginner traders$10050%1.6 pips
SWAP FREEFaith-friendly trading, No overnight swaps$10050%1.6 pips
20261010-105555.jpg

Leverage

Bullwaves offers a consistent leverage of 1:500 across all its account types:SWAP FREE, STP and ECN. Note that high leverage can amplify not only profits but also losses.

Bullwaves Fees

Spreads:

Bullwaves offers variable spreads that differ by account type: the SWAP FREE account starts from 1.6 pips, the STP account from 1.6 pips, and the ECN account from 0.1 pips.

Inactive Fees:

Bullwaves charges a 10 USD monthly non-refundable inactivity fee. An account becomes inactive if no trade is placed, no positions are opened or closed, and no deposit is made for 30 consecutive days.

Inactivity fee

Trading Platform

Trading PlatformSupported Available Devices Suitable for
MT5✔Desktop, Android, Apple phoneExperienced traders
MT4❌/Beginners
MT5

Deposit and Withdrawal

Bullwaves charges withdrawal fees:

  • Bank wire withdrawals: 10 EUR fixed fee for ≤ 100 EUR.
  • Other withdrawals (except card refunds): 10 EUR fixed fee for ≤ 20 EUR.
  • Additional fees from funding providers may apply.
Withdrawal fee

News

NewsBullwaves Secures Prestigious Global Industry Award for Best Affiliate Programme

Bullwaves, a leading global online trading broker, has officially been recognized with a major financial technology award, naming its partner ecosystem the “Best Affiliate Programme” of the year. This milestone highlights the companys ongoing infrastructure investments, long-term affiliate strategy, and rapidly expanding global network.

Bullwaves
2026-06-24 17:03
Bullwaves Secures Prestigious Global Industry Award for Best Affiliate Programme

User Reviews

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User comment

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Comments

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FX1088186130
0-3months
Retirada de 994,56€ denegada por "latency arbitrage" sin un solo ticket ni dato técnico aportado. Analicé mis 6.198 operaciones del historial oficial de MT5: las rápidas (<30s) pierden dinero, el 95% del beneficio viene de posiciones de minutos/horas, y la latencia de ejecución (0,2-1s en el 29% de las órdenes) descarta cualquier arbitraje de milisegundos. Mandé el análisis a Compliance con cifras exactas; respondieron con plantilla genérica y, 39 minutos después, ajustaron mi cuenta a 0€ ("ABUSE_PROFIT"). Su propia web de ayuda ni siquiera lista "abuse" como motivo de rechazo. Escalando a FSA Seychelles (SD185).
Retirada de 994,56€ denegada por "latency arbitrage" sin un solo ticket ni dato técnico aportado. Analicé mis 6.198 operaciones del historial oficial de MT5: las rápidas (<30s) pierden dinero, el 95% del beneficio viene de posiciones de minutos/horas, y la latencia de ejecución (0,2-1s en el 29% de las órdenes) descarta cualquier arbitraje de milisegundos. Mandé el análisis a Compliance con cifras exactas; respondieron con plantilla genérica y, 39 minutos después, ajustaron mi cuenta a 0€ ("ABUSE_PROFIT"). Su propia web de ayuda ni siquiera lista "abuse" como motivo de rechazo. Escalando a FSA Seychelles (SD185).
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2026-09-03 22:26
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FX1731075252
0-3months
Scrivo questa recensione per avvisare gli altri utenti della mia esperienza con Bull Waves (gestita da Equitex Capital Limited / Moonance LLC). Da oltre un mese sto aspettando il pagamento dei miei fondi senza alcuna valida spiegazione. Ho presentato regolari richieste di prelievo per un importo complessivo di 1.912 €. Entrambe le richieste risultano ancora in sospeso e il denaro non è stato accreditato sul mio conto. Ho contattato più volte il servizio clienti via e-mail, ma ho ricevuto esclusivamente risposte automatiche, senza alcuna spiegazione concreta e senza che venisse richiesta documentazione aggiuntiva. Ritengo questo comportamento estremamente scorretto e contrario ai principi di trasparenza e correttezza nei confronti dei clienti. Chiedo a Bull Waves di elaborare immediatamente i miei prelievi e di trasferire l'intero importo di 1.912 € sul mio conto bancario. Aggiornerò qu
Scrivo questa recensione per avvisare gli altri utenti della mia esperienza con Bull Waves (gestita da Equitex Capital Limited / Moonance LLC). Da oltre un mese sto aspettando il pagamento dei miei fondi senza alcuna valida spiegazione. Ho presentato regolari richieste di prelievo per un importo complessivo di 1.912 €. Entrambe le richieste risultano ancora in sospeso e il denaro non è stato accreditato sul mio conto. Ho contattato più volte il servizio clienti via e-mail, ma ho ricevuto esclusivamente risposte automatiche, senza alcuna spiegazione concreta e senza che venisse richiesta documentazione aggiuntiva. Ritengo questo comportamento estremamente scorretto e contrario ai principi di trasparenza e correttezza nei confronti dei clienti. Chiedo a Bull Waves di elaborare immediatamente i miei prelievi e di trasferire l'intero importo di 1.912 € sul mio conto bancario. Aggiornerò qu
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2026-08-08 20:51
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