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Bullwaves Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-09-04 12:10

Abstract：Bullwaves, which was founded in 2023 under the Financial Services Authority (FSA) of Seychelles, offers a broad range of more than 250 traded assets. The company gains most advantage from officially regulating by FSA. One significant drawback, though, is the higher minimum deposits required for VIP and Elite accounts. It's not appropriate for every trader.

　　Bullwaves, which was founded in 2023 under the Financial Services Authority (FSA) of Seychelles, offers a broad range of more than 250 traded assets. The company gains most advantage from officially regulating by FSA. One significant drawback, though, is the higher minimum deposits required for VIP and Elite accounts. It's not appropriate for every trader.

Pros and Cons

Pros	Cons
Regulated by FSA in Seychelles	High minimum deposit &10,000 for Elite account
Offers MetaTrader 5 platform	Inactivity fee:$10 per month after 30 days
Access to over 250 tradable assets	Asking for 10EUR ~ 100EUR withdrawal fees

Is Bullwaves Legit？

　　Under licence number SD185, Bullwaves is a genuine trading platform run under control by Seychelles' Financial Services Authority (FSA).

Regulatory Authority	Seychelles Financial Services Authority (FSA)
License Type	Retail Forex License
Current Status	Offshore Regulated
License No.	SD185
Licensed Institution	Equitex Capital Limited

What Can I Trade on Bullwaves？

　　Bullwaves provides more than 250 financial products, including forex, indices, commodities, shares, metals, and ETFs. But cryptocurrencies are excluded.

Tradable Instruments	Supported
Forex	✔
Indices	✔
Commodities	✔
Shares	✔
Metals	✔
ETFs	✔
Cryptocurrencies	❌
Binary Options	❌

Account Types

　　Classic, VIP, and Elite are the three live trading accounts Bullwaves provides. There is a demo account, but no Islamic account.

Account Name	Leverage	Spread From	Commissions From	Min. Deposit	Stop Out	Margin Email	Suitable For
Classic	1:200	2.0 pips	$10	$250	50%	No	Beginner and intermediate traders
VIP	1:400	1.5 pips	$10	$10,000	35%	Yes	Advanced traders
Elite	1:500	1.1 pips	$10	$50,000	25%	Yes	Professional and high-volume traders

Bullwaves Fees

　　Though they vary based on the type of account, Bullwaves' fees are reasonable.

Trading Fees

　　Bullwaves Spreads and Commissions

　　On the Elite account, spreads start from 1.1 pips; on the VIP account, they start at 1.5 pips; on the Classic account, they start at 2.0 pips. Every account's commission starts at $10.

Account	Spreads(From)	Commissions(From)
Classic	2.0 pips	$10
VIP	1.5 pips	$10
Elite	1.1 pips	$10

Non-Trading Fees

　　Inactivity fee: Bullwaves asks for $10 every month following thirty days for inactive account.

Trading Platform

Trading Platform	Supported	Available Devices	Suitable for
MetaTrader 5 (MT5)	✔	Web, Windows, Mac, iOS, Android	Beginners to advanced traders
Autochartist	✔	Web, Desktop	All traders
MT5 WebTrader	✔	Web-based	Prefer browser traders
MT5 NexGeneration	✔	Web, Desktop	Experienced traders

Deposit and Withdrawal

　　Bullwaves charges $0 for deposits. Bullwaves' account type dictates their minimum deposit; it starts at $50.

　　Bank wire transfers are not handled instantly when depositing; usually, they take two to five business days.

　　Deposit Options

Deposit Options	Min. Deposit	Fees	Processing Time
Credit/Debit Cards	$50	None	Instant
Bank Wire Transfers	$50	None	2-5 working days
E-wallets	$50	None	Instant

　　Withdrawal Options

　　The withdrawal fees depend on the withdrawal options. It starts from 10 EUR to 100 EUR.

　　Please note:

　　1.While Bullwaves does not have a minimum withdrawal value (save from bank wires), withdrawals below 2 EURcannot be handled due to fees; Also there exists a 10 EUR fee applies to bank wire withdrawals of 100 EUR or less.

　　2.Bank wire transfers are not handled instantly when withdrawing. They take two to five business days.

Withdrawal Options	Min. Withdrawal Amount	Fees	Processing Time
Bank Wire Transfer	100 EUR	10 EUR for amounts ≤ 100 EUR	2-5 working days
Other Withdrawal Methods	20 EUR	10 EUR for amounts ≤ 20 EUR	Varies depending on method
Credit/Debit Card Refunds	Not specified	No fixed fee, but provider fees may apply	Varies depending on provider

Customer Support

　　Bullwaves offers 24/7 client service through phone, email, live chat, and social media, among other means. There is a wide spectrum of support choices that helps traders to get assistance at the necessary level.

Contact Options	Details
Phone	+44 7700 100833
Email	support@bullwaves.com
Online Chat	✔
Social Media	WhatsApp, Telegram
Supported Languages	English
Website Language	English
Physical Address	Office No. Al9C, Providence Complex, Seychelles
Live Chat	✔
Contact Form	✔

The Bottom Line

　　Bullwaves is good for both novice and professional traders since it provides a stable and convenient MetaTrader 5 platform and a good trading experience with access to a large spectrum of assets. But however, certain traders will be discouraged, nonetheless, by the non-trading fees, like monthly inactivity fines and commissions.