Bullwaves Review 2024

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Written By
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Written By
Christian Harris
Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

1 / 5
Bullwaves is #108 in our CFD broker rankings.

Bullwaves may appeal to aspiring day traders looking for the MetaTrader charting platforms with commission-free pricing. However, the poorly presented site is full of misinformation and dead links, while its limited track record and weak regulatory credentials raise questions about its reliability.

- Christian Harris, Reviewer

Established in 2024 and headquartered in Seychelles, Bullwaves is a MetaTrader-only broker offering access to a modest collection of 250+ assets including forex, metals and indices. Traders can choose from three accounts; Classic, VIP and Elite, catering to different experience levels and budgets.

MT4, MT5
CFDs, Forex, Metals, Indices
Debit Card, Visa, Mastercard, Neteller, Wire Transfer, Credit Card

Trading App

Bullwaves licenses the MT4 and MT5 platforms, which are accessible on iOS and Android devices. Yet while MetaTrader is popular among experienced traders, the lack of a proprietary app is a drawback for novices, as dedicated apps often feature simplified interfaces and a gentler learning curve.

iOS App Rating
Android App Rating

CFD Trading

Bullwaves offers CFDs with leverage up to 1:500, providing short-term trading opportunities on upward/downward price movements. However, the selection of CFDs is extremely narrow, with just 33 currency pairs, six indices and two metals. Notably, there are no stocks, commodities or cryptos.

✓ Pros

  • Registering on the Bullwaves website and setting up an account only takes a few minutes based on tests.
  • All three accounts offer commission-free trading, which means users can execute trades without incurring costs beyond the spread.
  • Both MT4 and MT5 are supported, so day traders can choose from leading charting platforms based on their preferences.
  • USDT deposits and withdrawals are facilitated, in addition to regular bank cards, bank wire transfers, and an e-wallet.

✗ Cons

  • The lacking selection of 250+ instruments limits flexibility for day traders, especially compared to industry leaders like Blackbull Markets with its 26,000+ instruments.
  • Bullwaves operates without regulation in major jurisdictions, holding a license with one 'red tier' regulator, the FSA, meaning it lacks oversight from reputable authorities to ensure compliance with strict financial standards.
  • Customer support performed woefully during tests with no 24/7 chat support as advertised, and no response to our email queries.
  • Bullwaves has non-existent education and research tools, reducing its appeal for beginners, especially compared to category leaders like IG.
  • Although relatively new, the Bullwaves website is full of dead links and holding/dummy text pages, which doesn’t instil confidence.
  • There is no zero-spread trading account, which is a drawback for experienced intraday traders aiming to capitalize on small price movements.

This review of Bullwaves offers an in-depth analysis of the day trading experience, based on firsthand usage and comparisons with suitable alternatives from our extensive database of around 500 online brokers.

Regulation & Trust

1.5 / 5

Bullwaves operates under Equitex Capital Limited, which is authorized by the Financial Services Authority of Seychelles (Seychelles FSA).

While the Seychelles FSA enforces regulatory and compliance requirements, it is less rigorous compared to more established regulatory authorities – giving it ‘red tier’ status in line with our Regulation & Trust Rating.

And while Bullwaves claims to hold clients’ funds in segregated accounts and offers negative balance protection, its lack of regulation means it does not provide public financial disclosures or list on any stock exchange. This sets it apart from highly trusted brokers like Plus500 or IG.

Choose a broker authorized by ‘green tier’ regulators like the Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC), which are known for their stricter regulations and higher standards of oversight.

Comparison of similar brokers 2024
Bullwaves IG FP Markets
Regulation & Trust Rating
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Review Review Review Review

Accounts & Banking

3.5 / 5

Live Accounts

Bullwaves offers three account types, all providing access to the MT4 and MT5 trading platforms. However, they differ in terms of spreads and leverage.

All accounts support EAs, scalping, hedging, and VPS. However, they differ in their stop-out levels, which are set at 50%, 35%, and 25% respectively.

Trading account opened in Bullwaves client dashboard

What’s interesting is that Bullwaves allows up to six different trading accounts, including two Classic, two VIP, and two Elite accounts, all of which can be easily opened through the client dashboard.

Disappointingly, Bullwaves doesn’t support PAMM (Percentage Allocation Management Module) accounts, which are commonly used by money managers to oversee multiple accounts.

The account opening process itself is quick, taking only a few minutes. However, I encountered several dead links on the website, including the main ‘Sign up’ link, which was frustrating. I had to search for an alternative link on the site to proceed.

Additionally, the welcome email I received was badly formatted in parts, which didn’t build confidence.

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Christian Harris

Demo Accounts

Bullwaves offers a risk-free demo account compatible with MT5. With the paper trading account, you can test strategies without constraints right from the get-go.

Having said this, it’s unusual not to offer a demo MT4 account.

Deposits & Withdrawals

Bullwaves’ banking options are relatively flexible and include bank card (Visa, Mastercard and virtual card), Neteller (e-wallet), bank wire, and USDT cryptocurrency (TRC20 and ERC20).

It’s disappointing they don’t support other popular cryptocurrencies such as Bitcoin or Litecoin, or other popular e-wallets including PayPal and Skrill.

International bank wire deposits typically take 3-5 business days to appear in my Bullwaves account.

While Bullwaves does not levy charges for bank wire deposits, sending and correspondent banks may apply fees according to their individual fee structures. SEPA (Single Euro Payments Area) transfers typically reflect within the same business day, with very low associated fees.

Making a deposit on Bullwaves platform

It’s important to mention that Bullwaves deals only in USD and EUR currencies. When depositing cryptocurrency, it undergoes automatic conversion into one of these fiat currencies.

Similarly, withdrawals follow the same pathway, returning funds to the original account and method used for funding.

Comparison of similar brokers 2024
Bullwaves IG FP Markets
Accounts & Banking Rating
Payment Methods Credit Card, Debit Card, Mastercard, Neteller, Visa, Wire Transfer Credit Card, Debit Card, Mastercard, PayPal, Visa, Wire Transfer Apple Pay, Bitcoin Payments, Credit Card, Debit Card, Dragonpay, FasaPay, Google Wallet, Mastercard, Neteller, Perfect Money, Rapid Transfer, Skrill, Sticpay, Visa, Wire Transfer
Minimum Deposit $250 $0 $40
Visit Visit Visit Visit
Review Review Review Review

Assets & Markets

2 / 5

Bullwaves focuses on forex and CFD trading, omitting popular asset classes such as real stocks, ETFs, commodities, cryptocurrencies, or options.

Its array of tradable products is also limited compared to most other brokers, encompassing just 33 currency pairs along with two CFDs in precious metals (gold and silver) and six major indices (Germany 40, FTSE 100, S&P 500, Dow Jones, Nasdaq-100, CAC 40).

Notably, forex is the largest and most liquid global market, but Bullwaves only provides an extremely limited selection of major and minor pairs — exotic forex pairs aren’t even catered for.

In comparison, CMC Markets provides access to over 300 forex pairs, while IG offers 100 currency pairs for trading and XTB offers a collection of over 2,100 global markets and multiple asset classes.

Leverage is available up to 1:500, which is also disappointing compared to some off-shore brokers which offer 1:1000 and 1:2000, though higher leverage significantly increases the risk of large losses.

Considering the broker offers cryptocurrency deposits and withdrawals, I’m surprised there is no support for trading any crypto even if conducted via CFDs, which means I wouldn’t acquire the underlying coins.

Traders seeking a broader range of cryptocurrencies should consider eToro, which offers a selection of over 100 cryptocurrencies.

author image
Christian Harris

Bullwaves does not offer passive income opportunities, such as earning interest on idle account balances, which distinguishes it from competitors like XTB and Interactive Brokers.

Additionally, Bullwaves lacks copy trading, which may be a drawback for passive investors. eToro is an excellent alternative here – I personally use the broker’s social trading platform.

Comparison of similar brokers 2024
Bullwaves IG FP Markets
Assets & Markets Rating
Trading Instruments CFDs, Forex, Metals, Indices CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto
Margin Trading Yes Yes Yes
Leverage 1:500 1:30 (Retail), 1:250 (Pro) 1:30 (UK), 1:500 (Global)
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Review Review Review Review

Fees & Costs

3.8 / 5

Bullwaves catches your attention with its fee structure, featuring no commissions.

However, the spreads offered by Bullwaves vary depending on the type of account you have. For major currency pairs like EUR/USD and USD/JPY, spreads can start from 2.0 pips with the Classic Account.

Yet day traders and scalpers aiming to capitalize on every pip might find brokers like IC Markets, which offers zero spread accounts (albeit with small commissions), more appealing.

Bullwaves charges a fixed fee of €10 for bank wire withdrawals equal to or below €100, and the same fee applies to other withdrawals (excluding card refunds) equal to or below €20.

Regarding account maintenance, Bullwaves may apply a $10 inactivity fee if there are no trades made for 30 days – kicking in much faster than most top brokers.

Comparison of similar brokers 2024
Bullwaves IG FP Markets
Fees & Costs Rating
EUR/USD Spread Variable 0.8 0.1
FTSE Spread Variable 1.0 1.64
Oil Spread NA 2.8 0.04
Stock Spread NA 0.02 Variable
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Review Review Review Review

Platforms & Tools

2.5 / 5

Bullwaves does not have its own proprietary trading platform, which might be a concern, especially for those new to trading. However, they compensate for this by offering support for two widely recognized third-party platforms: MetaTrader 4 and MetaTrader 5.

Both MT4 and MT5 are accessible on various devices, including desktop and mobile, and can also be run directly in web browsers.

For beginners, MT4 is often the preferred choice due to its simplicity and extensive range of technical indicators and tools. It is a user-friendly platform, though its asset selection is primarily limited to forex and CFDs.

In contrast, MT5 offers a more comprehensive set of features, supporting a broader range of assets. It also boasts faster processing speeds and advanced backtesting capabilities. However, its interface may be slightly more complex for beginners, and its scripting language differs from that of MT4.

MT5 charting platform at Bullwaves brokers
MetaTrader 5
The ideal platform depends on your experience level and trading preferences. If you’re new to forex, MT4 provides a solid foundation, while MT5 caters to experienced traders seeking a wider array of assets and advanced tools.

Unfortunately, Bullwaves does not support other popular charting platforms like TradingView and cTrader, which could be a drawback for day traders who prefer these tools.

Misleadingly, Bullwaves embeds TradingView educational content on its site, which may lead some traders to believe that the third-party platform is supported.

Comparison of similar brokers 2024
Bullwaves IG FP Markets
Platforms & Tools Rating
Platforms MT4, MT5 Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral
Mobile App iOS & Android iOS & Android iOS & Android
Visit Visit Visit Visit
Review Review Review Review


0.3 / 5

Many brokers, lacking the resources to generate their own content, license high-quality analysis tools from providers like Trading Central or Autochartist. However, Bullwaves falls short in this regard and does not offer access to these tools – even though it advertises Autochartist on its website.

Furthermore, there is no economic calendar, no blog content, no technical or fundamental forecasts, and no market sentiment indicators. This complete lack of resources makes Bullwaves completely unsuitable for new traders.

To further compound the inadequacy, Bullwaves’ website is full of holding pages that display dummy text and misleading comment counts.

Comparison of similar brokers 2024
Bullwaves IG FP Markets
Research Rating
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Review Review Review Review


0.3 / 5

Bullwaves falls short in this area, as it does not provide any educational resources. Consequently, new traders must seek out alternative sources to acquire essential skills in risk management, technical analysis, and trading psychology.

The Bullwaves website doesn’t even include an Education section, so there are no immediate plans to match the trading tutorials, webinars, and other educational resources offered by leading brokers, notably IG.

Comparison of similar brokers 2024
Bullwaves IG FP Markets
Education Rating
Visit Visit Visit Visit
Review Review Review Review

Customer Support

1.5 / 5

Whereas the best brokers offer various support options available around the clock, 7 days a week, including live chat, email, and localized telephone support hotlines, Bullwaves simply offers a contact form, email address and Seychelles-based phone number.

There is also no live chat option, even though the website claims ‘24/7 live support’, and the vast majority of brokers we’ve evaluated support this feature.

I really could have done with chatting to a live agent when I encountered some difficulties setting up my Bullwaves account.

I emailed support to try and help me to resolve my issue, but I never received a reply.

author image
Christian Harris

Comparison of similar brokers 2024
Bullwaves IG FP Markets
Customer Support Rating
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Review Review Review Review

Should You Trade With Bullwaves?

Bullwaves is a fairly new broker with an urgent need for improvement if it aims to compete with industry leaders.

It doesn’t charge any commissions, helping to keep trading costs straightforward. In addition, both MT4 and MT5 trading platforms are supported, and there’s a reasonable selection of funding options.

On the downside, the website is full of broken links (it looks like an unfinished off-the-shelf WordPress theme), there are no research or educational tools, and customer support is almost non-existent. I was also left wanting in terms of the minimal range of financial instruments offered and the basic regulatory compliance.

Overall, Bullwaves is best avoided until it becomes a better-presented package.


Is Bullwaves Legit Or A Scam?

Bullwaves is a relatively new brand with its registered address in Seychelles. Due to the broker’s recent entry into the market, there is limited information available to evaluate its reputation. Consequently, we recommend that traders exercise extreme caution when considering this broker.

Is Bullwaves A Regulated Broker?

Bullwaves operates under Equitex Capital Limited, which is regulated by the Financial Services Authority of Seychelles (FSA). Although the Seychelles FSA enforces compliance standards, it is not a well-regarded regulator.

Is Bullwaves Suitable For Beginners?

Bullwaves is definitely not suitable for novice traders because it lacks a proprietary trading platform, any educational materials or reliable support to assist aspiring traders.

New traders may find platforms like eToro and Plus500 more suitable alternatives to consider.

Is Bullwaves A Good Broker For Day Trading?

Bullwaves is reasonably well suited for day trading because of its fast execution speeds and compatibility with scalping and hedging strategies. Both MT4 and MT5 serve as advanced trading platforms, offering comprehensive charting tools, technical indicators, and order types designed to facilitate the execution of day trading strategies.

That said, its various shortcomings mean it doesn’t rival the best brokers for day trading.

Does Bullwaves Have A Mobile App?

No, however MT4 and MT5 offer mobile applications for both iOS and Android devices. These apps enable traders to access their accounts, monitor real-time market data, execute trades, manage positions, and utilize a range of analytical tools conveniently while on the go.

Top 3 Alternatives to Bullwaves

Compare Bullwaves with the top 3 similar brokers that accept traders from your location.

  1. IC Markets – IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
    Go to IC Markets
  2. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
    Go to IG
  3. FP Markets – Established in 2005 in Australia, FP Markets is an ASIC- and CySEC-regulated broker boasting an extensive suite of tradable assets. Its Standard and Raw accounts cater to day traders at every level, while it packs a punch in the tooling department, from the MetaTrader suite and intuitive TradingView to actionable trading ideas from Trading Central and AutoChartist.
    Go to FP Markets

Bullwaves Comparison Table

Compare Bullwaves With Similar Brokers
Bullwaves IC Markets IG FP Markets
Rating 1 4.8 4.4 4
Markets CFDs, Forex, Metals, Indices CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto
Demo Account Yes Yes Yes Yes
Minimum Deposit $250 $200 $0 $40
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Education No Yes Yes Yes
Platforms MT4, MT5 MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral
Leverage 1:500 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) 1:30 (Retail), 1:250 (Pro) 1:30 (UK), 1:500 (Global)
Payment Methods 6 14 6 15
Visit Visit Visit Visit Visit
Review IC Markets
FP Markets

Compare Trading Instruments

Compare the markets and instruments offered by Bullwaves and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Bullwaves Trading Instruments
Bullwaves IC Markets IG FP Markets
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks No Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes Yes Yes
Gold Yes Yes Yes Yes
Copper No No Yes Yes
Silver Yes Yes Yes Yes
Corn No Yes No Yes
Crypto No Yes Yes Yes
Futures No Yes Yes No
Options No No Yes No
ETFs No Yes Yes Yes
Bonds No Yes Yes Yes
Warrants No No Yes No
Spreadbetting No No Yes No
Volatility Index No Yes Yes Yes

Bullwaves vs Other Brokers

Compare Bullwaves with any other broker by selecting the other broker below.


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Established in 2024 and headquartered in Seychelles, Bullwaves is a MetaTrader-only broker offering access to a modest collection of 250+ assets including forex, metals and indices. Traders can choose from three accounts; Classic, VIP and Elite, catering to different experience levels and budgets.

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