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Bullwaves Review 2026

Written By

Christian Harris

Written By

Christian Harris

Broker Analyst and Editor

Christian is a seasoned analyst and active trader. 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 7 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.

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Edited By

James Barra

Edited By

James Barra

Head of Content and Media Lead

James is Head of Content and a brokerage expert with a background in financial services. A former management consultant, he's worked on major operational transformation programmes at top European banks. A trusted industry name, James's work at DayTrading.com has been cited in publications like Business Insider.

» James Barra Profile Page

Fact Checked By

Jemma Grist

Fact Checked By

Jemma Grist

Broker Analyst and Editor

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.

» Jemma Grist Profile Page

Updated

May 26, 2026

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Bullwaves may appeal to aspiring day traders looking for the MetaTrader charting platforms with a growing suite of research tools, including AI-powered market analysis. However, the limited track record and weak regulatory credentials raise questions about its reliability.

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Customer Reviews

Minimum Deposit $100

Trading Platforms MT5

Instruments CFDs, Forex, Commodities, Stocks, Indices, ETFs

Regulators FSA

Account Currencies USD, EUR, GBP

Payment Options Debit Card, Visa, Mastercard, Neteller, Wire Transfer, Credit Card

Pros

• Bullwaves now offers copy trading, allowing users to replicate the moves of traders across 900+ strategies with thin spreads from 0.01 pips.
• MT5 is supported (MT4 has been discontinued), giving day traders a leading charting platform with excellent backtesting capabilities.
• USDT deposits and withdrawals are facilitated, in addition to regular bank cards, bank wire transfers, and an e-wallet.
• Bullwaves has upgraded its market offering with global equities, soft commodities, and ETFs, as well as tripling the selection of FX assets.
• Registering on the Bullwaves website and setting up an account is super smooth, only taking a few minutes based on tests.
• Some accounts (Classic and VIP) offer commission-free trading, which means users can execute trades without incurring costs beyond the spread.

Cons

• Bullwaves has limited education tools, reducing its appeal for beginners, especially compared to category leaders like IG that provide structured courses and interactive elements.
• Day traders and scalpers will likely prefer the VIP or ECN accounts, but these require significantly higher starting deposits ($3,000 and $5,000) compared to many brokers offering similar trading conditions with lower entry barriers.
• Customer support performed poorly during our initial tests with no 24/7 chat support as advertised, and no response to our email queries, though it performed much better in our latest round of tests with most queries getting answers same-day.
• Bullwaves operates without strong regulation in major jurisdictions, holding a license with one lower tier regulator, the Seychelles FSA, meaning it lacks oversight from reputable authorities to ensure compliance with strict financial standards.

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 141 online brokers.

Regulation & Trust

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 do hold clients’ funds in segregated accounts and offer negative balance protection, its lack of strong 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.

Accounts & Banking

Live Accounts

Bullwaves offers three account types, all providing access to the MT5 trading platform. However, they differ in terms of spreads and minimum deposits.

• The most accessible account is the Classic Account, which can be opened with a minimum deposit of $100. The minimum deal size is 0.01 lots, spreads are from 1.6 pips, and the maximum leverage is 1:500. Geared towards newer traders.
• Next in line is the VIP Account, which requires a minimum deposit of $3,000. This account reduces spreads from 0.8 pips, but the minimum deal size is increased to 0.01 lots. Geared towards experienced traders.
• Lastly, the ECN Account further reduces spreads from 0.1 pips with leverage up to 1:500. The minimum deal size is 0.01 lots and the minimum deposit is a sizeable $5,000. Geared towards veteran, high-budget traders.

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

What’s interesting is that Bullwaves allows up to six different trading accounts, including two Classic, two VIP, and two ECN 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.

Update: We’ve retested Bullwaves since and the broken links have been fixed, so it was likely a temporary teething issue earlier on.

Christian Harris

Author

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.

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.

It’s important to mention that Bullwaves deals in USD and EUR currencies, with GBP also now available. 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.

Assets & Markets

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

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

That said, Bullwaves has made strides in this department, introducing popular stock CFDs like Apple, Nvidia and Tesla, commodities such as oil and gas, plus ETFs for broader market exposure.

Still, in comparison, CMC Markets provides access to over 300 forex pairs, while XTB offers a collection of over 2,100 global markets and multiple asset classes.

Leverage is available up to 1:500, but keep in mind that 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.

Christian Harris

Author

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.

Fees & Costs

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

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 1.6 pips with the Classic Account.

For day traders and scalpers aiming to capitalize on every pip, there is an ECN solution with spreads from 0.1 pips. This is the obvious pick for active traders wanting the tightest spreads, but the $5,000 minimum deposit is steep. Lots of ECN brokers let you get started with $250 and under.

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.

Platforms & Tools

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 a widely recognized third-party platform: MetaTrader 5.

They also provided MetaTrader 4 for a period, but have discounted that, giving traders just one software option.

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

MT5 offers a comprehensive set of features, supporting a broade range of assets. It also boasts fast 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.

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.

Research

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.

It has, however, improved its offering since our initial tests. There is now an easy-to-use economic calendar (with three impact filters), AI-powered market intelligence, a news stream, and a research terminal, amongst other resources.

Education

Bullwaves falls short in this area, as it does not provide many educational resources beyond a couple of basic courses covering how to register and understanding forex/CFDs. Consequently, new traders must seek out alternative sources to acquire essential skills in risk management, technical analysis, and trading psychology.

This is a clear downside compared to the educational resources offered by leading brokers, notably IG.

Customer Support

Bullwaves offers a contact form, email address and a Seychelles-based phone number.

They have also introduced a live chat feature (I really could have done with chatting to a live agent when I encountered some difficulties setting up my Bullwaves account originally. I emailed support to try and help me to resolve my issue, but I never received a reply).

Nonetheless, we’ve since retested the broker, including its live chat addition, and it’s an improvement, though not yet top-notch. I fired off queries surrounding its account options and minimum trading thresholds. Most were answered within 30 seconds, but two fairly basic questions on its ECN settings and fees I was unable to get answers for right-away. Instead, support tickets were raised for me and later in the day I got email answers.

Should You Trade With Bullwaves?

Bullwaves is a fairly new broker with need for improvement if it aims to compete with industry leaders. It’s already made some strides – fixing broken links and adding live chat support, but there’s still work to do.

It doesn’t charge commissions in most accounts, helping to keep trading costs straightforward. In addition, the MT5 trading platform is supported, and there’s a reasonable selection of funding options.

On the downside, there are limited educational tools. I was also left wanting in terms of the minimal range of financial instruments offered and the basic regulatory compliance.

Overall, Bullwaves is heading in the right direction but is not yet the full package.

FAQ

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 and strong educational materials.

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. MT5 serves as an advanced trading platform, 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 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.

Best Alternatives to Bullwaves

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

1. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to over 170 markets across 40 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
2. FOREX.com – Founded in 2001, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
   Go to FOREX.com

Bullwaves Comparison Table

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