Bullwaves Review

Bullwaves is a Seychelles-based forex and CFD broker that operates under Equitex Capital Limited, which is regulated by the Financial Services Authority of Seychelles. The company is headquartered in Mahe, Seychelles, and says it now serves more than 70, 000 active traders. From the outset, Bullwaves positions itself as a multi-asset broker with ECN/STP execution, a modern-looking client area and a broad overall lineup of products.

Through MetaTrader 5, which is available on desktop, web, iOS and Android, as well as its WebTrader, Bullwaves offers access to a wide range of markets. On the numbers, this includes 108 forex pairs, 12 metals, 11 indices, 4 commodities, 8 ETFs, 88 shares and 133 cryptocurrencies. The number of forex pairs is strong, and their crypto offering is also larger than what the majority other offshore brokers provide. Additionally, Bullwaves also offers social trading and copy trading, and more recently has added “Prime”, its own prop trading service, which gives the them a broader offering than just standard brokerage accounts.

Bullwaves clients can choose from three live account types:

• Classic Account - minimum deposit of $100, spreads from 1.6 pips, leverage up to 1:500, stop out 50%, and designed for newer traders.
• VIP Account - minimum deposit of $3, 000, spreads from 0.8 pips, leverage up to 1:500, stop out 50%, and aimed at intermediate traders wanting tighter pricing.
• ECN Account - minimum deposit of $5, 000, spreads from 0.1 pips, leverage up to 1:500, stop out 25%, and intended for more advanced traders wanting rawer pricing and willing to commit to a larger deposit.

Base account currencies available across accounts include USD, EUR and GBP.

One drawback here is that Bullwaves is not very transparent about commission charges. The site gives spread and deposit ranges clearly enough, but commission detail is not set out in a simple way, and when we contacted their support with a basic question on standard forex lot commissions, they were unable to answer it. That is not a great sign, especially for traders weighing their total trading costs before opening an account.

Funding can be done by credit/debit card, wire transfer and crypto, including Bitcoin, Ethereum, USDT-ERC20, USDT-TRC20 and Binance USD. Bullwaves does not charge fees on deposits or withdrawals, although withdrawals below €100 do incur a €10 fee. Deposits by card are generally instant, crypto deposits are expected within about 90 minutes, and withdrawal requests are usually processed within one working day, with the full arrival time depending on the method used.

Bullwaves also offers a swap-free Islamic account. Instead of standard overnight swap fees, an admin or handling fee can apply after a charge-free period, with many instruments getting between 3 and 6 charge-free nights before any fee is charged. The broker also has a help centre and offers 25/7 support, although their support was responsive and fairly quick to answer, based on our own interaction, the quality of that support could certainly be better.

Overall, with Bullwaves, traders are presented with an impressive range of markets, strong crypto coverage, MT5 access and useful extras such as copy trading and swap-free accounts. The main negatives are the lack of negative balance protection, weak commission transparency and the fairly high minimum deposits required to access the tighter-spread VIP and ECN accounts.