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Editor’s Verdict
Bullwaves, founded in 2023, is a relatively new multi-asset broker. It offers 200+ assets on the MT5 platform and is focused on copy and social trading. As a result, it is a good choice for beginners. My Bullwaves review evaluates the competitiveness of its trading conditions, so read on to see if it is the best broker for you.
Overview
Bullwaves offers copy and social trading with a balanced asset selection.
Headquarters | Seychelles |
|---|---|
Regulators | FSA |
Tier 1 Regulator(s)? | |
Owned by Public Company? | |
Year Established | 2023 |
Execution Type(s) | Market Maker |
Minimum Deposit | $250 |
Negative Balance Protection | |
Trading Platform(s) | MetaTrader 5 |
Average Trading Cost EUR/USD | Undisclosed |
Average Trading Cost GBP/USD | Undisclosed |
Average Trading Cost WTI Crude Oil | Undisclosed |
Average Trading Cost Gold | Undisclosed |
Average Trading Cost Bitcoin | Not applicable |
Retail Loss Rate | 75.20% |
Minimum Raw Spreads | Not applicable |
Minimum Standard Spreads | 1.1 pips |
Minimum Commission for Forex | Not applicable |
Funding Methods | 2+ |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
Bullwaves’ five core takeaways:
- 1:500 maximum Forex leverage
- BW Academy for beginners
- 24/7 live support
- No pricing transparency
- No volume-based rebates
Bullwaves Regulation and Security
Bullwaves has one regulated entity.
Country of the Regulator | Seychelles |
|---|---|
Name of the Regulator | FSA |
Regulatory License Number | SD185 |
Regulatory Tier | 4 |
Is Bullwaves Legit and Safe?
My review found no misconduct or malpractice by this broker. Bullwaves is a relatively new broker.
Bullwaves regulation and security components:
- Regulated by the FSA
- Founded in 2023
- Segregation of client deposits from corporate funds
- Negative balance protection
What Would I Like Bullwaves to Add?
I want Bullwaves to consider membership with the Hong Kong-based Financial Commission, which provides third-party audits and a €20,000 compensation fund per claim to all traders. Additionally, a third-party insurance package to enhance protection and more transparency about its core management team would further increase trust in this broker.
Fees
Bullwaves offers a commission-free pricing environment.
Bullwaves does not levy internal deposit fees. However, withdrawal fees, third-party processing costs, and currency conversion fees can apply. After 30 days of dormancy, a $10 monthly inactivity fee applies.
Average Trading Cost EUR/USD | Undisclosed |
|---|---|
Average Trading Cost GBP/USD | Undisclosed |
Average Trading Cost WTI Crude Oil | Undisclosed |
Average Trading Cost Gold | Undisclosed |
Average Trading Cost Bitcoin | Not applicable |
Minimum Raw Spreads | Not applicable |
Minimum Standard Spreads | 1.1 pips |
Minimum Commission for Forex | Not applicable |
Deposit Fee | |
Withdrawal Fee | |
Inactivity Fee | Yes |
The minimum trading costs for the EUR/USD at Bullwaves are:
Minimum Spread | Commission per Round Lot | Cost per 1.0 Standard Lot |
2.0 pips (Classic) | $0.00 | $20.00 |
1.5 pips (VIP) | $0.00 | $15.00 |
1.1 pips (Elite) | $0.00 | $11.00 |
Swap rates on leveraged overnight positions are a frequently ignored trading cost. For longer-term traders, these fees can be very important.
MetaTrader 5 (MT5) traders can access swap rates from their platform by following these steps:
1. Right-click the desired symbol in the Market Watch window and select Specification.
2. Scroll down until you see Swap Long and Swap Short.
Range of Assets
Bullwaves has a balanced selection of highly liquid assets. It would be great if they added a selection of cryptocurrency CFDs.
Bullwaves covers the following sectors:
- Forex
- Commodities
- Metals
- Indices
- Equities (requiring the Elite account and a $50,000 minimum deposit)
- ETFs
Currency Pairs | |
|---|---|
Cryptocurrencies | |
Commodities | |
Crude Oil | |
Gold | |
Metals | |
Stocks | |
Stocks (non-CFDs) | |
Bonds | |
ETFs | |
Options | |
Futures | |
Synthetics |
Bullwaves Leverage
Maximum Retail Leverage | 1:500 |
Maximum Pro Leverage | 1:500 |
What should traders know about Bullwaves leverage?
- Traders in the Classic account receive a maximum leverage of 1:200, which increases to 1:400 for the VIP account and 1:500 for the Elite account.
- Negative balance protection exists.
- Traders should always use appropriate risk management with leveraged trading to avoid magnified trading losses.
Account Types
Bullwaves offers three account types, all of which have identical trading conditions except for a decrease in trading fees, an increase in leverage, and an increase in the minimum trade size. I am missing volume-based rebates.
My observations concerning the Bullwaves account types are:
- A $250 minimum deposit for the Classic account, $10,000 for VIP, and $50,000 for Elite
- The Classic account does not receive a margin call e-mail
- Only the Elite account offers equity trading
- 1:200 leverage with negative balance protection for Classic, 1:400 for VIP, and 1:500 for Elite
- The minimum trade size is 0.01 lots in the Classic account, 0.05 for the VIP account, and 0.10 for the Elite account.
Bullwaves Demo Account
Demo trading does not grant exposure to the psychological impact of trading with real money and can create unrealistic trading expectations. Therefore, I want to caution beginner traders against using demo trading as a simulation, as trading with real funds feels different.
What stands out about the Bullwaves demo account?
- Customizable MT5 demo accounts
- Bullwaves does not list a demo expiration.
Trading Platforms
Traders get MT5 as a powerful desktop client, a lightweight web-based alternative, and a popular mobile app. Bullwaves upgrades MT5 with the Autochartist plugin and the MT5 NexGeneration suite. Additionally, traders may upgrade MT5 with 10,000+ custom indicators, templates, and EAs.
MT4 | |
|---|---|
MT5 | |
MT4/MT5 Add-Ons | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Social/Copy Trading | |
DOM? | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
One-Click Trading | |
OCO Orders | |
Interest on Margin |
Unique Features
Bullwaves offers a copy and social trading service. The former claims 900+ strategies, while the latter allows traders to engage and copy trades from one another. I wish Bullwaves would provide more information, as both services have a solid foundation.
Research and Education
Bullwaves does not publish in-house research, but traders receive actionable trading signals via Autochartist.
What should traders know about the educational offering at Bullwaves?
The BW Academy offers educational resources but requires registration. Unfortunately, Bullwaves does not follow its competitors in educating new traders without forcing sign-ups.
My Conclusions:
- Beginners may evaluate the BW Academy.
- Traders should also seek in-depth education from third parties, starting with trading psychology and the relationship between leverage and risk management.
- Traders should avoid paid-for courses and mentors
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 24/7 |
Website Languages |     |
Bullwaves offers 24/7 customer support via e-mail, phone, and live chat, but I recommend that traders browse the FAQs before contacting support.
Bonuses and Promotions
During my Bullwaves review, Bullwaves offered a 20% deposit bonus. Be sure to always read the small print before accepting a bonus.
Opening an Account
Bullwaves has a swift online application but uses data mining to satisfy regulators, including an appropriateness test and an economic profile.
What should traders know about the Bullwaves account opening process?
- Bullwaves complies with global AML/KYC requirements.
- Account verification is mandatory
- Most traders pass verification by uploading a copy of a government-issued ID and one proof of residency document.
- Bullwaves may ask for additional information on a case-by-case basis.
Minimum Deposit
The Bullwaves minimum deposit for the Classic account is $250, or its currency equivalent.
Payment Methods
Withdrawal options |     |
|---|---|
Deposit options | |
Bullwaves accepts bank wires and credit/debit cards. It notes the availability of e-wallets based on the trader’s geographic location.
Accepted Countries
Bullwaves says it does not open accounts for residents of Belgium, North Korea, the United States, Afghanistan, Belarus, the Central African Republic, China, Iran, Russia, Cuba, Libya, Nicaragua, the Palestinian Authority/Gaza/West Bank, or Venezuela, or for jurisdictions on the FATF and EU/UN sanctions lists or for any other person in any jurisdiction where such distribution or use would be contrary to local laws or regulations.
Deposits and Withdrawals
The secure Bullwaves back office handles financial transactions for verified clients.
What are the key takeaways from the deposit and withdrawal process at Bullwaves?
- The minimum deposit is $250 or a currency equivalent
- A minimum withdrawal amount does not apply, but Bullwaves cannot process withdrawals below $2
- Bank wire withdrawals below $100 and all other withdrawal methods below $20 incur a $10 withdrawal fee
- Deposit processing within ten minutes for e-wallets and up to five days for bank wires
- Bullwaves claims internal processing times of several hours
- Third-party payment processing costs and currency conversion fees may apply
- The name on the payment processor and Bullwaves trading account must match, in compliance with AML regulations
Is Bullwaves a Good Broker?
I like Bullwaves's trading environment for copy and social traders. I like the MT5 upgrades, and Bullwaves has a solid core trading environment. Therefore, I rank Bullwaves among the Forex brokers with a lot of upside potential, and this will hopefully include more transparency. The Bullwaves minimum deposit is $250 for the Classic account. Bullwaves is a Seychelles-regulated broker. The Seychelles FSA regulates Bullwaves. You can withdraw from Bullwaves using bank wires, credit/debit cards, and e-wallets.FAQs
What is the minimum deposit for Bullwaves?
Where is Bullwaves located?
Is Bullwaves regulated?
How do I withdraw from Bullwaves?
Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
