Bullwaves Forex broker review — Everything you need to know

Bullwaves is a foreign exchange broker that offers access to several account types, emphasizing a straightforward approach. It enables access to advanced trading apps and provides all the main details on its main page. The broker also operates a prop trading firm called Prime, where it offers funded accounts from 59 dollars.

In this unbiased yet compact review, we will assess the broker’s most crucial services, such as safety, accounts, trading costs, profit withdrawal procedures, customer support, and more.

Bullwaves Overview of the website

The Bullwaves website is modern in design and highly responsive, enabling traders to quickly navigate around. It lists all crucial trading details on its main page, like trading apps and account types. However, there is no dedicated button in the top menu to see the list of available trading accounts. Instead, traders need to scroll down the main page to find details about accounts, which is a bit inconvenient for beginner users. The website is not overcrowded with unnecessary media, which contributes to the website’s responsiveness. Bullwaves’ website is also very mobile-friendly, which allows users to access their accounts from mobile devices and manage their trading balance on the go.

There is an advanced live chat plugin built directly into the main page, enabling fast access to customer support agents, which is very convenient. There is no support for multiple languages, which is also a minor downside of this broker.

Bullwaves license and safety

Bullwaves is a regulated broker. It is based in Seychelles and regulated by the Financial Services Authority (FSA). As a regulated broker, it keeps trader funds in segregated bank accounts, ensuring its operational funds and trader funds are in different bank accounts, which is an important safety policy.

The broker Bullwaves claims to offer negative balance protection, meaning in some cases you cannot lose more than your account balance

Bullwaves Accounts Reviewed

Bullwaves offers traders three account choices: Classic, ECN, and VIP. The classic account comes with zero trading commissions and has spreads, while other accounts offer lower spreads, but the broker is not specific about trading commissions on those accounts.

Bullwaves Classic Account

This account is an entry-level trading account that has the lowest minimum deposit requirements:

• Minimum deposit – 100 USD
• Maximum leverage – 1:500
• Spreads – From 1.6 pips
• Commissions – 0 USD
• Minimum lot size – 0.01 lots

Bullwaves VIP Account

The VIP account has the lowest spreads on major forex pairs, but its minimum deposit is the highest:

• Minimum deposit – 5,000 USD
• Maximum leverage – 1:500
• Spreads – From 0.1 pips
• Commissions – Unknown
• Minimum lot size – 0.01 lots

If this account has 0 commissions, then it might be a very competitive offering for experienced scalpers who have enough budget.

Bullwaves ECN Account

The ECN account has lower spreads than the classic, and the minimum deposit is higher, but it has worse conditions in spreads than the VIP:

• Minimum deposit – 3,000 USD
• Maximum leverage – 1:500
• Spreads – From 0.8 pips
• Commissions – Unknown
• Minimum lot size – 0.01 lots

As we can see, the broker is expensive for beginners, while better conditions with lower spreads often have very high deposit requirements, which makes the broker unattractive for beginners.

Deposit and withdrawal options at Bullwaves

The broker supports several payment methods, including credit/debit cards, bank wire transfers, and e-wallets. Deposits are usually instant, while withdrawals take longer depending on the payment method:

• International bank wire: ~3-5 working days
• SEPA/local transfers: up to ~2 working days
• Card refunds: 2-7 working days (in some cases up to ~10 working days)
• E-wallet withdrawals: as little as 10 minutes to a few hours in some cases

No fee is charged by Bullwaves itself for funding. However, your bank/payment provider may charge. Withdrawals, on the other hand, have different fees:

• Bank wire withdrawals ≤ €100 (or equivalent) incur a fixed fee (€10 or equivalent)
• Withdrawals below about €2 cannot be processed (too low relative to costs)
• Additional fees may apply from payment providers/intermediary banks for wire transfers

For withdrawals, refunds must first go to the original funding method, meaning traders have to use the same method for both deposits and withdrawals, which is a limiting factor.

Bullwaves Assets — What can you trade?

When it comes to trading asset diversity, Bullwaves enable access to a multitude of trading asset classes, including forex pairs, commodities, indices, ETFs, and shares. Most of these assets are CFDs, enabling quick buy and trade operations. Fast trade execution and potential profits from both rising and falling markets are especially beneficial for stock traders.

Trading platforms of Bullwaves

Bullwaves supports a popular advanced trading platform, MetaTrader 5. MT5 trading software is very capable, and it supports advanced trading tools, custom indicators, and expert advisors (EAs) for automated trading. The broker is not prohibiting traders from using any of those tools, which is flexible. However, only the VIP offers competitive conditions. Mobile trading is accessible via the MT5 mobile app, which can be downloaded on both iOS and Android devices.

Education at Bullwaves

The broker offers educational content via the BW Academy section on its website. This page is dedicated to trading education and provides video guides on account registration and management, and there are also videos explaining briefly the main concepts of online financial trading. Apart from educational video tutorials, there is also a market news section where the broker provides regular updates about market status and trends. This is useful and enables traders to gauge the main market dynamics and major news.

Bullwaves Customer Support

BullWaves customer support is provided via live chat, email, and several phone numbers. This is excellent and enables the broker to assist traders in multiple channels, which is crucial in online financial trading. The fact that the broker discloses several phone numbers together with email and live chat only indicates that it cares about its clients. Despite offering excellent support, the broker still lacks support for multiple languages, which is a minor drawback.

Bullwaves bonuses and promotions

Bullwaves is a broker that not only provides education and market news updates, but also offers a trading bonus. Traders can get a 20% deposit bonus, usable for any account, and it is given as many times as the trader deposits funds. There are no other promotional events or bonus types offered at the moment. The broker offers social trading and prop trading services as well.

Is Bullwaves your broker? Final verdict

Bullwaves is a relatively new FX broker (launched in 2023), regulated by the Seychelles FSA. It offers an MT5 trading platform, multiple account types, and a 20% deposit bonus. The platform is easy to use and responsive, but account details are not always clearly disclosed. While experienced traders can find the VIP account conditions very attractive, the high deposit requirements and lack of multilingual support make it less appealing for beginners.

FAQs on Bullwaves broker

Where is Bullwaves based?

Bullwaves is based in Seychelles, an offshore jurisdiction, and is regulated by the Financial Services Authority (FSA).

Can you withdraw from Bullwaves?

Yes, withdrawals are processed via cards, bank wires, and e-wallets. Processing times are up to 5 working days, which is slightly longer than average.