Bullwaves

Bullwaves is a Seychelles-based online brokerage and prop trading firm that was founded on January 22, 2024. The company, whose full legal name is Equitex Capital Limited, is registered at CT House, office number 9A, Providence, Mahe, Seychelles. Despite being newly established, it has quickly built a user base of over 600 reviews on Trustpilot, indicating active community engagement.

The broker positions itself as a multi-asset platform offering CFDs on 350+ instruments, including forex, indices, commodities, and stocks. It also runs a proprietary trading challenge model, where traders can pass evaluations to gain access to funded accounts with profit splits of up to 80%.

Bullwaves holds a Derivatives Trading License (EP) with license number SD185 from the Financial Services Authority (FSA) of Seychelles. The FSA is an offshore regulator, meaning its oversight standards are generally considered less stringent than major regulators like the FCA or ASIC. The broker's Scam Risk Score as assessed by FXCanary is 49 out of 100, categorized as 'Guarded,' indicating moderate risk.

It is important to note that Bullwaves is not licensed by any top-tier financial authority, and the firm reports having 0 employees on its public records, which raises questions about operational transparency.

Bullwaves offers three live trading accounts catered to different capital levels. The Classic account requires a minimum deposit of $100 and offers spreads from 1.6 pips. The VIP account requires $3,000 and lowers spreads to from 0.8 pips. The ECN account, aimed at professional and high-volume traders, requires a $5,000 minimum deposit and offers spreads from 0.1 pips. All account types provide maximum leverage of 1:500.

The broker also operates a prop firm model with challenge-based evaluations. Traders can purchase challenges (one-phase or two-phase) and, upon passing, receive a funded account of up to $200,000. The profit split is 80% to the trader, with payouts available every two weeks after an initial 15-day period.

Bullwaves provides access to over 350 tradable instruments including forex pairs, indices, commodities, and cryptocurrencies. The platform is web-based with a proprietary dashboard that allows for easy trade tracking and account management. The broker also maintains an active Discord server where traders can get support and interact with the community.

Order execution is reportedly stable, though some users have noted restrictions on strategies such as high-frequency trading. The platform supports both desktop and mobile access via web browser.

Bullwaves states that it supports three deposit methods and three withdrawal methods, though specifics are not publicly detailed. The broker claims to process payout reviews within 2–5 business days, and for prop traders, payouts are processed every two weeks after the initial 15-day funding period. There is no commission on trades for any account type, with costs embedded in the spread.

User reviews indicate that while deposits are generally smooth, withdrawals can face significant delays and disputes, particularly for larger profits or when traders have high win rates.

The broker offers customer support via live chat, email, and Discord. Many positive reviews praise the speed and helpfulness of support agents such as Mile, Pearl, and Milica. The Discord community is particularly active, with moderators providing quick responses. However, negative reviews often cite unresponsive support during withdrawal disputes.

Bullwaves also runs promotions and bonuses, including welcome bonuses and free evaluation accounts through giveaways, which have attracted a large user base.

Bullwaves may appeal to traders who are comfortable with offshore regulation and are looking for high leverage (1:500) and low minimum deposits. The prop firm model offers a path to funded trading with a high profit split, which attracts challenge traders. However, the broker's mixed track record on withdrawals and trust means it may not be suitable for risk-averse traders or those who prioritize regulatory protection.

Traders based in the UK or EU should be particularly cautious, as Bullwaves does not hold licenses in those jurisdictions and client funds are not covered by compensation schemes.