Bullwaves Review 2026

Pros

• Bullwaves has enhanced its market offerings by adding global equities, soft commodities, and ETFs, and tripled its FX asset selection.
• All three accounts provide free trading, meaning users can carry out trades without any extra costs beyond the spread.
• USDT transactions are supported along with regular bank cards, wire transfers, and an e-wallet.
• Registering on the Bullwaves website and setting up an account is quick and easy, taking just a few minutes.
• Bullwaves now offers copy trading, enabling users to mimic traders' actions across 900+ strategies with tight spreads starting at 0.01 pips.

Cons

• During our testing, customer support performed poorly. Despite claims, there was no round-the-clock chat support and our emails were not responded to.
• There are no trading accounts with zero spread. This can be a disadvantage for expert traders who aim to profit from minor price changes.
• Bullwaves lacks education and research tools, making it less attractive for beginners, particularly when compared to top performers such as IG.
• Bullwaves operates unregulated in major regions. It only has a license from an unreliable 'red tier' regulator, the FSA. This means it lacks supervision from trusted authorities for maintaining strict financial standards.
• The Bullwaves website, despite its recent creation, contains numerous dead links and placeholder text pages, reducing trust in its reliability.

Regulation & Trust

Bullwaves operates under the authorization of the Seychelles Financial Services Authority (FSA), but this regulator isn’t as strict as top-tier authorities, which affects trust.

Even though Bullwaves offers segregated accounts and negative balance protection, it lacks the strong regulatory backing we prefer to see.

Unlike highly trusted brokers like Plus500 or IG, it doesn’t publish financial reports or trade on a stock exchange, which raises concerns about transparency.

For better oversight and security, consider brokers regulated by top-tier authorities like the UK’s Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC), known for enforcing strict financial standards.

Accounts & Banking

Live Accounts

Bullwaves offers three account types, all using the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. Each has different spreads, leverage, and requirements.

• The Classic Account starts at $250 with a 0.01 lot minimum trade size, spreads from 2.0 pips, and leverage up to 1:200, making it a decent option for beginners.
• The VIP Account requires a $10,000 deposit, a 0.05 lot minimum, and spreads from 1.5 pips, catering more to experienced traders.
• The Elite Account demands $50,000, a 0.1 lot minimum, spreads from 1.1 pips, and leverage up to 1:500, designed for high-volume traders.

You can use Expert Advisors (EAs), scalping, hedging, and VPS services on all accounts, but stop-out levels vary—50% for Classic, 35% for VIP, and 25% for Elite.

Bullwaves allows up to six trading accounts in different combinations, but it doesn’t support PAMM accounts, which is a drawback for money managers.

Opening an account is straightforward, though I ran into issues—some website links, including the ‘Sign Up’ link, didn’t work.

The welcome email was also poorly formatted, which didn’t inspire much confidence.

Demo Accounts

Bullwaves gives the chance to practice risk-free with its demo account on MT5. Right from the start, you can test strategies, explore the platform, and refine your approach without worrying about losses.

It’s a great way to get comfortable with the trading environment before committing real money.

That said, I find it strange that Bullwaves doesn’t offer a demo account for MT4. Since MT4 is still a favorite among traders for its simplicity and widespread use, having a demo option for both platforms would make sense.

This limitation might be frustrating for those who prefer MT4’s interface and tools.

Deposits & Withdrawals

Bullwaves gives a decent range of deposit and withdrawal options, including credit card, debit card, Neteller, wire transfer, and USDT (TRC20, ERC20).

The flexibility is appreciated, but it doesn’t support Bitcoin, Litecoin, PayPal, or Skrill, which might be a dealbreaker for some traders who rely on those methods.

When I use international bank wire transfers, the funds arrive in 3-5 days. Bullwaves doesn’t charge fees, but you must watch out for potential charges from sending and correspondent banks.

SEPA transfers are much faster, usually processed within one business day, and incur lower fees.

Bullwaves only operates in USD and EUR, so any cryptocurrency deposits automatically convert into one of these currencies.

Withdrawals always return to the original payment method used, which keeps things simple but limits flexibility if you want to change payout options later.

Assets & Markets

Bullwaves gives access to forex and CFD trading, but the lack of variety is noticeable. For example, you can’t trade stocks, ETFs, options, or even a wide range of commodities.

The selection feels limited, with only 33 currency pairs, two precious metals (gold and silver), and six major indices, including the Germany 40, FTSE 100, S&P 500, Dow Jones, Nasdaq-100, and CAC 40.

While forex is the most liquid market in the world, Bullwaves barely scratches the surface.

There are no exotic pairs, which puts it at a disadvantage compared to brokers like CMC Markets and IG, which offer hundreds of forex pairs.

XTB also provides access to a much wider range of global markets, making Bullwaves feel restrictive in comparison.

Leverage goes up to 1:500, which is decent but still lower than some offshore brokers that push it up to 1:2000.

Brokers with high leverage can be appealing, but always remember the risks associated with it—it magnifies potential profits and losses.

What confuses the most is Bullwave’s approach to cryptocurrencies. Although it allows crypto deposits and withdrawals, you can’t trade digital assets, not even through CFDs.

If you want to trade Bitcoin, Ethereum, or other cryptocurrencies, you’d need to look elsewhere. eToro, for example, offers over 100 crypto trading options.

Bullwaves also lacks any passive income features. Unlike Interactive Brokers, it doesn’t pay interest on uninvested cash.

There’s no copy trading, which might be a dealbreaker for traders who prefer a more hands-off approach. eToro might be a better alternative if social or automated trading is essential.

Overall, Bullwaves works if you’re only interested in forex and indices, but other brokers offer much more for a more diverse trading experience with better features.

Fees & Costs

Bullwaves stands out with its no-commission fee structure, but you quickly notice that spreads vary depending on the account type.

When you trade major currency pairs like EUR/USD and USD/JPY on a Classic Account, spreads start from 2.0 pips.

That’s not ideal if you’re focused on squeezing every pip out of trades, such as when you’re scalping.

In that case, you’d be better off with a broker like IC Markets, which offers zero-spread accounts with a small commission instead.

When withdrawing money, you need to be aware of some fees. If you use a wire transfer and withdraw EUR 100 or less, Bullwaves charges a fixed EUR 10 fee.

The same applies to most other withdrawals, except card refunds, which only incur a fee of EUR 20 or below.

Another thing to remember is the inactivity fee. If you don’t make any transactions for 30 days, Bullwaves charges EUR 10.

That’s much quicker than most top brokers we’ve tested, who usually wait a few months before applying these fees.

Platforms & Tools

Bullwaves gives access to MT4 and MT5, which are great, but you can’t help notice the lack of a proprietary platform.

This might be a concern if you were new to trading since many beginners prefer a more user-friendly, broker-designed platform.

I also find it restrictive that Bullwaves doesn’t support popular alternatives like TradingView or cTrader.

This might disappoint traders who rely on those platforms for advanced charting and execution.

Bullwaves lacks a proprietary platform, but offers both MetaTrader 4 & 5

Even more confusing is that Bullwaves features TradingView educational content on its site, which could mislead users into thinking the platform is supported.

That said, MT4 and MT5 are solid choices, and you can use them on desktop, mobile, or directly in your web browser, giving plenty of flexibility.

If you’re starting, MT4 is straightforward, packed with technical indicators, and widely used in forex and CFD trading.

If you need more advanced features, MT5 offers faster performance, improved backtesting, and support for a broader range of assets.

The interface is more complex, but experienced traders will likely find it worth the learning curve.

Research

Bullwaves falls short when it comes to research.

You don’t get access to analysis tools like Trading Central or Autochartist, even though Autochartist is advertised on its website.

There’s no economic calendar or market sentiment indicators, but there is a blog with general market updates.

Bullwaves’ news blog lacks depth, with minimal market updates and no real insights

For a new trader, this lack of resources makes decision-making much harder.

The website itself doesn’t inspire much confidence, either.

I notice placeholder text in multiple sections and fake comment counts, adding to the feeling that Bullwaves hasn’t put much effort into its trader support.

Without better research tools and a more polished platform, this broker is not a strong option, especially for beginners.

Education

Bullwaves does little to support new traders with education.

There is no dedicated education section on its website, which means new traders will have to look elsewhere to learn essential skills like risk management, technical analysis, and trading psychology.

Unlike top brokers such as IG and FOREX.com, which offer in-depth tutorials, webinars, and structured courses, Bullwaves does not offer video lessons, interactive quizzes, or essential trading guides.

Without these tools, beginners are left to navigate the markets on their own, which can lead to costly mistakes.

A strong educational foundation is key to long-term success in trading; Bullwaves doesn’t provide that.

If you are starting out, look for a broker investing in trader education rather than leaving it up to you to figure things out independently.

Customer Support

If you need reliable customer support, Bullwaves isn’t the best option.

Unlike top brokers that offer 24/7 live chat, email, and local phone support, Bullwaves limits you to a contact form, email, and a Seychelles phone number.

Even though it claims to provide round-the-clock support, there’s no live chat option, which almost every other broker we’ve used includes.

When I had trouble setting up my account, I expected quick assistance, but my email to support went unanswered. I could not get immediate help, and my problem remained unresolved.

This lack of direct communication is frustrating for traders who rely on fast and responsive support.

If you ever need urgent assistance, you could be better off with a broker like XTB that delivers on its support promises.

Should You Trade With Bullwaves?

Bullwaves is a newer broker, and struggling to compete with top firms based on our latest assessment.

While it has some positives, like commission-free trading and support for MT4 and MT5, the overall experience feels unfinished.

Right away, the website frustrates with broken links and missing information.

No research resources makes it challenging for new traders to learn and improve, and customer support is nearly nonexistent.

The selection of tradable assets is limited, and the regulatory oversight isn’t as strong as we’d like.

Until Bullwaves steps up in these areas, we don’t see a good reason to trade here when so many better options exist.

Article Sources

• Bullwaves Website
• Bullwaves Blog
• Seychelles Financial Services Authority (FSA)

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