Bullwaves Review 2026

Pros

• Bullwaves has enhanced its market offerings by adding global equities, soft commodities, and ETFs, and tripled its FX asset selection.
• Registering on the Bullwaves website and setting up an account is quick and easy, taking just a few minutes.
• MT5 is supported (MT4 is discontinued), providing traders with a top charting platform and strong backtesting features.
• USDT transactions are supported along with regular bank cards, wire transfers, and an e-wallet.
• Bullwaves now offers copy trading, enabling users to mimic traders' actions across 900+ strategies with tight spreads starting at 0.01 pips.

Cons

• Customer support was initially poor, lacking the advertised 24/7 chat support and not responding to our emails. However, in our latest tests, most queries were answered the same day.
• Bullwaves offers few educational tools, making it less appealing to beginners compared to leaders like IG, which provides structured courses and interactive features.
• Traders and scalpers may favor VIP or ECN accounts, but these need much higher initial deposits ($3,000 and $5,000) than many brokers with similar trading conditions and lower entry requirements.
• Bullwaves operates with limited regulation in key areas, holding a license only with the lower-tier Seychelles FSA, indicating a lack of oversight from recognized authorities to ensure adherence to strict financial standards.

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. It’s a Category C body in our regulator directory.

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

For better oversight and security, consider brokers regulated by top-tier authorities like the UK’s Financial Conduct Authority (FCA) or the Australian Securities & Investments Commission (ASIC), known for enforcing stricter financial standards.

Accounts & Banking

Live Accounts

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

• The Classic Account starts at $100 with a 0.01 lot minimum trade size, spreads from 1.6 pips, and leverage up to 1:500, making it a decent option for beginners.
• The VIP Account requires a $3,000 deposit, a 0.01 lot minimum, and spreads from 0.8 pips, catering more to experienced traders.
• The ECN Account demands $5,000, a 0.01 lot minimum, spreads from 0.1 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, 50% for VIP, and 25% for ECN.

Opening an account is straightforward, though I ran into issues – some website links, including the ‘Sign Up’ link, didn’t work. We’ve since retested the sign-up process, and it has been improved with technical glitches resolved.

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.

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 options or a wide range of commodities.

The selection feels limited, with only a few dozen currency pairs, two precious metals (gold and silver), several major indices, including the Germany 40, FTSE 100, S&P 500, Dow Jones, Nasdaq-100, and CAC 40. There’s also a modest selection of equities and ETFs.

While forex is the most liquid market in the world and Bullwaves has added more currency pairs, it still falls behind top performers in this category. For example, CMC Markets offers hundreds of forex pairs.

That said, it’s good to see exotics available on the platform, the range of which varies depending on your location. For example, users in some countries in Europe can trade EUR/PLN and USD/TRY, while traders from Southeast Asia and East Asia can trade USD/SGD and USD/THB. LATAM traders will also find USD/COP and USD/MXN.

Leverage goes up to 1:500. Brokers with high leverage can be appealing, but always remember the risks associated with it – it magnifies potential profits and losses.

What confuses 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.

Overall, Bullwaves works best if you’re interested in forex, indices, and popular metals, energies, and equities, 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 1.6 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 the ECN account, which offers spreads from 0.1 pips. The downside is that the $5,000 minimum deposit may be a barrier for some traders.

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 MT5, which is 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 MT5

That said, MT5 is a solid choice, and you can use it on desktop, mobile, or directly in your web browser, giving plenty of flexibility. And if you need advanced features, MT5 offers fast performance and strong backtesting.

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

What you do get, though, is AI market intelligence, an economic calendar that’s easy to filter, market news, and a research terminal with, amongst other things, alerts and trade ideas spanning popular asset classes like equities, forex, and commodities.

Bullwaves’ news blog

Education

Bullwaves does little to support new traders with education. Despite a dedicated ‘Learn’ section on its website, there are just two modules totaling about 15 minutes and one of those is about registering/KYC, as opposed to developing important trading skills and risk management.

Unlike top brokers such as IG and FOREX.com, which offer in-depth tutorials, webinars, and structured courses, Bullwaves does not offer enough in terms of structured learning, 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, and ultimately Bullwaves doesn’t yet provide that.

Customer Support

Support at Bullwaves is improving. There is now 24/7 live chat, email, and phone support.

When we first signed up, in Bullwaves’ early days, our emails went unanswered during sign-up issues. We’ve since re-tested support, and found the live chat service more dependable, with responses generally coming in a few seconds, or an escalation to a relevant team member and a follow-up email.

Should You Trade With Bullwaves?

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

While it has some positives, like commission-free trading, copy trading, support for MT5, and new features like AI market analysis, the overall experience still needs work, notably in the education and asset selection departments. The regulatory oversight isn’t as strong as we’d like, either.

That said, we hope Bullwaves continues to up its game, including lowering the entry bar to the accounts with more attractive trading conditions for serious traders (VIP and ECN).

Article Sources

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

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