100,000 traders · 4.8/5 satisfaction
The homepage publishes both figures without an independent audit or source. They describe the company’s marketing claims, not a verified count or customer survey.
Broker review / 2026
Bullwaves review: a Seychelles broker read from its filings
Bullwaves is the trading name of Equitex Capital Limited, a Seychelles company registered as 8434948-1. Its FSA register entry confirms the entity, but the register publishes no licence numbers. SD185 comes from the company’s own agreement.
18+ The broker states that 75.2% of retail investor accounts lose money trading CFDs with it.
Illustrative motion · not market data
The short version 08 / key facts
- Company
- Equitex Capital Limited · Seychelles · 8434948-1
- Licence
- SD185: company agreement; FSA register omits numbers
- Distributor
- ETX Services Limited · Cyprus · HE455407
- Opening deposit
- Classic $100 · VIP $3,000 · ECN $5,000
- Leverage
- Up to 1:500 across all three account tiers
- Platform
- MetaTrader 5 only; minimum trade 0.01 lots
- Withdrawal charge
- €10 on smaller withdrawals; thresholds apply
- Broker’s risk figure
- 75.2% of retail CFD accounts lose money
The company behind the name
Who Bullwaves is, and how old the brand actually is
Bullwaves is a forex and CFD broker at bullwaves.com. Its Webflow website is available in English, Spanish and Arabic. The contracting company is Equitex Capital Limited, registered in Seychelles as 8434948-1. The registered address is CT House, Office 9A, Providence, Mahé; its operating office is Office No. A19C, Providence Complex.
Two companies have different roles. ETX Services Limited, Cyprus registration HE455407, is the independent representative and distributor in Limassol. Equitech Marketing Management LLC in Dubai handles marketing. These names should not be treated as interchangeable contracting parties.
The About page refers to “more than 10 years” of team experience. It does not publish the brand’s founding year. The domain was created on 5 May 2023: approximately three years before this review’s evidence date. Team experience and domain age describe different things; neither alone establishes how long the brokerage has operated.
Read the register, then the agreement
The licence, and what can actually be confirmed
Company agreementSD185
Entity listed in the FSA register.
Licence numbers are not published there.
The client agreement names the Seychelles Financial Services Authority and licence SD185. The FSA’s public capital-markets register lists Equitex Capital Limited as a Securities Dealer trading as BullWaves, with a Providence Complex address and contact details. However, it publishes no licence numbers for any entity. The number is therefore a company-document claim, not an independently matched register field.
The agreement refers to Seychelles law, the Securities Act 2007 and the FSA Act 2013. A Seychelles authorisation does not establish FCA or EU authorisation, or access to their investor compensation arrangements.
The similarly branded bullwaves.global names Moonance LLC, St Vincent and the Grenadines registration 2141 LLC 2022, and claims MISA licence T2022122. MISA is the Mwali regulator; the St Vincent authority does not license forex activity. This is a different entity and regulatory arrangement.
The two websites publish different restricted-country lists. An accessible website is not proof of eligibility. Read the local restrictions, footer and agreement together: a review of one company cannot establish the protections offered by the other.
Three tiers. One leverage ceiling.
What a trade costs here
| Account | Deposit | Spread from | Stop-out |
|---|---|---|---|
| Classic | $100 | 1.6 pips | 50% |
| VIP | $3,000 | 0.8 pips | 50% |
| ECN | $5,000 | 0.1 pips | 25% |
All three tiers accept a minimum trade of 0.01 lots and advertise leverage up to 1:500. A higher opening deposit changes the starting spread and, for ECN, the stop-out threshold. It does not buy more leverage. A lower stop-out threshold allows margin to fall further before automatic closure; it is not extra protection.
Clause 9 lets the company vary leverage without prior notice . Reduced maximums can apply on Fridays between 21:00 and 24:00 GMT+3 and around major news. “From” spreads are minimums, not a promise of your execution cost. Check the instrument specification before trading. Include overnight financing and instrument-specific charges in your cost estimate.
MT5One trading platform
MetaTrader 5 is the only platform; neither MT4 nor a proprietary terminal is offered. Published catalogue counts differ: 250 on the platform page, 300 on the homepage and over 500 on About. Treat these as inconsistent claims, not an audited inventory.
ForexStocksIndicesMetalsCommoditiesETFs
MT5 reading guide: Market Watch quotes; Navigator accounts; candlestick chart; timeframe controls; New Order ticket; volume in lots; stop-loss and take-profit fields; Trade tab with margin level.
The cash-flow fine print
Money in, money out, and the bonus that is not money
Deposits start at $100 with no broker deposit fee. The documents describe cards, bank transfers and e-wallets by category, without named payment brands or cryptocurrency. Funding ranges from around ten minutes to five working days, depending on the method.
Withdrawal processing takes one business day; receipt can take 3–5 days by wire, up to two by SEPA, and 2–7 by card, sometimes ten. Money returns to the original method and remitter; profits are paid by bank wire only after other methods have been refunded.
A €10 charge applies to wires up to €100 and other methods up to €20, excluding card refunds. Withdrawals below €2 are not processed. Separately, $10 monthly inactivity fees begin after 30 consecutive days without a trade or deposit.
Marketing, separated from evidence
Five claims we checked
Source not supplied
“Award-winning”
“Recognized Excellence in Trading” names no award, awarding body, year or category. Without those details, readers cannot check what was awarded or compare its significance.
“Over 350 news sites”
The referenced placements are syndicated press releases. Distribution shows that promotional material was circulated; it does not establish an independent editorial review or endorsement by each publication.
4.5 · 926 ratings
The homepage widget matches neither profile in the 29 August dossier: bullwaves.global had 4.5 from 271 reviews; BWPrime had 669 with its rating suspended after Trustpilot cited removed fake reviews. Read each profile for its actual product.
A template beneath the account table
“Free”, “Professional $4499”, “Enterprise $9999” and “MacBook Ai” remained in the Webflow page. Together with the broken brand-guidelines page and robots.txt typo, these are publishing-quality observations, not evidence about trade execution. The template strings are still present in October source markup, although that block is hidden in the rendered page.
Before opening an account
FAQ
Who owns Bullwaves?
Bullwaves is the trading name of Equitex Capital Limited, a Seychelles company registered as 8434948-1, with a registered address at CT House, Office 9A, Providence, Mahé and an operating address at Office No. A19C, Providence Complex. ETX Services Limited of Cyprus, registration HE455407, is named as its independent representative and distributor.
Is Bullwaves licensed?
Its client agreement states that it is authorised and regulated by the Financial Services Authority in Seychelles under licence number SD185. The FSA's public register does list Equitex Capital Limited as a Securities Dealer with the trade name BullWaves, but that register publishes no licence numbers at all, so the number itself is confirmed only by the company's own document.
Is bullwaves.global the same company?
No. bullwaves.global carries the same branding but names a different entity in its footer: Moonance LLC, registered in St Vincent and the Grenadines as 2141 LLC 2022, described as regulated by MISA under licence T2022122. The two sites also publish different restricted-country lists and have separate Trustpilot profiles.
What does it cost to trade?
Classic opens at $100 with spreads from 1.6, VIP at $3,000 from 0.8 and ECN at $5,000 from 0.1, all with a 0.01 lot minimum. Leverage is up to 1:500 on all three tiers, so the tier buys you a tighter spread and a lower stop-out level rather than more leverage. MetaTrader 5 is the only platform offered.
Are there hidden fees?
Two are worth knowing before you fund. Withdrawals carry a 10 EUR charge on bank wires up to 100 EUR and on other methods up to 20 EUR, and amounts under 2 EUR cannot be processed at all. Separately, an inactivity fee of 10 USD per month begins after just 30 consecutive days without a trade or a deposit, which is far shorter than the usual industry window.
Know what is verified.
Price in what is not.
Bullwaves has a company in the FSA register, published addresses, a named distributor and documented account conditions. Its fees, bonus terms, domain age and own 75.2% loss figure give readers concrete facts to assess. The licence number remains sourced to its agreement; instrument totals, awards, trader counts and the homepage rating need caution. Two Trustpilot profiles cover different products, and one rating was suspended. Assess the contract and costs for the entity you actually join, rather than relying on shared branding.
See the account typesThe broker states that 75.2% of retail investor accounts lose money trading CFDs with it. Leveraged trading can cost your entire deposit. This offshore arrangement does not provide the EU or UK compensation protections readers may expect. Bonus removal can itself trigger automatic position closure. This guide is not investment advice.