Quick facts
| Founded | 2023 · Headquartered in Mahé, Seychelles |
| Regulation | FSA (Seychelles), licence SD185 |
| Minimum deposit | $100 (Classic) · $3,000 (VIP) · $5,000 (ECN) |
| Spreads | From ~1.6–2.0 pips on Classic; from 0.8 pips on VIP; from 0.1 pips on ECN |
| Leverage | Up to 1:500 |
| Platforms | MT5 only (no MT4) |
| Markets | 200+ instruments · forex, indices, stocks, commodities, metals, ETFs |
| Key strength | Wide instrument range and built-in copy trading for a broker still building its track record |
| Best for | Traders comfortable with a newer, single-jurisdiction offshore broker in exchange for a broad market menu |
| Official site | https://www.bullwaves.com/ |
What we like
- Broad instrument range (200+ markets) spanning forex, stocks, indices, metals and ETFs
- MT5 copy trading gives access to hundreds of third-party strategies
- No deposit fees and a straightforward three-tier account structure
What could be better
- Regulated in a single, lower-tier jurisdiction (Seychelles FSA) with no negative balance protection guarantee
- Founded in 2023 — a materially shorter track record than every other broker on this page
- Spreads on the entry-level Classic account are noticeably wider than competitors; a $10 inactivity fee applies after 30 days, and sub-€100 wire withdrawals carry a €10 fee
Regulation & safety
Bullwaves trades under Equitex Capital Limited, authorised and regulated by the Financial Services Authority of Seychelles under licence SD185. This is a single, lower-tier offshore licence rather than the multi-jurisdiction stack held by most other brokers on this page, and Bullwaves does not publicly guarantee negative balance protection. Combined with a 2023 founding date, this makes Bullwaves the newest and least-established broker we cover here. It is not CIRO-regulated and carries no CIPF-equivalent protection. We'd encourage traders to start with modest position sizes and treat the shorter operating history as a genuine factor in their risk assessment, alongside verifying the current licence status directly with the FSA Seychelles register before funding an account.
Trading costs
The Classic account (from $100) charges no commission but posts wider spreads, from roughly 1.6–2.0 pips on EUR/USD. Stepping up to the $3,000 VIP account tightens spreads to around 0.8 pips, and the $5,000 ECN account offers the sharpest pricing from 0.1 pips. There are no deposit fees, but a $10 monthly inactivity fee applies after 30 days of dormancy, and wire withdrawals under €100 carry a €10 fee.
Platforms & tools
Bullwaves runs exclusively on MetaTrader 5 — there is no MT4 option, which may matter if you rely on an MT4-specific Expert Advisor. MT5's copy-trading marketplace gives access to several hundred third-party strategies for traders who prefer a hands-off approach.
Funding & withdrawals
Funding is available via bank card, wire transfer, and e-wallets. Processing is generally straightforward, though as with any newer broker we'd recommend testing a small deposit and withdrawal cycle before committing significant capital. See our funding methods guide for how this compares across all seven brokers.
Verdict
Bullwaves offers a genuinely wide market menu and useful copy-trading tools, but its single-jurisdiction regulation and short two-year track record mean it fits best as a broker for traders who understand offshore risk and want to diversify rather than concentrate their capital. It earns 7.8/10 in our 2026 rankings, placing #6 of the seven internationally regulated brokers we cover.