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 one of the newest and least-established brokers 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.
Current promotions
Bullwaves runs the following deposit promotion(s) as of late 2025. As with any broker bonus, the credit itself is not withdrawable — only profits made while trading with it can be withdrawn, and unused credit is forfeited if you withdraw your deposit. Treat it as extra trading margin, not free cash, and confirm current terms before opting in.
Credited automatically on your first deposit of $300+, capped at $5,000 per client.
Maximum bonus: $5,000 per client.
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 six 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 #5 of the six internationally regulated brokers we cover.