BullWaves Review 2026: Accounts, Spreads, Bonus, Copy Trading

Who BullWaves suits

BullWaves is a narrow but honest tool: a cheap ECN account plus copy trading in one place. If you trade manually on MT5 and care about cost per trade, the ECN account is competitive — spreads from 0.1 pip with around $3 per lot per side puts all-in EURUSD cost near 0.7 pips. That matches the Raw accounts at Vantage and VT Markets.

The second use case is copying. Strategies are connected inside the client area, with no DupliTrade, Myfxbook or other layer in between. For someone who does not want to wire up an external service, that is meaningfully simpler.

It will not suit you if you rely on MT4 or cTrader, if an EU or Australian licence matters to your contract, or if you live in Israel or Belgium — the broker does not onboard from there.

Regulation: what actually matters here

The broker has operated since 2023 under Seychelles FSA licence SD185, held by Equitex Capital Limited. Seychelles is a functioning offshore jurisdiction: it requires registration, reporting and segregation of client funds, but it provides no compensation scheme and nothing close to FCA or ASIC supervision.

The practical conclusion is straightforward. An offshore licence is neither a disqualification nor a guarantee — most of the market runs on one, including the offshore entities of large groups. But BullWaves has only that licence, and only three years of history. That is why it sits below the brokers with tier-1 licences and Lloyd's insurance in our ranking: not because we found problems, but because there is less of a safety net.

One practical rule: do not keep more on the account than you are prepared to lose in full, and withdraw profit regularly. That applies to any offshore broker, not only this one.

Account types

The advice is the same as for every broker here: do not take the entry-level account at 1.6 pips. The gap between 1.6 and 0.7 pips is roughly $9 per lot, and over time it costs more than any commission.

Platform

MetaTrader 5 only — desktop, web and mobile, with the NexGeneration extension on top of the standard build. There is no MT4, no cTrader and no trading from TradingView charts. If you have spent years in MT4 with your own expert advisors, they will have to be rewritten: MQL4 and MQL5 are not compatible.

The instrument list covers forex, metals, energies, indices, shares and ETFs — around 200 instruments. There are no crypto CFDs, which is a visible gap next to the other brokers here.

Leverage and risk

Up to 1:500 on currencies and metals, 1:200 on energies, 1:20 on shares. Negative balance protection is in place, so the account cannot go below zero.

Leverage of 1:500 does not mean you should use it. It only sets the margin requirement; your risk is set by position size. See leverage explained and the margin calculator.

Funding and withdrawals

Cards, bank transfers, local methods and cryptocurrencies. The broker charges no fees except $10 on bank withdrawals below $100. Requests are processed within a few hours; crypto arrives the same day, cards take up to 5 business days.

The standard AML rule applies: money leaves by the route it arrived, and the first withdrawal requires full verification.

What the reviews say

The spread of opinion is typical for a young offshore broker. Positive reports centre on fast crypto withdrawals and the convenience of built-in copy trading. Complaints centre on verification delays before a first withdrawal, and on the bonus — people activate it and only then discover the volume conditions.

We found no public regulatory action against the company. Accusations published by "rating" sites that sell verified badges are not evidence to us, in either direction.

Verdict

A solid second account for cheap MT5 execution and for copying, provided you understand what an offshore licence and a three-year track record are worth. As your only broker holding a large deposit, it is too early.