Bullwaves Prime Review

Overview

Bullwaves Prime is a broker-backed proprietary trading firm launched in September 2024 by Moonance LLC, with trading infrastructure provided by Equitex Capital Limited, a Seychelles-licensed entity (licence SD185). The firm markets itself as the "first regulated prop firm" — a claim that warrants scrutiny, given that the Seychelles FSA is not considered a tier-1 regulator and the prop trading element itself falls outside traditional financial regulation.

CEO Filippo De Rosa heads the operation, which offers funded accounts from $5,000 to $400,000 through 1-Step and 2-Step evaluation challenges. Traders who pass can scale up to $2,000,000 in account size. All trading runs on MetaTrader 5 via Bullwaves' broker servers, using real market liquidity rather than simulated fills.

With over 70,000 active traders claimed and a Trustpilot profile that has attracted both praise and controversy (including flagged fake reviews), Bullwaves Prime sits in an interesting position — competitively priced but relatively new to the market.

How It Works — Challenge Structure

Bullwaves Prime offers two evaluation paths. The 1-Step Challenge is a single-phase assessment with a 10% profit target. The 2-Step Challenge splits the evaluation into two phases — 8% in Phase 1 and 5% in Phase 2. Both paths lead to a funded account upon successful completion.

1-Step Challenge

2-Step Challenge

No time limits apply to either challenge type. The 2-Step option requires only 3 minimum trading days per phase, making it the faster route for confident traders. The 1-Step demands 10 minimum trading days but condenses everything into a single evaluation.

Optional add-ons are available at extra cost: higher profit share (+20%), weekend trading access, removal of minimum trading days, and accelerated first payout (7 days instead of 15). Each add-on increases the challenge fee by 10-20%.

Funded Account Terms

Profit Split

Funded traders receive an 80% profit split as standard. This can increase to up to 90% through the scaling plan, or up to 100% if the higher profit share add-on is purchased at checkout. The base 80% split is competitive but not market-leading — firms like FTMO and FundedNext offer similar or higher starting splits.

Scaling Plan

Consistently profitable traders can scale their funded accounts up to $2,000,000. The scaling plan rewards traders who hit profit targets while staying within drawdown limits, gradually increasing both account size and profit split percentage. Specific scaling milestones are not published in detail on the website.

Payouts

The first payout becomes available after 15 calendar days from your first trade on the funded account. Subsequent payouts follow a bi-weekly (every 15 days) cycle. A minimum of 10 active trading days is required before each payout.

There is a 6% payout cap per cycle — meaning you can only withdraw up to 6% of the account's starting balance in any single payout period. Profits exceeding this cap remain in the account without penalty but cannot be withdrawn until the next cycle.

The minimum withdrawal amount is $50. Processing takes 2-5 business days.

Payout Methods

• USDT (ERC-20) — no withdrawal fee
• Bank wire — $30 flat fee per withdrawal

Trading Rules and Restrictions

Bullwaves Prime enforces a notably strict set of trading rules compared to many competitors. Traders should study these carefully before purchasing a challenge.

Permitted

• News trading (positions may be held through events)
• Weekend holding (1-Step challenge and funded accounts)
• Expert Advisors during the challenge phase only
• Personal copy trading (mirroring your own trades)
• Scalping (with minimum hold time — see below)

Prohibited

• EAs and automated trading on funded accounts
• Tick scalping — minimum 2-minute hold on standard instruments, 5 minutes on XAUUSD, BTCUSD, and indices
• Grid trading and martingale strategies
• Arbitrage or latency exploitation
• Hedging (simultaneous long and short on the same instrument)
• Bracketing (pending orders around market price before events)
• One-sided betting without directional adaptation
• Third-party account management or copy trading from other users

Consistency Rules

Two consistency rules apply at payout time. First, no single trading day's profit can exceed 30% of total account profit (1-Step) or 40% (2-Step). Second, profitable trade lot sizes must fall within a range of the average lot size minus 70% to plus 100%. These rules are stricter than most competitors and could catch traders off guard.

Maximum Loss Per Trade

No single trade idea may lose more than 2% of the account's initial balance. This is an additional risk management layer beyond the daily drawdown limit.

Inactivity

Accounts are terminated after 30 consecutive calendar days without a trade. Logging in without placing a trade does not reset this timer.

Platform and Trading Conditions

All trading takes place on MetaTrader 5 (MT5). No MT4, cTrader, or DXTrade alternatives are available. This limits options for traders who prefer other platforms or rely on MT4-specific indicators and EAs.

Leverage is capped at 1:50 across all instruments and account sizes. Spreads start from 0.01 pips on major pairs, sourced from Bullwaves' broker-grade liquidity. The firm claims real market execution rather than simulated demo environments.

Tradable Instruments

Bullwaves Prime offers forex pairs, indices, commodities, metals, and cryptocurrency CFDs through its MT5 platform. All instruments are available across both challenge types and funded accounts.

Deposits and Withdrawals

Challenge fees are one-time payments — there is no subscription model. Fees range from $59 (2-Step, $5K account) to $2,199 (1-Step, $400K account). These are competitive with industry averages, particularly on the 2-Step side.

Challenge fees are not refundable upon passing. Payout withdrawals are processed via USDT (ERC-20) at no cost, or bank wire with a $30 fee. The minimum withdrawal is $50, and funds typically arrive within 2-5 business days.

Trustpilot and Community Reputation

Bullwaves Prime's Trustpilot profile tells a mixed story. The page shows approximately 698 reviews with 68% rated 5 stars, but Trustpilot has flagged the profile for a "breach of guidelines" related to fake reviews — a significant red flag for any firm claiming transparency.

Positive reviews frequently praise the responsive support team (specific agents like Milica, Peter, and Irena are named repeatedly), tight spreads, and a clean platform experience. Traders who follow the rules generally report smooth challenge processes.

Negative reviews raise more serious concerns. Multiple traders report payout denials after reaching profitability, with inconsistent explanations from the compliance team. One detailed complaint describes contradictory reasons for account closure — first citing lot size inconsistency, then automated trading accusations, followed by an account reset. A separate report describes a platform issue where SELL orders on precious metals were executed as BUY orders in back-to-back months.

On forums and Reddit, sentiment is cautiously positive but limited — the firm is still young and lacks the track record of established names like FTMO or The5ers. Community discussion volume is relatively low compared to more established prop firms.

Customer Support

Support is available Monday to Friday, 08:00 to 21:00 (GMT+2/GMT+3) via email, phone, and live chat. The firm claims an average response time of approximately 50 seconds. Multiple Trustpilot reviewers confirm that support is responsive and helpful for standard queries.

However, disputes around payout denials and compliance decisions appear less well-handled based on public reviews. The gap between day-to-day support quality and dispute resolution is worth noting.

Who Should Use Bullwaves Prime?

Bullwaves Prime suits manual forex and CFD traders who are comfortable with MT5 and can work within strict trading rules. The low entry fees (from $59) make it accessible for traders testing the prop firm model for the first time.

Traders who rely heavily on EAs should look elsewhere — automated trading is banned on funded accounts. Similarly, scalpers who operate on very short timeframes may find the minimum hold time requirements (2-5 minutes) restrictive.

The 6% payout cap per cycle may frustrate highly profitable traders who want full access to their gains immediately. If you are consistently hitting large targets, firms with higher or no payout caps may be more suitable.

The broker-backed model (via Equitex Capital Limited) does offer some structural reassurance compared to fully unregulated prop firms, though the Seychelles licence should not be equated with FCA or ASIC oversight.

Final Thoughts

Bullwaves Prime offers a competitively priced entry into prop trading with a legitimate broker backing and real market liquidity. The challenge structure is fair, with achievable profit targets and no time pressure. Fees starting at $59 for a $5,000 2-Step account make it one of the more affordable options on the market.

However, the firm carries notable risks. The Trustpilot fake review flag raises transparency concerns. The trading rules — particularly lot size consistency, profit consistency, the 2% max loss per trade idea, and the ban on EAs in funded accounts — are stricter than many competitors. The 6% payout cap per cycle limits withdrawal flexibility. And the firm's short track record (launched late 2024) means long-term payout reliability remains unproven.

We rate Bullwaves Prime 7.0/10 (3.5/5). It is a viable option for manual traders who understand and can operate within its rules, but the combination of strict policies, mixed Trustpilot credibility, and limited operating history places it behind more established firms like FTMO, FundedNext, and The5ers.

Frequently Asked Questions

Is Bullwaves Prime a regulated prop firm?

Bullwaves Prime operates under Moonance LLC (Saint Vincent and the Grenadines) with trading infrastructure from Equitex Capital Limited, which holds a Seychelles FSA licence (SD185). While the firm markets itself as "regulated," the Seychelles licence covers the broker side, not the proprietary trading programme itself. This is not equivalent to regulation by tier-1 authorities like the FCA or ASIC.

What is the cheapest Bullwaves Prime challenge?

The most affordable option is the 2-Step Challenge with a $5,000 account size, priced at $59. The cheapest 1-Step Challenge is $89 for a $5,000 account.

How long does it take to get paid by Bullwaves Prime?

Your first payout becomes available 15 calendar days after your first funded trade. You must complete 10 active trading days before requesting a withdrawal. Payouts are processed within 2-5 business days via USDT (ERC-20) or bank wire.

Can I use Expert Advisors on Bullwaves Prime?

EAs are permitted during the challenge evaluation phases but are strictly prohibited on funded accounts. If automated trading is detected on a funded account, the account will be terminated. Personal copy trading (mirroring your own trades) is allowed.

What happens if I exceed the 6% payout cap?

Profits exceeding 6% of the account's starting balance in any single payout cycle remain in your trading account without penalty. You can withdraw the excess in the next bi-weekly payout cycle, subject to the same 6% cap.

Which countries are restricted from using Bullwaves Prime?

Bullwaves Prime does not accept traders from the United States, North Korea, Iran, Cuba, China, Afghanistan, Belarus, Belgium, Israel, Libya, Maldives, Nicaragua, Central African Republic, Venezuela, or Palestinian territories. Jurisdictions on FATF and EU/UN sanctions lists are also excluded.