Bullwaves Prime vs FTMO

Bullwaves Prime vs FTMO: How Do They Compare?

Bullwaves Prime launched in September 2024 as a broker-backed prop firm offering real market liquidity through Equitex Capital (Seychelles FSA, SD185). FTMO has operated since 2014 out of Prague and holds a 4.8/5 Trustpilot rating from over 40,000 reviews. Both firms offer funded accounts up to six figures, but their fee structures, rules, and trading conditions differ in ways that matter.

This guide breaks down the key differences between Bullwaves Prime and FTMO so you can decide which evaluation suits your trading style.

Challenge Structure

Both firms offer 1-Step and 2-Step evaluation models. FTMO’s 2-Step Challenge sets a 10% profit target in Phase 1 and 5% in Phase 2, with a minimum of 4 trading days per phase and no maximum time limit. Bullwaves Prime’s 2-Step requires 8% in Phase 1 and 5% in Phase 2, with a minimum of 10 trading days per phase.

The 1-Step options differ more sharply. FTMO’s 1-Step condenses the evaluation into a single phase with adjusted targets. Bullwaves Prime’s 1-Step demands a 10% profit target with tighter drawdown limits — 4% daily and 8% total — compared to its own 2-Step offering.

Neither firm imposes a maximum time limit on evaluations, which removes pressure and allows traders to wait for quality setups.

Account Sizes and Fees

FTMO offers accounts from $10,000 to $200,000. Bullwaves Prime ranges from $5,000 to $400,000, giving it wider coverage at both ends.

On fees, Bullwaves Prime undercuts FTMO significantly. A $100,000 2-Step challenge at Bullwaves Prime starts from roughly $399, while FTMO charges €540 (approximately $590) for the same account size. FTMO does refund the challenge fee with your first funded payout, which effectively makes the evaluation free if you pass and profit.

Drawdown Rules and Risk Limits

FTMO applies a flat 5% daily drawdown and 10% maximum drawdown across all challenge types. The rules are straightforward and consistent.

Bullwaves Prime splits its risk parameters by challenge type. The 2-Step mirrors FTMO with 5% daily and 10% total drawdown. The 1-Step tightens both to 4% daily and 8% total, which creates a narrower margin for error.

Bullwaves Prime also enforces a consistency rule: each trade’s profit must fall within -70% to +100% of your average lot size. This prevents traders from hitting target on a single outsized position. FTMO does not impose this kind of consistency constraint.

Trading Rules and Restrictions

Bullwaves Prime restricts news trading — you cannot open or close positions within 3 minutes of high-impact news events, though holding through news is permitted. Expert Advisors (EAs) are not allowed on funded accounts. Trades must be held for at least 2 minutes, ruling out tick scalping. Martingale, grid systems, and arbitrage strategies are banned.

FTMO is more permissive. News trading is allowed, and EAs are permitted on all account types. There is no minimum hold time. The main restrictions cover arbitrage and exploiting platform inefficiencies.

For systematic traders who rely on algorithms, FTMO is the clear choice. If you trade manually with a discretionary approach, Bullwaves Prime’s restrictions may not affect you.

Platforms and Instruments

FTMO supports MT4, MT5, cTrader, and DXtrade — four platforms covering most trading preferences. Bullwaves Prime offers MT5 only. If you prefer cTrader’s order flow tools or have existing MT4 setups, FTMO is your only option here.

Both firms provide access to forex, indices, commodities, and crypto CFDs. Bullwaves Prime routes orders through real market liquidity via its parent broker Equitex Capital, which is a genuine differentiator from firms using simulated environments.

Payouts and Withdrawals

FTMO processes payouts within 1-2 business days. The first payout is available after 14 calendar days on a funded account. Methods include bank wire, Skrill, and crypto (BTC, ETH, LTC, USDC, USDT). No withdrawal fees are charged by FTMO.

Bullwaves Prime pays out bi-weekly, with the first withdrawal available after 15 calendar days. Payout methods are limited to bank transfer ($30 fee) and USDT-ERC20 (no fee). A key constraint: each payout is capped at 6% of the account’s starting balance. Profits exceeding this remain in the account without penalty but cannot be withdrawn until the next cycle.

The 6% payout cap is a significant difference. On a $100,000 funded account, your maximum withdrawal per cycle is $6,000 regardless of how much you earned. FTMO has no such cap.

Trust and Track Record

FTMO has been operating for over a decade and holds a 4.8/5 Trustpilot score from more than 40,000 verified reviews. The firm has paid out hundreds of millions in trader profits and maintains a transparent track record.

Bullwaves Prime is newer — launched in September 2024 — and its Trustpilot profile has been flagged for potentially fake reviews, with a current rating of 3.5/5. The firm is backed by Moonance LLC and Equitex Capital, regulated by the Seychelles FSA (SD185), which is an offshore licence rather than a tier-1 regulatory body.

For traders who prioritise proven reliability, FTMO’s track record is difficult to match. Bullwaves Prime needs more time to establish trust within the prop trading community.

Who Should Choose Which?

Choose Bullwaves Prime if: you want lower evaluation fees, prefer real market liquidity, trade manually without EAs, and are comfortable with a newer firm that has not yet built a long track record. The higher account ceiling ($400K) and lower entry price make it appealing for budget-conscious traders.

Choose FTMO if: you value a proven track record, want platform flexibility (MT4, cTrader, DXtrade), use EAs or trade around news events, and prefer uncapped payouts. The fee refund policy and 4-day minimum trading period also suit traders who can hit targets quickly.

For alternatives worth considering, check out FundedNext, The5ers, and Funding Pips — each offers distinct advantages depending on your strategy and risk tolerance.

Final Thoughts

FTMO remains the industry benchmark for good reason: decade-long track record, flexible platforms, permissive trading rules, and uncapped payouts. Bullwaves Prime offers a genuine cost advantage and real market execution, but the 6% payout cap, restricted platform choice, and limited trading history are drawbacks that serious traders should weigh carefully.

If you are new to prop trading and want the safest bet, FTMO is the stronger pick. If you are an experienced manual trader looking for cheaper evaluations with real liquidity, Bullwaves Prime deserves a closer look — but go in with realistic expectations about its limitations.

Frequently Asked Questions

Is Bullwaves Prime cheaper than FTMO?

Yes. Bullwaves Prime’s evaluation fees are lower across all account sizes, with challenges starting from $59 compared to FTMO’s €155. However, FTMO refunds the challenge fee with your first funded payout, which offsets the initial cost difference if you pass and profit.

Can I use Expert Advisors on Bullwaves Prime?

EAs are permitted during the evaluation phase but are banned on funded accounts at Bullwaves Prime. FTMO allows EAs on all account types, including funded accounts, making it the better option for algorithmic traders.

Which firm has better payout terms?

FTMO offers uncapped payouts with no withdrawal fees and multiple methods including crypto and bank wire. Bullwaves Prime caps each payout at 6% of the account’s starting balance per cycle and charges $30 for bank transfers. For most traders, FTMO’s payout structure is more favourable.

Does Bullwaves Prime use real market execution?

Yes. Bullwaves Prime routes trades through Equitex Capital, providing real market liquidity rather than a simulated trading environment. This is one of its key selling points compared to many prop firms that use demo accounts with simulated fills.

Which prop firm is better for beginners?

FTMO is the safer choice for beginners due to its 10-year track record, 4.8/5 Trustpilot rating, generous platform support, and lower minimum trading days (4 vs 10). The fee refund policy also reduces risk for first-time challengers.