Bullwaves is an offshore trading platform operating from Seychelles. The island’s Financial Services Authority (FSA) regulates the firm. The website promotes the MetaTrader 5 (MT5) software and high leverage. But does that mean that your funds are 100% safe with them?

Keep reading our Bullwaves review to find out. We explain the difference between this platform and the less desirable ones, such as Crypto-com.ai. 

Legal Info: Is Bullwaves Regulated?

The most important aspect we must cover is the Bullwaves regulation. The firm running this platform, Equitex Capital Limited, is registered with the Seychelles FSA. But, we must stress that this is an offshore regulator, meaning it imposes loose regulations and lax rules. It cannot compare reputable onshore financial watchdogs.

For instance, offshore companies are not required to offer financial compensation in case of suspicious losses. They also do not segregate users’ funds or include negative balance protection.

Therefore, we recommend choosing firms regulated by recognized financial authorities like the FCA (UK), ESMA (EEA), CFTC (US), ASIC (Australia), IIROC (Canada), and MAS (Singapore).  These companies follow strict regulations, ensuring they provide clients with negative balance protection, segregate funds in top-tier banks, and sometimes offer compensation schemes.

Who Are Bullwaves’ Users?

According to WHOIS, the website domain was created on May 5, 2023. Since then, the Bullwaves trading platform has mainly been accepting traders and investors from the following jurisdictions: 

• United States
• United Kingdom
• Israel
• Sweden
• Cyprus

These countries have established stringent regulations to crack down on online scams and secure their financial markets. Unfortunately, they do not allow offshore providers such as the Bullwaves broker to operate under their jurisdictions. They do not have the necessary authorization, so be careful.

Many companies turn to offshore domains to circumvent specific regulatory laws and thus offer clients more enticing options, such as high leverage. They also avoid high capital requirements.

Trader Reviews – Sharing Experiences

We checked several forums and did not find negative Bullwaves reviews. The broker received only positive feedback on trustpilot.com, albeit scarcely—there are only five as of writing. Nevertheless, at least the broker did not resort to fake comments and incentivized feedback. Things are pretty much unambiguous here.

When searching for a reliable brokerage firm, reading the experiences of other traders and investors is critical. Their unfiltered reviews and feedback can reveal vital insights and help you dodge digital ploys like WiseCapitalX. Before jumping into any new investment, take a moment to sift through genuine user testimonials and regulatory warning lists.

Which Trading Platform Is Available?

Bullwaves MT5 offers a wide range of sophisticated features, such as automated trading, live market reports, and API integration. Moreover, users can enjoy lightning-fast order execution, multiple timeframes, and more. 

The platform also offers mobile functionalities via the Bullwaves app. The choice of platform is phenomenal, as there is no better software in the game. However, we must reiterate that the brokerage operates offshore, meaning the terminal may not be reliable.

For that reason, we recommend choosing a licensed provider that supports the same robust third-party software like MetaTrader 4, MetaTrader 5, or cTrader.

Bullwaves Account Types

Trading Info – Leverage, Spreads, Commissions

When it comes to the maximum leverage, Bullwaves offers 1:500, which is exceptionally high. General advice: don’t rush into leverage trading unless you’ve got a lot of experience. High leverage can be super risky and lead to significant losses, hence the strict limits for retail clients in Europe and Australia (1:30) and North America (1:50).

The minimum cost of opening a classic Bullwaves account is 250 USD, which is reasonable. However, the benchmark EUR/USD currency pair spreads become favorable at the higher account tiers. The commissions are around $10, which is higher than the standard.

Can Traders Use a Free Demo Account?

You shouldn’t risk your actual cash from the get-go. Trying the platform with virtual funds before investing real money is always best. That way, you can avoid falling into cyber traps. Reputable brokers understand this and always provide risk-free demo trading. 

However, you cannot do that here because Bullwaves doesn’t support a risk-free demo account. It’s a major disadvantage, especially if you are a beginner.

Deposit and Withdrawal Process

The website lists several payment methods for depositing and withdrawing funds:

• Credit/debit cards
• Wire transfers
• E-wallets

The FAQ section comprehensively covers the payment process and fees. However, if you cannot secure a withdrawal, it’s time to explore other ways to recover your funds.

Suppose you funded your account with a MasterCard or Visa credit/debit card. In that case, you can initiate a chargeback through your bank, provided the transaction occurred within the last 120 days.

You can recall the transaction through your bank for wire transfers, but only if the funds haven’t already reached the scammer’s account. Reversing e-wallet payments involves contacting the issuer directly to request a chargeback.

Key Facts To Consider About Bullwaves

In this review, we have covered an offshore trading platform operating from Seychelles. The FSA regulates the business. The main clients of this business are traders from the US, UK, Israel, Sweden, and Cyprus. So, is Bullwaves legit? While the firm appears clean, you may experience issues stemming from the lax offshore jurisdiction.

If you have issues with Bullwaves, seek our professional help to recover your funds! A chargeback is your best option. Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

FAQ Section