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Despite the claimed advantages, 10,000 clients, and supposedly favorable trading conditions, Bullwaves is a dangerous platform for trading. Yes, the firm boasts regulatory oversight, but since it is based offshore, it should not be taken seriously. Reviews on the internet also appear suspicious. In short, it is necessary to investigate what kind of broker this is. It might turn out to be a scam.
Let us begin our review by taking a look at the official website. It appears standard and typical for any Forex broker. At the top of the page is the main menu:
Next to it is a BW Prime button that leads to a page dedicated to the prop firm. Nearby, there are also buttons for account login and registration, as well as a language switcher (English, Chinese, Arabic, and Spanish).
The official website is designed in white and blue colors. There is nothing particularly unique about the design. The site uses clichéd phrases such as “navigate the markets”, “start your trading journey today”, and other expressions that are often found among illegal and dangerous brokers.
The company shares information about itself at the bottom of the page. Here, legal entities, licenses, and addresses are listed. In the “About Us” section, they mention over 10 years of experience, but there is no evidence to support this claim. One of the account types is labeled ECN, but this business model is not explained in any way. How exactly are client orders routed to interbank liquidity? Who are the liquidity providers? Where are the details?
In short, it cannot be said that Bullwaves has a poor or low-quality website, but it also cannot be praised. This is an ordinary brokerage resource that presents the company and the conditions it offers. There are flaws.
Next, let’s consider how customers can contact company managers. This can be done in a variety of ways:
Bullwaves is a CFD broker providing access to the Forex, commodities, metals, indices, cryptocurrencies, and stock markets. The firm offers several account types, one of which is called ECN. However, there is no confirmation that this is a true ECN. To activate this account type, a minimum investment of $5,000 is required. Normally, access to interbank liquidity starts with a minimum volume of $100,000. Moreover, the company does not have serious regulatory oversight; this only mentions offshore financial commissions.
The two other accounts are Classic and VIP. They differ in terms of spreads and minimum deposits. The Classic account starts at $250 with spreads from 1.6 pips, while the VIP account starts at $3,000 but offers spreads twice as favorable. Other trading conditions are shared: enormous leverage of 1:500, a minimum trade size of 0.01 lot, and margin email notifications.
Another dubious aspect is the lack of information regarding commissions. Bullwaves does not disclose commissions anywhere. Yet any true ECN broker earns primarily from commissions, as it acts as an intermediary. If there are no such fees here, it once again confirms that the “ECN” label is being used solely as a marketing ploy. There is no actual interbank liquidity offered.
The conditions appear interesting, but can the company be trusted? To answer this question, it is necessary to examine the licenses and legal information, and to try to identify any negative factors.
We checked three registries: SVGFSA, SFSA, and MISA. The firm lists the legal entity Moonance, which is registered with SVGFSA and MISA. This is true. The registration date is 2022. Bullwaves also mentions Equitex Capital Limited, which indeed exists in the SFSA registry. In simple terms, there are no lies; the provided information is accurate. However, there are some concerns.
The legal entity Moonance had its own website, moonance.com, but when opening it, a warning appears stating that the platform has moved to the domain bullwaves.com. Why such changes? It is possible that the old brand became known for fraudulent activities, and now the company is forced to rebrand while retaining the old legal entities. We do not know the full truth, but such a transition looks highly suspicious.
The second point. Bullwaves is an offshore broker with licenses from SFSA (Seychelles), MISA (Comoros), and SVGFSA (Saint Vincent and the Grenadines), none of which provide clients with any real protection. These regulators only create the appearance of oversight: there is no deposit insurance, client funds are not segregated from broker funds, and there is zero responsibility for scams. Serious brokers like IC Markets, Pepperstone, or eToro are licensed by strict regulators (ASIC, FCA) and insure their clients, whereas the subject of our review simply displays attractive certificates to appear legitimate.
There are many positive reviews about Bullwaves online, but almost all of them look suspiciously similar: short texts without specifics, template phrases such as “excellent support” or “passed the challenge easily”, and a minimum of details about actual trading conditions.
This often happens when reviews are either ordered or written by the company’s own employees. In reality, a legitimate broker has diverse feedback: some users complain about withdrawals, others praise order execution, and many share real trading experiences. Here, it is obvious that the comments are prewritten templates, heavily focused on creating a positive impression without real substance. This is a serious red flag, because genuine clients always leave a variety of lively, detailed reviews, not identical promotional scripts.
Although the broker offers interesting opportunities, such as prop trading and copy trading, it is a very dangerous company. Bullwaves lacks serious regulatory oversight and was previously known as Moonance. Suspicious rebranding moves and the abundance of red flags make this platform a highly risky option. We do not recommend getting involved with such organizations.
Absolute fraud. There is no ECN here – it is a fake! This scam broker does not even have proper licenses. And without licenses, they have no access to interbank liquidity. All they offer is CFDs – a fake market. Be cautious. Do not fall into the trap
Scammers, scammers, and scammers again! I currently cannot withdraw my funds. They blocked my account due to “suspicious activity”. I simply managed to earn +30% on my deposit within a week, and they froze the account. The scammers explain it this way: my account has been flagged for risk control and is now frozen for more than 30 days. I do not know what to do now.