Commission-free trading
Few minutes registration
Both MT4 and MT5 are supported
Copytrading allowed
Customer support performed
Lacking selection of 250+
Not consob regulated
Lack of trading tools
Bullwaves offers three account types, all providing access to the MT4 and MT5 trading platforms. However, they differ in terms of spreads and leverage.
All accounts support EAs, scalping, hedging, and VPS. However, they differ in their stop-out levels, which are set at 50%, 35%, and 25% respectively.
What’s interesting is that Bullwaves allows up to six different trading accounts, including two Classic, two VIP, and two Elite accounts, all of which can be easily opened through the client dashboard.
Disappointingly, Bullwaves doesn’t support PAMM (Percentage Allocation Management Module) accounts, which are commonly used by money managers to oversee multiple accounts.
The account opening process itself is quick, taking only a few minutes. However, I encountered several dead links on the website, including the main ‘Sign up’ link, which was frustrating. I had to search for an alternative link on the site to proceed.
Additionally, the welcome email I received was badly formatted in parts, which didn’t build confidence.
Bullwaves offers a risk-free demo account compatible with MT5. With the paper trading account, you can test strategies without constraints right from the get-go.
Having said this, it’s unusual not to offer a demo MT4 account.
Bullwaves’ banking options are relatively flexible and include bank card (Visa, Mastercard and virtual card), Neteller (e-wallet), bank wire, and USDT cryptocurrency (TRC20 and ERC20).
It’s disappointing they don’t support other popular cryptocurrencies such as Bitcoin or Litecoin, or other popular e-wallets including PayPal and Skrill.
International bank wire deposits typically take 3-5 business days to appear in my Bullwaves account.
While Bullwaves does not levy charges for bank wire deposits, sending and correspondent banks may apply fees according to their individual fee structures. SEPA (Single Euro Payments Area) transfers typically reflect within the same business day, with very low associated fees.
It’s important to mention that Bullwaves deals only in USD and EUR currencies. When depositing cryptocurrency, it undergoes automatic conversion into one of these fiat currencies.
Similarly, withdrawals follow the same pathway, returning funds to the original account and method used for funding.
Bullwaves focuses on forex and CFD trading, omitting popular asset classes such as real stocks, ETFs, commodities, cryptocurrencies, or options.
Its array of tradable products is also limited compared to most other brokers, encompassing just 33 currency pairs along with two CFDs in precious metals (gold and silver) and six major indices (Germany 40, FTSE 100, S&P 500, Dow Jones, Nasdaq-100, CAC 40).
Notably, forex is the largest and most liquid global market, but Bullwaves only provides an extremely limited selection of major and minor pairs — exotic forex pairs aren’t even catered for.
In comparison, CMC Markets provides access to over 300 forex pairs, while IG offers 100 currency pairs for trading and XTB offers a collection of over 2,100 global markets and multiple asset classes.
Leverage is available up to 1:500, which is also disappointing compared to some off-shore brokers which offer 1:1000 and 1:2000, though higher leverage significantly increases the risk of large losses.
Considering the broker offers cryptocurrency deposits and withdrawals, I’m surprised there is no support for trading any crypto even if conducted via CFDs, which means I wouldn’t acquire the underlying coins.
Traders seeking a broader range of cryptocurrencies should consider eToro, which offers a selection of over 100 cryptocurrencies.
Bullwaves does not offer passive income opportunities, such as earning interest on idle account balances, which distinguishes it from competitors like XTB and Interactive Brokers.
Additionally, Bullwaves lacks copy trading, which may be a drawback for passive investors. eToro is an excellent alternative here – I personally use the broker’s social trading platform.
Bullwaves catches your attention with its fee structure, featuring no commissions.
However, the spreads offered by Bullwaves vary depending on the type of account you have. For major currency pairs like EUR/USD and USD/JPY, spreads can start from 2.0 pips with the Classic Account.
Yet day traders and scalpers aiming to capitalize on every pip might find brokers like IC Markets, which offers zero spread accounts (albeit with small commissions), more appealing.
Bullwaves charges a fixed fee of €10 for bank wire withdrawals equal to or below €100, and the same fee applies to other withdrawals (excluding card refunds) equal to or below €20.
Regarding account maintenance, Bullwaves may apply a $10 inactivity fee if there are no trades made for 30 days – kicking in much faster than most top brokers.
3.3 / 5
Bullwaves does not have its own proprietary trading platform, which might be a concern, especially for those new to trading. However, they compensate for this by offering support for two widely recognized third-party platforms: MetaTrader 4 and MetaTrader 5.
Both MT4 and MT5 are accessible on various devices, including desktop and mobile, and can also be run directly in web browsers.
For beginners, MT4 is often the preferred choice due to its simplicity and extensive range of technical indicators and tools. It is a user-friendly platform, though its asset selection is primarily limited to forex and CFDs.
In contrast, MT5 offers a more comprehensive set of features, supporting a broader range of assets. It also boasts faster processing speeds and advanced backtesting capabilities. However, its interface may be slightly more complex for beginners, and its scripting language differs from that of MT4.
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The ideal platform depends on your experience level and trading preferences. If you’re new to forex, MT4 provides a solid foundation, while MT5 caters to experienced traders seeking a wider array of assets and advanced tools.
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