Bullwaves broker review 2026 – good low cost broker with simple accounts

Overview

Founded in 2023, Bullwaves is a forex broker that has quickly grown into a major industry player, with over 100,000 clients globally.

Headed up by several executives with decades of combined experience in the online trading industry, the company will appeal to traders that want a simple trading experience, with good technology, and solid pricing.

Bullwaves also offers a range of unique features, including a copy trading platform, AI trading tools, specialised charting technology, and an online academy, where you can learn about trading.

Bullwaves is a great platform for trading the core FX and CFD products, so if you are looking for longer term, lower risk investment products, this is not going to be the broker for you.

Trust

Bullwaves is a relatively new company and like many other forex brokers that have launched in the last few years, the firm only has two legal entities – one in the Seychelles and one in St Vincent and the Grenadines.

These are common regions for brokers to set up shop and clients signing up with them can still access higher leverage when they trade forex with the broker. However, you should be aware that this means you are not going to be trading with a firm that has local regulatory approvals in your country.

Another strong plus for the broker is its transparency. Unlike the majority of brokers regulated in countries like the Seychelles, Bullwaves is completely open with who runs and controls the business.

We always see this as a major plus for any firm, as it means the owners and senior executives feel comfortable showing their faces and being open with traders about who they are. 

Bullwaves is – unfortunately for the forex industry – fairly unique in this regard, as lots of brokers are not open or transparent about who is working for them or managing their operations. It’s a real positive for Bullwaves that it is.

Accounts

Part of what we like about Bullwaves is that it keeps things simple. 

Lots of brokers offer multiple accounts, which often have little to distinguish between them when you actually look at the fine print.

Bullwaves offers one main account for traders. This is for trading forex and CFD products, with the broker giving traders access to markets on the MetaTrader 5 platform. 

You can see a screenshot of the account overview section below – we have blocked out key information for our account with the broker.

Islamic Account

Bullwaves does offer Islamic Accounts. These are effectively no different from a regular account, in terms of what you can trade and the technology you get access to.

The key difference is that Islamic accounts do not pay overnight fees. When you trade forex or CFDs, you are using leverage – borrowed money – that gives you much bigger market exposure. 

If you hold those positions after market close, you have to pay interest to the broker. This is typically called an overnight fee or swap fee.

Bullwaves Islamic Accounts do not pay these fees to help traders adhere to Shariah law. Instead, after a set number of days, traders must pay an administrative fee. This means muslim traders can use Bullwaves without having to forfeit their religious beliefs.

Products 

Bullwaves is a forex and CFD broker that offers the most popular instruments across a range of asset classes. Currently clients can trade more than 300 products with the company.

Asset class	Total
FX	101
Metals	13
Indices	11
Commodities	6
Shares	95
NDFs	7
Cryptocurrencies	132

It’s worth noting that all of these products are traded as a CFD, even though we use the word ‘forex’ broker to describe Bullwaves. A CFD is a way of speculating on whether the price of a financial product will go up or down, without you owning it.

Bullwaves is a good broker if you just want the major, popular trading instruments, in a simple to use account. If you want a gigantic range of products, where you can trade really esoteric underlying assets, this is not the broker for you.

Having said that, we think a strength Bullwaves does have is some more unique products. 

Some of these are simple – like being able to trade gold and other metals against local currencies, like the British pound or Euro. This may not seem like a big deal but lots of brokers only offer USD-based accounts.

However, Bullwaves also offers a number of currency pairs, including Indian rupees and Brazilian real, that are hard to find elsewhere. Indeed, many large, industry-leading brokers do not have these products, so it’s significant that Bullwaves does.

Copy trading 

Bullwaves offers users access to copy trading via their platform. The copy trading portal lets you copy traders who you believe are likely to generate profits for you.

The platform is easily accessible within the Bullwaves portal. To access it, all you have to do is log in via the Bullwaves website and then visit the ‘Social Trading’ tab on the left.

When you first log in, you will have to ‘Register as a follower’ to begin copying other traders. After that you can login with your regular credentials.

You are also able to register as a trader that others can copy if you believe you have the skills needed to do so.

AI trading ideas and analytics tools

Bullwaves traders can access different trading ideas and analytical tools on the broker’s platform.

To access them, you just click on the ‘Acuity’ tab when you log in to your account on the Bullwaves website. 

This tab gives you:

1. Trade Ideas – look at whether you should buy or sell, at what price, and how high the conviction is that the trade is the correct one
   
2. AI News – this looks at recent global news, analyses it, and tells you what markets will be impacted and how you can trade them
   
3. Market Intelligence – This is similar to Trade Ideas, giving you an idea of what and how you should be trading different markets
   
4. Pro Analysis – A more detailed overview, based on AI analysis, of how certain financial markets are performing and how you could trade them on the back of that
   
5. AI Calendar – This section gives you an overview of upcoming, market moving events and how you could trade them

Deposits and withdrawals

Bullwaves lets you deposit and withdraw money with four main methods:

• Bank cards: You can use cards from Visa or Mastercard to make a deposit with Bullwaves
  
• Crypto: Users can connect a crypto wallet to their Bullwaves account and use it to trade with the broker. Alternatively you can deposit, using a range of cryptocurrencies, with one of the broker’s payment partners
  
• Bank transfer: You can send money from your bank to Bullwaves. Note that this is likely to be the slowest option you can use to deposit with the firm.
  
• Alternative payment methods: Clients in some regions can use methods like Paypal or Skrill to make deposits with Bullwaves

How long do deposits take with Bullwaves?

Deposits with Bullwaves will usually be instant or same day. The big outlier here is a bank transfer. Particularly if you are making an international transfer, this can end up being much more time consuming than other deposit methods.

How long do withdrawals take with Bullwaves?

Withdrawals can take from 0 – 5 days with Bullwaves. The slowest option will nearly always be an international bank transfer, which can take 5 days.

Faster options tend to be:

• Crypto – often instant
• Local bank transfer – same day or up to 3 days
• Bank cards – 1 to 3 days
• E-wallets – 1 to 3 days

Note that as with all brokers, including those overseen by major financial regulators, you will not be able to withdraw more than you deposited via a debit card. This is for compliance reasons and it affects all forex brokers globally, including Bullwaves.

Does Bullwaves charge fees for payments?

Bullwaves does not charge fees for deposits or withdrawals, although you should be aware that third-parties may do so. The only exception to this is for bank transfers, where you will be charged a €10 fee for any withdrawals under €100. 

Fees

There are only two big fees that Bullwaves charges – swaps and the spread.

Swaps

Swap fees, sometimes called ‘overnight fees’, are either deducted from or added to your account when you hold a position after the market closes. Hence the name ‘overnight fee’.

The amount you pay or receive is not fixed. It will vary depending on the instrument you are trading and whether you have taken a long or short position in it. 

Traders using an Islamic Account do not have to pay a swap fee but must pay administrative fees instead.

Spreads

The spread is the difference between the price at which you buy and sell an instrument. So whenever you open and close a position, the fee you pay is the spread. 

Bullwaves’ spreads are what we would describe as pretty middle of the road. You are not getting the absolute tightest spreads in the market, nor are you being charged a crazy amount of money.

One point we would note is that Bullwaves does not charge commissions, only a spread. 

A lot of brokers that claim to offer zero or insanely tight spreads are able to do this as they just charge you a commission instead.

Overall the spreads that Bullwaves charges are reasonable and we also like how it fits with the ‘keep it simple’ model that the broker seems to operate with.

Trading platforms

Bullwaves only offers the MetaTrader 5 platform. 

This is a modern platform, which you can access across desktop, mobile or web browser. It is particularly good for automated trading strategies and also for performing technical analysis.

The downside of MetaTrader is that it can, particularly on mobile, feel a bit clunky to use. This is not the sort of simple to use platform you may find elsewhere.

We think this is one area where Bullwaves is a bit limited for traders. If you are fine with MetaTrader, this is not going to be a problem for you. 

However, if you want a platform that’s simpler to use or is a bit more basic, then you may not love using the MetaTrader 5 platform.

Final thoughts

Bullwaves has built an impressive business in a short space of time. It’s a broker that offers the core products most traders want, with a few additional unique tools and assets that you can trade in.

Ultimately if you’re looking for a solid broker to trade those core instruments, or a few niche ones, Bullwaves will be a good choice for you.

The only real downside we see to the broker is that it only has MetaTrader 5, rather than a broader range of trading platforms.