Bullwaves Prime Review 2026

Bullwaves Prime sells two paid evaluations: a 1-Step Challenge and a 2-Step Challenge. Both are one-time fees, from $59 for the 2-Step 5K account to $2,199 for the 1-Step 400K account. Trading is on MetaTrader 5 only. The trading rules say traders receive a profit split of up to 80% after passing the challenge and completing KYC. Other pages advertise up to 100%; the home page says "with the add on", and the only profit-related add-on listed is "Higher Profit Share".

The site footer says Bullwaves Prime is owned and operated by Moonance LLC, a company incorporated in Saint Vincent & the Grenadines. It names Bullwaves, the trading name of Equitex Capital Limited, a CFD broker incorporated in the Seychelles under licence number SD185, as the technology provider. The firm's Funded Account Disclaimer says BWP accounts are not live trading accounts but fully simulated accounts using real market quotes. The home page, by contrast, talks of trading "real company funds". We go by the disclaimer and the trading rules, which are more specific.

The rulebook is long and detailed. It includes profit consistency rules, a 6% cap on the gain counted in each payout period, minimum holding times, a 2% maximum loss per trade idea and a ban on automated trading once funded.

Everything in this review comes from Bullwaves Prime's own web pages, saved on 7–9 October 2026. Rules and prices change, so check the firm's site before you buy.

The pricing page lists the 1-Step Challenge in seven sizes, from 5K to 400K, and the 2-Step Challenge in six sizes, from 5K to 200K. Every price is shown as "/ One time".

The pricing page writes the two largest 1-Step prices as "$1.199" and "$2.199"; the checkout page shows them as $1,199.00 and $2,199.00.

The 1-Step Challenge lists one add-on, "Higher Profit Share", shown as +20%. The 2-Step Challenge lists four add-ons: Higher Profit Share, Trade on Weekends, No min trading days and First reward in 7 days, followed by the figures +20%, +10%, +15% and +15%. On the checkout page, the Higher Profit Share add-on for the 1-Step $5,000 account ($89.00) was shown as "+20%" with "Add $17.80 to your total".

The pages disagree on account sizes. The FAQ on the trading rules page lists $10,000 to $200,000 for both challenges. The pricing page and the checkout also sell 5K accounts, and a 400K size for the 1-Step. We used the pricing page and checkout, which show the sizes on sale.

Evaluations can be paid by credit or debit card or by cryptocurrency. There are no refunds once login credentials have been issued after a confirmed payment.

The trading rules page sets these limits for each challenge.

Targets are measured from the initial account balance, and there is no profit target in the funded stage. The pricing tables show the same daily and maximum drawdown percentages for the funded stage as for the challenge phases.

How the drawdowns work

Daily drawdown is equity based and is measured from the highest equity reached during the current trading day. It resets every day at 00:00 Market Watch Time (17:00 EST). The account is breached if equity or balance falls below the maximum drawdown limit. On 2-Step Challenges, the trailing drawdown follows the highest equity on the account and never moves back down.

Trading days and consistency

A valid trading day is any day on which at least one genuine position is opened. If the target is reached early, the trader must keep trading until the minimum days are met. The consistency rule is calculated as the highest profit day divided by total profit; if one day is over the threshold, the trader must keep trading until it falls below. The rule also applies on funded accounts for the life of the account and does not reset after payouts.

Funded accounts inactive for 30 consecutive days are suspended, and logging in without trading does not reset the timer.

Sections 2 and 4 of the trading rules set these restrictions; Section 4's prohibited strategies apply from the first trade. Breaches can lead to profit removal, account reset, account closure or a permanent ban, at the firm's sole discretion.

• News: holding positions through scheduled news is permitted, but opening or closing positions within 3 minutes before or after a release is not.
• Minimum holding time: 2 minutes for all instruments as standard, and 5 minutes for XAUUSD, BTCUSD and all indices. Tick scalping is banned.
• EAs and trade copiers: permitted in the challenge phase only; all automated strategies, copiers and scripts are prohibited in the funded stage.
• Maximum loss per trade idea: 2% of the initial balance. Positions on the same instrument in the same direction count as one idea, as does a re-entry within 10 minutes.
• Hedging: opening long and short positions on the same instrument at the same time is prohibited, including across accounts.
• Other banned strategies: arbitrage, grid trading, martingale, bracketing orders before known events, limit orders with tight targets placed just before high-impact news or market opens, and large positions to recover drawdown.
• One-sided betting: always trading one direction on a single asset without adaptation is not allowed.
• Risk:reward: if more than 60% of trades have a negative risk:reward profile, the account is in breach.
• Account management: only the registered holder may trade the account; third-party management and account sharing are prohibited.

On copy trading, the page says using a personal copy trader to mirror your own trades onto your Prime account is permitted, but identical orders at identical times by two or more users trigger a warning and then a breach. The page also says that copying signals or using mirroring software is not allowed. Check with the firm before using any copier.

At payout, profitable trades must fall within the account's average lot size minus 70% to plus 100%; trades outside that range are removed from the payout and the balance. Trades on the same instrument in the same direction within 10 minutes of each other are treated as one trade for the lot-size and profit consistency rules.

The first payout becomes eligible 15 calendar days after the first trade, and later payouts can be requested every 15 calendar days. The pricing page also lists a paid "First reward in 7 days" add-on for the 2-Step. Before a payout request, a funded account needs at least 10 active trading days and 6 Profitable Trading Days. A Profitable Trading Day needs profit of at least 0.5% of the initial balance, with the balance at or above the initial balance. All positions must be closed before requesting a payout, and the account is disabled while the request is pending.

Payouts are processed by bank wire or USDT-ERC20 within 2–5 business days of the request. Crypto withdrawals have no fee, bank wires cost a flat $30, and the minimum withdrawal is $50.

The gain counted for the profit split in any one payout period is capped at 6% of the funded account's starting balance. Profit above 6% is not a breach but is left out of the payout calculation; the cap resets after each payout. The firm states a maximum total allocation of $2,000,000.

Profit split

The trading rules and the payouts page calculator both use 80%. The home page says "Up to 100% profit share with the add on". The challenge page shows both an "Up to 100% profit split" block and a "90% profit split" block without saying which programme or add-on each applies to. We use the 80% stated in the trading rules as the standard split; the rules do not mention the add-on.

Scaling

The home page says traders can grow an account to $400,000. The 1-Step table has a "Scaling Target" row showing 10% for Phase 1 and N/A for the funded stage.

MetaTrader 5 is the only supported platform. Leverage is 1:50 on all accounts, and contract sizes vary by instrument. The home page lists forex, stocks, crypto and commodities. The holding-time rule also names gold (XAUUSD), bitcoin (BTCUSD) and indices. Simulated crypto trading at weekends is available on funded accounts.

The site footer names Moonance LLC, registration no. 2141 LLC 2022 in Saint Vincent & the Grenadines, as owner and operator. It names Equitex Capital Limited (trading as Bullwaves, Seychelles licence number SD185) as technology provider. It names ETX Services Limited, registered in Cyprus (HE455407), as Independent Representative and Distributor. It also names Equitech Marketing Management LLC, incorporated in the UAE.

The home page says the firm is "Powered by Bullwaves, a regulated broker". The FAQ describes Bullwaves as an international forex broker holding multiple licences. The Funded Account Disclaimer says BWP accounts are fully simulated, and the trading rules say challenge traders are paid on simulated performance only.

The trading rules list 12 countries that are not eligible: Belgium, North Korea, the United States, Afghanistan, Belarus, the Central African Republic, China, Cuba, Libya, Nicaragua, the Palestinian Authority/Gaza/West Bank and Venezuela. The site footer's regional restrictions also name Israel, Iran and the Maldives, plus jurisdictions on the FATF and EU/UN sanctions lists.

Traders must be at least 18. Before the funded stage, KYC needs a government-issued ID or passport and a proof of address dated within 90 days. The firm says the funded account is enabled within 3 business days of document verification. The legal page links to Terms and Conditions, a Privacy Policy and a Refund Policy as separate documents. We did not read those documents.

Bullwaves Prime suits manual MT5 traders who hold trades for at least a few minutes, as automation is banned once funded and minimum hold times apply. The 2-Step 5K account is the cheapest way in at $59. The 1-Step allows weekend holding; under the trading rules the 2-Step does not, although the pricing page lists a paid "Trade on Weekends" add-on for it. It does not suit US residents, who are on the restricted list. Traders who make most of their profit on a few large days should read the consistency rules and the 6% payout cap first.

MyPropGenius Rating: Not yet rated — no Transparency Index score yet

The rating measures how openly Bullwaves Prime discloses its rules, pricing, payouts and ownership (our Transparency Index methodology). It does not measure how likely you are to pass or be paid.