Bullwaves Prime Review 2026: Rules, Accounts, Payouts, Scaling and Discount Code

Last Updated: 28th Oct 2026

Quick verdict: Bullwaves Prime is a CFD-focused proprietary trading firm offering one-step and two-step evaluation accounts through MetaTrader 5. Its main attractions are unlimited evaluation time, 1:50 leverage, account sizes advertised up to $400,000, and payout requests every 15 days after the relevant conditions are met. However, the programme includes several detailed compliance rules—such as profit consistency, lot-size consistency, minimum holding times, and restrictions on automation—that traders should understand before paying the challenge fee.

Best suited to: discretionary forex, indices, commodities and crypto traders who can follow strict risk controls.

Potentially unsuitable for: news scalpers, high-frequency traders, martingale/grid traders, automated funded-account traders, and anyone requiring a refund after purchasing.

Bullwaves Prime presents itself as a prop trading programme connected to Bullwaves, a Seychelles CFD broker operating under licence number SD185. The Prime programme itself is operated by Moonance LLC in Saint Vincent and the Grenadines.

The company’s website also promotes “real liquidity,” MT5 access, raw spreads and a maximum advertised funding amount of $400,000. These are marketing claims that should be assessed alongside the detailed trading rules, payout conditions and legal documents.

What Is Bullwaves Prime?

Bullwaves Prime is a proprietary trading firm operating since 2024 and led by the CEO Filippo De Rosa. Traders pay a one-time fee for an evaluation account and attempt to meet a profit target without violating drawdown or conduct rules. Successful traders may then progress to a funded stage and receive a percentage of eligible trading profits.

The firm states that Bullwaves Prime is owned and operated by Moonance LLC, incorporated in Saint Vincent and the Grenadines under registration number 2141 LLC 2022. Bullwaves is described as the trading name of Equitex Capital Limited, a Seychelles CFD broker licensed under SD185, and a technology provider for Bullwaves Prime.

Company structure and regulatory distinction

This structure is important. Bullwaves Prime is not necessarily the same legal entity as the regulated Bullwaves CFD broker. The website states that:

• Moonance LLC operates Bullwaves Prime.

• Equitex Capital Limited operates Bullwaves as a Seychelles CFD broker.

• ETX Services Limited in Cyprus acts as an independent representative and distributor.

• Prime challenge traders are paid based on simulated performance during the evaluation phase.

The available material does not identify a CEO or provide a confirmed public launch year for Bullwaves Prime. Therefore, those details should not be treated as established facts.

Bullwaves Prime - Core Features for Traders

Bullwaves Prime has been in the prop trading industry for almost 2 years and these are its primary features and offerings:

• One-step and two-step challenges

• Account sizes advertised from $5,000 to $400,000

• Unlimited time to complete the evaluation

• MetaTrader 5 access

• Forex, indices, commodities, crypto and other listed assets

• Leverage up to 1:50

• 10% target for the one-step challenge

• 8% and 5% targets for the two-step challenge

• 4% daily drawdown for one-step accounts

• 5% daily drawdown for two-step accounts

• 8% maximum drawdown for one-step accounts

• 10% maximum drawdown for two-step accounts

• Payout requests every 15 days after eligibility requirements are satisfied

• Payout processing generally stated as 2–5 business days

• Minimum payout of $50

• Profit split of up to 80% under the detailed rules, with higher percentages marketed through add-ons

• Account growth advertised up to $400,000

One notable caveat is that the website contains different marketing references to “up to 100% profit split,” while the detailed trading rules state that funded traders receive up to 80%. Traders should rely on the applicable checkout terms, trader agreement and current dashboard rules rather than a headline marketing claim.

Bullwaves Prime Account Types: Full Breakdown

Bullwaves Prime offers two main programmes: a 1-Step Challenge and a 2-Step Challenge.

One-Step Challenge

The one-step programme requires traders to reach a 10% profit target before moving to the funded stage. The website lists account sizes from $5,000 to $400,000, although the detailed rules section lists available sizes from $10,000 to $200,000. This inconsistency should be clarified with support before purchase.

The company also advertises a higher-profit-share add-on, shown as +20% on the pricing page. The exact resulting split and eligibility conditions should be confirmed at checkout.

Two-Step Challenge

The two-step programme requires:

• 8% profit in Phase 1

• 5% profit in Phase 2

• At least 10 trading days in each phase

• 5% daily drawdown

• 10% maximum drawdown

• A trailing drawdown component in addition to the daily and maximum drawdown rules

The two-step account appears cheaper than the equivalent one-step account, but it introduces an additional phase and a trailing drawdown requirement.

Consistency rules

The consistency rule is one of Bullwaves Prime’s most important conditions.

For one-step accounts, no single trading day’s profit may represent 30% or more of total account profit. For two-step accounts, no single trading day’s profit may represent 40% or more of total profit.

The formula is:

Highest Profit Day ÷ Total Profit × 100

If a trader reaches the target with one unusually large winning day, they may need to continue trading until that day represents a smaller percentage of total profits. This rule also continues after funding and does not reset after payouts.

Lot-size consistency

At payout review, profitable trades must generally fall between:

• Average lot size minus 70%

• Average lot size plus 100%

Profitable trades outside that range may be excluded from the payout and account balance, although the account may remain active. Trades on the same instrument, in the same direction and within 10 minutes may be aggregated.

This rule is applied globally across instruments, so a trader switching between forex, gold, indices and crypto must monitor overall position sizing carefully.

Bullwaves Prime Trading Rules: Allowed vs. Prohibited

News Trading Rules

Holding positions through scheduled news is permitted. However, opening or closing trades within three minutes before or after a news release is prohibited. Pending-order strategies designed to capture volatility around major releases are also restricted.

Weekend and Overnight Holding Rules

• One-step challenges: Weekend holding is permitted.

• Two-step challenges: Positions must be closed before Friday market close.

• Funded crypto: Simulated crypto trading during weekends is stated to be available on funded accounts.

• Overnight holding outside the weekend is not generally prohibited, but instrument trading hours and platform conditions still apply.

EAs, Bots and Copy Trading Rules

EAs and trade copiers are permitted during the challenge phase according to the detailed rules. They are prohibited during the funded stage.

A personal copy trader that mirrors the trader’s own trades onto their Prime account may be allowed, but copying other users or creating identical orders across multiple users can trigger a warning or breach. Automated scripts, AI systems and funded-stage bots are not allowed.

Prohibited Trading Strategies and Activities

Bullwaves Prime expressly prohibits:

• Latency and triangular arbitrage

• Grid trading

• Martingale and loss-doubling systems

• Bracketing buy and sell orders around news

• Tick scalping

• Hedging long and short positions on the same instrument

• Coordinated trading and signal copying

• Account sharing or reselling

• Excessive risk-taking during drawdown

• One-sided betting without a justified strategy

• Reckless negative-risk-to-reward trading

• More than 2% loss attributable to one trade idea

Minimum holding times are also specified:

• Standard instruments: at least two minutes

• XAUUSD, BTCUSD and indices: at least five minutes

Profits from trades closed sooner may be removed.

Inactivity and IP rules

Funded accounts inactive for 30 consecutive days may be suspended. Merely logging in does not reset the inactivity counter.

Multiple devices and logins are permitted, but unusual IP activity may trigger restrictions if it suggests account sharing or fraud. The published material does not provide a detailed VPN policy. Traders should ask support before using a VPN, travelling frequently or accessing the account from different jurisdictions.

Trading Platforms and Instruments Supported

MetaTrader 5 is the only supported trading platform.

Bullwaves Prime advertises access to:

• Forex

• Indices

• Commodities

• Crypto

• Stocks and other assets, subject to account conditions and platform availability

Leverage is advertised at 1:50 across accounts. Contract specifications vary by instrument, so traders must check symbol-specific margin requirements, trading hours, spreads and maximum position sizes before opening trades.

The company promotes low spreads, including raw spreads starting from 0.0 pips in its marketing material. Actual trading costs can vary depending on the instrument, market conditions, commission structure and execution environment.

Bullwaves Prime Scaling Plan

Bullwaves Prime advertises account growth up to $400,000 on its main pages. However, the detailed rules state that the maximum commission-eligible buying power available to one trader is $2,000,000, which appears to refer to total allocation rather than a single account.

The available information does not set out a complete, precise scaling schedule with:

• Required profit milestones

• Percentage-based account increases

• Time between scaling reviews

• Maximum number of scaling events

• Exact conditions for moving from $100,000 to $200,000 or $400,000

Therefore, there is no sufficiently detailed public scaling plan to reproduce accurately. Traders should not assume that reaching a specific profit percentage automatically guarantees a larger account.

The clearest confirmed parameters are:

• Advertised account sizes up to $400,000

• Maximum commission-eligible allocation of $2,000,000

• Multiple challenge accounts allowed

• Hedging between accounts prohibited

• No funded-stage profit target

• Scaling or allocation decisions subject to the firm’s current agreement and compliance review

This is an area where Bullwaves Prime could improve transparency.

Payout Rules, Payment and Withdrawals

Payout schedule

The first payout becomes eligible:

• 15 calendar days after the first trade

• After at least 10 active trading days

• After all required profitable trading-day conditions are met

• With all positions closed before the request

Subsequent payouts may be requested every 15 calendar days. Funded traders also need at least six profitable trading days before requesting a payout. A profitable day must generate eligible profit of at least 0.5% of the initial balance while the current balance is at least the initial balance.

Payout processing

Payouts are stated to be processed within 2–5 business days by:

• Bank wire

• USDT-ERC20

Fees:

• Crypto withdrawals: no Bullwaves Prime fee stated

• Bank wire: $30 flat fee

• Minimum payout: $50

Payout cap

Only up to 6% of the funded account’s starting balance is eligible for profit sharing during a single payout period. Profits above 6% are not necessarily a breach, but the excess is excluded from that payout calculation. The cap resets after each payout.

For example, on a $50,000 funded account, the maximum eligible profit for one payout cycle would be $3,000 before applying the trader’s profit split.

Fee refunds and payout guarantees

The published rules say that once login credentials are issued following confirmed payment, the sale is final and no refund is issued. The available material does not confirm a challenge-fee refund after passing.

The website promotes “payout guarantee” language and displays claimed payout examples, but traders should distinguish marketing claims from a contractual guarantee. A payout is subject to trading-rule compliance, KYC, consistency checks and the trader agreement.

KYC requires a government-issued ID or passport and proof of address dated within 90 days before the funded stage.

Restricted Countries

Bullwaves Prime states that it does not accept traders from:

• Belgium

• Israel

• Iran

• Maldives

• North Korea

• United States

• Afghanistan

• Belarus

• Central African Republic

• China

• Cuba

• Libya

• Nicaragua

• Palestinian Authority/Gaza/West Bank

• Venezuela

• Jurisdictions on applicable FATF, EU or UN sanctions lists

The shorter FAQ list does not include every country appearing in the broader regional restrictions notice, so prospective traders should verify eligibility directly before payment.

Pros and Cons

Advantages

• One-step and two-step options

• Unlimited evaluation time

• Competitive entry pricing, particularly on smaller two-step accounts

• MT5 support

• 1:50 leverage

• Weekend flexibility on one-step accounts

• Payout requests every 15 days after eligibility

• Minimum withdrawal of $50

• Bank wire and USDT withdrawal options

• Multiple challenge accounts permitted

• Advertised account sizes up to $400,000

• Detailed rules are publicly available

Limitations and risks

• No refund after credentials are issued

• Numerous technical compliance rules

• Funded-stage automation is prohibited

• Two-step accounts prohibit weekend holding

• Consistency rules can delay payouts or challenge completion

• Lot-size rules may remove otherwise profitable trades

• Six profitable days are required before funded payout requests

• 6% payout-cycle cap limits large withdrawals

• $30 bank-wire fee

• Conflicting marketing references regarding 80% versus 100% profit split

• Inconsistent account-size information between pricing pages and detailed rules

• Public scaling criteria are not fully explained

• Payout claims on the website are company-published evidence, not independent verification

What Traders Are Saying About Bullwaves Prime

The supplied Trustpilot data shows 677 total reviews, including 136 reviews in the last 12 months. The distribution is reported as:

• 5-star: 66%

• 4-star: 7%

• 3-star: 2%

• 2-star: 3%

• 1-star: 22%

The most frequently mentioned topics include payment, customer communications, refunds, customer service, response time and ethics.

This is a mixed but meaningful signal. A strong five-star majority suggests that many users report satisfactory onboarding, support or payouts. At the same time, a 22% one-star share is too large to dismiss. It indicates that some traders have experienced serious dissatisfaction, potentially involving payment disputes, refunds, rule enforcement or communication.

The supplied Trusted Prop data gives Bullwaves Prime a 4.7/5 rating based on 72 reviews. The company’s own reviews page also displays ratings from external platforms, including Trustpilot, Myfxbook, Fxverify and Funded Trading Plus.

Bullwaves Prime publishes payout examples, including claimed rewards associated with $10,000, $25,000, $50,000, $100,000 and $200,000 accounts. These examples support the existence of claimed payouts, but they should not be treated as independently audited payout certificates unless the underlying transaction evidence is independently verifiable.

The balanced interpretation is that community sentiment appears positive overall, but not uniformly so. Prospective traders should read recent one-star and four-star reviews, not only promotional testimonials.

Verdict: Should You Trade with Bullwaves Prime in 2026?

Bullwaves Prime may be worth considering for a disciplined discretionary trader who:

• Understands CFD and simulated-prop risk

• Can avoid prohibited strategies

• Does not depend on funded-account automation

• Can trade within strict drawdown limits

• Is comfortable with payout reviews and consistency rules

• Accepts that challenge fees may be non-refundable

The one-step programme may appeal to traders who prefer a single target and weekend flexibility. The two-step programme is cheaper in many cases and offers a lower first-phase target, but it requires more time, has a trailing drawdown condition and does not permit weekend holding.

Budget-conscious traders may find the $5,000 and $10,000 options accessible. High-capital professionals should be more cautious about the unclear scaling schedule, maximum allocation language and account-size discrepancies. They should obtain written clarification before purchasing multiple accounts or relying on a $400,000 growth pathway.

Overall, Bullwaves Prime has a potentially attractive structure, but it is not a simple “pass the target and withdraw” programme. The practical difficulty lies in satisfying the complete set of rules at all times.

Bullwaves Prime Discount Code and Next Steps

The supplied campaign brief requests a 25% discount using the code TRUSTED. However, the website material provided here displays a separate promotional campaign using the code NOTRICKS35 for 35% off, described as a limited-time Halloween offer.

Because promotions expire and the two codes conflict, verify whether TRUSTED is active at checkout before paying. Do not assume that a discount code is valid merely because it appears in a third-party review.

Before purchasing:

1. Compare the one-step and two-step drawdown rules.

2. Confirm the exact account size available in your jurisdiction.

3. Read the current trader agreement.

4. Confirm the funded profit split and add-on price.

5. Ask support to explain the scaling plan in writing.

6. Check whether your strategy complies with holding-time and consistency rules.

7. Confirm KYC and payment requirements.

8. Save screenshots of the checkout terms and rules.

If you have traded with Bullwaves Prime, share your experience—including whether you passed, received a payout, encountered a rule dispute or requested a refund—so other traders can assess the firm more realistically.

Review Maintenance Notice: We'll keep updating this prop firm review as Bullwaves Prime might change rules or as new trader feedback comes in. If you've traded with Bullwaves Prime, leave a review on The Trusted Prop to help other traders make informed decisions.

Risk Reminder: Trading challenges involve risk. Most traders do not pass evaluations. Always read the firm's latest rules before buying. Never risk money you cannot afford to lose.