Read our full Bullwaves Prime review including Challenge types, Drawdown rules, Prohibited Strategies, Payout process, and exclusive discount codes. Updated July 2026.
|Forex|Profit Split
80%
Payout Speed
On Demand
Max Allocation
$2.0M
Starting Price
$89
MetaTrader 5 (MT5)Pros
Cons
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Bullwaves Prime has quickly gained attention in the prop trading industry since launching in 2024. Backed by Moonance LLC and led by CEO Filippo De Rosa, the firm offers traders access to funded accounts ranging from $5,000 to $200,000 with the ability to scale up to $2 million. Operating with its own in-house broker and providing trading on MT5, Bullwaves Prime focuses on transparency, competitive fees and bi-weekly payouts. In this 2025 review, we will cover Bullwaves Prime’s rules, account types, payouts and overall features so you can decide if it’s the right prop firm for your trading career.
CategoryDetails
Company Name
Bullwaves Prime
Legal Name
The legal name of Bullwaves Prime is Moonance LLC (SVG); Equitex Capital Ltd (Seychelles)
Registration Number
The registration number of Bullwaves Prime is 2141 LLC 2022
CEO
The CEO of Bullwaves Prime is Filippo De Rosa
Headquarters
Bullwaves Prime is registered and located in Mahé, Seychelles (operating office planned in UAE)
Broker
Bullwaves Prime has an in-house broker
Operating Since
Bullwaves Prime started operating since 2024
Account Sizes
Bullwaves Prime offers funded accounts ranging from $5k to $200k
Profit Split
Bullwaves Prime offers 80% profit split goes up to 90% with scaling
Challenge Types
Bullwaves Prime offers challenge types including One-Step & Two-Step
Payout Cycle
Bullwaves Prime offer the first payout after 15 days, then every 14 days
Payout Method
Bullwaves Prime supports withdrawals through Bank transfer, Crypto (USDT-ERC20) and Card
Trading Platforms
Bullwaves Prime supports MT5 trading platform
Financial Markets
Bullwaves Prime supports trading Forex, Indices, Commodities, Metals and Crypto
Max Allocation
Bullwaves Prime offers up $2 million capital
Trustpilot Score
Bullwaves Prime has a 4.3 ratings on Trustpilot based on 742 user reviews
When evaluating a prop firm, it’s important to weigh both the benefits and potential drawbacks. Bullwaves Prime offers strong payouts, flexible trading conditions, and a clear scaling plan, but it also enforces strict consistency rules that may not suit every trader.
ProsCons
Competitive evaluation fees starting from $59
Profit and lot size consistency rules may feel restrictive
Up to 90% profit split with scaling
Leverage limited to 1:50
Payouts every 14 days with multiple withdrawal options
Only MT5 platform available (no MT4 or cTrader)
Wide market access: Forex, Crypto, Indices, Commodities, Metals
Some account sizes and challenges may feel expensive for new traders
Scaling plan up to $2 million allocation
News trading has restrictions around high-impact events
Bullwaves Prime offers traders two evaluation models – a One-Step Challenge for those who prefer simplicity, and a Two-Step Challenge for traders who want a lower risk structure with progressive targets. Account sizes range from $5,000 to $200,000, making the firm accessible for both beginners and experienced traders. With profit splits starting at 80% and scaling up to 90%, plus bi-weekly payouts, Bullwaves Prime combines flexibility with growth potential.
Here is a detailed breakdown of Bullwaves Prime’s challenge rules, fees and trading conditions:
FeatureOne-Step ChallengeTwo-Step Challenge
Account Sizes
$5k - $200k
$5k - $200k
Challenge Fees (Start From)
$89 (5k)
$59 (5k)
Profit Target
10%
Step 1: 8% → Step 2: 5%
Daily Drawdown
4%
5%
Max Drawdown
8%
10%
Drawdown Type
Trailing (balance/equity)
Trailing (balance/equity)
Min. Trading Days
10
10
Max Trading Days
Unlimited
Unlimited
Leverage
1:50
1:50
Stop Loss Rule
Not mandatory
Not mandatory
Consistency Score Rule
No single day/trade >30% of total profit
No single day/trade >30% of total profit
News Trading Allowed
Yes (no open/close 3 min before/after major news)
Yes (same rule applies)
Profit Split
80% → up to 90% with scaling
80% → up to 90% with scaling
Payout Frequency
First payout after 15 days, then every 14 days
First payout after 15 days, then every 14 days
The One-Step Challenge is designed for traders who want a faster route to funding. With just one profit target of 10%, traders can move directly into a funded account after meeting the requirements. The rules are stricter than the Two-Step model, with lower drawdown allowances, but it offers a quicker way to access capital.
Account SizeChallenge FeeProfit Target (10%)Max Daily Drawdown (4%)Max Total Drawdown (8%)
$5,000
$89
$500
$200
$400
$10,000
$149
$1,000
$400
$800
$25,000
$299
$2,500
$1,000
$2,000
$50,000
$399
$5,000
$2,000
$4,000
$100,000
$599
$10,000
$4,000
$8,000
$200,000
$1,199
$20,000
$8,000
$16,000
Why Choose the One-Step Challenge?
The Two-Step Challenge is made for the traders who prefer a more structured evaluation. The profit targets are lower (8% in Step 1 and 5% in Step 2) and the drawdown limits are slightly more flexible which makes this funding model more relaxed and forgiving. While it takes longer to pass - it gives traders more breathing room and a lower profit hurdle at each stage.
Account SizeChallenge FeeProfit Target (Step 1: 8%, Step 2: 5%)Max Daily Drawdown (5%)Max Total Drawdown (10%)
$5,000
$59
Step 1: $400 → Step 2: $250
$250
$500
$10,000
$99
Step 1: $800 → Step 2: $500
$500
$1,000
$25,000
$199
Step 1: $2,000 → Step 2: $1,250
$1,250
$2,500
$50,000
$299
Step 1: $4,000 → Step 2: $2,500
$2,500
$5,000
$100,000
$549
Step 1: $8,000 → Step 2: $5,000
$5,000
$10,000
$200,000
$999
Step 1: $16,000 → Step 2: $10,000
$10,000
$20,000
Why Choose the Two-Step Challenge?
Bullwaves Prime offers a balanced choice between the One-Step and Two-Step challenges - giving traders flexibility depending on their trading style and risk appetite. The One-Step Challenge is clearly built for traders who want a faster route to funding but its tighter drawdown limits require strong discipline. While the Two-Step Challenge has its profit targets set across the two phases - making it more achievable which is better suited for traders who prefer consistency over speed.
Both challenges come with competitive fees, fair scaling opportunities and profit splits that can grow up to 90% which makes Bullwaves Prime appealing to a wide range of traders. While the rules around profit and lot-size consistency may feel strict to some - they encourage sustainable trading habits that align with long term growth.
Final Verdict: Whether you are a high confidence trader aiming for quick results or a steady strategist looking for more flexibility then Bullwaves Prime’s challenge models offer a clear pathway to getting funding with reasonable trading conditions.
Risk management is one of the key focus areas at Bullwaves Prime. The firm enforces specific drawdown rules to protect accounts and ensure consistency while also providing flexibility around news trading. Understanding these rules is important for traders looking to pass the evaluation and maintain a funded account successfully.
- Daily Drawdown:
- Maximum Total Drawdown:
- Breach Consequence: Violating daily or total drawdown rules will result in account termination.
When trading with a prop firm, hidden costs like spreads and commissions can directly impact profitability. Bullwaves Prime keeps things relatively simple by offering tight spreads and transparent execution through its in house broker. While commission details are not publicly listed, spreads are competitive and start as low as 0.01 pips - depending on the trading instrument. This allows traders to manage positions more efficiently - especially in active markets like Forex and indices.
For traders, this setup means pricing is competitive though it’s always smart to test spreads on demo or small accounts before committing to a larger challenge.
Bullwaves Prime provides access to a diverse range of trading instruments - giving traders the freedom to apply different strategies across multiple asset classes. From traditional Forex pairs to modern digital assets - the selection covers most major markets. This allows traders to diversify risk and find opportunities in trending sectors.
This wide range ensures that traders with different styles - scalpers, swing traders, or long-term macro traders - can find markets that fit their approach.
When trading with Bullwaves Prime, it is important to know which strategies are acceptable and which ones can lead to rule violations. These rules are in place to keep trading fair, protect the firm’s capital and help traders build consistent habits. Below we break down what is allowed - what comes with certain conditions and what you should avoid completely.
Trading StrategyAllowed or NotDetails
Scalping
Allowed
Traders can scalp freely as long as trades are placed manually.
Swing Trading
Allowed
Longer-term trades are supported with no restrictions on holding time.
News Trading
Limited
Allowed on funded accounts, but restricted during high impact events in evaluations.
Hedging
Allowed
Traders can hedge positions but must do so within the same account.
Copy Trading / EAs
Conditional
Expert Advisors (EAs) and trade copiers are permitted if they reflect your own strategy.
Martingale/ Grid Systems
Not Allowed
High risk automated systems like martingale are strictly prohibited.
High-Frequency Trading
Not Allowed
HFT or latency arbitrage strategies are forbidden.
Overnight/Weekend Holding
Allowed
Positions can be held overnight and over weekends without restrictions.
Overall, Bullwaves Prime sets out a clear set of trading rules that balances freedom with responsibility. Traders have the flexibility to use EAs, hold trades over the weekend and even trade crypto 24/7 which is a big plus. At the same time, the restrictions around high impact news events, lot size consistency and IP usage are designed to prevent misuse and keep the playing field fair.
For disciplined traders who already follow structured strategies, these rules won’t feel restrictive - in fact - they can help build stronger habits. However, scalpers or aggressive news traders may find some of the conditions limiting. In our view, Bullwaves Prime strikes a reasonable balance between risk management and trader flexibility - making it suitable for those who aim for steady, long term success rather than short-term gambles.
Bullwaves Prime has built a scaling plan that gives traders of all level - the chance to grow beyond their starting account size. Instead of being locked into one funding level - consistent and profitable traders can gradually scale up - unlocking larger capital allocations.
How the Scaling Plan Works:
Bullwaves Prime makes sure that traders not only trade effectively but also get paid fast and secure. This firm supports multiple payment methods and provides a seamless payout process - making it more convenient for traders worldwide.
Supported Payment Methods:
Payout Options Available:
How the Payout Process Works:
While Bullwaves Prime is accessible to traders worldwide - there are certain regions where the firm currently does not accept clients due to few regulatory and compliance restrictions. Hence, traders from these countries will not be able to register or participate in Bullwaves Prime funded programs.
Restricted Countries:
Bullwaves Prime has positioned itself as a modern prop firm that blends flexibility, accessibility and trader friendly rules. With trader-friendly challenges, fair profit splits, weekend crypto trading and a scaling plan that rewards consistency - it caters to both new and seasoned traders. Their supported platform stands out for its tight spreads, diverse instrument offering and a smooth payout process that supports both fiat and crypto methods.
While certain regions remain restricted and commission details could be more transparent - Bullwaves Prime delivers a balanced and opportunity-rich environment for traders who are aiming to grow their capital without personal risk. Overall, this firm is a solid option for those seeking a transparent, flexible and globally accessible prop firm in 2025.
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Bullwaves Prime
Trust Score: 60/100 · 3.0
