Bullwaves Prime Review 2025 – Prop Firm Features, Rules & Payout Explained
Read our full Bullwaves Prime review, including a detailed breakdown of Challenge types, Drawdown rules, Prohibited Strategies, and Payout process.
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Bullwaves Prime
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Forex, Indices, Commodities, Metals, Crypto
AE
2024
CEO: Filippo De Rosa
Metatrader 5
Crypto
Bullwaves Prime Review 2025
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.
Bullwaves Prime Prop Firm Overview
| Category | Details |
|---|---|
| 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 |
Pros and Cons of Trading with Bullwaves Prime
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.
| Pros | Cons |
|---|---|
| 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 Challenge Types, Fees & Profit Split Explained (2025)
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:
| Feature | One-Step Challenge | Two-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 |
Bullwaves Prime One-Step Challenge
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.
One-Step Challenge Breakdown
| Account Size | Challenge Fee | Profit 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?
- Faster path to funding with only one profit target.
- Ideal for confident traders who prefer higher risk tolerance.
- Great option for experienced traders who are looking for quicker payouts.
Bullwaves Prime Two-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.
Two-Step Challenge Breakdown
| Account Size | Challenge Fee | Profit 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?
- Lower profit targets per step make it more achievable.
- More flexible drawdown rules compared to the One-Step.
Ideal for traders who value consistency and prefer less pressure.
Our Review on Bullwaves Prime Challenge Types
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.
Bullwaves Prime Drawdown and News Trading Rules
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.
Drawdown Rules
- Daily Drawdown:
- One-Step → 4% of starting balance or highest equity of the day.
- Two-Step → 5% of starting balance or highest equity of the day.
- Reset occurs at 00:00 server time (5:00 PM EST).
- Maximum Total Drawdown:
- One-Step → 8% trailing.
- Two-Step → 10% trailing.
- Calculated on balance or equity. Example: On a $100k account if balance grows to $110k, the limit trails to $99k.
- Breach Consequence: Violating daily or total drawdown rules will result in account termination.
News Trading Rules
- Traders are allowed to hold positions during news events.
- Opening or closing trades is prohibited within 3 minutes before and after high impact news releases
- Weekend holding is permitted and crypto can be traded even during weekends.
This setup allows traders flexibility while preventing excessive volatility risk around major announcements.
Bullwaves Prime Spreads & Commissions – What You Really Pay
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.
Spreads and Commissions at a Glance
- Spreads: From 0.01 pips (variable by instrument).
- Commissions: Not officially disclosed; likely factored into spreads or as ticket fees.
- Execution: Delivered through Bullwaves’ own in house brokerage on MT5.
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.
Trading Instruments Offered by Bullwaves Prime
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.
Instruments Available
- Forex: Major, minor and exotic currency pairs.
- Indices: Global stock indices for macro trading opportunities.
- Commodities: Energy assets such as oil and natural gas.
- Metals: Popular assets like gold and silver.
- Cryptocurrencies: Includes Bitcoin, Ethereum and other digital coins are available for weekend trading.
This wide range ensures that traders with different styles - scalpers, swing traders, or long-term macro traders - can find markets that fit their approach.
Bullwaves Prime Trading Rules (2025): What is Allowed and What is Not
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 Strategies Allowed or Not
| Trading Strategy | Allowed or Not | Details |
|---|---|---|
| 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. |
Our Review / Final Verdict on Bullwaves Prime Trading Rules
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.
Scaling Plan at Bullwaves Prime
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:
- Traders who consistently hit profit targets while staying within risk management limits qualify for account scaling.
- Account size increases step by step - allowing traders to access higher balances without additional personal risk.
As the account grows, the profit split can also improve - meaning traders take home a bigger share of their profits.
Payment Methods & Payout Process at Bullwaves Prime
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:
- Credit/Debit Cards
- Bank Transfers
- E-wallets (Skrill, Neteller, Wise, etc.)
- Cryptocurrencies (Bitcoin, USDT, Ethereum)
Payout Options Available:
- Bi-weekly or monthly payouts are available depending on account type and trader preference.
- Profit split starts at a competitive rate and it may increase as traders scale their account over time.
- Global coverage for both fiat and crypto payouts.
How the Payout Process Works:
- Trader requests payout through the Bullwaves Prime dashboard.
- The account is verified to ensure compliance with trading rules and profit eligibility.
- Payment is processed within a few business days (crypto payouts are often faster).
Funds are sent securely to the trader’s chosen method.
Countries Restricted at Bullwaves Prime
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:
- United States
- North Korea
- Iran
- Syria
- Myanmar
- Cuba
- Sudan
- Other regions where local laws prohibit prop trading services
Our Final Verdict on Bullwaves Prime
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.