Bullwaves Prime review: regulated claim, SVG operator

Verdict: Bullwaves Prime suits MetaTrader 5 traders who can live with a 15-day payout cycle and a 6% cap, and who treat the trading-rules page as the contract. It does not suit anyone who takes the regulated title or the 100% split line. The footer names Moonance LLC in Saint Vincent and the Grenadines as operator, the rules state an 80% split, and the legal page calls the accounts simulated. The caveat is three splits: 100% on the homepage, 90% on the challenge page, and 80% in the rules.

On 5 November 2026 the homepage title still reads “A Real, Regulated, and Affordable Prop Firm”. The footer says Bullwaves Prime is owned and operated by Moonance LLC, incorporated in Saint Vincent and the Grenadines, registration number 2141 LLC 2022. Bullwaves is the trading name of Equitex Capital Limited, a Seychelles CFD broker under licence number SD185, named as the technology provider. ETX Services Limited, registration HE455407, of Archiepiskopou Makariou III 160, 3026 Limassol, is appointed independent representative and distributor. Copyright is Equitex Capital Limited, and Equitech Marketing Management LLC of Saih shuaib 3, Dubai, is the UAE marketing company in the same footer.

Key terms

• One-step fee: $89 for $5,000 through $2,199 for $400,000, charged once, on the pricing page.
• Two-step fee: $59 for $5,000 through $999 for $200,000, also once. The two-step grid stops at $200,000.
• Profit split: up to 80% on the trading-rules page and the payout calculator; the homepage says up to 100% with an add-on, and the challenge page also prints 90%.
• Profit target: 10% on the one-step challenge and 8% then 5% on the two-step challenge, with the funded stage marked N/A on both.
• Maximum drawdown: 8% on the one-step card and 10% on the two-step card, plus a trailing drawdown on the two-step programme whose distance is off the card.
• Daily loss: 4% on the one-step challenge and 5% on the two-step challenge, from the day’s highest equity, reset at 00:00 Market Watch Time (17:00 EST).
• Payout timing: first request 15 calendar days after the first trade, then every 15 days, processed in 2 to 5 business days, with a 6% cap per cycle, on the payouts page and the rules.
• Minimum days: 10 active trading days in each phase and on the funded account, plus 6 profitable days of at least 0.5% of the starting balance before a funded payout.

The regulated claim and the company that sells the challenge

A features block calls the product the first fully regulated prop firm, and a “why choose us” line says it is “Regulated & Trusted” because it is “Powered by Bullwaves, a regulated broker”. The footer attaches licence SD185 to Equitex and the operator sentence to Moonance. The trading-rules page goes further, calling Bullwaves an international forex broker holding multiple licences that launched Bullwaves Prime. How retail prop firms sit beside broker licences is in the account of how prop-trading regulation is diverging.

Related:Coinhub Funded review: payout cap and the step-two reset

What the price cards actually charge

The top one-step fees are printed as $1.199 and $2.199, which the homepage’s “70.000+” dot reads as $1,199 and $2,199. The rules list $10,000, $25,000, $50,000, $100,000 and $200,000, so the $5,000 and $400,000 cards sit outside that list, with buying power capped at $2,000,000 and leverage up to 1:50.

The homepage says “100% Profit Split” and “Up to 100% profit share with the add on”. The challenge page says “Retain 100% of your profits” and, separately, “Retain 90% of your profits”. The rules and the payout calculator say up to 80% after KYC. A higher-profit-share add-on at an extra 20% is the path from that 80% to the homepage’s 100%, and the 90% block stands apart from the 80% in the rules.

What Bullwaves Prime publishes about payouts

The payouts summary and the rules share a 15-day cycle, processing of 2 to 5 business days, a free USDT-ERC20 rail, a $30 wire, a $50 minimum and a 6% cap on the gain eligible in one period. Profit above 6% stays out of that payout and the cap resets, while the account is disabled during the review. The rules add six profitable days of at least 0.5% of the initial balance. Consistency then runs for the life of the account: one day must stay below 30% of total profit on a one-step account and below 40% on a two-step account, and profitable trades must sit between 70% below the average lot and 100% above it, with same-direction trades inside 10 minutes counted as one. The public pages do not name a regulator for Moonance LLC and do not publish an audited total of cash paid to traders.

The board that is published shows ten rows dated 14 to 25 January 2026, still up on 5 November 2026. Zayd A is printed at $11,743.92 on a $200,000 account on 18 January 2026, and Harrison J at $5,931.00 on a $100,000 account on 20 January 2026. An 80% share of a 6% cap on $100,000 is $4,800, so the Harrison row sits above that share, and the rows use initials. A pricing block reads “Payout Guarantee. Trade, Pass, Get Rewarded”, while a soft breach can still remove profit.

Rules that can void a funded account

Daily loss comes off the day’s highest equity, at 4% and 5%, and resets at 00:00 Market Watch Time (17:00 EST). Maximum drawdown is 8% and 10%, and the two-step programme adds a trailing drawdown that ratchets up with equity while the card prints a flat 10%. Opening or closing inside three minutes of a news release is barred. Weekend holds are allowed on the one-step challenge, and the two-step programme must be flat by Friday’s close unless the add-on is bought. Expert advisers are allowed in the challenge and barred once funded. Holds under two minutes, or five on XAUUSD, BTCUSD and indices, can lose their profit, and one trade idea is capped at a 2% loss. Arbitrage, grids, martingale, tick scalping, hedging and a book where more than 60% of trades show a negative risk-to-reward profile are prohibited from the first trade.

How the two-step terms sit beside FTMO and FundedNext

Daily loss and maximum loss line up. The split, the phase-one target and the minimum days are where they differ. Cells come from Bullwaves Prime’s own pages, the FTMO two-step page and the FundedNext Stellar plan page.

Bullwaves Prime’s 80% cell is the rules figure, beside a homepage at 100% with an add-on, and its extra constraint is the 6% cap on each 15-day cycle. Payout detail on the other two firms is in the FTMO review and the FundedNext review.

Simulated accounts, and who may open one

BWP accounts are not live trading accounts, they are fully simulated accounts utilizing real market quotes from liquidity providers.

That sentence is on the legal page. The homepage payment step says the buyer trades real company funds, while the refund section says both challenges pay on simulated performance and that the sale is final once credentials are issued. The getting-started section heads a bullet “Risk-Free Trading” and says losses are absorbed by the firm, even though the card fee has already been paid. How that simulated capital differs from a balance the trader owns is set out in what a funded account is. A named executive quotation is absent from the public pages, so the legal sentence is the firm’s statement on the record.

FAQ

Is Bullwaves Prime a regulated prop firm?

The homepage title calls the firm real, regulated and affordable, and a features block calls it the first fully regulated prop firm. The footer says Moonance LLC of Saint Vincent and the Grenadines, registration 2141 LLC 2022, owns and operates it. Licence SD185 is printed beside Equitex Capital Limited, the Seychelles CFD broker named as technology provider.

What profit split does a funded trader keep?

The trading-rules page says traders retain up to 80% of profits, and the payout calculator uses 80%. The homepage states a 100% profit split and up to 100% with the add-on. The challenge page carries an up-to-100% block and a separate 90% block. Pricing sells a higher-profit-share add-on at an extra 20%, so the buyer has to decide which page is the contract.

How soon can a funded trader request a payout?

The first request opens 15 calendar days after the first trade, then every 15 days, once 10 active days are complete. Processing takes 2 to 5 business days by bank wire or USDT, with a $50 minimum, a $30 wire fee and a zero crypto fee. The rules add six profitable days of at least 0.5% and cap one cycle at 6% of the starting balance.

Are the accounts live or simulated?

The legal page describes BWP accounts as fully simulated accounts that use real market quotes from liquidity providers. The homepage payment step says a buyer gains immediate access to trade real company funds. The refund section says both challenge types pay on simulated performance, and that the sale is final once login credentials are issued. The fee is a completed sale against simulated performance.

Which customers sit outside the programme?

The rules list Belgium, North Korea, the United States, Afghanistan, Belarus, the Central African Republic, China, Cuba, Libya, Nicaragua, the Palestinian Authority, Gaza and the West Bank, and Venezuela. The footer adds Israel, Iran, the Maldives, and FATF and EU or UN sanctions jurisdictions. Traders must be at least 18. Funded-stage KYC needs a government identity document and proof of address dated within 90 days, with enablement inside three business days.

What drawdown applies on the two-step programme?

The two-step card prints 10% maximum drawdown and 5% daily loss. Daily loss is taken from the day’s highest equity and resets at 00:00 Market Watch Time, also given as 17:00 EST. The rules add a trailing drawdown that follows the highest equity and stays up, and they leave the trailing distance off the card.

This review is independent editorial analysis and is not financial, investment, or trading advice, and is not an endorsement or solicitation. The Industry Spread has no affiliate or referral relationship with the firms covered. Proprietary trading challenges carry a fee that is generally non-refundable, most participants do not reach a funded account, and funded capital is the firm's capital, not the trader's. Terms change frequently — always verify current rules directly with the firm before paying any fee.