- Great Trustpilot rating of 4.2/5
- Professional Trader Dashboard
- Backed By Regulated Broker
- A Large Variety of Trading Instruments (Forex Pairs, Commodities, Indices, Stocks, Cryptocurrencies)
- No Maximum Trading Period
- First Payout After 15 Calendar Days
- Bi-Weekly Future Payouts
- Profit Share of 80%
- Overnight Holding Allowed
- Weekend Holding Allowed
- Minimum Trading Day Requirements of 10 Days
- News Trading is Prohibited
- High Prices
- Consistency Rule
Bullwaves Prime is a proprietary trading firm looking for skilled traders who can effectively manage risk and maintain consistent profitability. Traders have the opportunity to earn substantial profits, with the flexibility to manage account sizes up to $200,000 and receive up to 80% profit splits. This can be accomplished through trading various financial instruments, including forex pairs, commodities, indices, stocks, and cryptocurrencies.
Who are Bullwaves Prime?
Bullwaves Prime is a proprietary trading firm operated under the legal name Equitex Capital Limited that started operating in September 2024. They are located in Mahe, Seychelles, and are being managed by CEO Filippo De Rosa. Bullwaves Prime provides traders with the opportunity to choose between two account types, a two-step evaluation and a one-step evaluation, while being partnered with Bullwaves as their broker.
Bullwaves Prime’s headquarters are located at Office No. Al9C, Providence Complex, Providence, Mahe, Seychelles.
Who is the CEO of Bullwaves Prime?
Filippo De Rosa is the CEO of Bullwaves Prime. He is a motivated and enthusiastic C-level executive, has gained over 20 years of experience with leading fintech companies. A DFSA-approved candidate, he has developed an excellent understanding of the global regulatory landscape within the OTC derivative space. Moreover, he has successfully built teams across multiple functions to drive revenue, reposition companies, and grow key markets globally across retail and institutional trading. Originally from Rome, he has worked for leading online financial brokers and solution providers in London, Milan, Dubai, Abu Dhabi, and Cyprus.
Video Review
Funding Program Options
Bullwaves Prime provides its traders with two unique funding program options:
- Two-step Challenge
- One-step Challenge
Two-Step Challenge
Bullwaves Prime’s Two-Step Challenge provides traders the opportunity to manage account sizes ranging from $5,000 up to $200,000. The aim is to identify talented traders who are profitable and can efficiently manage risk throughout the two-step evaluation period. The Two-Step Challenge allows you to trade with up to 1:50 leverage.
| Account Size | Price |
|---|---|
| $5,000 | $59 |
| $10,000 | $99 |
| $25,000 | $199 |
| $50,000 | $299 |
| $100,000 | $549 |
| $200,000 | $999 |
Evaluation phase one requires a trader to reach a profit target of 8% while not surpassing their 5% maximum daily loss or 10% maximum trailing loss rules. When it comes to time limitations, note that you have no maximum trading day requirements during phase one. However, you are required to trade a minimum of 10 trading days in order to proceed to phase two.
Evaluation phase two requires a trader to reach a profit target of 5% while not surpassing their 5% maximum daily loss or 10% maximum trailing loss rules. When it comes to time limitations, note that you have no maximum trading day requirements during phase two. However, you are required to trade a minimum of 10 trading days in order to proceed to a funded account.
By completing both evaluation phases, you are awarded a funded account with no minimum withdrawal requirements. You must adhere to the 5% maximum daily loss, 10% maximum trailing loss, and a 6% payout limit on profits per withdrawal. Additionally, you must follow the Profit Consistency Rule and Lot Size Consistency Rule. Your first payout is available after 15 trading days, while all subsequent withdrawals can be submitted bi-weekly. Your profit split will be 80%, based on the profit you generate on your funded account.
Two-step Challenge Scaling Plan
The Two-Step Challenge doesn’t have a scaling plan.
Two-step Challenge Trading Rules & Objectives
- Profit Target – Traders must achieve a designated profit percentage to successfully conclude an evaluation phase, withdraw earnings, or scale their trading account. The profit target for Phase 1 is set at 8%, whereas Phase 2 requires reaching a profit target of 5%. Funded accounts do not have any specified profit targets.
- Maximum Daily Loss – The maximum loss limit a trader is allowed to lose in a single trading day without breaching the account. All account sizes have a maximum daily loss of 5%.
- Maximum Trailing Loss – The difference between the highest achieved account balance and the lowest point of the drawdown determines the maximum trailing loss a trader is allowed to lose without breaching the account. All account sizes have a maximum trailing loss of 10%.
- Minimum Trading Days – The minimum duration during which you must engage in trading before successfully concluding an evaluation phase. Both evaluation phases have a minimum trading day requirement of 10 days. Once funded, you must also meet the 10 minimum trading day requirement to be able to qualify for a payout.
- Consistency Rule – No single day or trade can account for more than 30% of your total profits. If breached, invalid trades are removed, but account access remains.
- Lot Size Consistency Rule – Your trades must fall within a range of -70% to +100% of average lot size. Trades outside this range are removed, but account access is maintained.
- Consistency Rule – Mandates traders to maintain uniformity in various aspects such as position sizes, risk management, losses, gains, and more. This implies that the account results should not exhibit significant variations in their characteristics. The profits earned on your best trading day or a single trade should not exceed 30% of your total profits.
- Payout Limit Rule – The profit split is capped at 6% of the account’s starting balance per payout. Any profits beyond this 6% limit are not eligible for withdrawal but do not breach account.
- No News Trading – Trading is not permitted during high-impact news releases. This implies that executing new trades or closing existing trades on the specified instrument is prohibited within the 3-minute period both before and after the announcement of particular news.
One-Step Challenge
Bullwaves Prime’s One-Step Challenge provides traders the opportunity to manage account sizes ranging from $5,000 up to $400,000. The aim is to identify disciplined traders who are profitable and can efficiently manage risk throughout a one-step evaluation period. The One-Step Challenge allows you to trade with up to 1:50 leverage.
| Account Size | Price |
|---|---|
| $5,000 | $89 |
| $10,000 | $149 |
| $25,000 | $329 |
| $50,000 | $449 |
| $100,000 | $649 |
| $200,000 | $1,199 |
| $400,000 | $2,199 |
The evaluation phase requires a trader to reach a profit target of 10% while not surpassing their 4% maximum daily loss or 8% maximum loss rules. When it comes to time limitations, note that you have no maximum trading day requirements during the evaluation phase. However, you are required to trade a minimum of 10 trading days in order to proceed to a funded account.
By completing the evaluation phase, you are awarded a funded account with no minimum withdrawal requirements. You must adhere to the 4% maximum daily loss, 8% maximum trailing loss, and a 6% payout limit on profits per withdrawal. Additionally, you must follow the Profit Consistency Rule and Lot Size Consistency Rule. Your first payout is available after 15 trading days, while all subsequent withdrawals can be submitted bi-weekly. Your profit split will be 80%, based on the profit you generate on your funded account.
One-step Challenge Scaling Plan
The One-Step Challenge doesn’t have a scaling plan.
One-step Challenge Trading Rules & Objectives
- Profit Target – Traders must achieve a designated profit percentage to successfully conclude an evaluation phase, withdraw earnings, or scale their trading account. The profit target for the evaluation phase is 10%. Funded accounts do not have any specified profit targets.
- Maximum Daily Loss – The maximum loss limit a trader is allowed to lose in a single trading day without breaching the account. All account sizes have a maximum daily loss of 4%.
- Maximum Trailing Loss – The difference between the highest achieved account balance and the lowest point of the drawdown determines the maximum trailing loss a trader is allowed to lose without breaching the account. All account sizes have a maximum trailing loss of 8%.
- Minimum Trading Days – The minimum duration during which you must engage in trading before successfully concluding an evaluation phase. The evaluation phase has a minimum trading day requirement of 10 days. Once funded, you must also meet the 10 minimum trading day requirement to be able to qualify for a payout.
- Consistency Rule – No single day or trade can account for more than 30% of your total profits. If breached, invalid trades are removed, but account access remains.
- Lot Size Consistency Rule – Your trades must fall within a range of -70% to +100% of average lot size. Trades outside this range are removed, but account access is maintained.
- Consistency Rule – Mandates traders to maintain uniformity in various aspects such as position sizes, risk management, losses, gains, and more. This implies that the account results should not exhibit significant variations in their characteristics. The profits earned on your best trading day or a single trade should not exceed 30% of your total profits.
- Payout Limit Rule – The profit split is capped at 6% of the account’s starting balance per payout. Any profits beyond this 6% limit are not eligible for withdrawal but do not breach account.
- No News Trading – Trading is not permitted during high-impact news releases. This implies that executing new trades or closing existing trades on the specified instrument is prohibited within the 3-minute period both before and after the announcement of particular news.
What Makes Bullwaves Prime Different From Other Prop Firms?
Bullwaves Prime differs from most industry-leading prop firms due to offering two unique account types: a two-step evaluation and a one-step evaluation. In addition, they also provide numerous favorable features, such as an unlimited trading period, a first withdrawal after only 15 calendar days, and bi-weekly future payouts.
Bullwaves Prime’s Two-Step Challenge is a two-step evaluation that requires traders to successfully complete two phases before becoming eligible for payouts. The profit target is 8% in phase one and 5% in phase two, with a 5% maximum daily and 10% maximum trailing loss rules. You also have no maximum trading day requirements during the evaluation phase. However, you are required to trade for a minimum of 10 calendar days during the evaluation phase as well as once funded. Traders must also follow the Consistency Rule and Lot Size Consistency Rule. Compared to other funding programs within the industry, the Two-Step Challenge stands out mainly for having an unlimited trading period, a first withdrawal after only 15 calendar days, and bi-weekly future payouts.
Example of comparison between Bullwaves Prime & FundingPips
| Trading Objectives | Bullwaves Prime | FundingPips |
|---|---|---|
| Phase 1 Profit Target | 8% | 8% |
| Phase 2 Profit Target | 5% | 5% |
| Maximum Daily Loss | 5% | 5% (Scaleable up to 7%) |
| Maximum Loss | 10% (Trailing) | 10% (Scaleable up to 14%) |
| Minimum Trading Days | No Minimum Trading Days | 3 Calendar Days |
| Maximum Trading Period | Phase 1: Unlimited Phase 2: Unlimited | Phase 1: Unlimited Phase 2: Unlimited |
| Profit Split | 80% | 60% up to 100% + Monthly Salary |
Example of comparison between Bullwaves Prime & E8 Markets
| Trading Objectives | Bullwaves Prime | E8 Markets |
|---|---|---|
| Phase 1 Profit Target | 8% | 8% |
| Phase 2 Profit Target | 5% | 4% |
| Maximum Daily Loss | 5% | 4% |
| Maximum Loss | 10% (Trailing) | 8% (Scaleable up to 14%) |
| Minimum Trading Days | No Minimum Trading Days | No Minimum Trading Days |
| Maximum Trading Period | Phase 1: Unlimited Phase 2: Unlimited | Phase 1: Unlimited Phase 2: Unlimited |
| Profit Split | 80% | 80% |
Example of comparison between Bullwaves Prime & FXIFY
| Trading Objectives | Bullwaves Prime | FXIFY |
|---|---|---|
| Phase 1 Profit Target | 8% | 10% |
| Phase 2 Profit Target | 5% | 5% |
| Maximum Daily Loss | 5% | 5% |
| Maximum Loss | 10% (Trailing) | 10% (Trailing) |
| Minimum Trading Days | No Minimum Trading Days | 5 Calendar Days |
| Maximum Trading Period | Phase 1: Unlimited Phase 2: Unlimited | Phase 1: Unlimited Phase 2: Unlimited |
| Profit Split | 80% | 75% up to 90% |
Bullwaves Prime’s One-step Challenge is a one-step evaluation that requires traders to successfully complete a single phase before becoming eligible for payouts. The profit target is 10%, with a 4% maximum daily and 8% maximum trailing loss rules. You also have no maximum trading day requirements during the evaluation phase. However, you are required to trade for a minimum of 10 calendar days during the evaluation phase, as well as once funded. Traders must also follow the Consistency Rule and Lot Size Consistency Rule. Compared to other funding programs within the industry, the Two-Step Challenge stands out mainly for having an unlimited trading period, a first withdrawal after only 15 calendar days, and bi-weekly future payouts.
Example of comparison between Bullwaves Prime & FundedNext
| Trading Objectives | Bullwaves Prime | FundedNext |
|---|---|---|
| Profit Target | 10% | 10% |
| Maximum Daily Loss | 4% | 3% |
| Maximum Loss | 8% (Trailing) | 6% |
| Minimum Trading Days | 10 Calendar Days | 2 Calendar Days |
| Maximum Trading Period | Unlimited | Unlimited |
| Profit Split | 80% | 90% up to 95% |
Example of comparison between Bullwaves Prime & PipFarm
| Trading Objectives | Bullwaves Prime | PipFarm (Static) |
|---|---|---|
| Profit Target | 10% | 12% |
| Maximum Daily Loss | 4% | 3% |
| Maximum Loss | 8% (Trailing) | 6% |
| Minimum Trading Days | 10 Calendar Days | 3 Calendar Days |
| Maximum Trading Period | Unlimited | Unlimited |
| Profit Split | 80% | 70% up to 95% |
Example of comparison between Bullwaves Prime & FXIFY
| Trading Objectives | Bullwaves Prime | FXIFY |
|---|---|---|
| Profit Target | 10% | 10% |
| Maximum Daily Loss | 4% | 3% |
| Maximum Loss | 8% (Trailing) | 6% (Trailing) |
| Minimum Trading Days | 10 Calendar Days | 5 Calendar Days |
| Maximum Trading Period | Unlimited | Unlimited |
| Profit Split | 80% | 80% up to 90% |
In conclusion, Bullwaves Prime differs from other industry-leading prop firms by offering two unique account types: a two-step evaluation and a one-step evaluation. In addition, they also provide numerous favorable features, such as an unlimited trading period, a first withdrawal after only 15 calendar days, and bi-weekly future payouts.
Is Getting Bullwaves Prime Capital Realistic?
It is essential to evaluate the achievability of trading requirements when considering proprietary trading firms that align with your forex trading style. While a company may appear attractive with a high percentage profit split on a generously funded account, the practicality decreases if they demand substantial monthly gains with minimal maximum drawdown percentages, significantly reducing the likelihood of success. Additionally, examining time constraints is crucial, with an unlimited trading period being more advantageous as it eliminates the pressure associated with time constraints. Lastly, it is essential to acquaint yourself with all trading rules during the evaluation process and subsequent funding stages to mitigate the risk of accidentally violating your trading account terms.
- Receiving capital from the Two-Step Challenge is realistic primarily due to its average profit targets (8% in phase one and 5% in phase two) coupled with average maximum loss rules (5% maximum daily and 10% maximum trailing loss). It is important to note that there are no minimum or maximum trading day requirements, offering flexibility without time constraints, meaning that you can secure funding swiftly in a day or proceed at your preferred trading pace. Furthermore, upon successfully completing both evaluation phases, participants qualify for payouts featuring an advantageous profit split of 80%.
- Receiving capital from the One-step Challenge is realistic primarily due to its average profit target of 10% coupled with average maximum loss rules (4% maximum daily and 8% maximum trailing loss). It is important to note that there are no maximum trading day requirements while having a minimum trading day requirement of 2 calendar days. Furthermore, upon successfully completing the evaluation phase, participants qualify for payouts featuring an advantageous profit split of 90% up to 95%.
After considering all the factors, Bullwaves Prime is highly recommended since you have two unique funding programs to choose from, a two-step evaluation and a one-step evaluation, which both feature realistic trading objectives and conditions for qualifying for payouts.
Payment Proof
Bullwave Prime is a proprietary trading firm that was incorporated in September 2024. They have a large community of traders who have reached funded status and successfully qualify for a profit split.
While working with Bullwaves Prime and reaching funded status through the Two-Step Challenge or One-Step Challenge, you will be eligible to receive your first payout after 15 calendar days. After your first payout, you can continue to receive payouts every 14 calendar days, provided you exceed the initial account size. Your profit split will consist of a generous 80%, based on the profit generated on your funded account.
When it comes to Bullwaves Prime payment proof, you can find it on numerous websites. One example is Trustpilot, where their traders comment regarding their experience while working with the company as well as the process of how they successfully received payouts.
Examples of Payout Certificates and Payment Proof can be seen in the images below.
Which Broker Does Bullwaves Prime Use?
Bullwaves Prime trades exclusively through its proprietary broker Bullwaves, which provides traders with top-tier liquidity and the most realistic simulated market conditions possible.
As for trading platforms, while you are working with Bullwaves Prime, they allow you to trade on Platform 5.
Trading Instruments
As mentioned above, Bullwaves Prime is partnered with Bullwaves as their broker, and they allow you to trade a wide range of trading instruments, which include forex pairs, commodities, indices, stocks, and cryptocurrencies with a leverage of up to 1:50, depending on the trading instrument that you are trading.
Forex Pairs
| AUD/CAD | AUD/CHF | AUD/NZD | AUD/USD | CAD/CHF | EUR/CAD |
| EUR/CHF | EUR/GBP | EUR/NZD | EUR/USD | GBP/CHF | GBP/USD |
| NZD/USD | USD/CAD | USD/CHF | USD/JPY | AUD/HUF | AUD/NOK |
| AUD/SEK | AUD/SGD | CAD/SGD | CHF/DKK | CHF/HUF | CHF/NOK |
| CHF/PLN | CHF/SEK | CHF/SGD | CNH/JPY | DKK/SEK | EUR/CNH |
| EUR/CZK | EUR/DKK | EUR/HKD | EUR/HUF | EUR/MXN | EUR/NOK |
| EUR/PLN | EUR/SEK | EUR/SGD | EUR/ZAR | GBP/CZK | GBP/DKK |
| GBP/HKD | GBP/HUF | GBP/MXN | GBP/NOK | GBP/PLN | GBP/SEK |
| GBP/SGD | GBP/ZAR | HKD/JPY | MXN/JPY | NOK/JPY | NOK/SEK |
| NZD/DKK | NZD/HUF | NZD/NOK | NZD/SEK | SEK/JPY | SGD/HKD |
| SGD/JPY | USD/CNH | USD/CZK | USD/DKK | USD/HKD | USD/ILS |
| USD/MXN | USD/NOK | USD/PLN | USD/SEK | USD/SGD | USD/THB |
| USD/TRY | GBP/AUD | GBP/CAD | GBP/NZD | NZD/CAD | NZD/CHF |
| CHF/JPY | EUR/JPY | GBP/JPY | AUD/JPY | USD/ZAR | ZAR/JPY |
| AUD/DKK | AUD/ZAR | CAD/DKK | CAD/JPY | CAD/MXN | CAD/NOK |
| CAD/SEK | CHF/ZAR | DKK/NOK | EUR/AUD | EUR/ILS | EUR/TRY |
| GBP/TRY | NZD/JPY | NZD/SGD | TRY/JPY | USD/HUF | USD/BRL |
| USD/CLP | USD/COP | USD/IDR | USDINR | USD/KRW | USD/TWD |
Commodities
| XAU/USD | CUC/USD | XAG/AUD | XAG/CHF | XAG/EUR |
| XAG/GBP | XAG(USD | XAU/AUD | XAU/CHF | XAG/EUR |
| XAU/GBP | XPD/USD | XPT/USD | WTI/USD | BRN/USD |
| NGC/USD |
Indices
| DJI/USD | NDX/USD | ASX/USD | DAX/USD | ESX/USD |
| F40/EUR | FTS/GBP | HSI/HKD | IBX/EUR | NIK/JPY |
| SPX/EUR | XIN/USD |
As mentioned above, Bullwaves Prime also allows you to trade a wide range of stocks. To view the full list, please refer to the Spread Account below, which will enable you to log in to the MetaTrader 5 trading platform and view the complete list of available stocks and cryptocurrencies.
Trading Fees
Trading Commission
| Trading Instrument | Commission Fee |
|---|---|
| FOREX | 10 USD / LOT |
| COMMODITIES | 10 USD / LOT |
| INDICES | 10 USD / LOT |
| STOCKS | 0.4% / LOT |
| CRYPTO | 0.08% / LOT |
Spread Account
To check the live spreads, log in to the trading account below.
| Platform | Server | Login Number | Password | Download Platform |
|---|---|---|---|---|
| MetaTrader 5 | BullWaves-LIVE | 919175 | 4^bjS2Dk | Click here |
Education
Bullwaves Prime currently doesn’t provide any additional educational content to their community.
However, Bullwaves Prime offers all clients access to a carefully designed trader dashboard, streamlining risk management by offering constant access to detailed statistics and objectives. This ensures real-time updates, contributing to an improved user experience.
Bullwaves Prime Trading Dashboard
Trustpilot Feedback
Bullwaves Prime has gathered a great score on Trustpilot based on their community’s feedback.
On Trustpilot, Bullwaves Prime has a large variety of their community commenting and providing positive feedback regarding their company services. The firm has achieved an impressive rating of 4.2 out of 5 from a substantial pool of 667 reviews. Notably, 75% of these reviews have awarded Bullwaves Prime the highest rating of 5 stars.
The client shared a positive experience with Bullwaves Prime, stating that everything functioned as promised. They mentioned successfully passing their challenge with ease and were particularly impressed with the swift processing of their first withdrawal, which was completed within hours.
The second client described Bullwaves Prime as the best prop firm they have worked with, highlighting its fair trading rules, fast payout process, and responsive support team. Based on their positive experience, they highly recommended the firm to other traders.
Social Media Statistics
Bullwaves Prime can also be found on social media platforms.
Customer Support
| Live Chat | ✅ |
| [email protected] | |
| Phone | +248 4379848 |
| FAQ | FAQ Link |
| Supported Languages | English |
Account Opening Process
- Registration Form – Register with Bullwaves Prime by filling out the registration form with your personal details and logging into the trading dashboard.
- Choose Your Account – Choose your account type and account size.
- Apply Discount Code – Apply our discount code FOREXPROPREVIEWS and enjoy a 25% discount on all Bullwaves Prime account sizes.
- Choose Your Payment Method – Choose between a credit/debit card, bank transfer, Skrill, and cryptocurrency payment methods.
Conclusion
In conclusion, Bullwaves Prime is a reputable and trustworthy proprietary trading firm providing traders with an opportunity to choose between two funding programs: the Two-step Challenge, which is a two-step evaluation, and the One-step Challenge, which is a one-step evaluation.
Bullwaves Prime’s Two-Step Challenge is an industry-standard two-step evaluation that requires the completion of two phases before becoming eligible to manage a funded account and earn 80% profit splits. Traders must reach profit targets of 8% in phase one and 5% in phase two to become successfully funded. These are realistic trading objectives, considering you have a 5% maximum daily and 10% maximum trailing loss rules to follow. Regarding time limitations, you have no maximum trading day requirements during the evaluation phase. Traders must also follow the Consistency Rule and the Lot Size Consistency Rule. Finally, it’s essential to note that the Two-Step Challenge doesn’t feature a scaling plan.
Bullwaves Prime’s One-step Challenge is a one-step evaluation that requires the completion of a single phase before becoming eligible to manage a funded account and earn 80% profit splits. Traders must reach a profit target of 10% to become successfully funded. These are realistic trading objectives, considering you have a 4% maximum daily and 8% maximum trailing loss rules to follow. Regarding time limitations, you have no maximum trading day requirements during the evaluation phase. However, you are required to trade for a minimum of 10 calendar days during the evaluation phase as well as once funded. Traders must also follow the Consistency Rule and the Lot Size Consistency Rule. Finally, it’s essential to note that the One-Step Challenge doesn’t feature a scaling plan.
I would recommend Bullwaves Prime to individuals seeking a reputable proprietary trading firm that provides exceptional trading conditions catering to a diverse range of individuals with unique trading styles. They provide traders with unique features, such as an unlimited trading period, a first withdrawal after only 15 calendar days, and bi-weekly future payouts. After considering everything Bullwaves Prime has to offer to traders all across the globe, they can undoubtedly be regarded as one of the industry-leading prop firms.
Our detailed review of Bullwaves Prime was last updated on 05.02.2026 at 09:41 (CE(S)T).
What are your individual opinions on Bullwaves Prime and the services they offer? Do they align with the trading conditions and services you’ve been seeking?
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Bullwaves Prime (25% Discount Code: FOREXPROPREVIEWS) Details
