Bullwaves Prime (25% Discount Code: FOREXPROPREVIEWS)

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 $400,000 and receive up to 100% 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 objective is to identify consistently profitable traders who can effectively manage risk throughout the two-step evaluation process. The Two-Step Challenge allows you to trade with up to 1:50 leverage across the available trading instruments.

Evaluation phase one requires a trader to reach a profit target of 8% while not surpassing the 5% maximum daily loss or 10% maximum trailing loss rules. There is no maximum trading period, allowing you to complete the evaluation at your own pace. However, you must complete a minimum of 3 trading days before progressing to phase two.

Evaluation phase two requires a trader to reach a profit target of 5% while continuing to respect the 5% maximum daily loss and 10% maximum trailing loss rules. Similar to phase one, there is no maximum trading period, but you must complete at least 3 trading days before becoming eligible for a funded account.

After successfully completing both evaluation phases, you will receive a funded account. To maintain your account, you must continue adhering to the 5% maximum daily loss, 10% maximum trailing loss, and minimum 3 trading day requirement before each payout. Your first withdrawal can be requested after 15 calendar days, provided the 40% Profit Distribution Consistency Rule is met, or after 7 calendar days if you purchased the applicable add-on. Subsequent payouts are available every 15 calendar days, or every 7 calendar days with the add-on, while maintaining the same requirements. There is a $50 minimum withdrawal amount and a 6% payout cap per withdrawal. Traders also need to comply with the Lot Size Consistency Rule, which evaluates profitable trades against the account’s average lot size across all instruments, with trades executed within 10 minutes on the same instrument and in the same direction being aggregated for consistency calculations. The default profit split is 80%, which can be increased to 100% with the available add-on.

Add-ons for Bullwaves Prime Two-Step Challenge

• 100% Profit Split (+20% Price)
• Weekly Payouts (+15% Price)
• Allowed Weekend Trading (+10% Price)
• No Minimum Trading Day Requirements (+15% Price)

Two-Step Challenge Trading Rules & Objectives

• Profit Target – Traders must achieve the designated profit target to successfully complete each evaluation phase. Phase 1 requires an 8% profit target, while Phase 2 requires a 5% profit target. Once you receive a funded account, there are no profit targets that must be achieved.
• Maximum Daily Loss – The maximum daily loss represents the largest loss a trader can incur within a single trading day before breaching the account. All account sizes are subject to a 5% maximum daily loss.
• Maximum Trailing Loss – The maximum trailing loss is calculated based on the highest recorded account balance, with the drawdown limit trailing that balance as the account grows. All account sizes have a 10% maximum trailing loss.
• Minimum Trading Days – Traders must complete a minimum of 3 trading days during Phase 1, Phase 2, and before each payout on a funded account.
• Consistency Rule – To qualify for a payout, no single trading day or single trade may account for more than 40% of your total profits. If this threshold is exceeded, the profits from the invalid day or trade are excluded from the payout calculation. The account remains active and is not breached.
• Lot Size Consistency Rule – At the time of a payout request, all profitable trades must fall within a range of 70% below to 100% above the account’s average lot size across all instruments. Profitable trades that fall outside this range are excluded from both the payout amount and the account balance, while the account remains active. Additionally, trades executed on the same instrument, in the same direction, within 10 minutes of each other are aggregated and treated as a single trade when evaluating both the Lot Size Consistency Rule and the Profit Distribution Consistency Rule.
• 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 – Each withdrawal is capped at 6% of the account’s initial balance. Profits exceeding this limit remain on the account and are not eligible for withdrawal during that payout cycle, but they do not constitute a rule violation or account breach.
• No News Trading – Trading is not permitted during high-impact economic news events. Opening new positions or closing existing positions on the affected instrument is prohibited within the 3-minute window before and after the scheduled news release.

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 objective is to identify disciplined traders who can consistently generate profits while demonstrating effective risk management throughout a single evaluation phase. The One-Step Challenge allows you to trade with up to 1:50 leverage across the available trading instruments.

The evaluation phase requires a trader to reach a 10% profit target while not surpassing the 4% maximum daily loss or 8% maximum trailing loss rules. There is no maximum trading period, allowing you to complete the evaluation at your own pace. However, you must complete a minimum of 10 trading days before becoming eligible for a funded account.

After successfully completing the evaluation phase, you will receive a funded account. To maintain your account, you must continue adhering to the 4% maximum daily loss, 8% maximum trailing loss, and minimum 10 trading day requirement before each payout. Your first withdrawal can be requested after 15 calendar days, provided the 30% Profit Distribution Consistency Rule is met. Subsequent payouts are available every 15 calendar days, while maintaining the same requirements. There is a $50 minimum withdrawal amount and a 6% payout cap per withdrawal. Traders must also comply with the Lot Size Consistency Rule, which evaluates profitable trades against the account’s average lot size across all instruments, with trades executed within 10 minutes on the same instrument and in the same direction being aggregated for consistency calculations. The default profit split is 80%, which can be increased to 100% with the available add-on.

Add-ons for Bullwaves Prime One-Step Challenge

• 100% Profit Split (+20% Price)

One-Step Challenge Trading Rules & Objectives

• Profit Target – Traders must achieve the designated profit target to successfully complete the evaluation phase. The One-Step Challenge requires a 10% profit target. Once you receive a funded account, there are no profit targets that must be achieved.
• Maximum Daily Loss – The maximum daily loss represents the largest loss a trader can incur within a single trading day before breaching the account. All account sizes are subject to a 4% maximum daily loss.
• Maximum Trailing Loss – The maximum trailing loss is calculated based on the highest recorded account balance, with the drawdown limit trailing that balance as the account grows. All account sizes have an 8% maximum trailing loss.
• Minimum Trading Days – Traders must complete a minimum of 10 trading days during the evaluation phase before qualifying for a funded account. Once funded, you must also complete at least 10 trading days before becoming eligible to request each payout.
• Consistency Rule – To qualify for a payout, no single trading day or single trade may account for more than 30% of your total profits. If this threshold is exceeded, the profits from the invalid day or trade are excluded from the payout calculation. The account remains active and is not breached.
• Lot Size Consistency Rule – At the time of a payout request, all profitable trades must fall within a range of 70% below to 100% above the account’s average lot size across all instruments. Profitable trades that fall outside this range are excluded from both the payout amount and the account balance, while the account remains active. Additionally, trades executed on the same instrument, in the same direction, within 10 minutes of each other are aggregated and treated as a single trade when evaluating both the Lot Size Consistency Rule and the Profit Distribution Consistency Rule.
• Payout Limit Rule – Each withdrawal is capped at 6% of the account’s initial balance. Profits exceeding this limit remain on the account and are not eligible for withdrawal during that payout cycle, but they do not constitute a rule violation or account breach.
• No News Trading – Trading is not permitted during high-impact economic news events. Opening new positions or closing existing positions on the affected instrument is prohibited within the 3-minute window before and after the scheduled news release.

What Makes Bullwaves Prime Different From Other Prop Firms?

One of the defining characteristics of Bullwaves Prime is that it operates as a broker-backed proprietary trading firm while providing access to the MetaTrader 5 trading platform. This combination gives traders a professional trading environment supported by established brokerage infrastructure, along with one of the most widely recognized trading platforms in the industry. A similar approach can be seen with Moneta Funded, which is also broker-backed and provides access to MetaTrader 5. Broker-backed firms are often viewed favorably because they combine institutional-grade infrastructure with a familiar trading experience that many traders already know and trust.

Another key advantage of Bullwaves Prime is the flexibility offered through its funding programs. Traders can choose between a One-Step Challenge and a Two-Step Challenge, with account sizes ranging from $5,000 up to $400,000, making the firm suitable for a broad range of trading experience levels and capital requirements. This approach is comparable to FundingPips, which has also built a strong reputation by offering multiple funding models that cater to different trading preferences. Providing several evaluation paths allows traders to select the funding program that best aligns with their strategy, experience, and risk tolerance.

Bullwaves Prime also stands out by removing maximum trading period restrictions from both of its evaluation programs. Rather than forcing traders to reach profit targets within a predefined deadline, the firm allows participants to progress at their own pace while focusing on disciplined execution and proper risk management. This philosophy closely resembles The5%ers, another well-established prop firm that has earned recognition for eliminating time pressure from its evaluations. Unlimited trading periods are particularly attractive to traders who prioritize consistency and patience over aggressive trading.

The firm’s payout structure is another attractive feature for funded traders. Bullwaves Prime allows traders to request their first payout after 15 calendar days, while the Two-Step Challenge offers the possibility of qualifying for 7-day payouts through an available add-on. In addition, traders receive an 80% profit split, which can be increased to 100% through another optional add-on. This focus on frequent payouts is comparable to PropXP and Funded7, both of which are also recognized for offering traders the opportunity to qualify for weekly payout schedules. Frequent withdrawal opportunities are highly valued by traders who prefer regular access to the profits they generate.

Another area where Bullwaves Prime performs well is its selection of tradable financial markets. Traders gain access to a broad range of instruments, including Forex pairs, commodities, indices, stocks, and cryptocurrencies, allowing them to diversify their portfolios across multiple asset classes. This level of market availability is comparable to Crypto Fund Trader and Hola Prime, both of which are also known for providing traders with extensive instrument selections. Access to multiple markets allows traders to adapt their strategies to changing market conditions without being restricted to a limited range of assets.

Finally, Bullwaves Prime enhances its funding programs through several optional add-ons that allow traders to customize their overall experience. Features such as 100% profit splits and accelerated payout schedules enable traders to tailor their accounts based on their individual priorities and trading objectives. This level of flexibility is similar to FundedNext, a prop firm that is also well known for offering numerous add-ons and customization options across its funding programs. The ability to personalize a funded account has become an increasingly desirable feature within the prop trading industry, as it allows traders to choose conditions that best complement their trading style.

Payment Proof

Bullwaves Prime is a proprietary trading firm that has been operating since September 2024. Since its launch, the firm has focused on providing traders with structured evaluation programs, transparent trading conditions, and a professional broker-backed trading environment. Through its One-Step and Two-Step Challenge programs, Bullwaves Prime has attracted a growing community of traders working toward funded status and consistent profit withdrawals.

For traders participating in the Two-Step Challenge, the first payout can be requested after 15 calendar days, provided the 40% Profit Distribution Consistency Rule and all other payout requirements are satisfied. Traders who purchase the available add-on can qualify for their first withdrawal after 7 calendar days. Subsequent payouts are available every 15 calendar days, or every 7 calendar days with the add-on. The program offers an 80% profit split by default, which can be increased to 100% through the available profit split add-on.

The One-Step Challenge follows a similar payout structure, with traders becoming eligible for their first withdrawal after 15 calendar days, provided the 30% Profit Distribution Consistency Rule and all other payout conditions have been met. Future withdrawals can also be requested every 15 calendar days. Similar to the Two-Step Challenge, traders receive an 80% profit split by default, with the option to increase it to 100% through an available add-on.

Examples of payout certificates and payment proof can be seen 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

Commodities

Indices

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

Spread Account

To check the live spreads, log in to the trading account below.

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

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

Bullwaves Prime has positioned itself as a modern proprietary trading firm by combining a broker-backed trading environment, transparent trading conditions, and flexible funding solutions. With its One-Step and Two-Step Challenge programs, the firm caters to traders with different experience levels and trading preferences while offering account sizes ranging from $5,000 up to $400,000. The addition of the MetaTrader 5 platform further enhances the overall trading experience by providing access to one of the industry’s most widely used trading platforms.

One of Bullwaves Prime’s strongest qualities is its emphasis on flexibility. Traders benefit from no maximum trading period, allowing them to complete their evaluations without unnecessary time pressure. Combined with competitive leverage, a diverse range of tradable instruments, customizable add-ons, and transparent trading rules, the firm provides an environment where traders can focus on consistency and long-term performance rather than rushing to meet strict deadlines.

The firm’s payout structure is another notable advantage. Traders can qualify for their first withdrawal after 15 calendar days, while Two-Step Challenge participants can reduce this to 7 calendar days through an available add-on. The ability to increase the default 80% profit split to 100% further demonstrates Bullwaves Prime’s commitment to providing traders with flexible earning opportunities while rewarding consistent performance.

Overall, Bullwaves Prime offers a well-rounded proprietary trading experience that combines professional infrastructure, flexible evaluation models, and trader-focused features. Whether you are looking for a traditional two-phase evaluation or a simplified one-step approach, the firm provides a solid selection of funding options backed by clear rules and competitive conditions. If you decide that Bullwaves Prime is the right prop firm for your trading journey, don’t forget to use our exclusive 25% discount code: FOREXPROPREVIEWS. The code is valid on both the One-Step and Two-Step Challenge programs, allowing you to start your evaluation at a reduced price while taking advantage of everything Bullwaves Prime has to offer.

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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