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Contract reading

What BULL WAVES legally published, but does not want you to read

Every clause below is published by BULL WAVES itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Equitex Capital Limited

sole discretionswap freeconflicting termsdormancyhidden feemarketing mismatchprofit voidingunilateral amendmentwithdrawalsbonus lock

Bullwaves promises instant withdrawals, negative balance protection and a Sharia compliant account. The contract sets no payout deadline, makes you liable for a negative balance, and disclaims any religious compliance. The advertised 100% bonus is cancelled when your equity dips, and removing it can close your open trades by itself. Profit can be cancelled or reclaimed later, on a decision the contract calls final and binding.

Back to BULL WAVES

Contract risk

Money at risk
7.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
8
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
15
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
11
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
6

How the 15 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical8
Warning6
Notice1

section 26 of 27is where the deepest clause sits, 96% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

2 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical100%Bonus requirement. Jump to the clause this comes from.Removing the bonus can close your trades by itselfCritical90 daysWithdrawal limit. Jump to the clause this comes from.Partner balances pass to the company after 90 days$10Fee on an unused account. Jump to the clause this comes from.Inactivity fee left out of the key facts document3 daysFee you were not shown. Jump to the clause this comes from.Swap free nights run out, then a daily charge starts

What the documents say

15 clauses worth knowing about, worst first, each quoted from BULL WAVES's own files

01

Bullwaves advertises a 100% deposit bonus and tells you it acts as extra margin. The Bonus Terms say that credit can be left out of margin and stop out calculations, and that taking it away can close your open positions on its own.

Why this matters

Your equity only has to dip below what you deposited for clause 5.1 to cancel the bonus. That cancellation can then trigger a stop out, which is the platform closing your positions automatically. The market does not have to move any further against you.

Exhibit 1CriticalHarder than usual100%

The Client expressly acknowledges and accepts that the removal or adjustment of Bonus Credit may itself reduce equity or margin level and may therefore result in the automatic closure of positions (stop-out), independently of market movements or subsequent price reversals.
Clause 4.4 in Bonus Terms & Conditions, p.4
Read from the broker's site on Open the reference
Our own capture of bullwaves.com, taken on Sep 15, 2026The claim, on Benefits of Trading with a Bonus, Reduced Initial RiskVisit this page on the broker's siteDownload the full size image file
Our own capture of cdn.prod.website-files.com, taken on Sep 15, 2026What the contract says, clause Bonus Terms 4.2Visit this page on the broker's siteDownload the full size image file
Our own capture of cdn.prod.website-files.com, taken on Sep 15, 2026Removing the bonus can close your trades by itself (clause 4.4)This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

Where it sits: section 14 of 27 in the Bonus Terms & Conditions, 52% of the way through.

What it costsDeposit $1,000, take the 100% bonus, and the account shows $2,000. Clause 5.1 cancels the bonus once equity falls below your $1,000 deposit, and clause 4.4 says that removal alone can close the positions.

  • Worse together with Exhibit 7The bonus terms let Bullwaves confiscate profit made with the bonus, and the client agreement lets it reclaim historic profit later.
02

The notice that greets you on the homepage explains you are giving up EU protection, then promises Bullwaves will still protect your account from a negative balance. The Client Services Agreement says the opposite: you are liable for any resulting deficit.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

The promise is made at the exact moment you accept leaving MiFID II behind, and no legal document repeats it. If a price gap takes the account below zero, clause 2.3 turns that shortfall into your debt to Bullwaves.

Exhibit 2CriticalHarder than usual

Failure to do so within the required time may result in the liquidation of positions at a loss and the Client will be liable for any resulting deficit.
Clause 2.3 k in Client Services Agreement (with Conflicts of Interest Policy, Complaints Handling Policy and Bonus Terms annexed), p.5
Read from the broker's site on Open the reference
Our own capture of bullwaves.com, taken on Sep 15, 2026The claim, on Entry notice on the homepage, listed under the heading Protection you will loseVisit this page on the broker's siteDownload the full size image file
Our own capture of cdn.prod.website-files.com, taken on Sep 15, 2026What the contract says, clause 2.3 kVisit this page on the broker's siteDownload the full size image file

Where it sits: section 24 of 226 in the Client Services Agreement (with Conflicts of Interest Policy, Complaints Handling Policy and Bonus Terms annexed), near the start.

Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA and by CySEC must give retail clients negative balance protection, so a loss on a CFD account cannot exceed the money in it. This contract makes you liable for any deficit left after positions are closed.

BULL WAVES is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

03

Hold a swap free position in one direction for too long and Bullwaves can cancel the profit the account made. Clause 6(b) also lets it recalculate every overnight swap it had waived, going back across the whole period, and take it from your balance.

Why this matters

The pattern that triggers this is ordinary position holding, not a trick. You could trade for months and find the gains cancelled and swap charges added on top. Clause 5.2 says Bullwaves decides, and calls that decision final and binding.

Exhibit 3CriticalHarder than usual

Trading identified as carry trading—or predominantly carry trading, evidenced by a lack of meaningful day trading activity or consistent positioning on the side where swaps would normally be negative—may, at the Company's discretion, be subject to retrospective swap charges, profit nullification, client account termination, or any combination thereof.
Clause 5.2 in Swap Free Accounts Terms & Conditions, p.3
Read from the broker's site on Open the reference
Our own capture of cdn.prod.website-files.com, taken on Sep 15, 2026Swap free profit cancelled and swaps charged back (clause 5.2)This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 10The daily charge pushes you to close positions early, and holding them instead is what the abuse clause treats as carry trading.
04

Bullwaves tells you on its homepage that you can withdraw your funds in minutes. Nothing it publishes commits it to a payout deadline, and the bonus terms let it delay, decline, reverse or restrict a withdrawal over adverse media alone.

Why this matters

You have nothing to hold Bullwaves to if a payout stalls. There is no clock to point at, no stated grounds it has to meet, and no outer limit on how long a compliance check may run.

Exhibit 4CriticalHarder than usual

The Company may delay, decline, reverse, or restrict withdrawals where regulatory, AML/CFT, fraud, sanctions, adverse media, or other compliance concerns arise.
Clause 7.4 in Bonus Terms & Conditions, p.7
Read from the broker's site on Open the reference
Our own capture of bullwaves.com, taken on Sep 15, 2026The claim, on Why trade with Bullwaves panel on the homepageVisit this page on the broker's siteDownload the full size image file
Our own capture of cdn.prod.website-files.com, taken on Sep 15, 2026What the contract says, clause 7.4Visit this page on the broker's siteDownload the full size image file

Buried at section 21 of 27 in the Bonus Terms & Conditions, 78% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA hold retail money under the client money rules and must return it promptly on request. The Bullwaves documents set no payout deadline at all.

BULL WAVES is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

05

The Arabic and English pages for the Islamic account both say it is designed to comply with Sharia. The Swap Free Terms say Bullwaves gives no representation, warranty or opinion that the account complies with any religion, doctrine or belief system.

Why this matters

You are asked to rely on a religious promise the contract refuses to stand behind. Clause 8.2 hands the question back to you, and clause 2.2 lets Bullwaves revoke swap free status at any time, without notice and without liability.

Exhibit 5CriticalHarder than usual

While the Swap-Free Account is structured with the intention of addressing certain ethical or religious considerations, Bullwaves™ does not provide, and shall not be deemed to provide, any representation, warranty, or opinion that the Swap-Free Account or any related trading activity complies with the principles of any particular religion, doctrine, or belief system.
Clause 8 in Swap Free Accounts Terms & Conditions, p.4
Read from the broker's site on Open the reference
Our own capture of bullwaves.com, taken on Sep 15, 2026The claim, on Arabic Islamic account landing page, main headingVisit this page on the broker's siteDownload the full size image file
Our own capture of cdn.prod.website-files.com, taken on Sep 15, 2026What the contract says, clause 8Visit this page on the broker's siteDownload the full size image file
Our own capture of bullwaves.com, taken on Sep 15, 2026The claim, on English Islamic account landing page, subheadingVisit this page on the broker's siteDownload the full size image file
Our own capture of cdn.prod.website-files.com, taken on Sep 15, 2026What the contract says, clause 8.2Visit this page on the broker's siteDownload the full size image file
Our own capture of cdn.prod.website-files.com, taken on Sep 15, 2026Sharia compliance sold in Arabic, disclaimed in the terms (clause 8)This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file
06

Bullwaves can class you as blacklisted, the label its AML policy uses for clients it treats as prohibited, restricted or otherwise unacceptable. One line then closes the door: blacklisted clients cannot appeal their status.

Why this matters

The policy never says what happens to money already in a blacklisted account. Clients still waiting on paperwork are barred from depositing, withdrawing or trading, so the freeze is real and the route to challenge it is written shut.

Exhibit 6CriticalRarely seen

Blacklisted clients cannot appeal their status.
Clause 3. Verification procedures in AML / KYC Policy, p.9
Read from the broker's site on Open the reference
Our own capture of cdn.prod.website-files.com, taken on Sep 15, 2026Blacklisted clients cannot appeal, the policy says (clause 3. Verification procedures)This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

Where it sits: section 62 of 112 in the AML / KYC Policy, 55% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and by CySEC must let a client complain about any decision affecting them and tell them how to escalate it independently. This policy states that one class of decision cannot be appealed.

BULL WAVES is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingBrokers routinely reserve the right to refuse or exit a client. Writing down that a classification carries no appeal at all is unusual, because it removes the internal review step a complaints process depends on.

  • Worse together with Exhibit 14One list tells an Iranian reader they are eligible while daily sanctions screening feeds the classification they cannot appeal.

Money left in a Bullwaves partner account can pass to the company

Go 90 days without introducing a client and the Bullwaves partner contract ends by itself, and clause 12.2.2 says the cash left in the account passes to the company. After any termination, clause 12.5.2 gives 30 days before the same happens. A third clause in the same document promises unpaid commissions will be paid out instead.

Getting money out1 clause flagged

Introduce no new clients for 90 days and the partner contract ends by itself. The cash left in the Partner Account then passes to Bullwaves. After any termination you get 30 days to take a balance out before the same thing happens.

Why this matters

Commission you already earned can be kept because you went quiet. The same agreement also says unpaid commissions will be paid out when the contract ends automatically, so two clauses point in opposite directions.

Exhibit 8CriticalRarely seen90 days

In the event of an automatic ending of the contract, all the cash resources remaining in the Partner Account pass to the Company.
Clause 12.2.2 b in Partner Agreement Terms & Conditions, p.27
Read from the broker's site on Open the reference
Our own capture of cdn.prod.website-files.com, taken on Sep 15, 2026Partner balances pass to the company after 90 days (clause 12.2.2 b)This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

Buried at section 186 of 268 in the Partner Agreement Terms & Conditions, 69% of the way through.

Our readingAffiliate contracts commonly stop future commission when a partner stops producing. Moving money already sitting in the partner's account to the company is a different mechanism and is rarely written down.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
90 days with no new clientsThe partner contract ends automatically and the cash left in the Partner Account passes to Bullwaves.12.2.2
30 days after terminationAny balance not withdrawn falls back to the company.12.5.2 e

Bullwaves can cancel profit it has already credited to you

Two documents let Bullwaves take back money you have earned. Clause 13.5 of the Client Services Agreement allows it to reclaim historic trading profits at any time during the relationship, and clause 21.3 allows it to reverse all previous transactions. The Swap Free Terms add profit nullification plus retrospective swap charges, on a determination clause 5.2 calls final and binding.

Profit at risk1 clause flagged

Bullwaves can reach into your account and take back profits it decides came from improper or abusive trading, at any point in the relationship. A second clause lets it reverse or cancel every previous transaction on the account.

Why this matters

Trades you closed months ago are still reversible. The contract lists examples of abuse but leaves the judgement to Bullwaves, so there is no test you can apply to your own trading in advance.

Exhibit 7CriticalHarder than usual

obtain from the Account any historic trading profits that the Client gained through such improper or abusive trading as determined by the Company at any time during the trading relationship
Clause 13.5 in Client Services Agreement (with Conflicts of Interest Policy, Complaints Handling Policy and Bonus Terms annexed), p.18
Read from the broker's site on Open the reference
Our own capture of cdn.prod.website-files.com, taken on Sep 15, 2026Past profits can be reclaimed at any time (clause 13.5)This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

Where it sits: section 101 of 226 in the Client Services Agreement (with Conflicts of Interest Policy, Complaints Handling Policy and Bonus Terms annexed), 45% of the way through.

The swap free account starts charging after a few nights

Bullwaves sells a swap free account and then charges a daily administration fee once a short grace period ends. Its own page says many instruments give three to six charge free nights. The fee table sits on a web page rather than in the contract, and clause 4.3 lets Bullwaves update it at its discretion.

Cost disclosure1 clause flagged

The swap free account stops being free after a short grace period. Bullwaves own page says many instruments give only three to six charge free nights before a handling fee applies, and its table sets a daily administration fee for each instrument.

Why this matters

The product is sold as no overnight cost, and anything you hold past the grace period has one. Clause 4.3 lets Bullwaves change that fee table whenever it likes, and clause 7.2 makes checking the website your job.

Exhibit 10WarningStandard wording3 days

For each instrument, Bullwaves™ may define a specific Swap-Free Period, after which an administrative holding charge (the "Daily Administration Fee") may apply to any remaining open positions.
Clause 4.2 in Swap Free Accounts Terms & Conditions, p.2
Read from the broker's site on Open the reference

Bullwaves can change the terms by posting them, and its country lists disagree

The bonus terms and the swap free terms can be changed at any time, with or without notice, by publishing a new version, and continued use counts as acceptance. On the cookie policy page, two lists of restricted countries sit on one page and disagree: the body names Iran twice and the footer omits it.

Changing the deal2 clauses flagged

Bullwaves can change the bonus terms and the swap free terms at any time by publishing a new version, with or without notice. Carrying on using the account counts as your acceptance of whatever changed.

Why this matters

You are expected to re-read the website to find out what you agreed to. The swap free fee table is one of the things that moves this way, so a cost can rise without anyone telling you.

Exhibit 13WarningHarder than usual

The Company may amend, suspend, or terminate this bonus promotion or these Bonus Terms at any time, with or without prior notice, by publishing an updated version on its website and/or Trading Platform.
Clause 13.1 in Bonus Terms & Conditions, p.9
Read from the broker's site on Open the reference

Buried at section 26 of 27 in the Bonus Terms & Conditions, 96% of the way through.

The cookie policy page carries two lists of countries Bullwaves does not serve. The list in the body names Iran twice. The list in the footer of that same page leaves Iran out altogether.

Why this matters

A reader in Iran who scrolls to the footer would conclude they can open an account. The AML policy screens every client against sanctions lists daily, and a client it then classes as blacklisted cannot appeal.

Exhibit 14WarningHarder than usual

The information or services described on this website are not directed at or offered to residents of Belgium, Iran, Maldives, North Korea, United States, Afghanistan, Belarus, Central African Republic, China, Iran, Russia, Cuba, Libya, Nicaragua, Palestinian Authority, Gaza, West Bank, Venezuela
Clause Regional Restrictions in Cookie Policy
Read from the broker's site on Open the reference

Buried at section 54 of 68 in the Cookie Policy, 79% of the way through.

Bullwaves publishes two complaint deadlines at the same time

The standalone Complaint Handling Policy gives Bullwaves 21 business days to reply and up to 90 business days for complicated cases. The policy annexed to the Client Services Agreement gives it 30 and then 60 business days. The two also name different email addresses, and the only escalation offered is the Seychelles FSA.

Complaints1 clause flagged

Bullwaves publishes two complaint procedures at once. The standalone policy gives itself 21 business days to answer and up to 90 business days for complicated cases. The version annexed to the Client Services Agreement gives it 30, then 60.

Why this matters

You cannot tell which deadline binds Bullwaves, and the longer one runs past four months. The two documents also point your complaint at different email addresses.

Exhibit 11WarningHarder than usual90 working days

A response will be provided within twenty-one (21) business days. For grossly complicated complaints requiring extended investigation, the client will be informed in writing, with an extended timeline of ninety (90) business days.
Clause 3 in Complaint Handling Policy, p.2
Read from the broker's site on Open the reference

Where it sits: section 14 of 30 in the Complaint Handling Policy, 47% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA must send a final response within eight weeks and point the client to an independent ombudsman. Bullwaves allows itself up to 90 business days and offers only the Seychelles regulator.

BULL WAVES is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Within 2 business daysBullwaves sends a written acknowledgement with a reference number.2
Within 21 business daysA response is provided.3
Up to 90 business daysFor complaints it calls grossly complicated, the deadline extends.3
After the final responseYou may take the complaint to the Seychelles FSA, after showing every option with Bullwaves was exhausted.4

The conflict policy omits the conflict that affects your trades

Bullwaves is the counterparty to your trades under clause 8.1 and sets the quotes you trade at under clause 8.6, at its absolute discretion. Its Conflicts of Interest Policy never mentions this. That policy is also unfinished, and still carries the bracketed placeholder where the company name belongs.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Whose side1 clause flagged

The Conflicts of Interest Policy runs with the words ADD COMPANY NAME still sitting in brackets on its pages. It also never mentions the conflict that matters most to you, that Bullwaves is the other side of your trades.

Why this matters

The document meant to tell you where the firm's interest differs from yours leaves out the place it certainly does. Clause 8.1 of the client agreement makes Bullwaves your counterparty, and clause 8.6 lets it set the prices you trade at.

Exhibit 12WarningHarder than usual

The Client acknowledges that such Quotes will be set by the Company at its absolute discretion.
Clause 8.6 in Client Services Agreement (with Conflicts of Interest Policy, Complaints Handling Policy and Bonus Terms annexed), p.11
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and by CySEC must disclose when they deal as principal against a client and show how that conflict is managed. This policy does not mention it.

BULL WAVES is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

A $10 yearly charge that the cost summary does not list

Clause 4.3 lets Bullwaves deduct up to $10 a year from an account with no transactions for 12 months. Its Key Facts Statement, required by section 18(5)(c) of the Seychelles Financial Consumer Protection Act 2022, lists spread, commission, currency conversion and swap. The inactivity fee is not among them.

Dormant accounts1 clause flagged

Stop trading for 12 months and Bullwaves can take up to $10 a year from your balance under clause 4.3. Its Key Facts Statement, the cost summary Seychelles law requires it to give you, lists four costs and this is not one of them.

Why this matters

You would not find this charge in the one document written to tell you what trading costs. It comes out of the balance itself, so a dormant account with little in it drains while you do nothing.

Exhibit 9WarningStandard wording$10

The inactivity fee will be up to USD 10 and the Company reserves the right to charge the said fee annually if there are no transactions by the Client the preceding 12 months.
Clause 4.3 in Client Services Agreement (with Conflicts of Interest Policy, Complaints Handling Policy and Bonus Terms annexed), p.8
Read from the broker's site on Open the reference

Where it sits: section 39 of 226 in the Client Services Agreement (with Conflicts of Interest Policy, Complaints Handling Policy and Bonus Terms annexed), near the start.

What it costsA forgotten balance of $30 is gone after three years at $10 a year.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and by CySEC must disclose all costs and charges to a retail client before they trade. The Bullwaves key facts document leaves the inactivity fee out of its cost table.

BULL WAVES is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The contract is with a Seychelles company, whatever the Cyprus address suggests

Equitex Capital Limited, registered in Seychelles under number 8434948-1, holds Financial Services Authority licence SD185 and is your counterparty. ETX Services Limited in Cyprus is named as Independent Representative and Distributor. The privacy policy states that it is not the licensed entity in the EU, and clause 27.2 sends every dispute to the courts of Seychelles.

Who you deal with1 clause flagged

Equitex Capital Limited in Seychelles holds the licence and signs your contract. ETX Services Limited in Cyprus appears on the documents as distributor, and the privacy policy says plainly that it is not the licensed entity in the EU.

Why this matters

A Cyprus address on the paperwork gives you no EU protection. Your money, your complaint and any court case all sit in Seychelles under clause 27.2.

Exhibit 15NoticeStandard wording

ETX Services Ltd is not the Licensed Entity in the EU but only acts as the Service entity for Equitex Capital Ltd.
Quoted in Privacy Policy, p.1
Read from the broker's site on Open the reference

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The homepage promises protection from a negative balance while the contract makes you liable for the shortfall.

Said in public, in English

We will continue to protect your account from a negative account balance.

Entry notice on the homepage, listed under the heading Protection you will lose

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bullwaves.com

In the contract · clause 2.3 k

Failure to do so within the required time may result in the liquidation of positions at a loss and the Client will be liable for any resulting deficit.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cdn.prod.website-files.com

02

Minutes is promised in marketing while no document sets any payout deadline and the terms allow open ended delay.

Said in public, in English

Withdraw your funds in minutes, with Instant Withdrawals.

Why trade with Bullwaves panel on the homepage

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bullwaves.com

In the contract · clause 7.4

The Company may delay, decline, reverse, or restrict withdrawals where regulatory, AML/CFT, fraud, sanctions, adverse media, or other compliance concerns arise.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cdn.prod.website-files.com

03

The Arabic page promises an account built for Sharia while the English terms refuse to warrant any religious compliance.

Said in public, in Arabic

تداول بدون مقايضة مع حساب مصمم ليكون متوافقًا مع الشريعة الإسلامية.

Word for word in English: Trade without swap with an account designed to be compliant with Islamic Sharia.

Arabic Islamic account landing page, main heading

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bullwaves.com

In the contract · clause 8

Bullwaves™ does not provide, and shall not be deemed to provide, any representation, warranty, or opinion that the Swap-Free Account or any related trading activity complies with the principles of any particular religion, doctrine, or belief system.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cdn.prod.website-files.com

04

The English page makes the religious claim and the terms hand the question back to the client.

Said in public, in English

Trade swap-free with an account designed to be Sharia-compliant.

English Islamic account landing page, subheading

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bullwaves.com

In the contract · clause 8.2

The Client is solely responsible for seeking independent advice (including, where relevant, religious or ethical guidance) to determine whether the services and products offered by Bullwaves™ are suitable for their personal requirements and beliefs.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cdn.prod.website-files.com

05

Marketing calls the bonus additional margin that lowers risk while the terms call it no guaranteed margin support.

Said in public, in English

Since the bonus acts as additional margin, traders can take trades with lower financial risk on their deposited capital.

Benefits of Trading with a Bonus, Reduced Initial Risk

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of bullwaves.com

In the contract · clause Bonus Terms 4.2

The Client expressly acknowledges that such Bonus Credit is promotional in nature and does not constitute deposited funds, equity owned by the Client, or guaranteed margin support.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of cdn.prod.website-files.com

06

The page says the bonus delays a margin call while the terms say removing it can close positions on its own.

Said in public, in English

A trading bonus can supplement margin requirements, enabling traders to maximize their leverage without triggering a margin call too soon.

Benefits of Trading with a Bonus, Better Leverage Utilization

In the contract · clause 4.4

The Client expressly acknowledges and accepts that the removal or adjustment of Bonus Credit may itself reduce equity or margin level and may therefore result in the automatic closure of positions (stop-out), independently of market movements or subsequent price reversals.

The documents this reading is based on

11 files, all published by BULL WAVES. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording BULL WAVES publishes.

How this reading was done

Every clause above was read out of a document BULL WAVES publishes itself

This reading was published on .

Documents
11 of 11downloaded from the broker's site, and 11 read in full
Pages opened
22pages walked to find those documents, footer links included
Marketing pages
8public pages set against what the contract says
Languages
AR vs ENthe language it advertises in, against the language it contracts in
Position measured
10clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Equitex Capital Limited

You contract with Equitex Capital Limited, a Seychelles company, number 8434948-1. It holds Seychelles Financial Services Authority licence SD185. ETX Services Limited in Cyprus appears across the documents as Independent Representative and Distributor. The privacy policy settles what that means: it says ETX Services Ltd is not the licensed entity in the EU. The Cyprus address gives you no EU protection.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Bullwaves publishes eleven legal documents on one page. Its Key Facts Statement works through a real profit and loss scenario on a EURUSD trade, which few offshore brokers bother to do. The deposit bonus page admits in plain words that a withdrawal removes the bonus. The swap free page lists a charge and a grace period for each instrument instead of a vague sentence about fees. Client money segregation is stated in clause 7.1.

We read all eleven legal documents Bullwaves publishes, end to end. One of them, the Key Facts Statement, is linked from the legal page but easy to miss, and we read it from the file itself. No earlier version of any document is available, so this is a first reading with nothing to compare against. We did not open an account. That means we could not check which countries the signup form accepts, or which payment methods it offers. The swap free fee table lives on a web page rather than in the contract, and the contract lets it change.

How to check any of this yourself

Every quote above links to the BULL WAVES file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document BULL WAVES publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge BULL WAVES on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Sep 15, 2026.

If you represent BULL WAVES and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on BULL WAVES. Whether its licence is real and current is a separate check on the broker profile.

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