Wikilix independent safety report
Bullwaves is not a proven scam, but we rate it high risk. It is a real offshore broker run by Moonance LLC, with two low-tier licences we confirmed on the regulators' own registers, yet clients on mo…
Risk scorecard · each area scored 0 (clean) to 10 (worst)
What Wikilix has recorded about Bullwaves: its history, the licences it holds, its trading conditions and its fees.
Bullwaves is a multi asset CFD brand operated by Moonance LLC, a limited liability company incorporated in St Vincent and the Grenadines on 27 April 2022 under registration number 2141. The company trades from bullwaves.global, offers forex, indices, commodities, shares, metals and ETF contracts for difference on MetaTrader 5, and quotes a minimum deposit of 100 USD with leverage up to 1:500. The Moonance brand that preceded it no longer operates a site of its own: moonance.com now redirects to bullwaves.global.
The footer of the Bullwaves site states that Moonance LLC is authorised and regulated by MISA under licence number T2022122. MISA is the Moroni International Services Authority, an offshore authority in the Comoros that operates no public licence register, so a prospective client cannot look the number up. WIKILIX found no certificate or authority record establishing that this licence exists or is in force, which leaves it a claim rather than confirmed regulation.
The claim is also stated inconsistently by the company itself. The Client Services Agreement published on the legal documents page attributes the same number, T2022122, to the Financial Services Authority of Saint Vincent and the Grenadines instead of to MISA. Those are two different authorities in two different countries, and one licence number cannot belong to both.
No confirmed financial regulation was found. The company registration in St Vincent and the Grenadines is real and was verified, but a company registration permits a company to exist and authorises no financial services activity at all. Until the licence claim can be checked against the authority that is said to have issued it, a client should treat the service as unregulated in any practical sense.
Moonance LLC is the entity a client actually contracts with, and the brand name on the website is not the company name. The Client Services Agreement names Moonance LLC as the counterparty, the complaints address is Moonance LLC at James Street, Kingstown, and the registered office is First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St Vincent and the Grenadines. A second company, ETX Services Ltd, registered in Cyprus on 13 January 2024 under number HE 455407 at Archiepiskopou Makariou III 160 in Limassol, is appointed as Independent Representative and Distributor and facilitates payments.
The Bullwaves name is also used by a separate operator. The bullwaves.com site names Equitex Capital Limited of the Seychelles as its owner, under a different licence. A client who opens an account through bullwaves.global is dealing with Moonance LLC in St Vincent and the Grenadines, not with the Seychelles company, and the Bullwaves About page compounds the confusion by describing the broker as headquartered in the Seychelles.
Safety cannot be established from what the company publishes. Client money is stated to be held in segregated accounts with an approved bank or payment provider, which is a genuine protection, but the same clause allows funds to be passed to third parties in an omnibus account where a client would have no claim against a specific sum if that third party became insolvent. There is no compensation scheme and no external dispute body behind the service. The operating company is three years old, and the broker sets its own quotes and acts as the counterparty to client trades.
Three live accounts are published, all on MetaTrader 5 and all with leverage up to 1:500 and a minimum trade size of 0.01 lots.
A client may hold up to six trading accounts, two of each type. No swap free or Islamic account is published.
Spreads are variable and start at 1.6 pips on Classic, 0.8 on VIP and 0.1 on ECN. No per lot commission is published for any of the three accounts; the Client Services Agreement states that commission applies only to CFDs on futures and CFDs on shares, alongside currency conversion costs and overnight swap charges.
The inactivity fee is published twice, in two incompatible versions. The Client Services Agreement sets 20 units of the account base currency for each month of inactivity, charged after three consecutive months without a trade or a deposit, with 60 units taken at the end of the third month. The help centre sets 10 USD per month after only 30 consecutive days. A client cannot tell from the site which of the two applies.
Leverage runs to 1:500 on all three account types. The company may vary margin and leverage at its own discretion without prior notice, and positions are closed automatically once margin falls to the account's stop out level.
MetaTrader 5 is the only platform, available as a browser based WebTrader, a desktop build and Android and iOS apps. The broker adds a plugin set it calls MT5 NexGeneration and an AI market analysis tool. No direct download link is published; the platform is reached after registration.
Deposits are accepted by credit and debit card, international bank wire, SEPA and local bank transfer, and e-wallets that the site does not name. The broker charges nothing to deposit. Cards and wallets credit in about ten minutes, SEPA the same business day, international wires in three to five business days.
Withdrawals are slower and carry fees. A fixed 10 EUR applies to bank wire withdrawals of 100 EUR or less, and to other withdrawals of 20 EUR or less apart from card refunds. Card withdrawals take two to seven working days and sometimes as long as ten, wires three to five, SEPA up to two, wallets a matter of hours. Money must be returned along the route it arrived: card deposits are refunded to the card first, then wallet deposits to the wallet, and only then can profits be taken by bank transfer. Deposits above 2,000 EUR are held until the account is fully verified.
Support is reached by email at support@bullwaves.com, by a ticket in the client dashboard, by WhatsApp on +357 96007289 and by telephone on +44 7488 822576, with complaints going to complaints@bullwaves.com. The site advertises support around the clock, though the funding team that handles deposits and withdrawals works Monday to Friday, 08:00 to 21:00 GMT+2. The site is published in English, Spanish, French, Russian, Greek and Arabic.
Strengths:
Limitations:
Bullwaves is a functioning offshore CFD operation with a genuine company behind it and unusually complete small print, which is more than many brands at this end of the market publish. What it does not have is a licence anyone can check. The regulatory claim is the single most important thing on the page for a prospective client, and it is the one claim the company states two different ways. Anyone considering an account should weigh the 1:500 leverage and the 100 USD entry point against the absence of any authority a complaint could be taken to.
11 full-page captures of Bullwaves's own site, archived so what they said can still be read after the pages change.
Every licence Bullwaves has in force is from an offshore regulator. Most carry no compensation scheme — each row below says what the issuing regulator actually requires.
A genuine Seychelles Securities Dealer licence held by Equitex Capital Limited under the trade name BullWaves. Low-tier offshore regulator with no investor-compensation scheme; this licence is held by a different group company than the one that contracts with bullwaves.global clients. Client protection: Low. Genuine offshore licence but limited supervision and no compensation scheme; does not cover the main site's entity..
These are the rules FSA sets for the firms it licenses. They are not a statement about how Bullwaves applies them, or about which of its companies would hold your account.
An offshore brokerage registration from the Mwali (Moheli) autonomous-island registrar in the Comoros, held by Moonance LLC. Not a functioning financial supervisor; the Comoros central bank has publicly disowned MISA. Client protection: Very low. No investor-compensation scheme and no meaningful supervision.. Effective: 01 Sep 2022.
Verification note
Claimed on the broker's own site footer as a MISA licence held by Moonance LLC. The company's Client Services Agreement attributes the same number to the Financial Services Authority of Saint Vincent and the Grenadines instead, so the issuing authority is stated inconsistently by the broker itself. No certificate or authority record establishing this licence was located, and the issuing body operates no public licence lookup.
These are the rules MISA sets for the firms it licenses. They are not a statement about how Bullwaves applies them, or about which of its companies would hold your account.
3 account types on record. Minimum deposit from USD 100. Leverage up to 1:500.
| Account | Min Deposit | Leverage | Commission |
|---|---|---|---|
| ClassicClassic · Standard | USD 100 | 1:500 | Not recorded |
| VIPVIP | USD 3,000 | 1:500 | Not recorded |
| ECNECN | USD 5,000 | 1:500 | Not recorded |
Where Bullwaves says it will and won't take clients
Confirmed blocked
Named in the broker's own terms
Likely blocked
Reported, not verified against a primary source
Covered by a parent block
Territories a blocked country carries with it
4 ways to fund an account. 4 with no deposit fee.
| Method | Deposit fee | Withdrawal fee | Min deposit | Withdrawal min / max | Processing |
|---|---|---|---|---|---|
| Credit/Debit CardCredit CardDeposits are credited in roughly 10 minutes; card withdrawals take 2 to 7 working days and in some cases up to 10, with some processors taking as long as 15. The broker charges no deposit fee and card refunds are exempt from its small-withdrawal fee. Card deposits must be withdrawn back to the same card before any other method can be used, and a copy of the card is required. | Free | Not recorded | Not recorded | EUR 2Not recorded | 7 days |
| SEPA and local bank transferBank TransferSEPA and local transfers usually credit the same business day and take up to 2 working days to withdraw. IBAN and SWIFT details are required for every SEPA withdrawal. The 10 EUR fee applies to withdrawals of 20 EUR or less. | Free | EUR 10 | Not recorded | EUR 2Not recorded | 2 days |
| Bank Wire TransferWire TransferInternational wires take 3 to 5 business days in each direction. The broker charges nothing to deposit, but sending and correspondent banks may. The 10 EUR fee applies only to wire withdrawals of 100 EUR or less. Profits can only be taken by wire once every other funding method has been refunded first, and a bank statement proving account ownership is required. | Free | EUR 10 | Not recorded | Not recordedNot recorded | 5 days |
| E-walletsE-WalletThe broker states that e-wallets are accepted but does not name which providers. Deposits credit in about 10 minutes and withdrawals reach the wallet within 10 minutes to a few hours. Wallet deposits must be refunded to the wallet after any card deposits have been returned. The 10 EUR fee applies to withdrawals of 20 EUR or less. | Free | EUR 10 | Not recorded | EUR 2Not recorded | hour |
One trading platform on record: Meta Trader 5.
MetaTrader 5 (MT5) is a next-generation multi-asset platform for trading Forex, stocks, and futures, with advanced analytics, faster execution, and powerful algorithmic trading tools.
4 domains on record. All active and served over HTTPS.
2 legal entities behind the Bullwaves brand.
Bullwaves names Moonance LLC as the operating company. We could not confirm that registration on the registry.
4 other brokers on the record share what Bullwaves offers — its country, regulator, account types or platforms — set beside it on the same measures.
Common questions about Bullwaves
Yes, the site advertises a 20 per cent deposit bonus with a 100 USD minimum deposit, and publishes separate bonus ter...
It is the same company under a new trading name. The moonance.com address now redirects permanently to bullwaves.glob...
The Client Services Agreement states that client money is placed in a segregated client bank account with an approved...
By email at support@bullwaves.com, by raising a ticket in the client dashboard, by WhatsApp on +357 96007289 or by telephone on +44 7488 822576. Complaints go to complaints@bullwaves.com and compliance matters to compliance@bullwaves.com.
The registered postal address is First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St Vincent and the Grenadines.
Three live accounts, all on MetaTrader 5 with 1:500 leverage and a 0.01 lot minimum trade. Classic starts at 100 USD with spreads from 1.6 pips, VIP at 3,000 USD with spreads from 0.8 pips, and ECN at 5,000 USD with spreads from 0.1 pips and a tighter 25 per cent stop out.
You may hold up to six accounts, two of each type. No swap free or Islamic account is published.
The site's footer says the service is not directed at or offered to residents of Belgium, the Maldives, North Korea, the United States, Afghanistan, the Central African Republic, China, Cuba, Libya, Nicaragua, Venezuela and the Palestinian territories, nor to jurisdictions on FATF and EU or UN sanctions lists. A separate disclaimer says the site is not addressed to EU residents, and the help centre confirms that US citizens and residents are refused.
In practice the registration form enforces none of this: its country list contains almost every country in the world, including the ones the footer names.
Yes, but the site publishes two different versions of it and they do not agree. The Client Services Agreement sets 20 units of your account base currency for each month of inactivity, triggered after three consecutive months with no trade and no deposit, with 60 units taken at the end of the third month.
The help centre sets a different rule: 10 USD per month after only 30 consecutive days of inactivity. Ask support in writing which one applies to your account before you leave a balance idle.
Yes, on small amounts. A fixed 10 EUR applies to bank wire withdrawals of 100 EUR or less, and to any other withdrawal of 20 EUR or less except card refunds. Withdrawals below 2 EUR cannot be processed at all.
Deposits are free of broker charges, although your own bank or card provider may charge you. Withdrawals must follow the route the money arrived by: card deposits go back to the card first, then e-wallet deposits to the wallet, and only then can profits be taken by bank transfer.
It depends on the route. The broker states that requests are usually processed within one working day, then the money takes 3 to 5 working days by international bank wire, up to 2 working days by SEPA or local transfer, 2 to 7 working days by card and sometimes as long as 10, and 10 minutes to a few hours to an e-wallet. Some card processors are said to take up to 15 working days.
The funding team works Monday to Friday, 08:00 to 21:00 GMT+2, so requests outside those hours wait for the next working day. The site's separate claim of instant withdrawals is not consistent with these published times.
MetaTrader 5 only. It is offered as a browser based WebTrader, a desktop build and Android and iOS apps. The broker adds its own plugin set, marketed as MT5 NexGeneration, and an AI market analysis tool.
There is no direct download link on the site; the platform is reached after you register an account.
Up to 1:500 on all three account types. The company reserves the right to change margin and leverage levels at its own discretion and without prior notice, and it may cut leverage on non forex instruments around Friday evenings and major economic news.
Positions are closed automatically when margin falls to the account's stop out level, which is 50 per cent on Classic and VIP and 25 per cent on ECN.
100 USD opens the entry level Classic account. The VIP account requires 3,000 USD and the ECN account 5,000 USD. The higher tiers buy tighter spreads rather than different instruments; all three give access to the same product range.
Nothing we found shows fraud, and the company behind the brand is real and verifiable, but too little could be confirmed to call it safe either. The operating company exists on an official register, the legal documents are detailed, and the fee schedule is published in full.
What is missing is any licence a client can verify, and the company names two different regulators for the same licence number. Treat it as unverified rather than proven either way.
Bullwaves.global is owned by Moonance LLC, a limited liability company incorporated in St Vincent and the Grenadines on 27 April 2022 under registration number 2141. We confirmed that entry as active on the country's official company register.
A Cyprus company, ETX Services Ltd, registration HE 455407, is named as Independent Representative and Distributor and handles payments. Note that a separate site at bullwaves.com uses the same brand but names a different owner, Equitex Capital Limited of the Seychelles.
No regulation could be confirmed. The site's footer states that the operating company, Moonance LLC, is authorised and regulated by MISA under licence number T2022122, but that is a claim rather than a confirmed licence. MISA is an offshore authority in the Comoros that runs no public licence lookup, so the number cannot be checked by a client or by us.
The company's own Client Services Agreement makes matters worse by attributing the same number to the Financial Services Authority of Saint Vincent and the Grenadines, a different authority in a different country.
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