Regulation VerifiedRegulation VerifiedWIKILIX confirmed at least one of its licences on the regulator's official register.
Saint Vincent and the Grenadines
·Since 2022
Last Updated:
Overall Score51 / 100The Wikilix trust rating of Bullwaves, out of 100, built from the five factors below.Our investigation rated it high risk and could not confirm its claims, but it holds a valid FSA SD185 licence and 1 more.Regulation44%Identity60%Client terms44%Trading offer72%Service62%Score last calculated 2026/10/31
Fair50 to 64. A mixed record: some strengths, some open questions. Read the details before you deposit.Why: Our investigation rated it high risk and could not confirm its claims, but it holds a valid FSA SD185 licence and 1 more.
51 out of 100 · 77% checkedThe share of the record we could verify. What we could not check counts as unknown and pulls the score toward the middle, never down.
Do not trust
High risk
Fair
Good
Excellent
Our investigation rated it high risk and could not confirm its claims, but it holds a valid FSA SD185 licence and 1 more.
Capped at 51 · High risk, unverified
We checked Bullwaves on 2026-10-31 across its regulation, company record, client terms, trading offer and service, and could verify 77% of its record. Its strongest valid licence is FSA SD185, with 1 more valid. The score was held at 51 because our investigation rated it high risk and could not confirm its claims. What would move the score: licence held by the onboarding entity, site integrity, policy risk. Our investigation found 4.4 years of track record. Its client terms have not been reviewed yet. Trading EURUSD costs about 0.1 pips all-in, spread and commission together.
Score last calculated 2026/10/31
Regulation
Is someone watching them?
44out of 100
Poor
Counts for 35% of the score93% checked
What we checked
Best licence in force45
MISA T2022122 in force with a caveat · Sep 17, 2026Source
FSA SD185 in force with a caveat · Sep 17, 2026Source
Whether a financial authority supervises this broker: the licences it holds, whether we verified them on the official register, how strong that regulator is and what protection it gives clients. Worth 35 points of 100.
Identity
Who is behind it, and for how long?
60out of 100
Fair
Counts for 15% of the score85% checked
What we checked
Registry-verified entity50
2 entity(ies) recorded with a registration number · Sep 17, 2026
Who is behind it and for how long: a company registration we verified, years of verified history, how openly it names its entity, address and owners, and whether its website is intact. Worth 15 points.
Client terms
Are the client terms fair?
44out of 100
Poor
Counts for 15% of the score20% checked
What we checked
Policy riskNot checked yet
No published policy review
Critical clausesNot checked yet
No published policy review
Withdrawal rails20
4 rail(s): 0 fee-free of 3 known, 0 instant of 4 known, minimum $2 · Sep 17, 2026
Language parityNot checked yet
No published policy review
What this measures
How fair the client agreement is: the risk found in our policy review, the number of critical clauses, withdrawal rules, and whether the terms say the same in every language. Worth 15 points.
6 of 9 pricing cells filled across 3 account type(s) · Sep 17, 2026
Instrument breadthNot checked yet
No instrument counts known
Platforms95
1 platform(s) (MetaTrader 5), web, mobile · Sep 17, 2026
Leverage vs regulated cap45
Maximum leverage 1:500 · Sep 17, 2026
Minimum deposit80
Minimum deposit $100 · Sep 17, 2026
What this measures
What trading costs and how clearly it is disclosed: pricing per account type, the all-in cost of EURUSD, instruments, platforms, leverage against regulated limits and the minimum deposit. Worth 20 points.
6 of 6 support checks (phone, email, 24/7 chat, 2+ languages, messenger, complaints email) · Sep 17, 2026
Reputation footprint40
Scam check reputation 6/10 · Sep 17, 2026
WIKILIX communityNot checked yet
0 approved review(s), fewer than 10
What this measures
How clients are treated: support channels, complaints about withdrawals and reputation from our investigation, and reviews by WIKILIX members. Worth 15 points.
52%Scam riskScam risk is our overall estimate that this broker is unsafe, from 0% (safe) to 100% (almost certainly a scam). It blends the six risk areas below, weighted by how strong the evidence is. Higher means riskier.
High risk (unverified)Our overall call, based on the evidence we could verify. From safest to worst: Appears legitimate, Insufficient evidence, High risk (unverified), Likely scam, Confirmed scam. A separate "Not a broker" verdict is used when it does not really offer trading.Confidence: MEDIUMHow sure we are of this verdict, based on how much solid, checkable evidence we found. Shown as Low, Medium or High.
3.0/5Safety rating 3 out of 5
The Wikilix safety rating, from 1 to 5 stars. It mirrors the scam risk (5 = safest, 1 = riskiest), so a higher risk percentage means fewer stars.
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)
Regulation7/10 · HighIs it overseen by a strict, well-known financial regulator? Offshore-only or missing licences score higher.Scored 0 (clean) to 10 (worst). This area is 7/10 (High).Identity & transparency4/10 · ModerateHow openly it shows who and where it is (legal entity, address, owners). Hidden details score higher.Scored 0 (clean) to 10 (worst). This area is 4/10 (Moderate).Withdrawals & conduct6/10 · HighCredible reports of clients being unable to withdraw their money. More such reports score higher.Scored 0 (clean) to 10 (worst). This area is 6/10 (High).Reputation6/10 · HighWhat independent reviews, regulators and watchdogs say about it. A poor track record scores higher.Scored 0 (clean) to 10 (worst). This area is 6/10 (High).Website claims4/10 · ModerateWhether the site claims (awards, years active, licences) actually check out. False claims score higher.Scored 0 (clean) to 10 (worst). This area is 4/10 (Moderate).Operational history3/10 · LowHow long and how consistently it has genuinely operated. Brand-new or murky history scores higher.Scored 0 (clean) to 10 (worst). This area is 3/10 (Low).
Editorial review
Updated
Broker Summary
What Wikilix has recorded about Bullwaves: its history, the licences it holds, its trading conditions and its fees.
Bullwaves Broker Overview
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 , 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.
Bullwaves Regulation and License
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 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.
Is Bullwaves Regulated?
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
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.
Is Bullwaves Safe?
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.
Bullwaves Account Types
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.
Classic, from 100 USD, spreads from 1.6 pips, stop out at 50 per cent.
VIP, from 3,000 USD, spreads from 0.8 pips, stop out at 50 per cent.
ECN, from 5,000 USD, spreads from 0.1 pips, stop out at 25 per cent.
A client may hold up to six trading accounts, two of each type. No swap free or Islamic account is published.
Bullwaves Spreads, Commissions and Fees
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.
Bullwaves Leverage
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.
Bullwaves Trading Platforms
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.
Bullwaves Deposits and Withdrawals
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.
Bullwaves Support
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.
Bullwaves Pros and Cons
Strengths:
A real, disclosed and registry verified operating company at a stated address, with a second registered entity named for payments.
A published and unusually detailed fee and withdrawal schedule, including processing times for each funding route.
A low entry point of 100 USD on a mainstream platform, with tighter spreads available on the funded tiers.
Limitations:
No confirmed regulation, and a licence claim the company attributes to two different authorities in two different countries.
No compensation scheme or external dispute route, and terms that allow client money to sit in a third party omnibus account.
An inactivity fee published in two contradictory versions, and marketing claims about instant withdrawals, awards and a Seychelles head office that the rest of the site does not support.
Bullwaves Review and Assessment
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.
Website archive
Captured
Website snapshots
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 licence's record says what the issuing regulator actually requires.
2 of 2 checked
Licences on recordEvery licence or registration recorded for this broker, whether the broker claims it or our check found it.
2
Confirmed on registerLicences we located on the issuing regulator's own public register, with a screenshot taken at the time.
2
Tier 1 or 2Licences from tier-1 or tier-2 authorities (FCA, ASIC, CySEC and peers), the strongest client protection. A registration we could not confirm as a licence is not counted.
0
OffshoreLicences from offshore registers, which typically carry no compensation scheme and lighter oversight.
2
WIKILIX
Licence intelligence
The strongest of 2 licences on file
Licence Verification Record
The Seychelles Financial Services AuthoritySD185
Wikilix read the FSA register on Sep 17, 2026. This is what it said.
Jurisdiction
SeychellesOffshore
Authority strength
Tier 3
Register status
Active (held by Equitex Capital Limited)
Checked Sep 17, 2026
What our check found
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.
Client protection under this licence
No compensation scheme
Complaints routeFSA Enquiries
Maximum leverage1:1000
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.
A licence record describes what an authority published. It is not an endorsement, and Wikilix does not issue authorisations.
ASAmerican SamoaGUGuamMPNorthern Mariana IslandsPRPuerto RicoUMUnited States Minor Outlying IslandsVIVirgin Islands (U.S.)
How we know — 8 sources
1The site-wide footer on https://www.bullwaves.global under the heading Regional Restrictions states the information or services described on the website are not directed at or offered to residents of Belgium, Maldives, North Korea, United States, Afghanistan, Central African Republic, China, Cuba, Libya, Nicaragua, Palestinian Authority/Gaza/West Bank and Venezuela. Those twelve jurisdictions are recorded as confirmed blocks.
2The same footer clause also excludes jurisdictions on the FATF and EU/UN sanctions lists. That is a category rather than a list of countries, its membership changes over time, and the broker names no members, so no codes were attributed to it.
3The entry disclaimer shown on https://www.bullwaves.global states the website is not intended for and is not addressed to EU residents, and that the operator and its affiliated entities are not regulated by the EU and are therefore not authorised to offer investment services. The 26 remaining EU member states are recorded as likely blocked by inference from that category; Belgium is named outright in the footer and is recorded as confirmed instead.
4The help centre at https://www.bullwaves.global/faq answers the question on US clients with a statement that the broker does not accept US citizens or residents for tax purposes, and lists US indicia including a US birthplace, address, telephone number or tax identification number that will stop an account being approved. This corroborates the United States block.
5United States dependent territories are recorded separately because the broker names the United States but says nothing about Puerto Rico, Guam, the US Virgin Islands, American Samoa, the Northern Mariana Islands or the US Minor Outlying Islands.
6The registration form at https://my.bullwaves.global/register offers a country selector containing 248 of the 249 ISO 3166-1 alpha-2 jurisdictions, omitting only South Georgia and the South Sandwich Islands. It accepts the United States, Belgium, China, Cuba, North Korea, Afghanistan, the Central African Republic, Libya, the Maldives, Nicaragua and Venezuela, every jurisdiction the footer says the service is not offered to. The onboarding form therefore enforces no country restriction at all and contradicts the published policy. No whitelist was recorded, because an unfiltered list of every country is not an acceptance decision about any of them.
7The Client Services Agreement published at https://www.bullwaves.global/legal-documents was read in full. Its Representations and Warranties clause requires only that the client's own actions do not breach the law where the client is resident; it names no restricted jurisdiction. The AML and KYC policy on the same page screens applicants against sanctions and politically exposed person lists but likewise names no country.
8Locations checked: the client agreement and AML policy at https://www.bullwaves.global/legal-documents, reached, no country list; a dedicated restricted-countries page, none published and none linked from the navigation or footer; the signup country selector at https://my.bullwaves.global/register, reached and read, no restriction enforced; the deposit, withdrawal and partner material in the help centre at https://www.bullwaves.global/faq, reached, carries the US restriction only; the licence claim published by the broker, which states a permitted scope rather than any blocked jurisdiction and so set no code; the footer risk disclaimer and the entry disclaimer, both reached, which carry the restriction list and the EU exclusion. The site publishes locale variants in English, Spanish, French, Russian, Greek and Arabic.
Deposits & withdrawals
Funding Methods
4 ways to fund an account. 4 with no deposit fee.
4 methods
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 2/—Not recorded
Up to 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 2/—Not recorded
Up to 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 recorded/—Not recorded
Up to 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.
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.
Runs on
Windows
Web
Android
iOS
Details
Websites
Global Domains
4 domains on record. All active and served over HTTPS.
4 domains
my.bullwaves.globalListed domainActiveHTTPS
moonance.comBackupActiveHTTPS
www.bullwaves.comBackupActiveHTTPS
prime.bullwaves.comActiveHTTPS
Social channels
Social Presence
7 official channels on record.
7 channels
Other channels
partnerscompliance
Legal entities
Corporate Network
2 legal entities behind the Bullwaves brand.
2 entities
Moonance LLCActiveSaint Vincent and the Grenadines·Registration 2141·Established Apr 27, 2022The operating company that owns the Bullwaves.global website and is the client's contractual counterparty. Confirmed active on the Saint Vincent and the Grenadines company register as a limited liability company incorporated on 27 April 2022, registration number 2141, held through a local registered agent. The broker publishes the number in the form 2141 LLC 2022.
ETX Services LtdActiveCyprus·Registration HE 455407·Established Jan 13, 2024Appointed by Moonance LLC as Independent Representative and Distributor, acting to facilitate payments and provide supporting services. Confirmed as a registered private company on the Cyprus Registrar of Companies, incorporated on 13 January 2024, with a registered office matching the address the broker publishes. It holds no financial services licence of its own that the broker names.
Company registry check
Checked
Company Registration
Bullwaves names Moonance LLC as the operating company. We could not confirm that registration on the registry.
Yes, the site advertises a 20 per cent deposit bonus with a 100 USD minimum deposit, and publishes separate bonus terms on its legal documents page.
The bonus is trading margin rather than withdrawable money. It is removed if you withdraw funds, and it may be removed automatically if your account equity falls to the bonus amount, which means accepting it can constrain when you are able to take money out.
It is the same company under a new trading name. The moonance.com address now redirects permanently to bullwaves.global, and the site that loads there names Moonance LLC as its owner in the footer, in the Client Services Agreement and in the AML policy.
So a client who knew the business as Moonance is dealing with the same St Vincent and the Grenadines entity, registration 2141, under the Bullwaves brand.
The Client Services Agreement states that client money is placed in a segregated client bank account with an approved bank or payment provider, which is the protection you would want to see.
The same section then allows the company to pass client money to third parties such as liquidity providers, who may hold it in an omnibus account. The agreement says plainly that in that case you would have no claim against a specific sum if the third party became insolvent, and that the company accepts no liability for the resulting loss.
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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