Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighTwo offshore licences verified on their own registers (Comoros MISA for Moonance LLC; Seychelles FSA for sister entity Equitex), but both are low-tier with no investor compensation, and the main site's money-holding entity relies on MISA, which the Comoros central bank has disowned.
Identity & transparency
4/10 · ModerateEntities, addresses and licence numbers are disclosed and match the registers, but which entity holds client funds is unclear and the main site routes clients to the weakest-regulated company.
Withdrawals & conduct
6/10 · HighA genuine fund-integrity pattern (funds held in processing, accounts blocked, profits cancelled, payouts refused up to $14,000), but a minority alongside majority-paid reviews, active broker responses and no advance-fee demand.
Reputation
6/10 · HighNet-positive star ratings (4.3/5 on the main site) undercut by a suppressed prop-arm score for a guidelines breach and reports of fake positive reviews, alongside recurring withdrawal complaints.
Website claims
4/10 · ModerateHonest about its offshore status and entities and makes no tier-1 or false-age claims, but leans on the Seychelles licence while routing global clients to the weaker MISA and SVG entity.
Operational history
3/10 · LowVerified operating history to 2022 (moonance.com registered April 2022; MISA licence effective September 2022), roughly four years, so no age misrepresentation.
Who they are
A quick desk file on the company behind the brand.
- Brand: Bullwaves (rebranded from the earlier Moonance brand).
- Legal entity: Moonance LLC, the company behind the main site bullwaves.global.
- Group entities: Equitex Capital Limited (Seychelles) holds the FSA licence and runs bullwaves.com; ETX Services Limited (Cyprus, HE455407) is listed as an independent representative and distributor.
- Registered: First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, Saint Vincent and the Grenadines.
- Website: bullwaves.global (main); also bullwaves.com, moonance.com and prime.bullwaves.com.
- Licence for the main site: MISA (Comoros) T2022122, held by Moonance LLC.
- Group's other licence: FSA Seychelles SD185, held by Equitex Capital Limited.
- Offers: forex, indices, commodities, metals, shares, ETFs and crypto CFDs on MetaTrader 5, plus a funded-trader arm (BWPrime).
- Not accepted: United States, Belgium, China, Cuba, North Korea and sanctioned jurisdictions.
- Age: operating since 2022 (moonance.com registered April 2022; MISA licence effective September 2022).
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
MISA (Mwali International Services Authority), Comoros
Financial Services Authority (FSA), Seychelles
Why we reached this verdict
How the evidence adds up.
We rate Bullwaves high risk. It is neither a clear scam nor a safe home for your money.
- The licences are real but weak. We found Moonance LLC on the Comoros MISA register (licence T2022122, active since September 2022) and Equitex Capital Limited on the Seychelles FSA register (trade name BullWaves). Neither regulator runs an investor-compensation scheme, and the Comoros central bank has publicly disowned MISA.
- The main site routes you to the weakest option. Sign up on bullwaves.global and your contract is with Moonance LLC under Comoros MISA. The stronger Seychelles licence sits in a separate company, Equitex, which runs a different site, so it does not protect bullwaves.global clients.
- Real withdrawal complaints. Review platforms carry specific, recent reports of funds stuck in processing, accounts blocked and profits cancelled, with disputed amounts up to $14,000 on the funded-trader arm.
- Signs of manufactured praise. One review platform suppressed the funded-arm score for breaking its guidelines, and a forex forum flags fake positive reviews, so the high star ratings should be read with caution.
- Why it is not a scam verdict. Both licences check out on the regulators' own registers, most reviewers are paid, the company replies to complaints, no regulator warning names it, and it does not impersonate another firm.
Note on operating history: the 4.4-year track record rests on domain registration alone. No company incorporation date could be established, so this is an upper bound rather than a confirmed age.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Seychelles FSA Securities Dealer register lists Equitex Capital Limited with the trade name BullWaves, website bullwaves.com and email compliance@bullwaves.com, confirming a genuine group licence (SD185).
StrongSeychelles FSA registerE2The Comoros MISA authorised-brokerage register lists Moonance LLC, licence T2022122, status Active, effective 01/09/2022, website moonance.com.
ModerateComoros MISA registerE3On the main site bullwaves.global the contracting entity is Moonance LLC under Comoros MISA, while the stronger Seychelles FSA licence is held by a separate group company, Equitex Capital Limited, which runs bullwaves.com; the main site's clients are not covered by the Seychelles licence.
E4Trustpilot for bullwaves.global shows 4.3 of 5 across 309 reviews, but 13 percent are one-star and dominated by fund-access complaints, including recent September 2026 reports of a $10,000 withdrawal stuck in processing and a client saying £12,000 plus a £1,000 deposit were held.
StrongTrustpilotE5A second Trustpilot page for the brand's funded-trader product shows about 670 reviews with 21 percent one-star, a score suppressed for a guidelines breach, and payout refusals including a disputed $14,000 case over lot-sizing.
StrongTrustpilotE6An independent third-party review rates Bullwaves 3.6 of 5, notes segregated accounts and negative-balance protection, and records no regulator warning or scam alert against the brand or its domains.
ModerateFXEmpireE7Domain records show moonance.com registered 2022-04-27 (oldest), bullwaves.com 2023-05-05 and bullwaves.global 2024-05-20, placing the operation's start in 2022 rather than the newer main-site domain.
ModerateRDAP domain recordsE8The operation rebranded from Moonance to Bullwaves within the same legal entity (Moonance LLC, moonance.com), and no warning-list hit or regulator action was found against the earlier brand.
ModerateComoros MISA registerE9Independent review notes very high deposit minimums (about $3,000 to $5,000 for better accounts) and high overnight swap fees, consistent with an aggressive offshore monetisation model rather than deception.
WeakFXEmpire
The other side
The strongest case in this broker’s favour.
The fair case that Bullwaves is a normal, if aggressive, offshore broker:
- The licences are genuine. The Seychelles FSA register lists Equitex Capital Limited with the trade name BullWaves and the bullwaves.com website; the Comoros MISA register lists Moonance LLC with an active licence.
- It has a track record. The operation dates to 2022 under the Moonance name, so it was not launched last month.
- Many clients are satisfied. The main site scores 4.3 out of 5 across more than 300 reviews, and independent reviewers note segregated accounts, negative-balance protection and fast execution.
- Some withdrawal friction is disclosed. The broker requires identity and address verification before withdrawal and restricts withdrawals while losing trades are open, which explains part of the complaint volume.
- No regulator warning and no clone. We found no FCA, ASIC, CFTC, IOSCO, CONSOB, CNMV or BaFin alert naming Bullwaves, Moonance or its domains.
What would change this
What we would need to see to revise the verdict.
What would move our view in either direction:
- Toward a scam verdict: a regulator warning naming bullwaves.global, Moonance LLC or Equitex; a clustered spike of refused withdrawals with a common excuse, especially a demand to pay a tax or fee before funds are released; or either register showing the licence cancelled while the site still advertises it.
- Toward safe: Moonance LLC gaining a mid or top-tier licence (such as CySEC, FCA or ASIC) for the entity that holds client money, plus a sustained, verifiable record of paid withdrawals with the review-manipulation flags removed.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Seychelles FSA register (Securities Dealers)
Confirms Equitex Capital Limited, trade name BullWaves, as a licensed Securities Dealer.
Comoros MISA authorised-brokerage register
Lists Moonance LLC, licence T2022122, active since 01/09/2022.
Bullwaves legal documents
Client agreement and Moonance LLC / MISA disclosures for the main site.
Bullwaves regulation page
Names Equitex Capital Limited (FSA SD185) and the Cyprus representative.
Trustpilot reviews (bullwaves.global)
309 reviews at 4.3/5 with recurring withdrawal-delay complaints.
FXEmpire review of Bullwaves
Independent 3.6/5 review listing both group entities and their licences.
Frequently asked questions
Quick answers about this broker’s safety.
Is Bullwaves a scam?
Not a proven scam, but we rate it high risk. Bullwaves holds two genuine offshore licences and pays most clients, yet a real minority report withdrawals held for weeks and profits cancelled, and its money-holding entity sits under the very weak Comoros MISA regime.
Is Bullwaves a fraud?
No regulator or court has found Bullwaves to have committed fraud, and we did not find evidence of fraud. However, clients report funds held and profits cancelled, so we assess the risk of losing money as high.
Is Bullwaves regulated?
Yes, but only by low-tier offshore regulators. Moonance LLC holds a Comoros MISA licence (T2022122) and the group's Equitex Capital Limited holds a Seychelles FSA licence (SD185). Neither compares to the FCA, ASIC or CySEC, and neither offers investor compensation.
Who owns and runs Bullwaves?
The main site is run by Moonance LLC, registered in Saint Vincent and the Grenadines. Equitex Capital Limited in Seychelles holds the FSA licence, and ETX Services Limited in Cyprus is listed as a representative and distributor.
Can I withdraw my money from Bullwaves?
Most reviewers say they can, but a real minority report withdrawals stuck in processing for weeks, blocked accounts and cancelled profits. Withdrawals also require verified ID and address, and can be delayed by open losing trades.
Is my money safe with Bullwaves?
There is no strong protection. The entity holding funds on the main site is regulated only by Comoros MISA, which the Comoros central bank has disowned, and there is no investor-compensation scheme if the firm fails.
What is MISA and is it worth anything?
MISA is an offshore registrar in the Comoros. It charges for licences but provides little real supervision, and the Comoros central bank has publicly disowned it. A MISA licence gives you almost no protection.
Is the Seychelles FSA licence real?
Yes. The Seychelles FSA register lists Equitex Capital Limited with the trade name BullWaves. But it is a low-tier licence, and it is held by a different company than the one you contract with on bullwaves.global.
Is Bullwaves a clone of another broker?
No. Bullwaves is its own brand, not an impersonation of a regulated firm. It rebranded from an earlier name, Moonance, using the same company.
How old is Bullwaves?
The operation dates to 2022, when Moonance LLC registered moonance.com and obtained its MISA licence. The Bullwaves brand itself launched around 2023.
Why does Bullwaves have so many positive reviews?
Some appear manufactured. One review platform suppressed the funded-trader arm's score for breaking its guidelines, and a forex forum flags fake positive reviews, so treat the high ratings with caution.
What is BWPrime or Bullwaves Prime?
It is Bullwaves' funded-trader (prop) arm at prime.bullwaves.com. It attracts more payout-refusal complaints than the main broker, often over disputed trading-rule breaches.
What should I check before depositing with Bullwaves?
Confirm which entity you are signing up with, look up its licence on the regulator's own register, read the withdrawal and bonus terms, and search for recent withdrawal complaints. Start with a small deposit.
What do I do if Bullwaves will not let me withdraw?
Save all records (amounts, dates, ticket numbers and chats), file a formal written complaint, and ask your bank or card provider about a chargeback. Do not pay any fee or tax someone claims is needed to release your funds.
Scan history
How this broker’s safety assessment has changed across scans.
What changed since September 17, 2026
- September 17, 2026CurrentHigh risk (unverified)52% risk
- September 17, 2026High risk (unverified)52% risk
Past scans are archived snapshots kept for transparency and are not indexed by search engines.
What we recommend
The practical takeaway from everything above.
If you are considering or already using Bullwaves:
- Treat it as high risk. Only deposit money you can afford to lose, and keep balances small.
- Know which entity holds your money. On bullwaves.global that is Moonance LLC under Comoros MISA, which offers little protection.
- Finish identity and address verification early, and avoid bonus terms that lock withdrawals until you trade a set volume.
- Withdraw profits promptly rather than letting them build up.
- If a withdrawal is blocked, or you are asked to pay a fee to release funds, stop depositing, save your records (amounts, dates and ticket numbers) and file a formal complaint. Ask your card provider about a chargeback.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed September 17, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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