Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighLicence T2022122 is genuinely held by Moonance LLC and active on the MISA register, but MISA is a Comoros registrar with no compensation scheme, and the stronger Seychelles licence sits on a different company and a different domain.
Identity & transparency
3/10 · LowBoth companies, registration numbers and registered addresses are published and match their regulators' records, including the compliance email on file in Seychelles; the two-entity split is disclosed but makes it hard for a client to tell who holds their money.
Withdrawals & conduct
6/10 · HighA repeated fund-integrity pattern of payouts frozen on processing for weeks, clustered in September 2026 with named amounts, partly confirmed by the company itself, but set against many successful clients and an active public response.
Reputation
5/10 · ModerateNet positive at 4.3 across 308 reviews with 91 percent of negatives answered, but 13 percent are one-star, the review base is company-solicited on a paid subscription, and the older profile's rating is suppressed for a guidelines breach.
Website claims
6/10 · HighPromises withdrawals in minutes and a safe and regulated brand while payouts stall, claims unnamed awards and a 4.8 satisfaction score against an actual 4.3, and has publicly described Saint Vincent company registration as regulation by the SVG FSA.
Operational history
4/10 · ModerateRoughly four years of continuous operation evidenced by the April 2022 company domain and the September 2022 licence, with no inflated founding year advertised; the figure is an upper bound because the incorporation date could not be pinned down.
Who they are
A quick desk file on the company behind the brand.
- Brand: Bullwaves, also trading as BWPrime for its prop-trading arm.
- Legal entity: Moonance LLC, registration number 2141 LLC 2022, which owns and operates bullwaves.global. A sister company, Equitex Capital Limited, operates bullwaves.com.
- Registered: First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, Saint Vincent and the Grenadines. The Seychelles sister company is at Office No. A19C, Providence Complex, Providence, Mahe.
- Website: bullwaves.global, with the client area at my.bullwaves.global. moonance.com and bullwaves.com are also theirs.
- Only licence covering this site: MISA T2022122, issued in Comoros to Moonance LLC. The stronger Seychelles licence sits on the other company and the other domain.
- Offers: CFDs on forex, indices, commodities, shares, metals and ETFs on MetaTrader 5, leverage up to 1:500, minimum deposit 100 dollars, plus copy trading and a funded-trader programme.
- Not accepted: residents of the United States, Belgium, China, Cuba, Libya, Nicaragua, Venezuela, Afghanistan, the Central African Republic, the Maldives, North Korea and sanctioned jurisdictions. The site also states it is not addressed to EU residents.
- Age claim: no founding year is advertised. The About page refers to a team with more than 10 years of market experience. The business itself dates to 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
Saint Vincent and the Grenadines Financial Services Authority (SVG FSA)
Why we reached this verdict
How the evidence adds up.
This is not a fake broker. Both companies behind the brand appear on their regulators' own registers, and the licence numbers belong to them and not to somebody else. The risk here is the quality of that supervision combined with what clients are reporting right now.
- The licence is real but nearly worthless. MISA is a registrar on the autonomous island of Moheli in the Comoros. The Comoros central bank has publicly distanced itself from the brokerage licences issued there. It holds no client money, runs no compensation scheme and offers no practical complaints route. If Moonance LLC stops paying, a MISA licence gives a client almost nothing to work with.
- The stronger licence does not cover this website. The Seychelles Financial Services Authority lists Equitex Capital Limited as a Securities Dealer and records BullWaves as its trade name and bullwaves.com as its website. That licence carries client-money rules. The contracting company for bullwaves.global is Moonance LLC in Saint Vincent, which is outside it. A client signing up on this site is not protected by the Seychelles licence, even though the brand is shared.
- Withdrawals are the live problem. Reviewers describe one repeated mechanism: a withdrawal is requested, the status sits on processing or pending for weeks, and support goes quiet. One client named 10,000 dollars held from early September. Another named 12,000 pounds plus a 1,000 pound deposit that never reached the account. A funded-account client waited more than a month and found the account blocked while the payout stayed pending. The reports run from March to September 2026 and bunch tightly in the second week of September.
- The company confirmed some of these delays itself. Replying in public, Bullwaves told one client the withdrawal was in good standing and apologised for the delay, and told another it was treating the case with the highest priority. That removes the possibility that every payout report is invented by a rival.
- The marketing says the opposite. The homepage promises withdrawals in minutes and describes a safe and regulated brand. The About page claims awards without naming a single awarding body and shows a 4.8 out of 5 satisfaction figure while the actual public score is 4.3.
- Regulation has been described loosely in public. Answering a complaint, the company said bullwaves.global is registered in Saint Vincent and the Grenadines under the SVG FSA. The SVG authority registers companies. It does not license or supervise forex brokers, and saying so alongside a licence number invites readers to think the site is regulated there.
- Review integrity has been questioned. The older profile, now carrying the BWPrime name, has had its rating withdrawn for a breach of platform guidelines. Bullwaves published its own account of this, blaming coordinated one-star attacks and admitting it also failed to flag fake five-star reviews posted on its page. The current main profile was claimed in April 2026 and carries a paid subscription with company-invited reviews.
- What is not here matters too. We found no warning or alert naming either company or any of their domains, no enforcement action and no clone behaviour. The operating history is real: moonance.com dates to April 2022 and the MISA licence to September 2022, giving roughly four years of continuous trading. That figure rests mainly on the domain record, because the Saint Vincent registry's public search publishes only a sample of the register and offers no working name lookup, so the exact incorporation date of Moonance LLC could not be pinned down. Treat four years as an upper bound.
Taken together: a verified but very weak licence over the money, a genuine business with real infrastructure, and an unresolved run of payout failures. That is high risk rather than a proven scam.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The MISA register lists Moonance LLC holding licence T2022122, issued 1 September 2022, status Active, with moonance.com as the recorded website. The licence is genuinely held by the company behind this site.
E2The Seychelles Financial Services Authority lists Equitex Capital Limited as a licensed Securities Dealer and records its trade name as BullWaves, its website as bullwaves.com and its email as compliance@bullwaves.com. The group holds a second, stronger offshore licence.
E3moonance.com, the website MISA records against licence T2022122, redirects to bullwaves.global. This ties the licence record directly to the site under review and rules out the possibility that the number belongs to an unrelated firm.
ModerateMoonance LLC corporate domainE4Several clients report the same failure on the main review profile: a withdrawal requested, then held on processing or pending for weeks with no substantive reply. Named amounts include 10,000 dollars held from 9 September 2026 and 12,000 pounds plus a 1,000 pound deposit that never reached the account, both reported in mid September 2026.
E5Bullwaves confirmed the delays in its own public replies, telling one client the withdrawal was in good standing and apologising for the delay and inconvenience, and telling another it was looking into the case with the highest priority. The payout problem is therefore real and not merely alleged.
E6The group's funded-trader profile, BWPrime at prime.bullwaves.com, has its rating withheld for a breach of platform guidelines. Reviews there describe the same mechanism, including a payout pending more than a month with the account blocked while it remained outstanding.
E7Bullwaves published its own account of the review-platform warning, attributing it to coordinated one-star posts it could not match to customer records while conceding it failed to flag fake five-star reviews promoting an unrelated third party on its page.
E8The homepage advertises withdrawing funds in minutes with instant withdrawals, and describes a safe and regulated brand, while clients report payouts held for weeks and the money-holding company answers only to a Comoros registrar.
ModerateBullwaves homepageE9Answering a complaint in public, the company stated that bullwaves.global is registered in Saint Vincent and the Grenadines under the SVG FSA. The Saint Vincent authority registers companies and does not license or supervise forex brokers, so presenting it this way overstates the protection in place.
E10The About page calls Bullwaves award-winning and claims multiple awards without naming a single awarding body, and displays a 4.8 out of 5 customer satisfaction figure while the public score for the site is 4.3.
E11The site footer names Moonance LLC, registration 2141 LLC 2022 in Saint Vincent and the Grenadines, as owner of bullwaves.global, states the MISA licence number, and names ETX Services Limited, Cyprus registration HE455407, as independent representative and distributor. Corporate disclosure is complete and consistent with the registers.
ModerateBullwaves legal documents pageE12bullwaves.com is operated by a different company, Equitex Capital Limited, under the Seychelles licence, while bullwaves.global is operated by Moonance LLC under the Comoros licence. Clients of the two sites therefore have materially different protection under one brand.
ModerateBullwaves.com site footerE13Domain records date moonance.com to 27 April 2022, bullwaves.com to 5 May 2023 and bullwaves.global to 20 May 2024, with the earliest certificate for the current site issued 23 May 2024. The operation has a genuine history of roughly four years and no inflated founding year is advertised.
E14A sweep of the major regulator warning and alert lists returned no entry naming Bullwaves, Moonance LLC, Equitex Capital Limited or any of their domains, and no enforcement or court record was found. Absence from these lists is not clearance, since they lag new cases.
ModerateWarning-list and enforcement sweep across UK, EU, Spanish, Italian, French and international regulator publicationsE15The only telephone contact published is a UK mobile number, and UK-based clients appear among the reviewers, yet neither company holds UK authorisation and the United Kingdom is absent from the list of restricted countries. UK clients receive no Financial Conduct Authority protection.
The other side
The strongest case in this broker’s favour.
The case for Bullwaves deserves a fair hearing, and several points genuinely count in its favour.
- Nothing is being faked. We checked both licences at the issuing regulators. MISA lists Moonance LLC with number T2022122 as active. The Seychelles FSA lists Equitex Capital Limited as a Securities Dealer and names BullWaves as its trade name. Neither number belongs to another company. This is the opposite of the clone pattern.
- The corporate disclosure is unusually complete. Both companies, both registration numbers and both registered addresses are published on the sites, and the compliance email printed on the website is the same one the Seychelles regulator holds on file.
- The trading operation is real. There is a live MetaTrader 5 server for the brand, a working client area, published legal documents and a weekly research output. This is not an empty shell with a deposit button.
- Most clients are satisfied. The main review profile holds 4.3 out of 5 across 308 reviews, with 278 posted in the last year. The company replies to 91 percent of negative reviews and has resolved cases in public.
- It engages with criticism openly. Rather than ignoring the platform warning on its older profile, the company published a detailed article explaining what happened, conceded it should have flagged the fake positive reviews on its own page, and said it was cooperating with the review platform. That is more transparency than most brokers in this tier offer.
- Some complaints do not survive scrutiny. At least one detailed payout account steers readers towards a fund-recovery outfit, which is a known pattern for planted reviews, and we discounted it. Competitors do post false accusations, and a broker cannot fairly be judged on those.
- No authority has acted against it. There is no warning-list entry, no enforcement action and no court record naming Bullwaves, Moonance LLC or Equitex Capital Limited.
A reasonable reading is that this is an aggressive offshore broker with a payout process that has fallen behind its own promises, not an operation built to steal deposits.
What would change this
What we would need to see to revise the verdict.
We will revisit this assessment if the facts move. Concretely:
- Towards lower risk: the September 2026 payout cases closing with the clients confirming they were paid, and no fresh cluster appearing over the following months.
- Towards lower risk: the company moving bullwaves.global clients onto the Seychelles licensed entity, or obtaining a licence for Moonance LLC from an authority that actually supervises client money.
- Towards lower risk: the rating suppression on the older review profile being lifted after the platform completes its check.
- Towards lower risk: the site dropping the instant withdrawal promise and the unnamed award claims, and stating plainly which company holds a given client's funds.
- Towards higher risk: any credible report of money being demanded before a withdrawal is released. That single pattern would change the verdict on its own.
- Towards higher risk: a regulator warning or alert naming bullwaves.global, bullwaves.com, Moonance LLC or Equitex Capital Limited.
- Towards higher risk: the MISA or Seychelles entry changing to cancelled or withdrawn while the sites keep taking deposits, or the payout complaints continuing to accumulate past September 2026.
- Towards higher risk: confirmed reports of profits being deleted or balances adjusted to zero after a withdrawal request.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
MISA register of authorised brokerage companies
Shows Moonance LLC with licence T2022122 as active since 1 September 2022.
Seychelles FSA Capital Markets register
Lists Equitex Capital Limited as a Securities Dealer with BullWaves as its trade name.
Bullwaves legal documents
The client services agreement, AML policy and bonus terms you agree to on signing up.
Bullwaves reviews on Trustpilot
Public review profile for the main site, including the payout complaints and company replies.
Frequently asked questions
Quick answers about this broker’s safety.
Is Bullwaves a scam?
We did not find evidence that Bullwaves is a scam. It is a real business with licences that genuinely belong to it and a working trading platform. We do rate it high risk, because the company holding money for bullwaves.global is supervised only by a Comoros registrar and several clients reported withdrawals frozen for weeks during 2026.
Is Bullwaves a fraud?
No regulator or court has found Bullwaves guilty of fraud, and we found no warning list entry, no enforcement action and no fraud-related court record naming Moonance LLC or Equitex Capital Limited. What we did find is a pattern of delayed payouts that the company has partly acknowledged itself. That is a serious service and solvency concern rather than a proven crime.
Is Bullwaves regulated?
Yes, but weakly, and it depends which site you use. The bullwaves.global site is operated by Moonance LLC under licence T2022122 from MISA in the Comoros. The bullwaves.com site is operated by Equitex Capital Limited under a Seychelles Securities Dealer licence. Neither is a top-tier regulator, and MISA is by far the weaker of the two.
What is a MISA licence actually worth?
Very little. MISA operates from the autonomous island of Moheli in the Comoros and functions as a registrar rather than a working financial supervisor. The Comoros central bank has publicly distanced itself from the brokerage licences issued there. There is no compensation scheme, no enforced segregation of client money and no practical route to make the broker pay you.
Can I withdraw my money from Bullwaves?
Many clients do withdraw successfully, but a number reported payouts stuck on processing or pending for weeks during 2026, with amounts including 10,000 dollars and 12,000 pounds. The company confirmed in public that at least two of those delays were genuine and apologised. Withdrawals are only released after identity and address documents are approved.
Is my money safe with Bullwaves?
Treat it as at risk. If your account is with Moonance LLC through bullwaves.global, no meaningful regulator stands behind your balance and there is no compensation scheme. The Seychelles entity behind bullwaves.com is subject to client-money rules, which is better, but still offshore protection rather than tier-one protection.
Who owns Bullwaves?
The bullwaves.global website is owned by Moonance LLC, registration number 2141 LLC 2022, registered in Saint Vincent and the Grenadines. The bullwaves.com website belongs to Equitex Capital Limited in Seychelles, which trades under the BullWaves name. A Cyprus company, ETX Services Limited, registration HE455407, is named as an independent representative and distributor.
How old is Bullwaves?
About four years. The company domain moonance.com was registered in April 2022 and the MISA licence was issued in September 2022. The Bullwaves brand itself is newer: bullwaves.com dates to May 2023 and bullwaves.global to May 2024. The About page mentions a team with more than 10 years of experience, which refers to the people rather than the business.
Is Bullwaves a clone of another broker?
No. We checked both licence records at the issuing regulators. MISA lists Moonance LLC for licence T2022122 and points to moonance.com, which redirects to bullwaves.global. The Seychelles register names BullWaves as the trade name of Equitex Capital Limited and lists bullwaves.com. Neither licence belongs to a different company, so this is not impersonation.
Why does Bullwaves have two different websites?
The group runs two companies. bullwaves.com belongs to the Seychelles licensed entity and bullwaves.global belongs to the Saint Vincent company under the Comoros licence. This matters, because the protection attached to your account depends on which one you signed up with. Ask in writing which entity holds your funds.
Why was the Bullwaves rating removed from its older review profile?
The older profile, now named BWPrime, has its rating withheld for a breach of the review platform's guidelines. Bullwaves published its own explanation, blaming a wave of one-star reviews it could not match to any customer, and conceding that it also failed to flag fake five-star reviews posted on its page. The platform check is what triggered the block.
Does Bullwaves accept clients from the UK, the EU or the US?
The site states it is not addressed to EU residents, and it excludes United States residents outright along with Belgium, China, Cuba, Libya, Nicaragua, Venezuela and several other jurisdictions. The UK is not excluded and the only phone number published is a UK mobile, yet the group holds no UK authorisation, so UK clients get no Financial Conduct Authority protection.
What should I check before depositing with any offshore broker?
Find the company name and registration number in the site footer, then look that exact company up on the regulator's own register rather than trusting a badge. Check the licence is active and covers the website you are using. Then test a small withdrawal before you commit real money, and keep every transaction ID.
What do I do if Bullwaves will not pay me?
Put the complaint in writing to compliance@bullwaves.com with your account number, transaction IDs, dates and amounts. If your account is with the Seychelles entity, escalate to the Seychelles Financial Services Authority. If you funded by card, ask your bank about a chargeback quickly, since time limits apply. Do not pay anyone who promises to recover your funds for an upfront fee.
What we recommend
The practical takeaway from everything above.
If you are considering Bullwaves, or already have money with it, here is what we would do.
- Do not deposit more than you can walk away from. The company holding funds for bullwaves.global answers to a Comoros registrar. There is no compensation scheme and no regulator that will meaningfully chase a payout for you.
- Know which company has your money. Accounts opened on bullwaves.global contract with Moonance LLC in Saint Vincent. Accounts opened on bullwaves.com contract with Equitex Capital Limited in Seychelles. Only the second sits under a regulator with client-money rules. Ask in writing which entity holds your balance before you fund it.
- Test a withdrawal early and keep it small. Complete identity verification first, then request a modest payout before building a balance. Withdrawals are only released after identity and address documents are approved.
- Keep your own records. Save transaction IDs, dates, amounts, ticket numbers and chat transcripts. The clients who got traction were the ones who could quote specifics.
- If a payout stalls: escalate in writing to compliance@bullwaves.com, then to the Seychelles Financial Services Authority if your account is with the Seychelles entity. If you funded by card, contact your bank about a chargeback promptly, since card scheme time limits are strict.
- Ignore anyone offering to recover your money for a fee. Recovery outfits target people in exactly this position and take a second payment. Some are already circulating around this brand's reviews.
- Avoid the bonus. Deposit bonuses attach trading-volume conditions that can hold up a withdrawal of your own funds.
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.