Does Bullwaves Prime pay out?
The verdict, the risk score and the figures behind them.
We found something serious: a payout pattern, a severe clause, or regulator action.
Yes, Bullwaves Prime pays, and we could verify it on-chain. The risk is not that the money never moves, it is what happens when a payout is large or contested.
- The firm publishes its own payout wallet. Between 8 June and 31 August 2026 it sent 348 outbound USDT transfers worth roughly 1.05 million dollars to 206 separate addresses, the most recent on 31 August 2026.
- Against that, twelve dated trader reports between February and August 2026 describe payouts held far past the stated 2 to 5 business days and then refused, including a 14,000 dollar and a 6,000 dollar request.
- Trustpilot has suppressed the firm's score for a guidelines breach and states it removed fake reviews.
- The page headlined as showing payouts updated in real time is fixed HTML that has not moved since January 2026.
- The company that owes traders their money, Moonance LLC, also runs a live deposit-taking brokerage at a sister domain.
Risk breakdown
Six axes, each scored 1-10. Higher means more risk.
Six axes, scored 1 to 10, where a higher number means more risk. Being unregulated is normal for a prop firm and is not scored against them.
- Identity & transparency7/10
Corporate stack disclosed unusually fully across four entities, which counts in its favour, but the site headlines itself as a regulated prop firm when the paying entity holds no such status, claims multiple licences where one is evidenced, and names no founder or officer anywhere.
- Payout6/10
Over a million dollars verifiably left the firm's own published wallet in twelve weeks to 206 recipients, which pulls this well down, but a documented pattern of large and contested payouts stalled and then refused keeps it above the midpoint.
- Terms & rug-pull risk8/10
Consistency thresholds are numeric and published, which is genuinely better than the norm, yet the lot size rule is applied at payout time and strips profits from the balance, soft breaches allow discretionary profit removal, and toxic trading and one-sided betting are undefined breach grounds.
- Trading conditions7/10
The legal page states accounts are fully simulated, which is honest, but the home page sells access to trade real company funds in the real market with true liquidity, and the affiliated broker is presented as backing the model.
- Reputation8/10
Trustpilot has suppressed the rating for a guidelines breach and confirms removing fake reviews; the negative tail is dominated by payout integrity and goes unanswered while praise and promotional disputes receive replies.
- Operational & social5/10
Site and video output are current to 31 August 2026 and the community server of 4,791 members opens on a payout-proof channel, but support unresponsiveness is the most repeated complaint, the real-time payout wall has not moved since January, and an audience of 22 video subscribers sits oddly against a claim of 75,000 traders.
Payout reality
Whether the money actually arrives, and what we could evidence.
Money leaves this firm, in volume, and we did not have to take anyone's word for it. The payouts page links to the wallets the firm designates as its own. Reading the Ethereum wallet directly, we counted 348 outbound USDT transfers between 8 June and 31 August 2026, totalling about 1,051,700 dollars, spread across 206 distinct recipient addresses, with a median transfer of 709 dollars and 62 transfers under 100 dollars, consistent with the stated 50 dollar minimum. The most recent went out on 31 August 2026. A second wallet on Arbitrum shows 50 further outbound transfers worth about 142,000 dollars between 5 April and 21 June 2026, after which that rail went quiet and the Ethereum wallet took over.
- What that proves: this is an operating business paying hundreds of people right now. It is not collapsed and it is not a firm that never pays.
- What it does not prove: individual transfers cannot be tied to named traders, and several of the largest ones look like treasury movements rather than trader rewards.
- The counter-evidence: twelve dated trader accounts between 6 February and 7 August 2026 describe the same failure. A payout is requested, it sits far past the stated 2 to 5 business days, and it is then refused on a rule interpretation produced after the fact. Named amounts include 14,000 dollars refused over splitting one trade idea into smaller lots, 6,000 dollars pending beyond fourteen business days, and roughly 8,000 dollars held over a month.
- The pattern in one line: routine, modest payouts flow reliably; large or contested ones meet a discretionary review.
- The firm's own proof is not proof. The page promising payouts updated in real time carries ten fixed cards dated 14 to 25 January 2026 that have not changed since, sitting in page source under a developer note describing the values as adjusted.
How the program works
The evaluation, the funded phase and what the firm keeps.
A buyer pays a one-off, non-refundable evaluation fee and receives MetaTrader 5 credentials. There is no live capital involved at any stage.
- Account sizes and price: 1-step from 5K at 89 dollars up to 400K at 2,199 dollars; 2-step from 5K at 59 dollars up to 200K at 1,199 dollars.
- Targets: 1-step 10 percent; 2-step 8 percent then 5 percent. Ten active trading days per phase, no time limit.
- Drawdown: 1-step 4 percent daily and 8 percent maximum; 2-step 5 percent daily and 10 percent maximum, plus a trailing drawdown that ratchets up with equity highs and never falls back. The trailing rule appears in the trading rules but not in the pricing tables.
- Profit split: 80 percent as standard. The 100 percent figure used as a headline statistic on the home page requires a paid add-on.
- Payout cadence: first request 15 days after the first trade, then every 15 days, processed in 2 to 5 business days by wire (30 dollar fee) or USDT. Each cycle pays on a maximum of 6 percent of the starting balance; profit above that is simply not included.
- KYC: government ID plus proof of address before the funded stage.
Who they are
The company behind the brand, and where it is registered.
- Brand: Bullwaves Prime (BWPrime)
- Legal entity: Moonance LLC, named in the firm's own legal page as owner and operator
- Registered: Saint Vincent and the Grenadines, registration number 2141 LLC 2022, First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown
- Website: bullwavesprime.com redirects to prime.bullwaves.com, the canonical site
- Related entities: Equitex Capital Limited (Seychelles, SD185) trading as Bullwaves, named as technology provider; ETX Services Limited (Cyprus, HE455407) as independent representative and distributor; Equitech Marketing Management LLC (Dubai)
- Founded: the group's main domain was registered in May 2023; the Prime programme terms are dated January 2025 and its community server opened in August 2025
- Team disclosed: no. No founder, director or officer is named anywhere on the Prime site
- Accepts traders from: worldwide except a list of fifteen restricted countries in the footer, though the trading rules page lists only twelve of them
Company on record
The legal entity named in the terms, as found on a public registry.
- Legal name
- Moonance LLC
- Registration number
- 2141 LLC 2022
- Jurisdiction
- Saint Vincent and the Grenadines
- Registered address
- First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, Saint Vincent and the Grenadines
- Registry
- Financial Services Authority of Saint Vincent and the Grenadines
Why this verdict
How the findings add up to this verdict.
HIGH_RISK reflects a firm that is demonstrably solvent and demonstrably paying, but whose rulebook and conduct give it wide latitude to refuse the payouts that matter most.
- A sustained payout-integrity pattern runs from February to August 2026 with named amounts and dates, and the firm answers praise and promotional disputes publicly while leaving those complaints unanswered.
- Trustpilot has withdrawn the firm's rating for a guidelines breach and states it removed fake reviews. Confirmed review manipulation is a direct statement about how much the positive volume is worth.
- The lot size consistency rule is assessed at the moment a payout is requested, and non-conforming profitable trades are stripped from both the payout and the account balance. That is the classic denial mechanic, and it matches the 14,000 dollar refusal almost exactly.
- The company that owes the money, Moonance LLC, simultaneously runs a live deposit-taking CFD brokerage at bullwaves.global under a 100 dollar minimum deposit. A trader's counterparty is an entity whose main business is on the other side of the market.
- The site is headlined as a real, regulated prop firm while its own disclaimer states the accounts are fully simulated and the only licence in view belongs to a separate company described as a technology supplier.
Counterpoints
The strongest case in their favour, and what would change our mind.
The case in their favour
There is a real case for this firm, and it is stronger than most in this sector.
- It publishes its payout wallets. Almost no prop firm does this. It converts a marketing claim into something any trader can audit in a browser, and the audit passes: over a million dollars out in twelve weeks, current to yesterday.
- Its consistency rules carry numbers. 30 percent for 1-step and 40 percent for 2-step, with the formula printed. The lot size band is stated as minus 70 percent to plus 100 percent of the account average. Most firms leave consistency undefined precisely so it can be used later.
- It says the rules are enforced from the first trade and not only at payout. That sentence is written into its own trading rules.
- The corporate stack is disclosed unusually fully, down to registration numbers in three jurisdictions, and the funded account disclaimer states plainly that accounts are simulated rather than hiding it.
- Positive payout reports exist and are specific, including a trader confirming an approved payout on a free account in March 2026 and another confirming a first withdrawal received in April 2026.
What would change our mind
Concrete things a trader or a future reviewer can check.
- Upward: the payouts page replaced with a feed that actually moves, rather than cards frozen in January 2026.
- Upward: the firm answering the July and August 2026 payout complaints publicly and with specifics, and those traders confirming receipt.
- Upward: the lot size consistency check moved from payout time to trade time, so a trader can see compliance before doing the work.
- Upward: Trustpilot restoring the rating after the guidelines breach is resolved.
- Downward: outbound volume from the published wallet falling away while the checkout keeps selling challenges.
- Downward: further reports of rules applied retroactively to a pending request, or any demand for a payment before funds are released.
- Downward: a regulator naming Moonance LLC, Equitex Capital Limited or the bullwaves domains.
Evidence ledger
Every finding behind the verdict, with its source.
- Against
E1Trustpilot has made the firm's rating unavailable due to a breach of its guidelines and states it removed a number of fake reviews for this company, across a profile of 669 reviews
- In favour
E2The wallet the firm publishes as its payout address sent 348 outbound USDT transfers totalling about 1,051,700 dollars to 206 distinct recipients between 8 June and 31 August 2026, median 709 dollars
- Against
E3Twelve dated trader reports from 6 February to 7 August 2026 describing payouts held far beyond the stated 2 to 5 business days and then refused, including 14,000 dollars over splitting one trade idea and 6,000 dollars pending past fourteen business days
- Against
E4The page headlined as showing live payouts updated in real time is fixed markup containing ten cards dated 14 to 25 January 2026, preceded in source by a developer note describing the figures as adjusted
- Against
E5Moonance LLC, the stated owner and operator of Bullwaves Prime, also owns bullwaves.global, which offers an Open Live Account flow, a deposit bonus and a 100 dollar minimum deposit, and links back to prime.bullwaves.com
- Against
E6The site title and body describe a real, regulated prop firm and claim the broker holds multiple licences, while the entity that owes payouts is an unlicensed Saint Vincent LLC and the only licence evidenced is a single Seychelles registration held by a separate company
- In favour
E7Consistency is published numerically at 30 percent for 1-step and 40 percent for 2-step with the formula shown, the lot size band is stated, and the prohibited strategy section states the rules apply from the first trade placed and are enforced at all times, not only at payout
- Against
E8The lot size consistency rule is assessed at the time of a payout request, and profitable trades outside the band are excluded from both the payout amount and the account balance, matching the mechanism described in the largest documented refusal
- In favour
E9The legal page names Moonance LLC with its Saint Vincent registration number, Equitex Capital Limited with its Seychelles licence, ETX Services Limited in Cyprus and a UAE marketing entity, and states plainly that funded accounts are fully simulated
ModerateBullwaves Prime legal page - Against
E10Marketing promises immediate access to trade real company funds with real market liquidity, contradicting the firm's own disclaimer, and the claimed 75,000 traders sits against a video channel with 22 subscribers and a community server of 4,791 members
Official channels
Official accounts and the captures we archived.
Official channels
Audience size and the latest post we could see, captured on the review date. A prop firm usually goes quiet before it stops paying, so an inactive channel is worth noticing.
What we captured
Screenshots taken by WIKILIX on the review date. Pages change; these do not.
Questions about Bullwaves Prime
The questions traders actually ask about this firm.
What we would do
What we would do with our own money.
Treat this as a firm that pays small and pays quickly, and that becomes unpredictable at size.
- Check the published payout wallet yourself before you buy. It is the single most useful thing on the site and it takes two minutes.
- Assume the 6 percent per cycle cap is a hard ceiling on what you can extract, and size your expectations to it rather than to the 400K headline.
- Read the lot size consistency rule before your first trade, not before your first payout. Keep every profitable position inside the stated band of the account average and avoid splitting one idea across several tickets, which is the exact behaviour behind the largest documented refusal.
- Take the first payout as early as the rules allow and at a modest amount. Do not let a balance build up untested.
- Understand who your counterparty is: Moonance LLC in Saint Vincent and the Grenadines, not the Seychelles-licensed company named in the marketing.
- Keep your own record of the rules in force on the day you request a payout.