Bullwaves Prime is a proprietary trading program launched by Bullwaves, a forex and CFD broker. The program gives traders access to evaluation-based funding models, with account sizes ranging from $5,000 to $400,000 and both one-step and two-step challenges available. Trading is conducted through MetaTrader 5 (MT5), with leverage of up to 1:50.
Bullwaves Prime: A Closer Look at the Broker-Backed Prop Trading Firm
One of Bullwaves Prime’s main selling points is its connection to the Bullwaves brokerage infrastructure. However, the two businesses are not the same legal entity. Bullwaves Prime is owned and operated by Moonance LLC, incorporated in Saint Vincent and the Grenadines, while Bullwaves is the trading name of Equitex Capital Limited, a Seychelles-based CFD broker that provides technology for the Prime program.
Bullwaves Prime’s Challenge Structure
The current one-step model requires traders to reach a 10% profit target, while staying within an 8% maximum drawdown and 4% daily drawdown. Traders must also complete at least 10 trading days. The two-step model uses an 8% target in the first phase and 5% in the second, with the same 8% maximum and 4% daily drawdown parameters listed on the current pricing page.
Pricing varies according to account size. The current one-step challenge starts at $89 for a $5,000 account, rising to $2,199 for the $400,000 account. Traders can also purchase an add-on that increases the profit split by 20 percentage points.
The headline profit split can reach 100% with the applicable add-on, although Bullwaves Prime’s standard published payout examples use an 80% split. Payout eligibility is also subject to the firm’s trading and withdrawal rules, including its 6% payout-related limitation.
An Important Detail for Traders
Despite marketing language around funded trading, Bullwaves Prime’s legal documentation states that its accounts are fully simulated, using real market quotes from liquidity providers rather than live trading accounts. That distinction matters when comparing the program with firms that describe their funded accounts differently.
Bullwaves Prime therefore sits at an interesting intersection between brokerage infrastructure and the modern evaluation-based prop model. For traders, the headline account size is only part of the equation. Drawdown calculations, payout conditions, prohibited strategies and the simulated nature of the accounts are equally important when assessing whether the program fits a particular trading approach.
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