FSA — Australia
EQUITEX CAPITAL PTY LTD
Offshore Regulation · No. SD185
Bullwaves Review — Overview
Regulation
Tier-1 regulated
Licence
FSA · No. SD185
Licence status
Offshore Regulation
Platforms
MT5
Max. leverage
1:500
Instruments
Forex, Shares, Indices, Metals
Typical spread
From 1.6 pips (Classic account)
Operating
Est. 2023
Main market
CZ
Entity
EQUITEX CAPITAL PTY LTD
Website
Unknown
Bullwaves is a forex & CFD broker based in Seychelles, established in 2023. On Trust Broker Hub it holds a Trust Score of 7.4 out of 10, which we rate as Good — above the 5.3/10 average for brokers that hold a verified licence. Solid, well-regulated profile suitable for most traders.
Crucially, Bullwaves is regulated by FSA, including at least one tier-1 regulator. Tier-1 regulation is the strongest sign of legitimacy: it normally requires segregated client funds, regular audits and access to a compensation scheme if the broker fails — meaningful protection for your money.
Bullwaves provides access to Forex, Shares, Indices, Metals. Published conditions include leverage up to 1:500. No complaints are currently on record. Overall, Bullwaves looks like a credible option — but always verify the licence yourself and start with a small amount.
Trust score breakdown
How is this calculated?
Weighted total
8.17
Data completeness
8 of 10 facts verified
80% ×0.90
Trust Score
7.4 / 10
Trust Score history
Bullwaves currently scores 7.4/10. The trend line will build here as the Trust Score is re-evaluated over time.
Pros
- Regulated by a tier-1 authority
- No unresolved complaints on record
- Listed in our verified broker directory
Cons
- Always verify the licence directly before depositing
Regulation
Tier 1 · Top
Verified
Offshore (tier-3) regulators typically have lower capital requirements and no compensation scheme. Funds may not be protected if the broker fails.
Trading conditions
| Instruments | Forex, Shares, Indices, Metals, Commodities, and ETFs |
| Minimum deposit | Not disclosed |
| Maximum leverage | 1:500 |
| Typical spread | From 1.6 pips (Classic account) |
| Platforms | MT5 |
| Demo account | ✅ |
We mark unverified fields as “Not disclosed” rather than estimate them.
Our verdict on Bullwaves
Our analysis · editorial
7.4/10
Tier-1 regulated, solid profile
Bullwaves holds a tier-1 regulatory licence (FSA). Based in Seychelles, it has been operating for about 3 years. We have no complaints on record against it. Weighing regulation, track record and complaint history, our Trust Score is 7.4/10 — a reasonable profile.
Strengths
- Authorised by a tier-1 regulator (FSA)
- No complaints on record with us
- Supports MT5 trading
Watch-outs
- Very high leverage available (1:500) — amplifies risk
Bottom line: A reasonable option, but confirm the entity you open an account with is the regulated one.
This is Trust Broker Hub's data-driven editorial assessment — not a user review. It is generated automatically from regulation, licensing, company age and complaint records, and updates as those change.
User reviews
5 0
4 0
3 0
2 0
1 0
Bullwaves — Questions & Answers
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Complaints & alerts
No complaints or regulator warnings on record
We monitor regulator alert lists and user reports. We'll flag Bullwaves here if that changes.
Full specifications
Regulated region
Seychelles
Operating period
2-5 years
Main market
CZ
Licensed entity
EQUITEX CAPITAL PTY LTD
License status
Offshore Regulation
Instruments
Forex, Shares, Indices, Metals, Commodities, and ETFs
Year founded
2023
Frequently asked
Is Bullwaves a safe broker?
Bullwaves scores 7.4 / 10 on our Trust Score, above the 5.3 average for brokers that hold a verified licence. It holds tier-1 regulation, which offers strong investor protection. It has no complaints on record with us. Trade only with funds you can afford to lose.
How is the Bullwaves trust score calculated?
The score weighs five factors: regulation tier, transparency of disclosures, operating footprint, user sentiment, and complaint history. Each is scored out of 10 and combined into the overall figure shown at the top. Read our methodology.
What does "offshore regulated" mean?
It means the broker's licence comes from a jurisdiction with lighter requirements than tier-1 regulators like the FCA or ASIC. There's usually no compensation scheme, so recovering funds can be difficult if the broker fails.
Can I withdraw funds easily from Bullwaves?
Bullwaves publishes some trading terms, but always confirm withdrawal fees directly. Test with a small amount first and document every transaction.