Prime Bullwaves is a broker-backed prop firm launched in 2024. It runs 1-step and 2-step evaluations on MetaTrader 5 with accounts from $5,000 to $400,000 and a scaling path to $2M. Traders can trade forex, indices, commodities, and crypto, including weekend crypto sessions. The profit split starts at 80% and rises to 100% with a paid add-on. Trustpilot sits near 4.3 out of 5, though some traders report slow withdrawals.
Rating Breakdown
Pros
- Backed by a regulated broker via Equitex Capital Limited (Seychelles, SD185)
- 1-step and 2-step evaluations to suit different traders
- Live broker liquidity on real MT5 servers, not demo fills
- Weekend crypto trading allowed
- Overnight and weekend holding permitted
- Profit split up to 100% with the add-on
- Scaling path up to $2M allocation
- No maximum trading period on evaluations
- USDT (ERC20) withdrawals carry no fee
- Trustpilot rating near 4.3 out of 5
Cons
- Some traders report slow withdrawals
- MT5 is the only platform
- 30% consistency rule on profit distribution
- Minimum 10 trading days before you can qualify
- Challenge fees run higher than several competitors
- Withdrawals capped at 6% of starting balance per cycle
- News trading restricted around major events
- Martingale and grid systems prohibited
- Not open to US traders and several other regions
- Launched in 2024, so the track record is still short
Account Plans and Pricing
2-Step Challenge Rules
| Evaluation type | Two-step (Phase 1 + Phase 2) |
| Phase 1 profit target | 8% |
| Phase 2 profit target | 5% |
| Time limit | None |
| Min. trading days | 3 per phase |
| Max drawdown | 10% trailing |
| Daily loss limit | 5% |
| Consistency rule | 30% — no single day or trade above 30% of total profit |
| Account sizes | $5,000 to $200,000 |
1-Step Challenge Rules
| Evaluation type | One-step |
| Profit target | 10% |
| Time limit | None |
| Min. trading days | 10 |
| Max drawdown | 8% trailing |
| Daily loss limit | 4% |
| Consistency rule | 30% |
| Account sizes | $5,000 to $400,000 |
Payouts
| First payout | 15 days after reaching funded status |
| Payout cycle | Every 14 days after the first |
| Withdrawal cap | 6% of starting account balance per cycle |
| Profit split | 80% standard; up to 100% with add-on |
| Payout methods | USDT (ERC20), bank wire, debit card |
| Crypto payout fee | None on USDT |
| Bank wire fee | $30 flat |
| Processing time | Around 2 to 5 business days after request |
Trading Conditions
| Platform | MetaTrader 5 only |
| Instruments | Forex, indices, commodities, metals, stocks, crypto |
| Crypto trading | Available, including weekend sessions |
| Max leverage | Up to 1:50 |
| News trading | Restricted around major news events |
| Overnight / weekend holding | Allowed |
| Expert Advisors | Allowed in evaluation; restricted after funding |
| Martingale / grid | Not permitted |
| Copy trading | Must reflect your own strategy |
| Scaling path | Up to $2M allocation for qualified accounts |
Our Verdict
Prime Bullwaves is a younger firm that leans on its broker backing to stand out. It runs as the prop arm of Bullwaves, which operates through Equitex Capital Limited in the Seychelles under license SD185. That structure gives it more of a real-broker footing than pure offshore operators, and accounts trade on live MT5 liquidity rather than demo-style fills.
The evaluation choice is simple and clear. The 1-step needs a single 10% target with a tighter 4% daily limit and 8% trailing drawdown. The 2-step splits the work into 8% and then 5% with slightly wider 5% daily and 10% total drawdown room. Both come with no time limit, which takes the clock pressure off traders who prefer to build results slowly.
The rules carry a few catches worth planning around. The 30% consistency rule means no single day or trade can make up more than 30% of your total profit, so one huge session early on forces the rest of your account to catch up. There is also a minimum of 10 trading days before you can qualify, and grid and martingale systems are banned. Use our consistency calculator to check your numbers before you request a payout.
Payouts are the main question mark. The first withdrawal opens 15 days after funding, then every 14 days, but each cycle is capped at 6% of the starting balance. USDT payouts carry no fee, which is a plus, yet some traders report slow processing. With a Trustpilot rating near 4.3 out of 5 and a mix of smooth and frustrated withdrawal reports, results seem to vary.
Cost is another trade-off. Challenge fees run higher than several rivals, and getting the full 100% split means paying for the add-on on top of the entry fee. For traders on a tight budget, those extras add up fast.
Overall, Prime Bullwaves is a reasonable pick for MT5 traders who want broker-backed funding and the option to trade crypto on weekends. The short track record and mixed payout feedback keep it out of the top tier for now, but the core offer is solid and the rules are transparent.
Frequently Asked Questions
Is Prime Bullwaves a legitimate prop firm?
Prime Bullwaves launched in 2024 and is the prop trading arm of Bullwaves, a broker operating through Equitex Capital Limited in the Seychelles under license SD185. It holds a Trustpilot rating near 4.3 out of 5. Feedback is mixed, with some reports of slow withdrawals, so results vary by account.
What challenge options does Prime Bullwaves offer?
Prime Bullwaves offers a 1-step and a 2-step evaluation. The 1-step needs a 10% profit target. The 2-step needs 8% in Phase 1 and 5% in Phase 2. Account sizes run from $5,000 up to $400,000 on the 1-step and up to $200,000 on the 2-step.
What is the Prime Bullwaves consistency rule?
Prime Bullwaves applies a 30% consistency rule. No single trading day or trade can account for more than 30% of your total profit. Plan larger positions carefully, and check your results with our consistency calculator before requesting a payout.
What platform does Prime Bullwaves use?
Prime Bullwaves runs on MetaTrader 5 only. Accounts use live broker liquidity through the firm’s MT5 servers, so fills track real market prices rather than demo conditions.
How do Prime Bullwaves payouts work?
The first payout is available 15 days after you reach funded status, then every 14 days. Withdrawals are capped at 6% of the starting account balance per cycle. USDT (ERC20) payouts carry no fee, while bank wire transfers carry a $30 flat fee.
Ready to try Prime Bullwaves?
1-step and 2-step funding up to $400K. MetaTrader 5. Weekend crypto trading. Broker-backed liquidity.
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