Payout denied after long delays and vague rule interpretation

My experience with Bullwaves has been extremely disappointing.

I waited 17 business days for a payout review, far beyond their stated 5–7 business day timeframe. During this period, I contacted support multiple times and was repeatedly told the case was under review, in “final checks,” or escalated — yet deadlines were missed with no concrete updates.

After all this waiting, my payout was ultimately denied, based on an accusation of “one-side betting / set and forget strategy”, which does not reflect my actual trading activity.

Facts:
• 34 total trades on XAUUSD
• 20 BUY trades and 14 SELL trades
• Clear bi-directional trading
• Proper risk management and position sizing

Despite this, the company relied on vague and subjective rule interpretations, without pointing to specific trades or clear violations. No concrete evidence was provided to justify the decision.

This experience raises serious concerns about transparency, consistency in rule enforcement, and whether payout reviews are handled fairly after long delays.

I would strongly advise other traders to be very cautious, fully document everything, and understand that even after meeting targets, payouts can be denied based on unclear criteria.
That’s the 3rd payout denied!
Thieves

I am a UK-based customer sharing my personal experience.
I deposited approximately £11,500 in total. During my time using the platform, I experienced ongoing issues with communication, account clarity, and platform functionality.
Bonuses were described as discretionary; however, I experienced confusion and inconsistency around when bonuses were credited, which required repeated follow-ups for clarification.
I also experienced occasions where stop loss and take profit levels did not apply as expected after being entered. I understand that execution depends on market conditions, but I am describing what occurred on my account from my perspective.
Customer service was a significant concern. I received frequent phone calls, but written follow-up was inconsistent. On multiple occasions I was told I would receive confirmation or explanations via WhatsApp or email, which did not arrive even after waiting extended periods. As a result, I raised multiple support tickets simply to obtain responses or confirmation that issues had been logged.
After raising a complaint, I was asked to sign a waiver. I later learned that, as a UK consumer, I am still entitled to share truthful and factual reviews of my experience. I am doing so here.
Ultimately, due to the lack of clear communication and unresolved concerns, I lost confidence in the platform and chose to stop using it. I would advise other UK traders to research carefully and consider regulated alternatives before depositing.

Customer service (Peter) made the process to sign up easy!

Used the live chat function on the website and was assisted by Pearl, all went well

I am writing this review to warn other traders based on my real and documented experience with Bullwaves.

From December 04, 2025 to date, I traded consistently and profitably on their platform and generated a total of $8,317.06 in profits. During this period, I strictly followed the trading rules, including profit consistency, minimum trading days, and risk management requirements. I traded manually, using very small lot sizes, and did not use any prohibited strategies.

Despite meeting all stated conditions, Bullwaves refused TWO separate withdrawal requests.

Each time the same pattern occurred:

Profits were made

Withdrawal was requested

Trades were suddenly reviewed retroactively

Profits were confiscated in full

In total, all $8,317.06 of my profits were taken.

The reasons given were vague and kept changing, mostly centered around loosely defined “grid trading” allegations—despite no such rule breaches occurring and despite my trades being manual and compliant. These issues were only raised after withdrawal requests, never while trading was ongoing.

This experience has convinced me that profitability itself triggers enforcement, not actual rule violations. If you are a skilled trader who plans to make money and withdraw it, you should be extremely cautious.

I am not disputing that Bullwaves has rules. I am highlighting that in practice, those rules are applied only after traders become profitable, making withdrawals unpredictable and unsafe.

This review is factual, accurate, and based on my own trading history, emails, and platform records. I am sharing it so other traders do not go through the same experience.

I’m sharing my experience with Bullwaves Prime so other traders can clearly understand the risks involved.

I submitted a payout request on December 31, 2025. Bullwaves states payout reviews take 3–5 business days, however my request remained in “Pending Approval” for 15 business days despite multiple follow-ups.

After the extended delay, my payout was formally rejected.

Reasons Bullwaves provided:

Bullwaves’ Compliance & Risk Team stated that my payout was denied due to:

“One-sided betting”

“Exposure concentrated in a single market and direction”

“Set-and-forget, volatility-based trading”

“Lack of active trade management”

Why this did not reflect my actual account activity:

I placed 36 total trades

Trades included both BUY and SELL positions (20 buys, 16 sells)

Risk was controlled using defined stop losses and take profits

Trades were not left open without protection

No warnings, violations, or restrictions were issued during trading

The account remained fully eligible for payout until the withdrawal review

Despite this, Bullwaves applied a subjective interpretation of execution style only at the payout stage, removed all profits, and labeled the decision “final”, with no appeal process offered.

Key concern:

The issue is not simply the denial, but how and when the rules were applied:

Extended review well beyond the stated timeline

No prior notice that trading style was problematic

No opportunity to adjust execution before withdrawal

Criteria applied retroactively after profitability

This creates a situation where traders can pass challenges, trade within visible limits, and still be denied payouts based on discretionary judgments made only at withdrawal.

I exited the program after this experience.

I strongly recommend that traders considering Bullwaves Prime carefully evaluate the payout risk, not just the challenge rules, as profitability alone does not appear to guarantee a payout.

I have screenshots and correspondence documenting this process available if needed.

So this is a bit of a story
How did i get introduced to this broker?
They have an affiliate who said i needed to use this broker for the free VIP group so i downloaded their regular trading platform first and traded personal capital.
After a while the free VIP guy started promoting their prop firm, and I was interested. They also offered to pass their prop firm within 24 hours for an added payment.
So the affiliate called ForexFaro (another big scam) sent me the link to pay for the prop firm then asked me to pay to pass the challenge.
I paid for the challenge passing and I realised he did not take any trades in the challenge account, he likely just told them he got paid and to pass my account coz i didnt see a sing trade in the challenge. Which is fine I guess, but it was more expensive overall than an instant funded account which is basically what I did.
They have strict senseless rules but they are written in their FAQ's page so it is ones own fault if you didnt read them properly.
Now onto the real scam.
First scam, their profit calculation for the day. Their rules state that the maximum single day profit should be less than 30% of the overall profit for you to make a withdrawal.
They also state that the max daily profit will be calculated at the end of the day GMT. So i traded, made some profit, made some loss and then made some profit again.
My profit for the day was about $1200 I think but I made some losses after that and but recovered it back to $1200 and i stopped trading so that when i want to withdraw the $3000 max withdraw limit on my $50K funded account I am not over 30% in a single day. Now what they dont tell you that in their dictionary the max realised profit for the day is basically all the profit you made that day regardless of losses! How is that (max realised profit?) So despite my actual profit for the day being about $1200 they ignored the losses and my profits went up to about $2100 that day because they did not deduct the losses that day as is the definition of "realised profit".
So now I have a single daily profit of $2100 and i need to make about $6400 to process a withdrawal which will be a maximum withdrawal of $3000 and I will lose any additional profit I make.

That was the first scam.

The second scam, I traded on 2 days back to back and as I saw good volatility and I finally managed to hit the $6500 something profit target so as to make a withdrawal. What they did now was they combined my 2 days profit into one day and said that was my largest single day profit. I checked with them and said they will look into the issue.
They didn't update my dashboard and it has been nearly 1 month since I was facing this issue and unable to make a withdrawal. My daily profit was nearly $4700 and that would mean i need to make nearly $15K to withdraw $3K. This makes no sense. I attempted to contact them continuously every week 2 or 3 times for the last I think 28 days and till date they did not fix it.
Out of frustration today to end my own misery I am in the process of blowing this account as I write this review!
They are a Seychelles located company and that should have been the first red flag as you cannot raise a court dispute with them on this. It will be to no end.
So stay away from these guys, they are going to say I wrote a negative review because I failed the account, but clearly wont mention I have been waiting for my withdrawal and the dashboard to be fixed for over a month too.
You do not deserve to profit from my trades going forward and I hope people read this review to know that you guys are scammers and there are plenty of other cheaper and legitimate offerings where I have already processed withdrawals in the last 14 days!

TLDR They are scammers! Pick a legitimate prop firm!

All good, very kind

Waiting for my payout since 14 days, and support only asking to be patient and no reply on my question how many more days will take, support is useless

Ive just recieved my first payout with this company, rules are clear and transparent and communication is first class . I did wait longer than normal for my payout but all good. I rate them very well. Thankyou bullwaves

I’ve deposited 250$. I did trade gold with 0,1 LOT. Stoploss never came but now There is only $3 left. Be careful of these scammers.

Hello justed wanted to say thank you to Tawida for helping me!!

I am sharing my experience with Bullwaves based on documented communications and account activity.

During my relationship with the company, I encountered multiple serious issues:

• A funded account was compromised during a confirmed Cloudflare / MT5 incident acknowledged by the company.
• Payout requests were later rejected with changing justifications, including alleged EA usage, despite no EA ever being used.
• When I requested technical proof (server logs, timestamps, objective evidence), none was provided.
• Communication from the compliance team was inconsistent and, at times, accusatory rather than transparent.
• An initial “refund offer” was presented only on the condition that all complaints and reviews be withdrawn, which was later denied.

I am posting this review in light of the fact that Trustpilot has already taken action against this company profile for violations of its guidelines, removing a series of false reviews.

My intention is not to damage the brand, but to report my personal experience so that other traders can make informed decisions. All statements above are based on emails, screenshots, and official communications that I am able to provide if requested.

Don’t use the funded account,. They took over 4000usd from my profit apparently there a hidden rule where it not showing

peter was very helpful , answered quickly and went above and beyond for me

Shoutout to customer support livechat and product expert Pearl! I had some problems with my passed funded account and decided to get help from customer support live chat. I spoke with this good guy Pearl outside business hours and he told me I would get an update when business hours started. And he delivered. Pearl solved my issues and really made my day. This meant so much to me. I’m thankful for the great service by Pearl.

Great Peter . He solved my little issue on withdrawal

My name is AHWOTU IGHOSHEMU, known as @ighotrades on X. My experience with Bullwave Prime has been strong from day one.

I received two payouts and the third one is already secured. Each payout reached my account in less than 24 hours. This level of speed shows strong operational efficiency.

Their Discord support team responds fast and provides clear guidance. They keep the trading process smooth and predictable.

Bullwave Prime is trustworthy, transparent, and trader focused. I recommend them to traders who want a reliable prop partner.

I had a normal trading account I had make with €500 an amount from €38000 and they claim that I had a to high winratio(92%) I had receive a mail from the legit team about this account after the mail they blocked my account and when I contact the company and departement by mail I receive no answer back the reason why I has this winratio is iam a trader for longer then 10 years the losing days I had in the first 5 year but now my stratergy is good and I work with precision . This is the mail that I have receive(Dear Mr.(my name),
Following a compliance review of your trading activity with Moonance LLC (Reg. No. 2141 LLC 2022, First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, VC0100, St. Vincent & the Grenadines), we identified behaviour that constitutes abusive trading practices under the Moonance LLC Client Services Agreement.
Our review shows that your account executed more than 1,000 trades, almost all of which were profitable, with a win ratio of over 98%. Such an outcome is statistically inconsistent with genuine market exposure and indicates reliance on misquotations or execution anomalies, rather than fair-market trading.
As per Section 13.4 of the Agreement, exploiting misquotations and engaging in one-sided, risk-free strategies is considered improper or abusive trading. Accordingly, Moonance LLC is entitled to:
Cancel profits derived from such abusive trading;
Void any future profits generated once abusive practices have been identified;
Terminate the trading relationship with immediate effect.
Therefore, we regret to inform you that your account will be closed. Your original deposits will be refunded back to the source of payment if not done already.
If you wish to raise a formal complaint regarding this decision, you may do so by contacting our legal department at.
Sincerely,
Compliance Department
Moonance LLC
First Floor, First St. Vincent Bank Ltd Building
James Street, Kingstown, VC0100
St. Vincent & the Grenadines) but when i mail the company back I has receive no answer or reaction also the customerservice Peter and Pearl tell me everytime when I contact them wait 24/48h and after that time I had no reaction. It is very sad that they dont want that i cash my money out very sad i hope with my review I can warn other peoples.

⭐ 1 Star – Payout Denied After Profitable Trading Using Subjective Excuses

I traded a BullWaves Prime funded account fully within all published rules and risk limits. No drawdown, risk, or numerical rule was breached at any point.

However, when I requested a payout, it was denied after the fact based on subjective and non-transparent reasons such as:
• “Directional bias”
• Trading mainly XAUUSD
• “Set-and-forget” SL/TP execution
• Alleged reliance on volatility

None of these are clearly prohibited in the program rules.

What makes this worse is that earlier in the process I was questioned about lot size behavior, which was confirmed to be compliant. Only after profits were made did the justification change to vague “risk and scalability” arguments.

This feels like moving the goalposts once a trader becomes profitable. If certain strategies are not allowed, they should be clearly stated before traders risk their time and effort — not used later to deny payouts.

I strongly advise anyone considering BullWaves Prime to read the fine print carefully and be aware that payout eligibility appears to be discretionary, not strictly rule-based.