Bullwaves Prime
Both products run on one floor, and its own definition is what convicts it: the total drawdown is anchored to the initial balance "or highest equity achieved, whichever is greater" — a comparator that takes the larger term for ever, with no stopping clause anywhere. Every phrase a firm uses when its floor does stop — "stops trailing", "no longer trail", "ceases to trail", "freeze", "locks at", "remains fixed" — is absent from all eleven saved documents, and the shop table you buy from never prints the word "trailing" at all.
The disqualifier was re-checked on 4 August and moved off the worked example it used to rest on: that example ends at $99,000 on an account opened at $100,000 — still below the starting balance, the point a freezing firm locks AT — so it does not tell the two regimes apart. The definition does. Around that: the binding 33-page contract contains no parameter at all, not even the word "drawdown", and clause 8.3 sends the buyer to a page headed "Frequently Asked Question" for every figure while clause 4.5 reserves the right to change "the parameters for their successful completion" at any time. The homepage sells "the first fully regulated prop firm"; the entity you contract with is Moonance LLC of St Vincent & the Grenadines, registration 2141 LLC 2022, for which no regulator is named anywhere, and the copyright line four lines above that disclosure is in a different company's name. The split is "up to 100%" on the homepage against "up to 80%" in the rules, with the difference sold as an add-on. Its own Refund Policy PDF, hosted on its CDN and linked from its /legal page, asks the buyer to acknowledge a purchase made through GoatFundedTrader — a different prop firm.
Not enough published data to simulate this firm’s floor.
Crossed one of the seven hard bars. Open the row and it names which one, with the mechanism spelled out. This is not a low grade — no quantity of virtue elsewhere buys it off, which is why it carries no rank at all.
Disqualified for
The floor never stops rising
Not "it trails" — every futures firm trails. This is a floor with no stopping point, so a profitable week permanently raises the bar you must clear, and the account is eventually closed on a trade that ended in profit for the week. Firms whose floor locks at your starting balance are graded on the scorecard instead: once frozen, it chases nothing.
Trustpilot: fabricated-reviews warning
Trustpilot withholds the rating and serves a fabricated-reviews warning — a third party concluding the firm faked its own reviews. A low score is not this; every prop firm has angry traders. This is separate from having no legal entity: a firm can publish its registration number and still be caught doing it.
What they published
“Total Drawdown (10% for 2-Step, 8% for 1-Step) is a trailing metric from the initial account balance or highest equity achieved, whichever is greater.”We read this page in full. None of these appears anywhere in it:
“The Pre-Funded Challenge rules and regulations can be found on the Website and/or on the FAQs and can be monitored on the Client Area any time.”Scorecard
4Trails your live equity and never stops
A named company, but no financial regulator anywhere — or a light-touch one only
A per-request cap well below the account size
The risk rule changes after you have paid
Reviews suppressed for manipulation, or the firm is gone
Each axis is scored 0–5 against a published scale. The line under each bar is the rung this firm landed on — not our summary of it, the scale entry itself.
The score is published anyway, because it is the honest picture: a firm can be strong on four axes and still be disqualified on one mechanism. A disqualifier is not a low grade — it is a rule we will not trade under at any price.
Plan by plan
2 of this firm’s challenges were read plan by plan, with a citation behind every answer. See them side by side →
10% to make against 8% to lose, plus 4% daily — both limits on live equity, and neither with a published stopping point. Ten active trading days minimum. Weekend holding is allowed here, which is the one thing this format gives you that the 2-Step charges for.
13% to make across two exams against 10% to lose, plus 5% daily, on the same unbounded trail. The card advertises three minimum trading days; ten are required before any payout. Weekend holding is forbidden and sold back as a paid add-on.
Trustpilot
score withheld by Trustpilot — this is the figure it computes but will not show
Trustpilot removed reviews it found to be fake and withheld the rating. This is not a low score — it is a third party concluding the firm wrote its own praise.
What this firm published
Everything below is quoted from a page we opened, on the date shown. The quotes are in the firm’s own language, exactly as published — never edited, never shortened, never swapped for a translation. On the Spanish edition our own rendering appears underneath each one, unquoted and marked as ours: the quotation marks on this site mean the words are the firm’s, and nothing we wrote ever wears them. Where we have not read enough to put a number on an axis, we say so instead of guessing.
3/5
Can you even pass?
Almost nobody who pays for an evaluation ever reaches a funded account, so this is the part of the product most customers actually buy. Every firm advertises its profit target; none of them advertises that target next to how much you are allowed to lose while chasing it.
0/5
Can you keep the money?
The drawdown takes the account away; the payout rules take the money. Answered by whichever of the two we can measure and is worse — they are two ways of losing the same thing, so a good half cannot pay for a bad one.
2/5
Is anyone behind it?
A named company, a market, and rules you could read before paying. These three do not substitute for one another — a company you can sue does not stop existing because the account is a simulation — so this is the average of the ones we could measure, not the worst.
How hard the test is
Not the profit target on the sales page — that target measured against the room you are given to reach it.
How much you must win to survivefor every $1 you are allowed to lose, you must make $1.32.40/8
“1-Step Challenge: 10%”A profit target only means something next to the room you are given to reach it. Ten per cent to make against ten to lose is a coin flip sold as an exam.
Days you have to finishThey state there is none.3/3
“Traders are granted unlimited time to complete the evaluation. Once the profit target is met and all other conditions are satisfied, the upgrade process begins.”A deadline turns a test of skill into a test of whether the market happened to move during your month.
Trading days you must put in10 days1.60/2
“1 Step Challenge: minimum 10 active trading days.”Cuts both ways: it costs you time, and it also stops an account passing on one lucky afternoon you could never repeat.
A second attempt costsThey do not say.0/2
we read the page that should answer this and it does not
A free second attempt turns one bad week into a delay instead of another invoice.
Profit target10%—
“1-Step Challenge: 10%”Maximum loss
The loss limit that closes your account. Does it sit still, or does it climb behind you as you win?
What makes the loss limit riseThey do not say.no change0/3
we read the page that should answer this and it does not
A limit that climbs takes back the cushion you already earned.
What the limit is measured againstThey do not say.no change0/2
we read the page that should answer this and it does not
Decides whether a trade that dips and recovers can close an account that ended the day green.
What taking a payout does to the limitThey do not say.0/2
we read the page that should answer this and it does not
Taking your money out should not leave you closer to losing the account.
Daily limitThey do not say.no change0/2
we read the page that should answer this and it does not
A generous percentage measured on live equity is not generous — it is the same number with a trapdoor under it.
Total loss allowedThey do not say.8%0/1
we read the page that should answer this and it does not
“Phase 1
Funded
Scaling Target
10%
N/A
Min. Trading Days
10
10
Max Drawdown
8%
8%
Daily Drawdown
4%
4%”How much room you have. Worth little, because almost every firm offers the same.
Where the limit stops risingThey do not say.—
we read the page that should answer this and it does not
The difference between a danger with an end date and one that never ends.
Withdrawing
How much can leave the account, how soon, how often — and whether they can say no.
Withdrawals before the account endsThey publish no ceiling.3/3
we read the page that should answer this and it does not
The cap per withdrawal times how many they allow is the real size of the account. One plan here is sold on a $200,000 banner and closes after five withdrawals of $2,100.
What else a payout changesThey do not say.0/3
we read the page that should answer this and it does not
The floor is not the only thing a withdrawal moves, and the rest of it is never on the same page. Position size, the consistency rule and the share you are paid all reset or shift at some firms, and a trader who checked only the drawdown finds out afterwards.
What breaking the consistency rule costsit cuts the payout0.60/3
“Profitable trades outside this range are excluded from both the payout amount and the account balance. The account remains active.”Weighted by what it costs, not by existing: reading plan by plan, no consistency rule ever closed an account — they postponed the withdrawal.
Can it refuse without giving a reasonThey do not say.0/3
we read the page that should answer this and it does not
“We may decline for any reason” is not a rule, it is the absence of one — it makes every other number on this axis conditional on goodwill.
Days before you can ask for money15 days1.60/2
“The first payout becomes eligible 15 calendar days after the first trade is placed. Subsequent payouts may be requested every 15 calendar days. A minimum of 10 active trading days is required before any payout request is submitted. All positions must be closed before requesting a payout.”How long your money is theirs.
Does that cap rise with the accountThey do not say.0/2
we read the page that should answer this and it does not
Profit required before the first requestThey do not say.0/1
we read the page that should answer this and it does not
How much you have to make before you can touch anything.
Fee charged to pay you$300.50/1
“Bank wire: $30 flat fee per transaction”What they charge you to pay you.
Most one withdrawal can pay you
How you may trade
Can you trade the way you actually trade — around the news, over the weekend, at the size and speed you use?
Restriction around the newsyou may not open around a releaseno change—
“Holding positions during scheduled news events is permitted. However, opening or closing positions within 3 minutes before or after a news release is not allowed.”Mandatory stop-lossThey do not say.no change—
we read the page that should answer this and it does not
Minimum time a trade must be held2 minutesno change—
“Minimum hold time rules: All instruments (standard): minimum 2-minute hold time”Forced close before the weekendThey state there is none.They do not say.—
“1-Step Challenge: Opening, closing, and holding positions over the weekend is permitted.”we read the page that should answer this and it does not
Leverage1:50by instrument
no change—
by instrument
“1:50 leverage is offered on all accounts. Contract sizing varies per instrument and should be verified before trading.”Limit on position sizeThey do not say.no change—
we read the page that should answer this and it does not
No score here, on purpose. The six axes above ask whether the firm can take your money or refuse to pay it. These rules ask something else — whether you can trade your way — and the right weight depends on who is reading: a minimum holding time decides the account for a scalper and is invisible to anyone else, while the weekend rule is the reverse. A single number would be wrong for half of you, and would look decided. The firm’s own sentences are here; the judgement is yours.
How it grows
What makes the account get bigger, how big it can get, and whether the path ends at a real market or at a larger simulation.
What makes the account growThey do not say.—
we read the page that should answer this and it does not
How large it can get$2,000,000—
“The maximum commission-eligible buying power available to a single trader is $2,000,000.”Where the path endsat a larger simulation—
“Even in the case of a Funded Account, the Client has access only to a simulated demo account with fictitious capital, i.e. there is no trading with real funds.”One of these questions is scored and it is not here. “Does the cap rise with the account” sits on the cash axis, next to the cap itself, because it has a right answer: a bigger account that pays the same cheque has handed you a larger number and the same money. The three below are different. A two-million ceiling is the whole point of the product for one reader and irrelevant to someone who wants one clean payout, so the firm’s sentences are here and the weight is yours.
How hard the test is
Not the profit target on the sales page — that target measured against the room you are given to reach it.
How much you must win to survivefor every $1 you are allowed to lose, you must make $0.84.40/8
“2-Step Challenge: 8% (Step 1) and 5% (Step 2)”A profit target only means something next to the room you are given to reach it. Ten per cent to make against ten to lose is a coin flip sold as an exam.
Days you have to finishThey state there is none.no change3/3
“Traders are granted unlimited time to complete the evaluation. Once the profit target is met and all other conditions are satisfied, the upgrade process begins.”A deadline turns a test of skill into a test of whether the market happened to move during your month.
Trading days you must put in3 daysno change2/2
“2-Step Challenge: minimum 3 active trading days”Cuts both ways: it costs you time, and it also stops an account passing on one lucky afternoon you could never repeat.
A second attempt costsThey do not say.0/2
we read the page that should answer this and it does not
A free second attempt turns one bad week into a delay instead of another invoice.
Profit target8%5%—
“2-Step Challenge: 8% (Step 1) and 5% (Step 2)”Maximum loss
The loss limit that closes your account. Does it sit still, or does it climb behind you as you win?
What makes the loss limit riseThey do not say.no changeno change0/3
we read the page that should answer this and it does not
A limit that climbs takes back the cushion you already earned.
What the limit is measured againstThey do not say.no changeno change0/2
we read the page that should answer this and it does not
Decides whether a trade that dips and recovers can close an account that ended the day green.
What taking a payout does to the limitThey do not say.0/2
we read the page that should answer this and it does not
Taking your money out should not leave you closer to losing the account.
Daily limitThey do not say.no changeno change0/2
we read the page that should answer this and it does not
A generous percentage measured on live equity is not generous — it is the same number with a trapdoor under it.
Total loss allowedThey do not say.10%no change0/1
we read the page that should answer this and it does not
“Phase 1
Phase 2
Funded
Target
8%
5%
N/A
Trading Days
3
3
3
Max Drawdown
10%
10%
10%
Daily Drawdown
5%
5%
5%”How much room you have. Worth little, because almost every firm offers the same.
Where the limit stops risingThey do not say.—
we read the page that should answer this and it does not
The difference between a danger with an end date and one that never ends.
Withdrawing
How much can leave the account, how soon, how often — and whether they can say no.
Withdrawals before the account endsThey publish no ceiling.3/3
we read the page that should answer this and it does not
The cap per withdrawal times how many they allow is the real size of the account. One plan here is sold on a $200,000 banner and closes after five withdrawals of $2,100.
What else a payout changesThey do not say.0/3
we read the page that should answer this and it does not
The floor is not the only thing a withdrawal moves, and the rest of it is never on the same page. Position size, the consistency rule and the share you are paid all reset or shift at some firms, and a trader who checked only the drawdown finds out afterwards.
What breaking the consistency rule costsit cuts the payout0.60/3
“Profitable trades outside this range are excluded from both the payout amount and the account balance. The account remains active.”Weighted by what it costs, not by existing: reading plan by plan, no consistency rule ever closed an account — they postponed the withdrawal.
Can it refuse without giving a reasonyes — it reserves that right in writing0/3
“If the Client successfully completes either the two step challenge or purchase the
instant funding challenge, the Client may be offered a unique contract by the
Company, in its sole discretion, to participate in the Funded Account program with
a chance to be rewarded basedon performance as per the conditions governing
the Funded Account.”“We may decline for any reason” is not a rule, it is the absence of one — it makes every other number on this axis conditional on goodwill.
Days before you can ask for money15 days1.60/2
“The first payout becomes eligible 15 calendar days after the first trade is placed. Subsequent payouts may be requested every 15 calendar days. A minimum of 10 active trading days is required before any payout request is submitted. All positions must be closed before requesting a payout.”How long your money is theirs.
Does that cap rise with the accountThey do not say.0/2
we read the page that should answer this and it does not
Profit required before the first requestThey do not say.0/1
we read the page that should answer this and it does not
How much you have to make before you can touch anything.
Fee charged to pay you$300.50/1
“Bank wire: $30 flat fee per transaction”What they charge you to pay you.
Most one withdrawal can pay you
How you may trade
Can you trade the way you actually trade — around the news, over the weekend, at the size and speed you use?
Restriction around the newsyou may not open around a releaseno changeno change—
“Holding positions during scheduled news events is permitted. However, opening or closing positions within 3 minutes before or after a news release is not allowed.”Mandatory stop-lossThey do not say.no changeno change—
we read the page that should answer this and it does not
Minimum time a trade must be held2 minutesno changeno change—
“Minimum hold time rules: All instruments (standard): minimum 2-minute hold time”Forced close before the weekendnothing may stay open over the weekendno changeThey do not say.—
“2-Step Challenge: All positions must be closed before market close on Friday. Weekend holding is not permitted.”we read the page that should answer this and it does not
Leverage1:50by instrument
no changeno change—
by instrument
“1:50 leverage is offered on all accounts. Contract sizing varies per instrument and should be verified before trading.”Limit on position sizeThey do not say.no changeno change—
we read the page that should answer this and it does not
No score here, on purpose. The six axes above ask whether the firm can take your money or refuse to pay it. These rules ask something else — whether you can trade your way — and the right weight depends on who is reading: a minimum holding time decides the account for a scalper and is invisible to anyone else, while the weekend rule is the reverse. A single number would be wrong for half of you, and would look decided. The firm’s own sentences are here; the judgement is yours.
How it grows
What makes the account get bigger, how big it can get, and whether the path ends at a real market or at a larger simulation.
What makes the account growThey do not say.—
we read the page that should answer this and it does not
How large it can get$2,000,000—
“The maximum commission-eligible buying power available to a single trader is $2,000,000.”Where the path endsat a larger simulation—
“Even in the case of a Funded Account, the Client has access only to a simulated demo account with fictitious capital, i.e. there is no trading with real funds.”One of these questions is scored and it is not here. “Does the cap rise with the account” sits on the cash axis, next to the cap itself, because it has a right answer: a bigger account that pays the same cheque has handed you a larger number and the same money. The three below are different. A two-million ceiling is the whole point of the product for one reader and irrelevant to someone who wants one clean payout, so the firm’s sentences are here and the weight is yours.
The rules in writing
Could you read the rule before paying, and can they change it afterwards?
Where the rule that binds you is publishedin a help-centre article the contract never mentions1.20/4
“The Pre-Funded Challenge rules and regulations can be found on the Website and/or on the FAQs and can be monitored on the Client Area any time.”If the rule that binds you lives in a help article your contract never mentions, you did not sign it.
Can it change the rules without noticeyes, and it says so0.60/3
“We reserve the right to change the prices of our Services at any time without the
necessity to notify you. We shall not be liable to you or to any third-party for any
modification, price change, suspension or discontinuance of the Service. The Com-
pany reserves the right to unilaterally change the fees and parameters of the Ser-
vices at any time, including the parameters for their successful completion. The
change does not affect the Services purchased before the change is notified.”The clause that makes every dated verdict perishable, including ours. Near-universal, so not fatal.
Is the binding document datedyes2/2
“BULLWAVES PRIME PROGRAMME
TERMS AND CONDITIONS
Public Document
January 2025”Without a date you cannot tell whether the rule you read is the rule they apply.
Two official pages that disagree
the payout terms · costs money
“At Bullwaves Prime, we offer a trader-friendly environment backed by regulation, true market liquidity, and an industry-leading profit split of up to 100%.”“Upon passing the challenge and completing KYC, traders receive a profit split of up to 80% on the funded account.”the fees · costs money
“There are no refunds on any Services purchased from the Company.”“If you withdraw from
the contract within the Withdrawal Period and have not utilized any purchased Ser-
vices, we will refund all fees received within 14 (fourteen) business days using the
same payment method you used, unless otherwise agreed.”whether the account reaches a real market · costs credibility
“Once you've chosen your account, complete the payment and get ready to enter the real market. With Bullwaves Prime, you pay once and gain immediate access to trade real company funds. No hidden fees, no hassle.”“Even in the case of a Funded Account, the Client has access only to a simulated demo account with fictitious capital, i.e. there is no trading with real funds.”who stands behind the account · costs credibility
“Bullwaves Prime is owned and operated by Moonance LLC, a company incorporated in Saint Vincent & the Grenadines, with registration no. 2141 LLC 2022.”“Copyright © Equitex Capital Limited. All rights reserved.”the account size or the speed · costs credibility
“The 1-step challenge and 2-step challenge sizes include:
• $10,000
• $25,000
• $50,000
• $100,000
• $200,000”“400K - 1 Step Challenge
Take on the 400K Challenge and showcase your trading skills.
$2.199
/ One time”The company behind it
If it goes wrong, which company do you claim against, and under whose laws?
The company you contract withMoonance LLCno change4/4
“Bullwaves Prime is a registered trading name of Moonance LLC, (the "Company", "Bullwaves Prime", "we", "us" or "our"), a company incorporated in St. Vincent & the Grenadines with registration no. 2141 LLC 2022 and whose registered office is in First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines”“If the Client successfully completes either the two step challenge or purchase the
instant funding challenge, the Client may be offered a unique contract by the
Company, in its sole discretion, to participate in the Funded Account program with
a chance to be rewarded basedon performance as per the conditions governing
the Funded Account.”With no named company there is nobody to sue.
Where it is registeredwe did not read this stageSeychelles0.40/2
“The interpretation, construction, effect and enforceability of the Terms shall be gov-
erned by the Laws of Seychelles, and you and we agree to submit to the exclusive
jurisdiction of the Seychelles courts for the determination of disputes.”A claim in the Czech Republic and a claim in St Vincent are not the same claim.
Its registration number2141 LLC 2022we did not read this stage2/2
“Bullwaves Prime is owned and operated by Moonance LLC, a company incorporated in Saint Vincent & the Grenadines, with registration no. 2141 LLC 2022.”What turns a name into something checkable in a public register.
That company owns the brandyes2/2
“Bullwaves Prime is owned and operated by Moonance LLC, a company incorporated in Saint Vincent & the Grenadines, with registration no. 2141 LLC 2022.”Signing with a company other than the brand’s owner separates who sold to you from who answers to you.
The people behind it are namedThey do not say.0/2
we read the page that should answer this and it does not
Named people can be looked up. A company on its own cannot always be.
Almost no firm here has a financial regulator, because selling simulated evaluations is not a regulated activity anywhere. Of the 114 firms we scored by hand, 96 sat in the bottom two rungs of backing for this reason. So we do not count it against anyone — it only adds when a firm genuinely has one.
The market
Do your orders reach a market, or is all of it a simulation?
What the funded account issimulated, with no route to real capital0/4
“Even in the case of a Funded Account, the Client has access only to a simulated demo account with fictitious capital, i.e. there is no trading with real funds.”The question that separates a firm that earns when you lose from one that earns when you last.
Conditions to reach a real marketNo such thing in this plan.—
“Even in the case of a Funded Account, the Client has access only to a simulated demo account with fictitious capital, i.e. there is no trading with real funds.”Promising a route to a real market without publishing the conditions is promising nothing.
Almost none names a broker or a clearing house either, and that follows from the account being a simulation rather than being a second, separate failing. Charging for both would count one fact twice.
We read the rules of every plan it sells and issued a verdict on each one.