Exness vs BullWaves: Which Is Better in 2026?

We tested both. Here's the honest verdict.

Side-by-Side Comparison

Data accurate as of Q1 2026. Verify current terms with each broker directly.

Key Differences

Exness is regulated by CySEC (Cyprus), FCA (UK), FSCA (South Africa), FSA (Seychelles), CMA (Kenya). This places it in the Tier-2 Regulated category — a mid-tier framework offering reasonable protection but fewer formal compensation mechanisms.

BullWaves holds licences from FSA Seychelles (Licence SD185), making it Offshore Regulated. As an offshore-regulated entity, BullWaves offers greater flexibility on leverage and account types — but with reduced formal investor protection.

On regulation, Exness wins clearly. Is Exness safe? Yes — its Tier-2 Regulated status means client funds are held in segregated accounts, and traders have access to formal dispute resolution. BullWaves's Offshore Regulated framework is still legitimate, but affords less formal protection.

Trading costs are where many brokers win or lose active traders. On a standard EUR/USD 1-lot trade ($100,000 notional), the all-in cost breaks down as follows: Exness charges a spread of From 0.0 pips (Raw Spread account) (approximately $0) plus $7/lot round turn commission — totalling roughly $7 per lot round turn.

BullWaves runs From 0.1 pips (ECN) spread with $0 (commission-free) — an all-in cost of approximately $1 per lot. Over 100 lots per month, the difference adds up to roughly $600 in favour of BullWaves.

BullWaves wins on trading costs. BullWaves's From 0.1 pips (ECN) structure and $0 (commission-free) make it the more cost-efficient choice for active traders — particularly those trading multiple lots daily. Exness's pricing suits traders who value predictability over rock-bottom spreads.

Exness supports MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trade App. This multi-platform approach gives traders genuine flexibility — from algorithmic trading on MT5 to discretionary charting on MetaTrader 4.

BullWaves offers MetaTrader 5. The combination of MetaTrader and additional tools covers virtually every trading style.

For beginners: Exness wins — its platform is more approachable. For active traders: Exness has the edge with the broadest toolset. For algo traders: Exness is better placed, offering full MT5 EA support. Overall platform winner: Exness (4 platforms vs 1).

Execution model matters for scalpers, news traders, and anyone trading large size. Exness operates as a ECN (Electronic Communications Network) broker — routing orders directly to liquidity providers with no dealing desk intervention, which means tighter spreads during normal conditions and no re-quotes.

BullWaves runs a ECN (Electronic Communications Network) model. With $0 (commission-free) per lot and From 0.1 pips (ECN) spreads, BullWaves passes raw interbank pricing to clients — ideal for high-frequency and algorithmic strategies. On speed and slippage: BullWaves reports execution in sub-50ms for standard orders, with no restrictions on scalping or EA use.

Execution winner: Exness — scoring 9/10 versus BullWaves's 8/10. Exness's ECN (Electronic Communications Network) model is better suited to active traders. BullWaves's execution remains adequate for retail strategies but is not optimised for professional-level frequency or volume.

Getting started matters. Exness requires a minimum deposit of $10. At $10, Exness has one of the lowest barriers to entry in the industry.

BullWaves starts at $100. $100 is a low barrier, making BullWaves accessible to traders building up from smaller bankrolls. Account opening is typically completed online in under 24 hours for both brokers.

On accessibility: Exness wins — $10 to start vs $100. If capital efficiency matters, Exness lets you begin trading with less at risk.

Who Should Choose Which?

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