Wavetraders Forex prop firm review – Serious safety concerns

Wavetraders prop firm is just a trading mentorship and training platform for Elliot Waves trading technique and offers funding challenges through Forex Analytics. Forex Analytics is a financial markets technical analysis platform, and they teamed up with Wavetraders to offer funded accounts. The range of funding options available is diverse, from 25k to 1 million USD if the trader passes the challenge phase. Each account comes with a 1-month free Forex Analytics subscription that provides market analysis for diverse assets.

In our unbiased Wavetraders review, we will discuss all the important details about the firm including safety, assets, funding options, fees, rules, and many more. So, stay tuned.

Pros & cons of Wavetraders prop firm

Pros

• Ability to withdraw with $0 fees
• Diverse trading courses, webinars, and technical analysis platforms
• Fast and digital account opening/verification
• Offers access to diverse assets of FX pairs, cryptos, indices, commodities, and stocks
• Most payment options are free and instant
• Offers raw spreads from 0 pips

Cons

• Lacks safety and experience in the industry
• Does not offer multilingual support
• Tight daily and maximum loss limits
• Does not offer access to MetaTrader 4, MetaTrader 5
• Higher profit target of 10%
• Lower daily loss limit of 5% and max loss of 6%

Quick rating of Wavetraders and its features

Safety of Wavetraders – 0

Wavetraders reviews are lacking for all three entities providing the funding to traders including Forex Analytics, Wavetraders, and the funding program website. This means that the safety of these firms is very questionable, and we advise our readers to exercise extra caution when dealing with any of these firms. We could not find any information about the launching date of the funding program, and we assume the website was launched in 2023. So, the firm loses points in both FPA and experience metrics of the safety component. As for the partner broker, there is not a single information about the broker and its regulations. We assume that the firm does not offer trading services through a regulated broker.

The firm gets a 0 score in this section for lacking any safety features.

Wavetraders Funding and maximum capital allocation – 3

Wavetraders funded programs are diverse from 25k to 1 million USD amounts.

Wavetraders funding list is diverse, but lacks the minimum funding options from 1k or 10k:

• 25,000 USD
• 50,000 USD
• 100,000 USD
• 250,000 USD
• 500,000 USD
• 1,000,000 USD

Wavetraders challenges offer free access to Forex Analytix Premium accounts 1 month for 25k, 2 months for 50k, 3 months for 100k, 6 months for 250k, 1 year for 500k, and 2 years for 1 million USD accounts.

Wavetraders prop trading challenge period is unlimited, but traders are required to open at least 1 trade every 30 days.

There is no Wavetraders scaling plan as the firm offers 1 million USD accounts anyway, which is more than enough for experienced traders to make profits.

The firm gets a 3 score, losing 2 points for lacking 1k and 10k funding options.

Wavetraders Assets – 4.5

The asset classes are diverse including Forex, indices, cryptos, commodities, and stocks. A lot of sizes are defined as follows:

• Forex – 1 lot = $100k notional
• Index – 1 lot = 10 Contracts
• Cryptos – 1 lot = 1 coin
• Stocks – 1 lot = 100 shares
• Silver – 1 lot = 5,000 ounces (0.19 t)
• Gold – 1 lot = 100 ounces (3.78 kg)
• Oil – 1 lot = 1,000 barrels

The firm gets a 4.5 score for offering diverse assets but lacking other assets such as futures, bonds, etc.

Wavetraders Trading rules and limitations – 2.8

Wavetraders rules are in line with the industry standards:

• Maximum daily loss – 5% (hard rule)
• Maximum loss – 6% (hard rule)
• Profit target – 10%
• Automatic trading – Allowed
• Weekend trading – Not allowed (trades closes automatically)
• Trading days – unlimited (at least 1 trade every 30 days) (hard rule)

Stop loss is a soft rule, meaning it will not terminate the account. It is possible to bypass the stop-loss rule by purchasing an add-on. Over the weekend, trading is also a soft rule and can be bypassed by purchasing the add-on. Trades are closed automatically on Friday before the closure of the trading session.

The leverage system is conservative Forex, Metals, and Indices are 10:1. Equity shares are 5:1. Cryptos are 2:1.

The firm gets a 2.8 score in this section, losing points for offering tight risk rules.

Wavetraders Fees – 2.5

Fees are also competitive for all funded accounts but lack the minimum funding options below 25k. 25k USD accounts have a one-time fee of 250 USD, which is low. 50,000 USD accounts come with a 500 USD one-time fee which is slightly expensive, and 100k accounts require a 1,000 USD fee. The fees on 100k accounts are expensive, as some popular firms like FTMO offer lower fees and are more reliable and trustworthy. The following fees are for other accounts above 100k:

• 250,000 USD – 2,500 USD
• 500,000 USD – 5,000 USD
• 1,000,000 USD – 10,000 USD

Wavetraders free repeat is not possible, as traders will be required to pay the fees if they break any of the hard rules.

Wavetraders free trials are not offered at this time, either.

Wavetraders gets a 2.5 score in the fees section.

Wavetraders Platforms – 0.9

The firm is not offering any of the advanced platforms such as MT4, or MT5 but a custom platform instead. It offers a multitude of functionality but is not as advanced as the platforms mentioned. There are no mobile trading platforms and the platform offered does not support automatic trading, so traders will have to use the API for trading, which is difficult to implement.

The firm gets a 0.9 score.

Wavetraders Profit-Sharing – 3

Wavetraders profit split starts at 75% and is available at any time after the trader becomes a funded trader and gets to a 10% profit target. Compounding the profit is also possible. If a trader wants to increase their profit share to 90% they can purchase an extra feature.

Although withdrawals can be requested at any time once the trader has reached profits, payouts are paid once per 30 days from the firm. So, traders will have to calculate their strategy’s profitability and manage withdrawals accordingly.

For offering excellent profit share policies but lacking suitable withdrawal policies, the firm gets a 3 score in this section.

Education and trading tools at Wavetraders – 5

Education is amazing at Wavetraders with Forex Analytix support for all funded accounts there is a multitude of trading courses, personal mentorship, and technical support available. The chances of two different platforms offering high-quality educational resources are really high. Educational courses, webinars every day, video tutorials, and plenty of educational materials to read and watch are just more than any other prop firm on the market right now.

As for market research tools, the trader’s dashboard is available together with Forex Analytix market analysis tools. There are also mobile apps for accessing materials and tools.

As a result of two different companies offering abundant educational and market research resources, Wavetraders funded programs get a 5 score in this section.

Customer Support at Wavetraders – 2.4

Trader funded programs from Wavetraders and Forex Analytix offer multiple support options, including an advanced live chat plugin. Live chat has a help center, FAQ section, and chat section to contact support. Email support is also available. Both the website and support are only available in the English language, which is a downside for the prop firm. Unfortunately, there is no phone support available. Lack of phone support is generally a medium-level red flag, as all legit companies list their phone numbers on their website.

The firm gets a 2.4 score in this section.

Frequently Asked Questions