Blueberry Markets Review: Is blueberrymarkets.com Scam Broker? - Topedgefx.com

Blueberry Markets Review: Is blueberrymarkets.com Scam Broker?

Welcome to Blueberry Markets review. Blueberrymarkets.com is an Australian broker and a representative of EightCap Pty Ltd. EightCap Pty Ltd is also the company behind a Forex broker called EightCap.

According to who.is, Blueberry Markets first appeared on the internet in July 2015.

The broker claims to offer tight spreads, lightning-fast execution, zero-commission on standard account type and hustle-free withdrawals within 24 hours.

We’re a little bit skeptic about their spreads and withdrawal time because some client reviews have suggested that spreads are high at times and withdrawals usually take longer than expected.

Blueberry Markets offers two different types of trading accounts. These include Standard and Professional ECN respectively.

Both accounts require a minimum deposit of $100 to start trading. In addition to this, demo accounts come with $50,000 in virtual funds. The Standard account type is indeed commission-free but their professional account type comes at a cost due to its ability to provide “low spreads”.

Before you invest with this Australian broker, we implore you to read our Blueberry Markets review to find out if this broker is the best you can choose for your trading.

In the meantime, we’re recommending these professional brokers who have built their reputation for the longest time we can ever remember.

They are a good fit in case Blueberry Markets is not providing the type of trading environment and service expected of them.

Blueberry Markets review

Also, to complement your trading and make your work easier, take advantage of these automated and semi-automated trading tools.

Blueberry Markets review

Blueberry Markets broker claims that it has the highest ratings in Australia.

This statement is hard to believe because there are dozens of other competing brokers in the region who can be difficult to beat in terms of product offering and quality of customer support offered.

Blueberry Markets also goes to the extent of displaying their TrustPilot and ForexPeaceArmy reviews to convince potential clients that their service is the best.

Again, we believe that this is just for marketing purposes as platforms like TrustPilot are normally used for reputation management. It doesn’t mean the products they promote are as good as it seems to appear.

Blueberry Markets is offering trading in both MT4 and MT5 platforms.

They provide 40 Forex pairs including indices, commodities, stocks, CFDs, Gold and Silver.

At this point in time, we’re interested in reviewing their trading conditions in order to establish whether it’s indeed true that Blueberry Markets broker is offering stellar services.

Blueberry Markets broker review: Trading conditions

Blueberry Markets offers variable spreads just like most professional brokers.

A pair like EURUSD attracts spreads of up to 1.1 pips and this is commission-free account. We feel that this is within industry average. Anything between 0.0 to 1.3 is good for a currency pair like EURUSD.

On top of this, the broker is providing leverage of up to 1:500.

We’ve always indicated that leverage is a double-edged sword as it can benefit or damage your trading if used incorrectly. You need to know what you’re doing before you can accept trading with this kind of leverage.

Trading platform

They offer trading in MT4, MT5 and WebTrader respectively.

The reason these two platforms are popular is because they provide excellent charting, tools and a good backtesting environment (though we no longer support backtesting as this has been replaced by myfxbook).

On the other hand, MT5 supports trading in exchange-trades stocks. MT4 is also good for currency pairs and CFDs trading.

For that reason, traders looking for expert advisors to automate their MT4 trading should definitely consider these options. 

We’ve also been made to understand that VPS hosting is available at Blueberry Markets broker’s website.

With VPS, the MetaTrader server will run 24 hours a day so long as trading in the Forex market is open.

A broker with VPS hosting will be beneficial to traders who use expert advisors to automate their strategies.

Also, their MT4 platform comes with a Multi Account Manager featue (MAM).

With this feature, an account manager or trader can place trades in multiple “slave” accounts by just mirroring them.

Blueberry Markets has also gone a notch higher to incorporate useful tools such as AutoChartist and FX Navigator.

FX Navigator by TraderMan is a premium charting tool and technical analysis platform while AutoChartist is a market scanning tool based on support and resistance levels.

Forex Signals from Blueberry Markets broker

At the time of writing this Blueberry Markets review, this broker was providing signals, trading education and access to a thriving community of traders via the popular signal provider, Forexsignals.com.

In addition to this, the broker is providing daily “trade of the day” tips to help novice traders get up to speed.

Support is provided through videos, articles and FAQ page.

Blueberry Markets reviews

Of particular interest is the discussion going around this broker’s service on the FPA forum. There’s mixed opinion regarding the type of service which they offer.

Complaints range from delayed withdrawal times to broken down MT4 servers and so on. On the other hand, other traders think this broker is fairing on quite well.

Conclusion

Blueberry Markets is an ASIC-regulated broker through EightCap Pty Ltd. We’re not sure why this broker is not using a license of their own.

Maybe they should seriously consider using their own license to avoid being branded a “white label broker”. If the reviews on the internet are anything to go by, we would advice traders to practice on the demo to see whether trading conditions will be suitable for their needs.

Also, it’s always a good idea to start with small amounts and increase deposits slowly as you trust the broker.

Even if there are certain drawbacks associated with this broker, they must be on the minimal side considering that this broker is doing all they can to be the best in Australia and across the world.

Thanks for reading our Blueberry Markets review.

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