One wrong step in the financial market can risk your hard-earned money. The choice of the right brokerage firm is essential. Are you thinking to start your trading journey with Blueberry Markets? We have presented an unbiased review about its services, charges and regulations. Do read these points before getting started else you will fall in big trouble.
About Blueberry Markets
Blueberry Markets was established in the year 2016. It has two websites or branches still the broker has failed in offering services across the globe. The firm does not allow traders to speculate on a wide range of tradable assets. It only provides currency pairs trading. The official website of the broker is overloaded with many technical words. Thus, it becomes hard for novice traders to go through the site. Also, the information provided is limited and lacks some essential data.
If you are the one who is looking for a financial service provider offering educational tools and research tools, then, unfortunately, Blueberry Markets is not the right choice for you.
Is Blueberry Markets Scam or safe?
The random or local regulatory authority regulates the broker, the Vanuatu Financial Services Commission (VFSC). Thus, we cannot trust the firm. It is considered as unregulated and is not safe. Your money can be at risk with the broker. Also, this platform supports a single language. It isn’t easy to trade for those who do not understand or know the English. Today almost every renowned and advanced firm supports multiple languages.
Awards and recognition
The advance firms have mentioned their award and recognition on their website. These things boost the confidence of current traders and also reflects the quality service of a broker. But, we did not find any awards on the Blueberry Markets websites. It compels us to think that their services are not up to the market.
Tradable products and markets
The broker does not allow trading on various financial markets. It only allows trading on currency pairs leaving some important ones such as cryptocurrencies, commodities, indices, stocks etc. The options available in the currency pairs are also limited. Thus, the broker does not do anything for diversifying the trading portfolio of their clients.
The high minimum deposit to open an online trading account with the broker does not do justice with the limited trading features it offers. The minimum charges are as high as $1000. This charge is extremely high if we look at the brokerage fee of other firms. Also, this fee is beyond the reach of general traders.
Spreads and commission fee
There are several brokerage firms in the financial market, and none of them charges a commission on trading. But, Blueberry Markets commission fee ranges from $0 to $7. Moreover, it also charges high overnight charges or rollover rates for holding trading positions after market hours.
Types of trading account
The broker offers three online trading accounts, including standard account, demo account and professional account. The details of each account are as follows:
1) Professional account
- High minimum deposit $1000
- High commission fee $7
2) Standard account
- High minimum deposit $100
- High and variable spreads (1pip)
3) Demo trading account
- Is relatively slow
- Has a limited time limit (30 days)
The broker offers unrealistic leverage of 1:500 on trades. The number is greater than the one fixed by some authentic governing bodies such as the European Union. The permissible limit is 1:300. The firm which does not abide by this falls in the category of unsafe and untrustworthy firms.
Research is an essential part of trading. Thus, brokerage firms offer various tools to their clients. Unfortunately, with Blueberry Markets, you cannot make an informed decision as it does not provide any research tools.
Training and education
It is suggested to go through market concepts before entering any trade. All renowned and trusted brokerage firms offer educational material to ease the learning process. Sadly, with Blueberry Markets, you do not get this benefit.
Disadvantages of Blueberry Markets
1) Does not allow cryptocurrency, commodity, futures, indices and stock trading
2) Does not accepts traders from the United States
3) Lacks research tools
4) Lacks educational material
5) Charges withdrawal fee outside Australia
6) No negative balance protection
7) Complex design of the official website
8) The website lacks some essential information
9) Demo account offered for just 30 days
10) High and variable spreads
The Bottom Line
Blueberry Markets is operating in the market since 2016 still it has not taken any action on its limited trading services, regulation issues and extremely high minimum deposit. It seems like the broker is paying heed on its profit maximisation without thinking about the interest and profit of its clients. It is risky to invest with the firm. You can try other brokers such as PrimeFin, Global TradeATF, ROinvesting, Brokereo, 101investing over Blueberry Markets.