Minimum Deposit: $100
Maximum Leverage: 1:500
My Score: 1.6
Hi everyone welcome to my Berry Markets review! Berry Markets is a forex and CFD broker that offers two account types. The broker is also called as Berryfinex.
The vision of the broker is explained by the superior customer service, by creating a global brand by ensuring that the profitability, success and happiness of its customers form the basis of their business.
There is much information about this broker in this article. You can find in this Berry Markets review all the answers to the following questions: Is Berry Markets scam or good forex broker? What are the account types of the broker? What are the trading conditions such as spreads, leverage, and minimum deposit? Is Berry Markets regulated?
Regulation of Berry Markets
According to the website of the broker, Berryfin International Limited, Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, Saint Vincent and the Grenadines, West Indies,
The broker is incorporated under registered number 24852 IBC 2018 by the Registrar of International Business Companies, registered by Saint Vincent and the Grenadines. Berryfin International Limited, Berryfinex, BMI and Berry are trading names of TME group.
As Berry Markets does not have a valid forex broker license, it is not entitled to trade in any regulated market such as the European Union, UK, USA, Japan, Australia.
I always recommend you to avoid not licensed brokers and choose among the regulated ones. The most reliable regulators are the UK’s FCA, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
These regulators require a certain amount of capital from the brokers to guarantee the compensation of funds and a certain level of safety of clients’ money.
Account Types and Spreads
The broker offers two account types. These are Swap Free account and ECN Account.
Swap Free Islamic Forex Account
Berry offers swap-free accounts (also known as Islamic Forex accounts or Shariah Forex accounts). These accounts comply with Islamic religious beliefs.
According to the Islamic religion, any business transaction in which one of the parties has to pay or receive some interest from another party is forbidden.
Islamic Forex accounts are also known as swap-free Forex accounts, because, within this kind of account, no swap or roll-over interest will be charged to or incurred on positions that are held overnight.
Moreover, certain instruments will only be available swap free on a daily basis as explained below:
All other pairs swap would be charged on a regular basis
ECN which stands for Electronic Communication Network, is a network of Tier-1 Banks, Prime Brokers, and FCMs, connected together to form a deep pool of liquidity available for trading.
The spreads on EUR/USD from 1.6 pips. Investment opportunity with account opening from as little as $500. The maximum leverage up to 1:300.
Berry Markets offers its clients the most widely used trading platform, MetaTrader 4. This platform is very popular among forex traders because:
- The latest market research for you
- Best-in-class customer service, including live chat, service in 39 languages and around-the-clock support
- User-friendly interface
- Multi-Lingual Platform in 23 Languages
- Secure, Fast, and Reliable
- Professional Online Trading Environment
- Comprehensive Real-time Charting and Indicator Options
- Automated trading. Program your own strategies using the Expert Advisor
- Trailing Stop Feature
- Real-time client account trading summary (equity, floating profit & loss, and much more
Berry Markets provides its clients with excellent market trading conditions on major currencies and 50 pairs of instruments. You will have access to a diverse range of products including Foreign Exchange, Precious Metals, Future Contracts (OTC), Equity Indices (OTC), CFD’s and Energy Contracts.
Berry offers different kinds of deposit methods. You can choose the most convenient for you from the list of multiple payment options.
Direct Debit / Credit Cards
JCC Internet Payment Gateway accepts card payments over the internet, is easy to use and meets all the required security standards (3Dsecure, Verified by VISA and MasterCard SecureCode) and Sophisticated fraud protection standards. It also accepts all major credit and debit cards.
You can always fund your account using this most traditional money transfer method; it’s secure and cost-effective for large deposits. For convenience, they keep bank accounts with different banks and you may choose the most suitable bank for your deposits.
There are also some e-wallet systems such as Skrill, Neteller, and Jeton. Unfortunately, there is no information about fees and withdrawal limits.
Berry Markets is an offshore forex broker that offers MetaTrader 4 with limited trading products. The main issue about the broker is its regulation. Your funds may under risk if you want to trade with them.
I recommend that regulation is crucial for the safety of any investment and only well-respected financial institutions like the UK’s Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC) can provide sufficient security to investors.
If you want to trade with a well-regulated forex broker, you can check my top forex brokers list on the top of the page. See you next time!