Minimum Deposit: $100
Maximum Leverage: 1:500
Hello guys! Today I am going to introduce you a broker called Blueberry Markets. In this Blueberry Markets review, I did my best to give all the details. So keep reading the article to get a comprehensive knowledge about the broker.
Blueberry forex broker headquartered in Australia which is recently very popular country among traders. There are many logical reasons for that and I will mention the reasons of this in next section.
Is Blueberry Markets scam or legit? What are the different account types offered by the broker? Is there Blueberry Markets minimum deposit requirement? Is Blueberry Markets regulated? What is the Blueberry markets leverage that you can use?
If you want to get all answers of these questions, please continue reading this Blueberry Markets broker review.
License and Investor Protection
As you know, the broker is called Blueberry Markets. However it’s actually the trading name. In fact, the broker owned by Eightcap Pty Ltd.
Blueberry Markets Group is a trading name of Eightcap Pty Ltd (ABN 73 139 495 944). Eightcap is regulated by the Australian Securities & Investments Commission (ASIC) – AFSL number is 391441. This AFSL authorises Eightcap to provide financial services to people in Australia.
The Australia based company is regulated by ASIC (Australian Securities & Investments Commission). The foundation is one of the most reputable regulators with FCA (Financial Conduct Authority) and CySEC (Cyprus Securities and Exchange Commission).
However there is a major advantage of ASIC over other two ones. I have to dive into details to explain it, but I am sure you will understand it easily if you read carefully.
FCA is based in the United Kingdom and CySEC is based in Cyprus. The two watchdog has something in common. Although UK is in the Brexit process, they are still both member of European Union.
So their watchdogs are subject to ESMA (European Securities and Markets Authority). In most cases ESMA is the decision-maker and ESMA had new measures in the summer of 2018 which wasn’t good news for traders.
Because these new measures limited the maximum leverage to 1:30 for major currencies and 1:20 for non-major currencies and gold and major indices. If you want to learn about this new measures, you can read my blog article about the subject.
So since ASIC isn’t subject to ESMA, the brokers which regulated by ASIC don’t have to limit their maximum leverage with a certain ratio. Therefore ASIC regulated forex brokers are really important among traders.
To be more accurate, ASIC’s license is called AFSL (Australian Financial Services License) and you can check the broker’s license by searching number of 391441.
To ensure the security of the financial services, ASIC applies certain rules and requirements to brokers who hold the license. For example, the brokers must hold at least $ 1 million to proof of their financial stability.
In addition, all retail customer funds must keep separate from business funds in separate bank accounts, while intermediary undertakes additional protection by professional indemnity insurance.
Also, ASIC regulated forex brokers have to report to the ASIC on a regular time basis. Client funds are held in client segregated accounts with the National Australia Bank (NAB) as per regulatory requirements.
Blueberry Markets Account Types
There are three Blueberry markets account types. These are demo, standard and professional accounts. Let’s take a look all of them.
There is Blueberry Markets demo account which is called as practice account. In my opinion, this is an advantage of the broker. Because no one starts to the Foreign exchange industry as an expert. You have to make many mistakes while learning.
In order to not lose money during the learning phase, traders can use demo accounts. But you have to be quick at learning, because your practice account will expire in 30 days. You can trade with your imaginary $50,000 until then.
The other two different account types which are standard account and professional account. Now let’s examine different features of these accounts.
Blueberry Markets Spreads & Commission
Spread values can change by time, however there is minimum value for both accounts. Blueberry markets spreads start from 1.0 pips for standard account and 0.0 pips for professional account.
As you can see, spreads are higher in standard account than professional account. But, when it comes to commission, you won’t pay any commission on standard account while you pay $7 on professional account.
You have to note it though, the $7 commission fee is open to negotiate if you deposited more than $50,000.
Blueberry Markets Minimum Deposit & Leverage
My Bluberry Markets review also includes minimum deposit you have to pay. You have to deposit money to have a real account. But, how much do you have to fund? Blueberry Markets minimum deposit is $100 for standard account.
You have to fund at least $2000 to have professional account. The high value of deposit requirement makes sense because the features of professional account is more advantageous. For example you have access to Live Forex Trading Room.
Maximum leverage is same in all account types and 1:500.
In this section of Blueberry Markets review, I tried to explain the characteristic of the Blueberry Markets trading platform.
The broker used a trading platform called Meta Trader 4. It’s a product of MetaQuates Software Corp. and by far most used platform in Forex industry.
It offers many different opportunities such as advanced technical analysis, flexible trading system, algorithmic trading. You can also have advices from experts. What is more, all of these opportunities is valid also for mobile applications. So yay!
With MT4, you can apply complex strategies such as orders of market and pending or execution instantly. Maybe you want to trade according to a chart and you want to achieve trading history, well I have good news for you. You can reach all of these tools with MT4.
I will give an information in this part of Blueberry Markets review which you can’t find easily. Virtual Private Service or VPS can be useful according to your trading environment. For example, assume that you live a location where electricity shortages are common or your devices break down often.
Then you might think of using VPS. Because the probability of these incidents in VPS is very low.
Blueberry Markets offers you free VPS service if you meet their trading volume requirement. You have to trade at least 10 round turn lots in a calendar month to benefit this offer.
In this section of Blueberry Market review, i researched for the broker’s trading instruments. Blueberry Markets is an online broker offering Over-The-Counter (OTC) financial instruments. These instruments include Forex, Indices, Metals and Commodities.
The broker indicates that you can trade to 54 trading instruments in both types of accounts. We can separate these instruments in 5 categories.
The main currencies you can trade with are AUD (Australian Dollar), CAD (Canadian Dollar), CHF (Swiss Franc), JPY (Japanese Yen), NZD (New Zealand Dollar), USD (United States Dollar), EUR (Euro), GBP (British Pound)
Exotic Currency Pairs
Also you can trade with exotic pairs which are DKK (Danish Krone), HFF (Hungarian Forint), MXN (Mexican Peso), NOK (Norwegian Krone), PLN (Polish Zloty), TRY (Turkish Lira), ZAR (South African Rand)
Trading popular stock indices can be profitable. For example, AUS200 (Australia 200 index), FRA40 (France 40 index), UK100 (UK 100 index), GER30 (Germany 30 index), US30 (Dow Jones 30 index), SPX500 (United States SPX500 index), JPN225 (Japan 225 index)
Metal can be safe haven when the market volatility is high. There are two metal you can trade with: XAU (Gold) and XAG (Silver)
Commodities & Oil
I know many traders who gained a lot of money with trading oil. In Blueberry Markets, you can trade WTI and Brent crude oil.
Deposit & Withdrawal Methods
This Blueberry Markets review also covers the payment methods you can use. What are Blueberry Markets withdrawal methods? There are many funding and withdrawing methods offered by Blueberry Markets.
You can use Wire transfer, Credit and Debit Card, UnionPay, Skrill, fasapay and Poli for either deposit or withdraw your money. The funding fees are like that:
- Credit Card – 0% (AUD), 0% (other currencies)
- Debit Card – 0% (AUD), 0% (other currencies)
- Bank/Wire Transfer – check with Bank
- Skrill – 3% – 4%
- Poli Payment – 0%
- China UnionPay – 0%
- Fasapay – 0,5%
You can withdraw your money by submitting the online Withdrawal form found in the Secure Client Area. Withdrawals are processed within 24 hours (1 business day or less). However, due to unforeseen circumstances, withdrawals may take longer. There are no fees for withdrawals.
Customer service quality is really important so i included this section in my Blueberry Markets review. I am very satisfied from their customer service employees, especially Victoria. She answered my question instantly and she was really friendly. So you can count on them if you have any problem with your trading.
Plus they translated the website in 3 more languages. So if your Polish, Spanish or Chinese is better than your English. You can browse the website in one of these languages.
BlueberryMarkets is relatively new but well regulated broker. There are two different account types but I find them adequate and clearly explained by the broker.
Spreads are quite low and the leverage is satisfying.
MT4 is available but many brokers offer other trading platforms as an option. Blueberry Markets lacks that. There are many trading instruments you can invest.
Customer service is excellent and payment methods are quite good.
There is one negative thing though. Many traders report that the broker ask traders to prove their ID cards by a third party like notary. I believe this can lead traders to give up if they don’t like bureaucracy.
As always, at the end of this Blueberry Markets review, I ask from my dear readers to comment below to share your thoughts. You can at least answer one these questions
Do you think Blueberry Markets worth to trade with? Have you got any positive or negative experience with the broker?