Blueberry Markets Review 2023
Blueberry Markets is one of those Forex brokers that have traders’ interests at heart. Founded in 2016, the broker has been growing steadily, offering over 300 instruments across a range of global markets and serving over 30,000 traders in its relatively short history.
The broker seems to be on a good ride, which is why we want to review its services to ascertain how good it is at what it does. In this post, we review its regulations, platforms, global access, registration, leverage, education, and assets offered, as well as whether it is good for beginners.
Regulation and Security
Established in 2016, Blueberry Markets is a new broker that is steadily making its mark in the Forex market. It is already licenced in two jurisdictions:
- In Australia, the Blueberry Markets brand is operated by Eightcap Pty Ltd (ABN 73 139 495 944), which is regulated by the Australian Securities and Investments Commission with AFSL 391441. Blueberry Markets Pty Ltd (ABN 40 606 959 335) is a Corporate Authorised Representative of Eightcap Pty Ltd (ABN 73 139 495 944), under AFS Representative Number 001245440. It serves only Australian clients.
- In the Bahamas, the Blueberry Markets brand is operated by Eightcap Global Ltd (Eightcap), which is regulated by the Securities Commission of the Bahamas (SCB) under SIA-F220. It serves non-Australian clients.
Negative Balance Protection
With this safety mechanism, the broker ensures that your account balance doesn’t get to a negative level if the market goes heavily against your position. So, you can only lose what you have in your trading account and won’t end up owing the broker. Blueberry Markets fixes a level of your maintenance margin at which it issues a margin call to prevent your equity from getting to a negative level. However, even if it goes negative due to a market gap, your balance would be reset to zero to avoid a negative balance.
Funds Segregation
At Blueberry Markets, all funds are held in segregated client trust accounts with an Australian AA-rated bank. So, the company cannot use clients’ funds to run its operations. Find more details regarding Blueberry Market’s security and safety measures by clicking here.
Is Blueberry Markets available worldwide?
Blueberry Markets have offices in Australia and the Bahamas. The Australian headquarters serves only Australian clients. Operating from the Bahamas, Blueberry Markets serves clients from other parts of the world, including Europe, Asia, Africa, and Latin America. However, its services are not available in any country or jurisdiction where such use would be contrary to local law or regulation, such as the US.
Supported Platforms
It is important to use the right trading platform when trading, and Blueberry Markets ensures this by providing traders with multiple trading platforms to choose from. The trading platforms and tools Blueberry Markets provides to traders include the following:
The MT4 platform
EXPLORE MORE TRADING PLATFORMS
This is one of the platforms Blueberry Markets makes available to its clients. The MetaTrader 4 platform is seen as the industry standard, as it accounts for over 90% of all transactions in the retail Forex market and has been holding the title of the most popular Forex trading platform since it was released in 2005.
The platform features one-click trading, 4 pending order types and trailing stops, 3 chart types, 9 timeframes, multiple indicators, and many drawing tools. It also supports the use of custom indicators, trading scripts, and expert advisors. It is available as a desktop application for Windows and Mac computers, but there is also a web version that can be accessed directly from a web browser without first installing the desktop application.
The MT5 platform
This is an advanced multi-asset trading software for trading Forex, indices, commodities, cryptocurrencies, and stocks, all from the same account. It is an improvement on the MT4 platform and gives clear visibility into different markets through a single dedicated dashboard.
MT5 features 6 types of pending orders, 38 technical indicators, 44 analytical objects, and 21 timeframes, in addition to other features of the MT4 platform. There is also an economic calendar for keeping up with global macroeconomic news. The platform is available as a desktop application and a web terminal that can be accessed via Chrome, Firefox, and Safari browsers.
Mobile apps
Blueberry also allows its traders to use the mobile apps of both the MT4 and MT5 platforms. The mobile apps are compatible with Android and iOS devices, and you can download them from the Google and Apple playstores to suit your needs.
Blueberry Markets DupliTrade
This is the copy trading platform of Blueberry Markets. The platform provides traders with an easy-to-use copy trading environment where you use signals from proprietary traders to gain a competitive advantage and expand your trading knowledge.
It requires a minimum deposit of $2,000 USD to use the platform. With that, you’ll not only gain access to DupliTrade’s robust portfolio of leading strategy providers but also have the tools to assess the providers to choose the ones that suit your risk appetite. If you’re just starting out, you can use your demo account to test the signals. Click here to sign up for a demo account.
Other Trading Tools
Blueberry Markets also provides traders with other trading tools, like Forex VPS, which you can use to run 24/7 algo or copy trading. It ensures your trades are executed with speed and accuracy, with no downtime.
Account Types
Blueberry Markets offers two account types:
- Blueberry Standard Account: The account offers over 300 trading instruments across various asset classes. It requires a minimum deposit of $100, and there is up to 1:500 leverage. The minimum trade size is 0.01 lot. The spread is floating and starts from 1.0 pip. There are no commissions, as the costs are already built into the spread — ideal for traders who prefer traditional spread pricing.
- Blueberry Direct Account: This account offers direct market execution, with raw spread and a commission fee. The spreads are floating and start from 0.0 pips. The commission fee is $7. The account requires a minimum deposit of $100, and there is up to 1:500 leverage. The minimum trade size is 0.01 lot. Available instruments for trading are over 300.
Blueberry Markets also provides a demo account, which traders can use to practice trading, understand the broker’s platforms, learn how the market works, and test their trading strategies without putting their cash on the line.
Signing Up
To open a trading account with Blueberry Markets, click on the Start Trading button in the top-right corner of the broker’s website. You will be directed to the online application page where you will be required to fill in your name, key in your email, create a password, and fill in your phone number.
After filling in the required info, click the Create Account button to submit your application. When your account is successfully opened, you will be asked to verify your email and provide some KYC documents (means of identification and a utility bill).
When your account is verified, you are ready to start trading, but you will have to fund your trading account via any available payment methods.
Deposit and Withdrawals
Many types of payment methods are allowed for deposits and withdrawals. They include bank transfers; debit/credit cards, such as Visa and MasterCard; online payment processors, such as PayPal, Skrill, and Neteller; and various cryptocurrencies including Tether and Bitcoin.
The minimum and maximum deposit/withdrawal amounts, and transaction charges vary with the payment methods. Transaction processing time varies with the payment method and the type of transaction — funding or withdrawals. Generally, withdrawals take longer to process than funding.
Instruments
Blueberry Markets offers over 300 tradable instruments across different asset classes, such as Forex, indices, cryptocurrencies, commodities, and share CFDs. You can trade all major currency pairs and multiple cross pairs. The commodities offered by this broker include precious metals and energies. There are more than 10 equity market indices, including AsX200, DAX30, UK10, SPX500, and US30, as well as shares CFDs of the biggest companies on the US and Austrailian equity markets. If you love the crypto market, you can trade CFDs of different cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple.
Commissions and Fees
As with any other broker, when trading, you will incur some costs in the form of spreads, trading commissions, deposit and withdrawal charges, and swap charges. Spreads and trading commissions vary with the account type.
The spreads on the Standard account start from 1.0 pip for currency pairs because the trading cost is already added to it. For the Direct account, the spreads start from 0.0 pips for Forex pairs, 0.5 pips for indices, and 0.1 pips for the US and Australian shares CFDs.
There are no commission charges on the Standard account, as it is already added to the spreads. The Direct account has a commission of $3.5 per lot per side for Forex pairs, $2 for US share CFDs, and $0.05 for Australian shares CFDs.
Swap charges are incurred on overnight positions, and the amount varies from day to day; you can see the actual value by clicking here.
Available Leverage
Leverage can help you to increase your overall buying power by borrowing from the broker to carry a much larger trading position. While that would increase your profits if the trade goes in your favor, it can also magnify losses if the trade goes against you, so do not misuse it.
Blueberry Markets offers up to 1:500 leverage for non-Australian clients, it only offers 1:30 leverage to retail traders in Australia. Professional traders in Australia can trade with up to 1:200 leverage but only after their professional status is verified.
Analysis and Education
Blueberry Markets has a Learn section that contains a lot of educational resources for traders of all educational levels — Beginners, intermediate, and advanced.
Under that section, there is a Trading Program page with trading courses for beginners, intermediate, and advanced traders.
There are also video tutorials on some important trading topics as well as platform tutorial videos.
Customer Service
Blueberry Market’s customer support team can be reached via multiple channels, including live chat, direct message on the website, or phone (+61 2 7908 3946 or +61 2 8039 7480). You can also send an email — support@blueberrymarkets.com for the Australian office and by emailing global@Blueberrymarkets.com for their global support. They can also be reached via social media channels — Twitter, Facebook, Telegram, LinkedIn, or WhatsApp.
Reputation amongst Traders
Blueberry Markets has lots of positive reviews on multiple review websites. Traders love its transparency and quick response to customers’ inquiries. For example, on Trustpilot, a popular review website, Blueberry Markets got 4.8 out of 5 based on 1132 reviews.
Can beginners trade with Blueberry Markets?
Blueberry Markets offers only two live account types, and there is no account dedicated to beginners. Nonetheless, it provides lots of trading education, as well as a demo account that beginners can use to practice in a risk-free setting before going live.
Summing Up
Blueberry Markets is a fast-growing Forex broker that operates in two jurisdictions: Australia and the Bahamas. The Australian office is regulated by ASIC but serves only Australian traders, while the Bahama-based affiliate, which is regulated only by the SCB, serves clients from the rest of the world. Since the SCB is a tier-3 regulator, non-Australian clients are under a weakly regulated affiliate.
In terms of trading education and customer support, Blueberry Markets is one of the best. However, it does not offer the best trading conditions, For example, the spreads on its Standard account and the commissions on the Direct account are not quite competitive.
