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A financial service provider or brokerage firm’s role is to elevate investors’ standard by providing them with quality services. However, there are some brokerage firms which focus on making wealth by keeping the sentiments of investors aside. Such brokers trap traders through attractive ads and misleading websites. Blueberry Market is such a broker. Here in this detailed review of Blueberry Markets, we will cover each point to reveal the reality of the broker in front of you.
About Blueberry Market
There is no information about its foundation on its official website. But we got to know from a reliable source that the company founded in 2016. Blueberry Market is a registered domain of Eightcap Global Ltd (Eightcap) (Eightcap is the same fraud broker we have discussed earlier). The company is regulated by the Vanuatu Financial Services Commission (VFSC), which is a local financial regulator.
The broker does not provide its services to several countries. The services to limited countries show that the broker is afraid of the strict rules and the regulations of those countries and might have chances of being caught, which is why it is avoiding providing its services in these countries.
Is Blueberry Market Scam or safe?
The broker is regulated by just one local regulatory authority. There is no central authority over it to keep an eye if there is something suspicious. While choosing a broker, always go for that one who is regulated by central authority rather than a local authority. Also, if a broker is locally regulated, then we can trust him with its license number. In such cases, the license number could be fake. Hence you stay aware of such brokers and do not risk your hard-earned money, and your personal details as the broker do not use any SSL layer or Firewall, no encryption and no other advanced safeguard tools to protect your data.
Types of Trading Accounts
The broker renders trading through two types of accounts which are Standard account and Professional Account. Looking at these two accounts closely, we did not find any difference apart from the minimum deposit. In the name of minimum deposit, the firm defrauds its customers. The minimum fee charged by brokers does not justify the quality of service. Apart from these two accounts, the broker does not offer any other category of accounts such as Islamic account, zero spread account, retail trading account and many more.
The following points will tell you more about each account type.
1) Standard Account
- A high minimum deposit of $2,000
- Limited features
- No mobile application
- Only 30 trading instruments
- Poor services
- Supports only seven base currencies
- High leverage
- Outdated platform
- No guaranteed stop loss
- High spread
- Overnight charges
- No slippage
- No Islamic account
2) Premium Trading Account
- A high minimum deposit of $2,000
- No mobile application
- Limited features
- Only 30 trading instruments
- Poor services
- No guaranteed stop loss
- Supports only seven base currencies
- High leverage
- Outdated platform
- High spread
- Overnight charges
- No slippage
- No Islamic account
Blueberry Market: Is the Broker Global?
No, the broker does not offer its services to some of the world’s largest and biggest economies. The broker excludes several countries such as the United States of America, Azerbaijan, Burundi, Central African Republic, Republic of the Congo, Cyprus, DRC, Ethiopia, Eritrea, Iran, Iraq, Israel, Japan, Kosovo, Lebanon, Libya, Myanmar, New Zealand, North Korea, Puerto Rico, Russia, Serbia, Sierra Leone, Somalia, Sudan, South Sudan, Turkey, Trinidad and Tobago, Tunisia, Vanuatu, Venezuela, Yemen, Zimbabwe and many other countries.
Being in the financial market from the last five years, we don’t understand why the broker hasn’t expanded its global market. There could be two reasons. First, there may be some serious legal issues with the company’s trading policies, so these countries are not allowing the broker. And second, the firm is inefficient and fails in the techniques of expansion.
Blueberry Market: Trading Platform
The whole world has moved to MT5, the successor of MT4, but the broker is still providing those out fashioned and conventional trading platforms to its clients. Also, we didn’t see any mobile applications from Blueberry Markets. A mobile application is the foremost priority of those who do not have much time. Here also, the broker fails to provide the desired requirements of traders. Sometimes the traders face issues regarding market results and lead to massive loss; it is also because of brokers.
Tradable Products and Markets
There are only limited options of tradable assets, and financial instruments are available in every market type. IN the forex market, the broker provides only one major or minor for trading. Only 10 to 12 shares are available to trade in the share market, and others are restricted. The options in commodities and metals are quite negligible. For crypto trading, only famous currencies such as Bitcoin, Ethereum and Ripple are available to trade.
This seems so disappointing and does not justify the minimum deposit they ask. This way, the broker has blocked all the ways for a trader to expand his portfolio.
Fees, Spreads and Commission
On the official website, the broker says that it does not charge any commission on trading, but when a trader opens an account with it, all of his profit goes to pay the commission. After talking to several traders who have faced the same issue with this broker, we got to know this information. The charges are way higher than any other brokerage firm. It shows that the company is only interested in making its own profit and does not care about its clients.
The broker says that it earns through spreads but let me clear you, the spread charged by brokers varies from asset to asset. Apart from all these commissions, the broker charges a hefty amount as an inactivity fee and an overnight fee.
Customer support service
There are three methods to contact brokers if a trader faces any issue, but all three methods turn out to be waste as none works properly. Calls always come busy, and you spend a lot of time listening to IVR. And email takes a lot of time to revert back. Live chat shows offline most of the time and the clients do not get any reply not even greetings from them.
Why should you not opt for Blueberry Markets?
1) Conventional and tedious trading platforms
2) Not well-regulated
3) Not serves a lot of countries
4) Poor customer support
5) No Islamic Account
6) High commission fee
7) Limited tradable assets
8) Overnight charges
9) No slippage
10) Poor customer service
The Bottom Line
The Blueberry market has been in the industry since 2016, but still, it hasn’t upgraded its services, customer support, platform and content on the official website. The firm lacks so many places which we have discussed above. That’s why we recommend you to re-evaluate your decision before starting to invest with the broker. If you are interested in trading and looking for a well regulated and reliable broker, you can go for TradeATF, Brokereo, HFTrading, 101investing, ROInvesting, T1 Markets etc.
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