Blueberry Markets offers places a large emphasis on their customer service having high ratings on various social media outlets such as TrustPilot, Google Review and Forex Peace Army. But are they actually any good? As part of this review, we look at their trading, accounts, spreads and trading platforms along with strengths and weaknesses.

Blueberry Markets review
🗺️ Regulation Australia, Vanuatu
💰 Trading FeesSpreads
📊 Trading PlatformsMT4, MT5
💰 Minimum Deposit $100 (Standard)
💰 Deposit/Withdrawal Fee$0
🛍️ Instruments Offered CFD – Forex, Indices, Metals, Oils, Shares, Crypto ,
💳 Credit Card DepositYes

Table of Contents

  1. Trading Accounts
  2. Spreads and Costs
  3. Leverage
  4. Trading Platforms
  5. Trading Instruments
  6. Deposit and Withdrawal
  7. Customer Support
  8. Regulation

About Blueberry Markets

Forex Brokers ReviewBlueberry Markets is a global Forex broker headquartered in Sydney, Australia, that offers tradable Currencies, Indices, Commodities (Metals & Oils), Cryptocurrency
CFDs, and Share CFDs. It operates 24/7 with one-to-one customer support and dedicated account managers to all demo and live account holders. Blueberry Markets was a finalist for Finder’s Best Online Customer service award in 2020 and 2021, and Best Bootstrapped Startup for the Australasian Startup Awards in 2018.

Blueberry Markets Group is a trading name of Eightcap Pty Ltd, an entity that holds an Australian Financial Services License (AFSL) enabling it to offer financial services to residents of Australia. Blueberry Markets AFSL number is 391441. The blueberrymarkets.com website is operated by Eightcap Pty Ltd.

Trading Account Types

Blueberry Markets supports all levels of traders with personalised account types to fit different traders’ needs. A ‘Blueberry Standard Account’ starts at 1.0 pip-spread with a $0 commission charge, and a ‘Blueberry Direct Account’ trades on 0.0 pip-spread with a $7 commission. Both account types can be traded in MT4 or MT5 platforms with unlimited demo account access and a minimum trade size of 0.01.

  • Standard Account – free commission forex trading
  • BlueBerry Direct Account – raw spreads + USD 3.5 commission rate per 100,000 units traded

BlueBerry Trading Accounts

Blueberry Markets Standard Account

This trading account does not have any additional costs as they are built into the spread. Using a standard account means no commissions costs.

The minimum deposit required to open a Standard account is $100, while the minimum trade size allowed is 0.01 lots.

The broker offers low spreads that start from 1.0 pip on major currency pairs, with clients being able to access 300+ trading instruments across 5 asset classes via 2 popular trading platforms – MetaTrader 4 and MetaTrader 5.

Blueberry Markets Professional Account

Clients who open a Direct account are able to see the raw market spread to ensure real-time pricing once trade positions are placed. The minimum deposit is also $100,
and a $7 commission fee is charged to the client. Blueberry Markets’ offers tight spreads on a Direct account with spreads that start from 0.0 pips.

Both Standard and Direct accounts may use their MT4/MT5 platforms and choose among 300+ financial instruments across 5 asset classes to trade with.

VPS Hosting

Clients with a live account, whether Standard or Direct, may access the Blueberry Markets Forex VPS for free. Their VPS provides the best experience possible by executing trades with greater speed and accuracy through high-performance external servers. It also allows low-latency trading by hosting the client’s system inside the same data centre as Blueberry Markets’ main trading servers, ensuring that the client’s trades are executed in 1 minute or less.

The use of their free Forex VPS is subject to application.

Free VPS

Open Live Trading Account

Opening an account with Blueberry Markets involves three simple steps:

  1. Apply – Open a Blueberry Markets account with either of the two
    identification requirements:

Option 1:

  • 2x Photo IDs such as Passport and Driver’s License

Option 2:

  •  1x Photo ID (Passport)
  •  1x Proof of Address (Bank Statement or Phone bill no older than
    3 months)

2. Get verified – After sending your requirements, Blueberry Markets will verify
and establish your identity through a series of security questions.

3. Start trading – Once verified, you may fund your Blueberry Markets account
and start trading their platforms.
Blueberry Markets also offers a free demo account to clients where they can have
access to up to $50,000 virtual funds for 30 days.

The broker also allows clients to test its trading platforms and various strategies on a free demo account for 30 days. The demo is equipped with $50,000 in virtual funds.

 

BlueBerry Markets Demo Account >>Visit BlueBerry Markets >>


Our Rating

The overall rating is based on review by our experts

7.00
Spreads
6 / 10
Leverage
10 / 10
Trading Platform
6 / 10
Risk Management
4 / 10
Range of Markets
7 / 10
Customer Service
9 / 10

Trading Costs (Spreads and Commissions)

Trading costs (spread and commissions) for clients will depend on the live account type they choose. Solely on spreads, alone Blueberry Markets spreads are average whereas commissions are in line with the industry standards of $7 round-turn commission rate.

The brokerage marks up its spread on the Standard account, while on the Professional account it sources its bid-ask quotes directly from 12 tier-one liquidity providers. When it comes to the total trading cost (spread + commission) Blueberry Markets is a little behind compared to other best brokers.

Trading conditions: Standard Account

Similar to many Forex brokers around the world, there will be no commissions on Blueberry Markets Standard account, while traders will only pay the bid-ask spread. Blueberry Markets do not provide their average spreads however we spreads start from 1.0 for the EUR/USD pair.

We monitor the average spreads other brokers provide on their website and update it each month. See the table below for standard account spreads offered by other brokers.

Standard Account Spreads
1.61 1.87 1.44 1.67 1.62
0.69 0.77 1.40 1.19 0.86
0.86 0.74 1.19 1.19 0.83
0.70 1.30 1.30 2.20 1.40
0.80 0.90 1.70 1.80 0.80
1.40 1.30 1.60 2.40 1.50
1.20 1.40 1.60 1.90 1.20
1.10 1.20 1.40 1.50 1.20
1.20 1.30 1.60 1.30 1.20
1.20 1.20 1.40 1.40 1.20
1.20 1.20 1.40 1.40 1.40
1.30 1.50 1.50 1.70 1.70
1.30 1.70 2.10 1.40 1.50
1.20 1.40 1.40 1.50 1.20
1.40 1.20 1.90 1.90 1.60
1.70 1.80 2.00 2.20 1.60

Data taken from broker website. Accurate as at 01/01/2022

Compare Standard Account Brokers >>

 

Trading conditions: Blueberry Direct Account

Blueberry Markets offers raw pricing on its Blueberry Direct Account:

  • Currency pairs, Spot Metals and Energies – spreads start from 0.0 pips and there will be a trading commission of $3.5 per side, per lot;
  • Stock Index CFDs – spreads start from 0.5 pips and there will be a trading commission of $3.5 per side;
  • Shares CFDs – spreads start from 1.0 and there will be a trading commission of $3.5 per side.

Like with the Standard Account, Blueberry Markets do not provide average spreads but we record the average spreads for no commission pricing accounts.

Brokers with no commissions
0.09 0.59 0.40 1.38 0.17
0.10 0.20 0.40 1.30 0.20
0.20 0.50 0.40 1.50 0.20
0.17 0.59 0.54 N/A 0.30
0.20 0.60 0.50 10.00 0.40
0.10 0.60 0.60 1.30 0.50
n/a 0.20 0.60 3.10 0.50
0.44 0.85 0.40 1.30 0.42

Data taken from broker website. Accurate as at 01/01/2022

Compare Brokers >>

Leverage and Margin Requirements

The maximum leverage allowed for forex trading for retail traders depends on whether you sign up to the broker’s ASIC regulated branch in Australia, or its offshore subsidiary in Vanuatu (VFSC).

In Australia, ASIC enforces leverage caps of 30:1 when trading forex, while the VFSC allows much higher leverage of up to 500:1.

Please note that certain exotic currency pairs have the maximum leverage capped to 1:100.

When it comes to Contract for Difference (CFDs) there are some leverage restrictions imposed on the CFD products for retail clients. In Australia, the maximum leverage ratios that ASIC regulated brokers may offer retail clients are:

  • 30:1 for major forex pairs
  • 20:1 for minor fx pairs and Gold
  • 10:1 for other commodities
  • 5:1 for stocks
  • 2:1 for cryptocurrencies

Clients are required to deposit a minimum of $500 to enjoy the maximum leverage ratios.

Trading Platforms Offered

With Blueberry Markets, clients can choose from two powerful trading platforms supported across multiple devices (browser-based, desktop, mobile and tablet), on which to implement their strategies:

  • MetaTrader 4 – offers easy customisation and flexibility
  • MetaTrader 5 – brings clients’ trading experience to the next level
 MetaTrader 4MetaTrader 5
Available InstrumentsIndices, Forex, Metals & EnergiesIndices, Forex, Metals, Energies, Cryptos & Shares
Time Frames9 TF21 TF
Technical Indicators3038
One click Trading✔✔
Expert Advisors (EAs)✔✔
One-click Trading✔✔
Economic Calendar✘✔

MT4 trading platform

Blueberry Markets’ MT4 comes with a full set of technical analysis tools (30 technical indicators and charting tools) and offers great customisation options. Clients also have access to thousands of online tools to plug-in, and access to Expert Advisors
for algorithmic trading.

Other key features of the MT4 trading platform include:

  • Easy to use One-Click trading option
  • 4 pending orders, 1 Trailing Stop
  • 3 order execution modes and 9-time frames
  • Access to Forex pairs, Stock Index CFDs, Metals and Energies
  • Profound trading history database
  • Built-in guides for MetaTrader 4 and Metaquotes Language 4
  • Internal mailing system
  • Full data backup and security
  • Copy-trading capability by subscribing to Forex signals service
  • Ability to set up alerts
  • Good accessibility – the platform can be accessed from Windows Desktop PCs, MacOS devices, iOS- and Android-based devices as well as from any web browser

MT4 Trading Platform

The Desktop PC version requires Microsoft Windows 7 SP1 or higher, Intel Celeron CPU 1.7 GHz or higher, 256 MBs of RAM and 50 MBs of free HDD space.

MT5 Trading Platform

Their MT5 software offers advanced analytics and pending orders, access to more asset classes and trading tools, and allows users to hedge their positions. More precisely, Blueberry Markets’ MT5 allows trading of Cryptocurrency CFDs, Share CFDs, and Commodities with faster processing times and more customisation properties.

More precisely, the broker’s MetaTrader 5 platform offers the following in terms of features and functionality:

  • Access to multiple markets – Forex, Stock Index CFDs, Shares CFDs, Metals and Energies
  • Support of all types of orders – market, limit, stop orders and Trailing Stop. The platform features 6 pending orders
  • A full suite of technical analysis tools – 38 technical indicators, 44 analytical objects, and 21-time frames. Access to hundreds of custom indicators and plug-ins
  • One-click trading option;
  • Users can view up to 100 charts simultaneously
  • Superior MQL5 environment for development and backtesting of expert advisors
  • Internal mailing system
  • Built-in Economic Calendar
  • Web trading capability for various operating systems – Windows, Mac, Linux
  • Mobile trading capability for iOS and Android
  • Ability to set up alerts

MT5 Trading Platform

The Desktop PC version requires Windows 7 or Windows 10 64-bit OS and Pentium 4 or Athlon 64 CPU or higher. Other hardware requirements may depend on the particular use of the trading platform – number of active charts or trading instruments and load from running MQL5 applications.

We should note that clients cannot use the MT5 platform through their existing Blueberry Markets MT4 trading account. They need to create a Blueberry MT5 account.

BlueBerry Markets Demo Account >>Visit BlueBerry Markets >>

Range of Trading Instruments

Blueberry Markets offers different products across its MT4 and MT5 platforms. In total, Blueberry Markets offers over 300 financial instruments on the MetaTrader Platform grouped in the following asset classes:

  • 30 CFD Major and Minor currency pairs including AUD/USD, EUR/USD, GBP/USD, NZD/USD, USD/JPY, USD/CHF
  • 8 CFD Exotic currency pairs such as USD/SGD, EUR/HUF, USD/MXN, USD/TRY, EUR/NOK, SGD/JPY, etc.
  • 10 Stock Index CFDs – major global indices such as S&P 500, FTSE 100, CAC 40, Nikkei 225, etc.
  • 3 CFD Spot Metals – XAU/USD (Gold) and XAG/USD (Silver), XPT/USD (Platinum)
  • 2 CFD Energies – USOUSD (WTI Crude Oil) and UKOUSD (Brent Crude Oil)
  • CFD Shares – 197 ASX and 50 US stock shares
  • 5 CFD Cryptocurrency – Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple

On the downside, the broker does not offer Cryptocurrency CFDs and shares CFDs on their MetaTrader 4 platform. However, clients can access 5 crypto pairs (Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple) and several Australian shares on the MetaTrader 5 platform. Additionally, the MT5 platform also covers one more metal pair – Platinum spot versus the US dollar (XTP/USD).

Cryptocurrency Trading

Disclaimer: CFDs are complex instruments is associated with a high level of risk because of leverage. Clients should be fully aware of how these derivative instruments work before they operate with them.

Trading Instruments Score

In this category, based on our star scoring system, Blueberry Markets only scored 7 points out of 10 points. Active traders lack a diverse list of tradable instruments, thus limiting the trading opportunities.

Minimum Deposit and Funding Methods

Blueberry Markets has a minimum deposit of $100 to open an account Blueberry Markets will not charge any fees on deposits and withdrawals.

The broker allows account funding via 9 account-based currencies (AUD, USD, CAD, GBP, NZD, EUR, and SGD) and 9 different funding methods (the standard funding options and electronic wallets).

Deposit and Withdrawal Methods Supported

The following deposit and withdrawal methods are available

  • Credit card or Debit Card by Visa or MasterCard
  • PayPal – varies (in PayPal applicable countries)
  • Wire transfer – there may be fees depending on the bank
  • Skrill – the platform will charge a fee of 3%-4% (Skrill serviced countries)
  • POLi Payments – 0% funding fees (Australia only)
  • Fasapay – the provider will charge a fee of 0.5% (Indonesia only)
  • China UnionPay – 0% funding fees
  • Dragonpay – no fees (Philippines)
  • Neteller – varies by bank (Global)
  • Tether – varies (Global except for Australia)
  • BPay – no fees (Australia only)

Deposit and Withdrawal Methods

Please note that POLi Payments are only available for AUD-based accounts, while Skrill is only supported for USD-based accounts. Clients’ withdrawal requests will usually be processed within 24 hours. All they need to do is send the online withdrawal form, which can be found in the Secure Client Area.

Customer Support

Forex customer SupportBlueberry Markets has earned a great reputation for its customer service through its consistently high ratings on online review websites.

With 2,500 five-star reviews collectively, it is rated 4.9 on Google Reviews, 4.8 on Trustpilot, and 4.6 on Forex Peace Army based on its service and customer experience centre.

Method of customer support include:

  • Live chat
  • email
  • Help centre

The help centre further aids potential clients to learn more about the online trading services provided by Blueberry Markets. You’ll find information about the most common questions about Blueberry Markets, application, client portal, deposit or withdrawal, MetaTrader 4 and MetaTrader 5.

Blueberry Market ratings

Trading Education

A collection of free and downloadable reading materials with topics ranging from Forex trading indicators, Cryptocurrency CFDs, Share CFD trading, and more are included in their Forex library. These resources cater to traders, whether new or experienced, interested in having long-form information in their pockets as these can be accessed any time of the day. New traders can benefit from official how-to guides and Forex concepts along with courses for beginner traders. As for experienced traders looking to level up their trading knowledge, they may check out these intermediate and advanced topics.

Blueberry News

Market News and Analysis

The Market News & Analysis and Week Ahead Analysis features daily market analyses from our Head Currency Analyst and exclusive feature articles with some of the most influential people in the industry, including our Managing Director Dean Hyde, No nonsense Forex, Michael Bamber, and more.

The Blueberry Markets official YouTube channel also features daily market analyses packed into three-minute snippets thoughtfully produced for the trader on the go. Traders can also view instructional videos about our platforms, simple chart reading
techniques, and other trading skill-related topics on trading.

Premium traders

Blueberry Markets now offers Blueberry Premium status. This status allows traders to get even more perks with their trading account. Earning a Premium trader status with Blueberry Markets means access to further reduced spreads and commissions,
a personal Account Manager, market analyses from experts, and exclusive access to Premium Club hospitality events.

BlueBerry Markets Demo Account >>Visit BlueBerry Markets >>

Regulation

Blueberry Markets is a subsidiary of Eightcap which means they operate with the same licence EightCap have with the Australian Securities and Investments Commission (ASIC). This licence is AFSL 391441. Any client of BlueBerry in Australia receives the full regulatory protections that ASIC requires the broker to provide.

Traders outside Australia are handled by Eightcap Global Ltd, an entity based in Port Vila, Vanuatu, and regulated by the Vanuatu Financial Services Commission (VFSC).

Forex Regulation

Blueberry Markets is an online brokerage, which offers over-the-counter trading instruments grouped in several asset classes. Since Blueberry Markets is not a financial adviser, it “does not issue advice, recommendations, or opinions” related to CFD and Forex trading on margin.

The company states that it keeps client funds fully segregated from its corporate accounts at a leading Australian financial institution – the National Australia Bank (NAB).

Last but not least, Blueberry Markets does not have a negative balance protection policy, which means retail clients need to employ strict money management and use all risk tools available to protect their active positions in the Forex market.

Conclusion – Blueberry Markets Review

Forex Brokers ReviewOverall, our Blueberry Markets review concludes that this brokerage trading firm offers moderately good trading conditions for its clients. While Blueberry Markets may not be the best forex broker for active traders, you can still use their trading platform (MT4 or MT5) to trade throughout the day.

Some things that have weighed negatively in our review include the limited number of CFD instruments, no proprietary trading platform, and mobile trading App, higher markup spreads, no additional trading tools, and no FCA license.

We found their support extremely responsive, and all our inquiries were answered in a timely manner. However, the major focus of our review was the assessment of Blueberry Markets online trading service, which is not on the same level as the services provided by forex brokers like Pepperstone.

About the author: Justin Grossbard

Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.

Ask an Expert

Subscribe
Notify of
guest
0 Responses
Inline Feedbacks
View all comments