Blueberry Markets Review 2021

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 mark 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 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.

Clients will be able to trade Forex pairs and CFDs with the following typical spreads:

• EUR/USD – 1.2 pips
• AUD/USD – 1.4 pips
• FTSE 100 – 1.5 points
• Dow Jones 30 Industrial Average – 2.9 points
• XAU/USD – 1.3 points
• XAG/USD – 2.3 points
• WTI Crude Oil – 4.9 points
• Brent Crude Oil – 4.9 points

Trading conditions: Professional Account

Blueberry Markets offers raw pricing on its Professional 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.

Spreads and Commission Score

In this category, based on our star scoring system, Blueberry Markets only scored 3 points out of 10 points. Compared to other top forex brokers, Blueberry Markets spreads are not competitive by the industry standards.

Leverage and Margin Requirements

The maximum leverage allowed for Forex trading for professional and institutional traders is 1:500, as per ASIC (Australia) and VFSC (Vanuatu) regulatory framework.

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, at present, the maximum leverage ratios, which brokers may offer retail clients, are:

• 1:500 for Energies
• 1:500 for Metal CFDs
• 1:200 for Stock Indices
• 1:10 for Crypto CFDs (available only on the MT5 platform)
• 1:5 for Australian shares CFDs (available only on the MT5 platform)

At Blueberry Markets, the initial margin requirements are usually between 1% and 20%. Clients are also required to deposit a minimum of $500 to enjoy the maximum leverage ratios. Additionally, the broker has its own tier leverage ratio that requires different minimum deposits and maximum deposits (see table below).

Leverage Score

In this category, based on our star scoring system, Blueberry Markets only scored 5 points out of 10 points. The negative points were due to implementing a tier leverage ratio system that limits the amount of leverage one can use based on the account equity.

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

MT4 trading platform

The broker’s MT4 trading software comes with a full set of technical analysis tools (50 technical indicators and charting tools) and offers great customisation options. Clients also have access to hundreds of custom indicators and plug-ins, as well as access to expert advisors for algorithmic trading.

Other key features of the MT4 trading platform include:

• 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

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

The ECN broker’s MT5 software offers advanced analytics and pending orders, access to more asset classes and trading tools, and also allows users to hedge their positions.

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

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.

Trading Platforms Score

In this category, based on our star scoring system, Blueberry Markets only scored 6.5 points out of 10 points. A combination of factors like no third party trading tools are offered, lack of risk management tools, and no advanced charting package have weighted on our final score.

BlueBerry Markets Demo Account >>Visit BlueBerry Markets >>

Range of Trading Instruments

Blueberry Markets offers different products across its MT4 and MT5 platform. In total, Blueberry Markets offers over 50 financial instruments on the MetaTrader Platform grouped in the following asset classes:

• Major currency pairs – AUD/USD, EUR/USD, GBP/USD, NZD/USD, USD/JPY, USD/CHF, USD/CAD.
• Minor currency pairs such as AUD/JPY, CAD/CHF, EUR/AUD, EUR/GBP, GBP/NZD, GBP/JPY, etc.
• Exotic currency pairs such as USD/SGD, EUR/HUF, USD/MXN, USD/TRY, EUR/NOK, SGD/JPY, etc.
• Stock Index CFDs – 10 major indices such as S&P 500, FTSE 100, CAC 40, Nikkei 225, etc.
• Spot Metals – XAU/USD (Gold) and XAG/USD (Silver).
• Energies – WTI Crude Oil and Brent Crude Oil.

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).

Disclaimer: CFDs are complex instruments is associated with a high level of risk because of leverage. Clients should be fully aware 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 2.5 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 $200 for the standard account and $1,000 for the Professional account. Similar to top Forex brokers such as Pepperstone and IC Markets, Blueberry Markets will not charge any fees on deposits and withdrawals.

The broker allows account funding via 7 account-based currencies (AUD, USD, CAD, GBP, NZD, EUR, and SGD) and 6 different funding methods (the standard funding options and electronic wallets).

Deposit and Withdrawal Methods Supported

With Blueberry Markets, clients are able to fund their trading account by using the following payment methods:

• Credit card or Debit Card by Visa or MasterCard
• Wire transfer – there may be fees depending on the bank
• Skrill – the platform will charge a fee of 3%-4%
• POLi Payments – 0% funding fees
• Fasapay – the provider will charge a fee of 0.5%
• China UnionPay – 0% funding fees

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.

Funding Methods Score

In this category, based on our star scoring system, Blueberry Markets only scored 4.0 points out of 10 points. The firm’s minimum deposit for the Professional account was found to be very high compared to similar account types offered by other forex brokers.

Customer Support

Blueberry Markets claims to offer professional 24/7 customer support service via several channels:

• Email (support@blueberrymarkets.com)
• Live chat
• Over the phone (+61280397480 for Australia-based clients) available 24/5

Additionally, traders can contact the broker’s customer support team by using the online messaging form. The FAQ page further helps 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.

Trading Education

The Australian broker does not offer any trading education-related materials, but it does have a subscription-based trading tips service, known as the Blueberry Jam.

It also maintains a well-structured blog that features the latest Forex market news, as well as some analyst opinions on market trends. The company adds blog posts and market research on a daily basis encompassing:

• Blueberry News
• The forex chart of the day
• Trade of the day delivered directly to your email
• Jargon glossary
• Weekly market outlook
• Daily videos via Blueberry Markets YouTube channel
• Tips and Tricks
• And from time to time some educational content

Customer Support Score

In this category, based on our star scoring system, Blueberry Markets only scored 5.5 points out of 10 points.

BlueBerry Markets Demo Account >>Visit BlueBerry Markets >>

Regulation

Being authorised to conduct online trading business in Australia, Eightcap complies with regulatory standards upheld by the Australian Securities and Investments Commission (ASIC).

Additionally, Blueberry Markets international operations are handled by Eightcap Global Ltd, an entity based in Port Vila, Vanuatu, and regulated by the Vanuatu Financial Services Commission (VFSC).

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.

Regulation Score

In this category, based on our star scoring system, Blueberry Markets only scored 3.5 points out of 10 points. This forex broker operates without a tier-one regulatory license from the European regulatory agencies (UK’s FCA and CySEC) which has weighted negatively on our star scoring system.