Blueberry Markets have 44 forex pairs, 0.0pip spreads, and MT4 trading platform. With a 4.9/5 Trustpilot score, see our Blueberry Market review for our verdict.
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Founded in 2016, Blueberry Markets is a brokerage trading firm relative newcomer in the FX space. Headquartered in Sydney, Australia, they offer online trading services in Forex and CFD trading to traders from around the world.
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.
With this Australian brokerage, clients can choose from two live account types and a risk-free demo account to tune up your trading skills:
This trading account type does not involve additional trading costs, as the latter is incorporated into the bid-ask spread.
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 54 trading instruments across 4 asset classes via 2 popular trading platforms – MetaTrader 4 and MetaTrader 5.
Since Blueberry Markets uses a pool of 12 top-tier liquidity providers, it can to ensure raw pricing in real-time for clients who select the Professional account type.
The minimum deposit required to open a Professional account is $1,000, while the minimum trade size allowed is 0.01 lots.
The broker’s diverse liquidity pool enables it to offer ultra-tight spreads that start from 0.0 pips on major currency pairs such as EUR/USD.
In exchange for the ECN trading conditions on its Professional account, Blueberry Markets will charge a small commission of $7.00 per round turn for every 1 Standard lot traded.
Again, traders can access 54 instruments across 4 asset classes via 2 trading platforms – MetaTrader 4 and MetaTrader 5.
Clients trading on both account types can access a free VPS service, in case they have traded at least 10 Standard lots per month. The service allows for low latency trading with reduced slippage, which, coupled with ECN pricing, may suit trading styles such as scalping.
To create a live account with Blueberry Markets is a rather straightforward process.
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.
In this category, based on our star scoring system, Blueberry Markets only scored 4.5 points out of 10 points. Blueberry Markets scored some negative points because of experience, few tradable instruments, no social trading feature and overall higher spreads compared to other Australian brokers like Pepperstone or IC Markets.
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The overall rating is based on review by our experts
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.
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:
Blueberry Markets offers raw pricing on its Professional account:
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.
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:
Clients are required to deposit a minimum of $500 to enjoy the maximum leverage ratios.
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:
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:
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.
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:
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.
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 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:
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 of how these derivative instruments work before they operate with them.
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.
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).
With Blueberry Markets, clients are able to fund their trading account by using the following payment 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.
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.
Blueberry Markets claims to offer professional 24/7 customer support service via several channels:
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.
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:
In this category, based on our star scoring system, Blueberry Markets only scored 5.5 points out of 10 points.
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.
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.
Overall, 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 or IC Markets.
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.