Our Pepperstone vs Blueberry Markets review found the former has 63+ currency pairs (i.e. EUR/USA) while the latter offers 44. With Pepperstone you can trade with 180 CFDs like stocks and crypto while Blueberry Markets offers 55 CFD instruments.
Updated: 11/06/2021
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With both Pepperstone and Blueberry Markets, clients can open two core live account types:
Pepperstone’s Standard account is a suitable choice for novice traders as all trading costs are incorporated in the bid-ask spread. Retail clients are offered competitive variable spreads that start from 1.0 pip on major currency pairs, with the average spread on EUR/USD and USD/JPY being 1.16 pips. Pepperstone requires a minimum deposit of AUD 200, while the minimum trade size allowed is 0.01 lots.
Meanwhile, Blueberry Markets’ Standard account features only a wider bid-ask spread, which encompasses all trading costs. Clients need to ensure a minimum deposit of $100 to open a Standard account, while the minimum trade size allowed is 0.01 lots. The spreads offered on major currency pairs start from 1.0 pip.
Pepperstone’s Razor account ensures a true ECN-style trading environment, marked by raw pricing derived from a deep pool of liquidity providers and no dealing desk execution with no re-quotes. Forex spreads are kept ultra-tight, as low as 0.0 pips during most liquid times, while the average spread on pairs such as EUR/USD and USD/JPY is 0.16 pips – one of the best on the market, competing with other leading brokers such as IC Markets and FP Markets.
There will be a small commission charged on Pepperstone’s Razor account, which depends on the base account currency and the trading platform. For instance, Forex trading on a USD-denominated Razor account will be associated with:
On the other hand, Pepperstone offers a commission discount (rebate) for active traders. Or, the larger the number of Standard Lots traded per month, the higher the commission discount.
Meanwhile, Blueberry Markets’ Professional account grants access to raw pricing in real-time. The broker’s liquidity pool of 12 top-tier liquidity providers enables it to offer tight spreads, starting from 0.0 pips on major currency pairs such as EUR/USD. Additionally, there will be a small trading commission of $7.00 per round turn per 1 Standard lot. The broker requires a minimum deposit of $1,000 to open a Professional account, while the minimum trade size allowed is 0.01 lots.
Both brokers offer free Demo Account, on which clients can familiarize themselves with trading platform features and test various strategies before they start trading with actual money. Both forex brokers offer a 30-day practice trading account with $50,000 in virtual funds.
On the other hand, swap-free accounts for traders of Islamic faith can only be found with Pepperstone. Blueberry Markets doesn’t accommodate Islamic forex accounts. At the same time, the fund manager can find a complete MAM/PAMM solution covering 3 types of allocation methods (Lot, Percentage and Proportional). By comparison, Blueberry Markets only offers the multi-account manager program MAM.
The side by side comparison revealed Pepperstone as the winner in the trading account types category. Pepperstone is better than Blueberry Markets as it offers better trading conditions across its entire suite of account types, has VIP accounts for professional traders, lower spreads, low entry barrier, PAMM solution and accommodate the needs of Muslim traders.
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The most important metric to consider when choosing a forex broker is the transaction cost that comes in the form of the spread. Pepperstone promises competitive low spreads, starting from 0.0 pips across its currency pairs and from 0.4 points across its CFDs.
Data taken from broker website. Accurate as at 04/06/2021
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By comparison, Blueberry Markets’s spreads are somewhat in line with the industry average and not as good as what Pepperstone offers. For example, Blueberry Markets’ raw spread account offers an average EUR/USD spread of 0.20 pips compared to 0.16 pips offered by Pepperstone.
Both brokers offer two types of spreads, namely:
Note* Table above highlights the spreads across the Raw spread accounts.
Let us take a deeper look at both brokers’ ECN account spreads across four different asset classes.
If you’re a forex trader, Pepperstone is a better choice due to lower FX spreads. Pepperstone sources its FX quote from multiple liquidity providers (investment banks and tier-1 global LPs) to ensure spreads as low as 0.0 pips during the most liquid trading hours. Pepperstone’s proprietary price engine achieve average spreads of 0.16 pips for EUR/USD and USD/JPY, 0.27 pips for AUD/USD and respectively 0.40 pips for GBP/USD throughout the entire trading day.
By comparison, Blueberry Markets core pricing plus commission model ensures much higher average spreads. For example, the average FX spread on EUR/USD and USD/JPY is 0.20 pips, respectively 0.30 pips on AUD/USD and 0.80 pips on GBP/USD.
CFD traders would also appreciate Pepperstone’s lower spreads offering across its stock indices product list. Pepperstone clients can trade SPX500 index with a fixed spread of 0.4 points compared to 4.0 points as offered by Blueberry Markets.
Trading index CFDs like AUS200 Index and GER30 index comes with lower spreads of 1.0 points respectively 1.2 points on the Pepperstone account as compared to Blueberry Markets’ CFD account which boasts 3.8 points (AUS200 Index) spread respectively 1.9 points (GER30 index).
When compared to Blueberry Markets, Pepperstone comes on top with lower spreads of 0.50 pips on both Gold and Silver. By comparison, Blueberry Markets live spreads show wider spreads of 1.5 pips for Gold trading and 2.5 pips for Silver trading.
Again, Pepperstone tops Blueberry Markets with the best pricing across its energies CFDs. At Pepperstone, WTI oil trading comes with 0.50 pips spreads respectively 0.30 pips on Brent Crude oil. By comparison, Blueberry Markets offers a fixed spread of 4.9 pips for both WTI Crude and Brent Crude oil.
Overall, Pepperstone’s price engine technology provides lower spreads on all of its currency pairs and CFD instruments. On average, Pepperstone can save you in transaction costs up to 33% on your FX transactions and up to 200% on your index CFD dealings as compared to Blueberry Markets. Low spread forex brokers are recommended for scalping and active traders.
The maximum leverage ratio allowed for trading Forex and CFDs offered by brokers is 1:500 under Blueberry Markets Vanuatu (VFSC) jurisdiction, and Pepperstone’s Bahamas branch (SCB).
Under Blueberry Markets Australian (ASIC) license, and Pepperstone’s Australian (ASIC), European (CySEC, BaFin) and UK subsidiaries, local regulators enforce low leverage caps to reduce the high risk of trading forex and CFDs.
The leverage caps by asset class are:
However, there are certain leverage limitations in other regulatory jurisdictions. In Dubai, where Blueberry Markets is not regulated, Pepperstone offers maximum leverage of 1:50 on major, minor and exotic currency pairs, Gold and major Stock Indices. In Kenya, CMA regulation allows the broker to offer 400:1 on forex.
Overall, both forex brokers follow the leverage limits imposed by the regulatory agencies. The maximum leverage is capped at 30:1 in Australia, the UK and EU (ASIC, FCA and CySEC) however, both brokers operate offshore entities that offer leverage of 500:1 for forex.
View BlueBerry Markets Review >>Visit BlueBerry Markets >>
While Pepperstone, a leading ECN + STP brokerage, aims to ensure the best trading conditions and the most comprehensive trading tools for its clients on three powerful trading platforms (MetaTrader 4, MetaTrader 5, cTrader), Blueberry Markets’ offering is more modest in terms of platform tools and functionality. Blueberry Markets grants clients access to two trading platforms – MetaTrader 4 and MetaTrader 5.
The platforms have good accessibility as they can be accessed from Windows Desktop PCs, MacOS devices, iOS- and Android-based devices and from any web browser.
Pepperstone’s MetaTrader 4 platform is the ultimate solution for Forex trading, as it offers a user-friendly interface, a variety of chart setups and flexible order types. On the other hand, Blueberry Markets’ MT4 solution only features the default MT4 package including 50 technical indicators and charting tools, 4 pending orders, 1 trailing stop, 3 order execution modes and 9 timeframes.
By comparison, the MT4 solution offered by Pepperstone comes with 85 pre-installed technical indicators, backtesting capability for more robust Expert Advisors (EAs). The real-time charting and advanced technical analysis tools are complemented by:
At the same time, Blueberry Markets’ MetaTrader 4 platform brings an extensive trading history database, use of Expert Advisors (EAs) for algorithmic trading, built-in guides for MetaTrader 4 and Metaquotes Language 4, ability to set up alerts and full data backup and security.
For the time being, Blueberry Markets does not offer an additional set of trading tools.
Pepperstone’s MetaTrader 5 platform offers advanced functionality and even superior analytical tools. The MT5 platform provides great selections of tools that can be used by all types of traders. The platform includes 38 built-in indicators and 21 timeframes; a wider set of pending orders; the opportunity to trade stock CFDs; position hedging, built-in Economic Calendar and MQL5 programming language that brings improved debugging tools and an advanced events management model.
At the same time, Blueberry Markets’ MetaTrader 5 platform offers the following features and capabilities:
We should note that the platform is not compatible with macOS Catalina update (10.15 versions).
Pepperstone, unlike Blueberry Markets, also offers an alternative to the MetaTrader software – cTrader. It is an ideal solution for more sophisticated traders who look for advanced trading capabilities such as fast entry and execution, coding customization as well as greater market transparency.
Pepperstone’s platform matching engine support lightning-fast execution speeds – most trade orders by Australian clients are filled in less than 30ms, while most orders by UK clients – in less than 60ms.
Pepperstone’s real execution speed was recorded at 85ms, one of the fastest forex brokers we have tested (see the graph below). By comparison, Blueberry Markets can’t boost institutional quality execution speeds.
Access to Forex VPS hosting service – clients can get ultra-low latency times of about 1 ms. The service is free-of-charge in case of traders meet Pepperstone’s minimum monthly trading volume (15 Standard Lots);
Blueberry Markets’ clients can access to VPS hosting service – free-of-charge in case clients trade 10 Standard Lots per month.
Pepperstone steals the spotlight as unlike Blueberry Markets, it offers more sophisticated trading tools and features, third-party tools, offers to trade with the cTrader platform and last but not least it has institutional quality execution speeds. Click the button below and drive test Pepperstone suite of trading platforms.
Pepperstone offers disproportionately more tradable instruments across several asset classes compared to Blueberry Markets. With Pepperstone, clients can access over 180 financial instruments, while at Blueberry Markets they can choose from over 50 trading instruments.
Currently, Pepperstone offers a total of 66 major, minor and exotic currency pairs, accessed via three powerful trading platforms, while Blueberry Markets offers 44 major, minor and exotic Forex pairs, accessed via two platforms.
Disclaimer: CFD trading involves a high risk of losing capital rapidly as high leverage ratios are used. Clients need to be completely aware of how these derivative instruments work before they start trading them on a live account.
The range of tradable CFDs at both brokers includes:
We should note that both brokerages have not included CFDs on Futures or Bonds in their product lists.
*NOTE: Under new FCA guidelines, UK retail traders are no longer able to trade cryptocurrencies.
Overall, Pepperstone provides +115 more CFD trading opportunities that can’t be found with Blueberry Markets. Their CFD offering surpasses many brokers, not just Blueberry’s. If you’re looking for a 1-stop shop solution for all your trading needs, you’re likely to be impressed with the diverse list of trading instruments offered by Pepperstone.
In terms of customer service, both brokers can be contacted via 3 main means of communication. To get in touch with the customer service team you can choose between:
Pepperstone also provides a toll-free number for Australia-based clients (1300 033 375).
Melbourne-based Pepperstone provides support service to its client base 24 hours per day 5 days compared to the 24/7 customer support service offered by Blueberry Markets.
Pepperstone’s live chat option is highly recommended as we managed to contact a representative from the brokerage in less than 30 seconds and received punctual, adequate answers to all of our queries.
Additionally, Pepperstone has been given the top award for:
Trustpilot star rating gives 4.9 stars out of 779 reviews for Blueberry Markets compared to 4.3 stars out of 728 reviews received by Pepperstone.
In terms of educational and research materials, Pepperstone has provided extensive and well-structured content on its website, while, for the time being, Blueberry Markets does not offer any trading education-related materials.
Pepperstone’s educational material may be of significant value to inexperienced traders. Below, we’re going to outline a few of Pepperstone’s education and analysis material:
In comparison, Blueberry Markets offers a subscription-based trading tips service, known as the Blueberry Jam, and it also provides a well-thought-out blog featuring the latest financial news as well as FX analysis on current trends. Yet, the entire content there is with a sole informational purpose and should not be taken as investment advice.
Overall, both forex brokers offer educational material for free. However, Blueberry Markets lacks the Forex tutorials needed for beginners, but it’s fully packed with market analysis (Forex chart of the day). On the other hand, Pepperstone offers a multitude of trading services all under one roof.
Pepperstone requires a minimum deposit of AUD 200 or currency equivalent for all account types offered, while Blueberry Markets requires a minimum deposit of $100 for the Standard account type and a min. deposit of $1,000 for the Professional account type.
When it comes to base account currencies allowed, with Pepperstone clients can deposit in 10 different currencies (AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD), while with Blueberry Markets – in 7 different currencies (AUD, USD, CAD, GBP, NZD, SGD, EUR).
Deposit and withdrawals will incur no fees with both FX brokers. Another advantage is that both brokers will not charge you an inactivity fee even if your account balance reaches USD 0 or you’re not trading for a prolonged period.
Additionally, there is no shortage of account funding methods with both brokerages. Pepperstone and Blueberry Markets offer their clients convenient ways to deposit money in their trading accounts.
For example, Pepperstone allows the following payment options:
In comparison, Blueberry Markets allows clients to fund their live trading account by using the following payment options:
Overall, both forex brokers support free-fee deposits along with the most popular payment options. The process of funding your trading account works the same with both forex brokers. Even though Pepperstone supports slightly more digital wallets options, this is not a deal-breaker as both brokers equally share the most popular funding options.
Pepperstone is fully compliant with strict regulatory standards of some of the most notorious Forex authorities worldwide. Therefore, it can be considered safe. Pepperstone and its corporate arms are authorized to conduct online Forex and CFD trading business and regulated in the following jurisdictions:
Additionally, Pepperstone’s international operations are handled by Pepperstone Markets, a company regulated by the Securities Commission of the Bahamas (SCB).
Meanwhile, Blueberry Markets is an online broker operated by Eightcap Pty Ltd, an entity holding an Australian Financial Services License (AFSL number: 391441) and regulated by the Australian Securities and Investments Commission (ASIC).
In addition, Eightcap Global Ltd, based in Port Vila, Vanuatu, handles Blueberry Markets’ international operations. It falls under the regulation of the Vanuatu Financial Services Commission (VFSC). Apparently, Blueberry Markets does not yet have a top-tier regulatory license from a reputable European regulator such as the FCA, FINMA or CySEC.
Both brokers assure that they keep client funds completely segregated from their own corporate accounts at top-tier Australian financial institutions, which reduces the risk for clients to become victims of a scam.
As part of that regulation, your money is held in a segregated trust account with the National Australia Bank (NAB) separate from company funds.
Still, we should note that both brokerages do not have a negative balance protection policy. This means retail clients will have to employ solid risk management and use all the tools available on the brokers’ trading platforms to protect their positions against unexpected shifts in Forex market sentiment.
In terms of regulatory status, while both brokerages are regulated brokers, Pepperstone clearly outpaces Blueberry Markets. Fully licensed by tier-one regulatory bodies across the globe, Pepperstone has more credibility. The broker’s longevity (founded in 2010) also speaks volumes for the type of trading services you’ll receive.
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.
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