Blueberry Markets Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Blueberry Markets Review.
Blueberry Markets Review
Blueberry Markets offers two account types: Standard Spread & Raw ECN. Both are accessible with just $100 initial deposit, offer leverage up to 1:400 and micro tradable lots. The difference between them is that the Standard account is commission free, while the Raw ECN one offer significantly lower spreads due to the ECN environment, and involvs a commission.
The Company. Security of Funds
Blueberry Markets is a newly-established NDD broker that strives to provide low spread and a high level of client service in order to allow its clients freedom to focus on their trading.
It offers online trading in a number of currency pairs and various CFDs on the most popular platform in the forex industry – MetaTrader 4. It serves institutional and retail clients alike.
The company is formed by former AxiTrader executive Dean Hyde. Blueberry Markets is an Authorized Representative of EightCap Pty Ltd., which operates the EightCap forex broker. It is licensed by the Australian Securities and Investments Commission (ASIC) in Australia.
Australia has become a famous forex hubs due to the favorable conditions for both brokerages and traders: the FIFO rule is not applicable, and there is no leverage cap. In order to ensure the security of the financial services sector, however, ASIC applies certain rules and requirements to license holders. These include the minimum capital requirements and the clients’ money rule: Client funds must be kept in segregated trust accounts (separated from the companies operating funds), and forex brokers must hold at least $ 1 million as a proof of good financial standing. What is more, client funds must be kept in segregated accounts and regulated entities have to report to the commission on a regular basis.
Probably the most important ommission in the Australian FX broker regulation, is that it does not include a compensation scheme in case a licensed company becomes insolvent.
For more ASIC-regulated brokers, click here.
Trading Conditions
The trading conditions offered by Blueberry Markets appear to be quite good: $100 minimum initial deposit and leverage levels up to 1:400 provided, plus tight spreads. In comparison, AxiTrader, which is regulated by both ASIC and UK’s FCA, also provides leverage up to 1:400, and has set no minimum initial deposit requirement.
Average Spreads & Commissions
Blueberry Markets offering competitive variable spreads. The ones on its on its commission-free account range from 0.9 to 1.6 pips for the EUR/USD pair, which is average. Spreads on the Raw Commission account are dramatically lower, starting from 0.0 pips, the typical ones on the EUR/USD being around 0.5 pips. If we add the commission applied ($7 round turn), average trading costs per lot for this currency pair amounts to 1.3 pips, which is a good pricing.
In comparison, AxiTrader offers spreads averaged 0.2 pips on EUR/USD + commission $3.50 per standard lot per side on its ECN accounts, while the typuical spreads on its commission-free accounts amount to 1.2 pips for this pair. For further information, you may check out and compare real-time spreads of 15 leading brokers here.
Trading Platforms
With this broker investor can trade forex, commodities and indices CFDs through the most popular MetaTrader 4 (MT4) platform. MT4 is available as a desktop download and, along with mobile trading apps, a web trader is also accessible at Blueberry Markets.
MT4 provides all the tools and resources a trader needs: a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisers (EAs) and extensive back-testing environment. EAs allow full automatization of trades, so traders may sit back and let the program do all the work.
VPS Hosting is also available with Blueberry Markets. VPS is a hosted server that allows MetaTrader 4 terminals to run seamlessly, 24 hours a day whilst the FOREX Market is open. This is particularly useful for those who use automated trading strategies (Expert Advisors).
What is more, Multi Account Manager service are also offered through the MT4 by this broker. The Multi Account Manager (MAM) tool is integrated MT4 platform and allows the trader (money manager) to place one trade which is duplicated across linked accounts.
The broker has also made some extra tools and features availavle to its clients: Autochartist – a market scanner, based on support and resistance levels, which also includes performance statistics on previous forecasts; FX Navigator powered by TraderMade – a subscription-based charting tool and technical analysis workstation.
Besides, clients of Blueberry Markets are able to select among several advanced social trading options: Myfxbook Autotrade, Signal Trader and ZuluTrade.
Promotions
By the time of writing this review, Blueberry Markets offers a Refer-a-friend bonus. If an existing client refers a new trader that deposits more than AUD $1000 (or equivalent) and trades at least 5 standard FX lots, the broker will deposit AUD $100 (or equivalent) into the trading account of the referring client.
Methods of Payment
Blueberry Markets offers its clients a variety of deposit/withdrawal methods, including credit/debit card, wire transfer, POLi and Skrill, among others.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Blueberry Markets Review Conclusion
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