The financial market works with two primary entities, traders and financial service providers. There are sundry firms around, and one such firm is Blueberry Markets. But, Is the broker right for you? Is the broker scam or safe? You need to know everything about the firm before getting started as your choice reflects your profit size. One wrong decision can risk your hard-earned money. Hence, we have presented the unbiased review of this firm, including pros, cons, features and tools.
Is Blueberry Scam or safe?
Blueberry is regulated by multiple random and local jurisdictions which makes the whole system pretty gruesome and chaotic. This creates ambiguity and suspicion on the safety of trade with the broker. Thus, your money can be at risk with the firm. At the same time, the broker lacks some additional security features which are essential to protect the sensitive information and data of the trader.
Recognitions and awards
Awards and recognitions reflect the trading standards and quality of service of a broker. They enhance the confidence and also attract a large number of traders. Many renowned firms have mentioned their achievement on the official website. However, when we checked the Blueberry Markets website, we found that it did not mention these recognitions. It gives rise to the questions: Are the broker’s platforms and features up to the mark? And Are they efficient enough to enhance the trading stands and potential profit?
The market and trading instruments available with the broker are limited. By roughly scrolling the broker’s website, we found that the broker offers only currency pairs. After searching deep, we found that it provides trading on just 50 assets, including forex, commodities, metal and indices. this seems a quite unreasonable number and can restrict the trading opportunities.
Moreover, cryptocurrency trading is still beyond reach. The virtual coins are one of the common and most popular options to maximise gains still the broker does not find it relevant to incorporate it in its trading portfolio. It is high time the broker should work on its weak areas to stand in the tough competition with other brokerage firms.
The minimum deposit required to open a trade with the broker is $100 for the standard account and $1000 for the professional account. Both these amounts are too high. There are various firms which provide trading on $0. Once a trader can pay $100, but $1000 is beyond reach for a regular trader. The broker should mitigate its trading fees to reach every corner of the world with its affordable range.
The range of the commission fee charged by the financial service provider is $0 to $7. Also, traders should keep overnight charges into consideration. It is also known as rollover rate, which is charged for holding trading positions open overnight, particularly in forex trading.
Types of trading account
The brokerage firm offers three different types of trading account: professional account Standard account and demo account. There is no information about the Islamic trading account on the website of the broker.
1) Standard account: The minimum deposit of this account is as high as $100. Also, the spread on this account starts from 1pip.
2) Professional account: Trading on the broker’s professional account is not easy. You require to pay the high minimum deposit of $1000 plus $7 as a commission fee. It makes the account hard to afford.
3) Demo account: Broker offers demo or virtual trading account but for the limited time that is 30 days.
A potential investor must always do deep research about the market about speculative trading and market fundamentals before entering the real trading world.
Trading success and confidence depends entirely on the understanding and knowledge of the financial market. Hence, the brokerage firm’s research tools act as an integral part when selecting the right firm to trade with. But, Blueberry Markets does not offer any research tools for investors.
Training and education
Before entering real market trading, a potential trader requires a deep understanding of the financial market concepts, trading techniques and all possible information needed to succeed in commodity and forex trading. Blueberry’s official website itself does not offer enough tools. The trader should try to explore other means and informative websites to get the required knowledge.
The broker should pay heed to this area as many neophytes and experienced traders demand articles, videos, webinar, FAQs, courses and tutors as they are the only medium to enhance their skills.
Cons of Blueberry Markets Review
1) Does not accept investors from the United States
2) Trading on cryptocurrency not allowed
3) No tools for research
4)Education material is available but not up to the mark
5) No withdrawal charges within Australia
6) No negative balance protection
7) Official website needs certain improvements
8) Demo account available for just 30 days
9) For standard account the spread examples are complicated
The Bottom Line
Blueberry Markets Broker Review has been working in the market for four long years still there are certain areas which the broker has not improved. To stand in this tough competition, it requires to pay heed to its high fees, commission, limited tradable assets, lack of research tools and limited educational material. It is regulated but does not offer protection against a negative balance. We suggest going through the review of various other advanced brokerage firms and then compare them with Blueberry Markets Broker Review to reach the right decision. Do not risk your hard-earned money without examining the firm. You can opt for some advance firms such as PrimeFin, T1markets, Global TradeATF, Brokereo, Tradersway, and others.
Frequently asked questions
What is the minimum deposit of Blueberry Markets?
The minimum deposit accepted by the financial service provider to open a trade is as high as $100.
Which tradable products the broker offers to its clients?
The financial service provider provides trading on just 50 assets, including forex, commodities, metal and indices. Cryptocurrency trading is not available with the broker.
What are the cons of selecting Blueberry Markets?
Some cons of the firm are:
1) Trading on cryptocurrency not allowed
2) No tools for research
3)Education material is available but not up to the mark
4) No withdrawal charges within Australia
5) For standard account the spread examples are complicated
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