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Blueberry Markets Review

Blueberry Markets Review: Is Blueberry Markets a Scam Broker?

Blueberry Markets is an Australian broker offering more than 300 instruments for trading. It promises spreads as low as 0.00, zero commissions in some account types, and 24/7 customer support.

These are quite impressive features especially for day traders, but you never trust brokers by what’s written on their websites and adverts. That’s how you get scammed.

If you have been tricked by a broker who promised magnificent offers but ended up stealing your money, there is still a chance for a remedy. Book a free consultation session today, share details of your ordeal, and get guidance on how to recover your money.

In this Blueberry Markets review, we assess the broker’s features compared to what trusted brokers offer. We also highlight any suspicious activities and alert you of any scam activities that the company may have been carried out in the past.

Blueberry Markets Review: An Overview

Founded in 2016, it is barely five years old in the market. Blueberry Markets is a trade name owned by Eightcap Pty Ltd, a company registered with the Australian Financial Services License (AFSL). The parent company also runs the website – blueberrymarkets.com.  

Blueberry Markets indicates Sydney, Australia as its headquarters and is registered with the Australian Securities & Investments Commission (ASIC) and the Securities Commission of The Bahamas (SCB).

You can trade a range of over 300 instruments through the broker, including currencies, commodities and metals, indices, share CFDs, and Crypto CFDs.

Blueberry Markets awards

During its brief existence, the broker has made quite an impact in the market, priding itself on serving over 30,000 traders. It is, however, not clear if the 30,000 is the number of active traders or the total number of traders that have ever registered with the broker. Our guess is the latter.

The broker has been nominated for various awards and was a finalist in the 2020 and 2021 in the “Best Online Customer Service” category.

Types of Accounts 

Blueberry Markets account types

There are two types of Blueberry Markets live accounts: Blueberry Standard Account, and Blueberry Direct Account. 

The major difference between the accounts is that the Standard account charges spreads that start from 1.0 pips without commissions, while there are no spreads in the Direct account, but you will be charged a commission of $7.

The spreads and commissions are quite high compared to market averages. Some of the competitors within the same region have spreads as low as 0.01 pips and charge a $3.5 commission.

Beyond spreads and commissions, the accounts have the same features which include:

  • Minimum deposit: $100
  • Maximum Leverage: 1:500
  • Minimum trade size: 0.01
  • Trading Platforms: MT4, MT5, Webtrader

If you are a beginner, you can open a demo account to practice on as you learn how to trade. The broker will load the demo account with $100,000 virtual funds which you can use to trade risk-free. Demo account users can also access learning materials.

For both demo and live accounts, traders get dedicated account managers to guide them through the trading experience and handle queries.

Depositing and Withdrawal Processes

Scam brokers often abuse the depositing and withdrawal processes to steal money from clients. Such a broker will make it easy for you to deposit money and even guide you on how to make some profit. 

At this stage, they do not ask for your personal details or documents. However, once you submit a withdrawal request, you will be given a long list of requirements that you need to fulfill before you can get your money. Many traders give up at this stage and lose their money. 

But if you get through this tedious verification process, the broker may introduce fees you were not made aware of during registration.

Blueberry Markets has clear deposit and withdrawal processes. You can deposit through Visa/MasterCard, Skrill, fasapay, Bank Wire Transfers, and POLi Payment. The broker does not charge any withdrawal fees. However, some banks may charge you transaction fees.

When withdrawing, you choose a base currency that you can easily transact in your territory.

Licenses, Registration, and Regulators

Blueberry Markets is licensed and regulated by the Australian Securities and Investments Commission (ASIC). ASIC is one of the most reputable regulatory agencies in the world alongside the United Kingdom’s FCA. Commodities Futures Trade Commission (CFTC) and the National Futures Association (NFA) of the United States, and CySEC of Cyprus are also globally recognized regulatory agencies.

These regulators are ranked high because they enforce rules that protect the trader, making it difficult for scam brokers to con traders. For instance, Blueberry Markets is obligated by ASIC to deposit client funds in a designated account in the National Australia Bank. This requirement is supposed to make it difficult for the broker to misappropriate money from traders.

Blueberry Markets is also licensed by the Securities Commission of The Bahamas (SCB). Having multiple licenses allows a broker to offer its services in more territories. This is not a clear indicator of their trustworthiness, though.

In this case, the SCB license may allow Blueberry Markets to operate in the Caribbean region. However, it does not confer traders with similar protection as ASIC. This may leave traders from outside Australia quite vulnerable in case of misconduct from the broker.

Blueberry Markets Scam Signals

If you think Blueberry Markets is legit after reading what’s above, then gear up for some facts that will shock you. Let’s start with some complaints from Trustpilot:

Customer Complaints

There’s a lot that you can learn from an actual customer. Here are some emotional complaints against Blueberry Markets in Trustpilot:

Blueberry Markets scam
Stop hunting and widening of spreads

Linked to Another Scam Forex Broker

There’s an interesting tactic that scam forex brokers are currently using—once they get a huge number of scam complaints, they change their company name and start over as a new “squeaky clean” broker. A good example is 24option, which changed to InvestMarkets.

The same thing is happening with Blueberry Markets, which is a reincarnation of Eightcap, a notorious scam forex broker. For example, Eightcap was all over the news for making traders lose hundreds of thousands of dollars. There were so many other complaints about this broker on reputable websites.

Right now, it’s operating as Blueberry Markets and attracting all sorts of unsuspecting traders using this old tactic.

Regulation Issues

The ASIC regulation is strong. This gives some form of safety for people trading in Australia.

Apart from that, there’s no other strong regulator who oversees Blueberry Markets. It’s not regulated in countries like the UK or the US where there are strong laws against fraud. Why? Most likely because it does not stand the anti-fraud test.

Blueberry Markets is a Scam 

Based on its business practice, customer reviews, and links to Eightcap, it’s clear that Blueberry Markets is a scam. Additionally, Blueberry Markets’ spreads and commissions are quite high compared to competitors in the same region.

If you were charged fees or commissions that were not indicated when you opened your account, that’s clear misconduct. And if you were scammed by Blueberry Markets or any other scam forex broker, contact Trader Protection to get FREE expert guidance on how you can recover your money. Besides a free consultation session, you may qualify for a no-win, no-fee service.


Alan Tepfer

Alan Tepfer has been a pioneer of funds recovery for the victims of online trading scam victims for almost five years. His experience in chargebacks, online trading, and banking spans for close to a decade.

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