Blueberry Markets is an Australian regulated and operated broker.– regulated by Australian Securities and Investments Commission. This means Australian traders are welcome with this broker, as well as traders from many other countries in the world. The broker relies on the Metatrader 4 platform, as many others, however, for some reason fails to deliver the web platform. This is one of the cons in this Blueberry Markets Review. Pros are definitely regulation and professionality.
Account Features
There are 3 basic account types with Blueberry Markets.
Blueberry Markets Demo Account
- 30 days testing and trading without risk for your money
- $50000 virtual money balance
- Max 1:500 leverage
- All tradeable instruments
Blueberry Markets demo account will stop functioning after 30 days, but traders can contact the broker to get extension. We like the amount of virtual $$$ that is available for trading on the practice account, as Blueberry Markets call their demo account. This is more than with comparable brokers, however others do not set the 30-day limit.
Blueberry Markets Standard Account
- Minimum $100 deposit
- Spreads from 1 pips
- Up to 1:500 spread
- MT4
Looking at the standard account with Blueberry Markets, one really has to think this is not a bad deal. The spread is really ultra-tight for such account. 1pips is usually seen with better accounts or even ECNs with other brokers – and not with the basic offer. The minimum deposit is also on the lower range meaning easy entry for every trader.
Blueberry Markets Professional Account
- ECN account
- From 0 pips spreads
- Min $2000 deposit
- All assets
- Max 1:500 leverage
- $7/lot round-turn commissions
The top account with Blueberry Markets is the Pro account – no spreads and nice low commission that is very competitive when compared with the rest of the industry. The minimum deposit of $2000 for such account is a standard meanwhile so here too Blueberry is in line with the competition.
Trading Software & Assets
As mentioned in the introduction, Blueberry Markets relies heavily on MT4 platform, which is nothing new, however, we were a bit disappointed we were not offered a web based trading terminal. The issue was not so much the lack of options but the fact we are using a Mac computer and the broker gave us a Windows executable which we cannot run. So, we were expecting a web trader to continue testing the platform, but could not find it mentioned on the website. This might be a problem for many beginners and small traders, which in our opinion stood most to benefit from Blueberry Markets offer.
This brings us to the asset list. In total, we counted a bit more than 40 currency pairs, 8 indices, 2 metals and 2 types of oil (WTI/Brent) to be used as underlying assets for the CFDs offered by the broker. For beginners, this is more than enough and for those who focus on forex market only, it should be fine too, however, customers who like bond markets and shares are being left behind. We take it those are more professional traders.
Support Information
The Blueberry Markets website is available in English. There is a link for Polish translation which does not work and takes us to an empty page. So, for now only English speakers will be able to navigate the website. The live chat is also available in the lower right corner.
All customers can also call on the two phone numbers provided for Australia and the UK.
To test the support, we asked about the Mac – MT4 issue we mentioned in the previous chat and immediately got a response – it was that the web-trader is not available but that we can get MT4 for Mac, and even got the link provided explaining how to install.
Banking & Company Information
Blueberry Markets has the pretty low minimum deposit requirement of $100, which we mentioned is pretty competitive. While we do not really think this is enough to start a serious portfolio, it is god for keeping account liquidity without much strain to personal finances if necessary.
All traders will need to verify the account as it is always required with Forex brokers. One twist with Blueberry Markets is that there are two options – one is the standard compbo of the utility bill and the photo ID, alternatively a second option is available – 2 photo IDs.
There are 5 ways to deposit
- credit cards
- debit cards
- wire transfers
- Skrill
- PoliPayment
This is not an impressive list of options, most brokers have more options than that. The deposit fees are listed on the website and range from 1.8% for credit cards to 4% on Skrill. Poli Payment seems to incur no fees.
Withdrawals are processed in 24 hours, as expected.