Reviews

Blueberry Markets Review 2023 - The Good and the Bad

By Stefano Treviso, Updated on: Apr 07 2023.

Blueberry Markets in a Nutshell

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Blueberry Markets in 60 seconds

• Tight spreads on currency pairs (eg: 0.1 Pips on EUR/USD)
• Two account types: Standard (with regular spreads) and Direct (with raw spreads and $7 per lot round turn commission)
• Around 300 tradable instruments with the ability of enabling your own free Forex VPS (Virtual Private server)

Blueberry Markets is a young Australian broker founded in 2015 offering CFDs on all the basic asset classes with competitive low spreads.

Blueberry Markets Full Review

Blueberry Markets is an Australian broker founded in 2015 that specialises in Forex trading. Here’s what we’ll talk about during our review: 

• Is Blueberry Markets Safe?
• Blueberry Markets Minimum Deposit and Withdrawal
• Blueberry Markets Account Types
• Blueberry Markets Trading Fees
• Blueberry Markets Available Assets
• Blueberry Markets Trading Platforms
• Blueberry Markets Research and Analysis Tools
• Blueberry Markets Educational Tools
• Verdict

Is Blueberry Markets Safe?

Blueberry Markets is a reliable broker. A very positive point is the fact that we had the privilege to have a call with several of their team members and their CEO before reviewing them to ask several questions and evaluate them.

Moving on to the specifics of why we consider them a safe broker, let’s discuss their regulatory standing. Blueberry Markets is licensed by two financial regulators:

• ASIC (Australian Securities and Investments Commission)
• SCB (Securities Commision of the Bahamas)

A great advantage for this young challenger broker is definitely counting on an ASIC license as it holds great reputation and value.

Another very healthy indicator was our overall scan of user reviews across the web in several forums where traders share their opinion and definitely Blueberry Markets is living up to its promise of outstanding customer service.

Blueberry Markets Minimum Deposit and Withdrawal

Blueberry Markets has a minimum deposit of $100 (or equivalent) for all its account types and they do not charge either deposit or withdrawal fees. Their current deposit and withdrawal methods are:

• Debit and Credit Cards (Visa or Mastercard)
• Bank wires
• Neteller
• Paypal
• Skrill
• DragonPay
• USDT (Cryptocurrency)

A very positive point for Blueberry Markets is definitely allowing USDT deposits as this attracts a very particular audience of cryptocurrency investors that wish to experiment in Forex without having to exchange their USDT for fiat first.

Base Currencies

Now that we discussed how much and how can it be deposited or withdrawn, let’s talk about the account’s base currencies:

Blueberry Markets supports the following base currencies:

• United States Dollar
• Canadian Dollar
• Australian Dollar
• Euro
• Singapore Dollar
• New Zealand Dollar
• Great British Pound

Having many choices in terms of base currencies is great, as it allows traders from different countries to avoid the loss in conversion fees every time everything is handled in USD or any other major currency alone.

Deposit & Withdrawal Process

Blueberry Markets does not offer an integrated solution for trading and funding in the same place (as they’re a MetaTrader broker). To solve this problem they have a separated client area which can be accessed through the homepage. Here's how it looks:

Through this client area, any user is able to manage their accounts, transfer funds between them, deposit or withdraw funds, create reports of their trading activity and contact Blueberry’s support team.

Blueberry Markets Account Types

Blueberry Markets offers two different accounts: Standard Account and Direct Account. Let’s go over the main differences between them:

Other features such as minimum deposit, leverage, minimum trade size or available instruments are the same for both accounts so they’re not worth mentioning.

The difference in plain english between both accounts is that the Standard account has the classic markup on the spread and the Direct account offers Raw spreads with a fixed commission. 

For high volume forex traders, the Blueberry Markets Direct Account makes sense as it will provide great value in the long term.

Blueberry Markets Trading Fees

Blueberry Markets charges spreads (depending on the asset and the account type) and overnight fees on leveraged positions.

Spreads

BlueBerry Markets offers extremely competitive spreads in Forex, being the area where they specialise. Let’s compare them against a few similar brokers:

Clearly, Blueberry Markets has the edge when it comes to Forex trading against their similar competitors.

Commissions & Fees

Blueberry Markets does not charge any of the below fees:

• Inactivity Fees
• Deposit Fees
• Withdrawal Fees
• In-and-out commissions (with the exception of their Direct account)

In the particular case of their direct account, they do charge $7 per lot. Let’s compare them against other similar brokers that offer Raw spreads accounts:

Blueberry Markets Available Assets

So far during our review, we came to the conclusion that Blueberry Markets strongest selling point is their low spreads on their Standard account (0.1 Pips) and their Direct account with a $7 per lot commission. Now, when it comes to asset offering, that’s where we’re definitely feeling the lack of variety.

Blueberry Markets offers approximately a little more than 300 tradable instruments which of course, compared to their competitors is a low figure.

Clearly, Blueberry Markets is designed for professional Forex traders looking to take advantage of their low costs, but when it comes to stocks or other assets, there are many better options out there.

Blueberry Markets Trading Platforms

Blueberry Markets is a MetaTrader 4 & 5 broker. Currently they offer the possibility to trade with them via:

• Their own web trader which loads the web version of MetaTrader 4 or 5
• Downloading the native MetaTrader 4 or 5 desktop applications
• Downloading the native MetaTrader 4 or 5 mobile applications for Android or IOS (iPhone)

Here’s an overview of Blueberry Markets webtrader:

Here’s an overview of Blueberry Markets mobile MT5 platform:

A very interesting point to note is that Blueberry Markets also offers a free forex VPS (Virtual private server), which is a great solution for professional traders looking to host their MetaTrader in Blueberry Markets servers to ensure there is no latency upon execution.

There’s not much sense in reviewing MetaTrader 4 or 5 inside our Blueberry Markets review as both platforms are the most popular generic platforms available and there won’t be any noticeable differences when using them across different brokers yet, what we’re definitely going to do is point out some peculiarities we found when going through the customer journey of Blueberry Markets:

Creating your first Blueberry Markets platform account

When creating your first real or demo account with Blueberry Markets, you’ll receive an email that looks like this:

Be extremely careful with this email and write down all the data from your account (especially the master password) somewhere safe as you if you lose it, you won’t be able to reset it yourself!

A little disadvantage of Blueberry Markets is that some actions that are usually simple and self-executable in the majority of brokers become dependent on their customer support department.

To create new accounts, reset your password or successfully change the leverage, you’ll always require an interaction with their customer support.

Changing Blueberry Markets account’s leverage

Blueberry Markets provides the ability of changing your account’s leverage upon request. To do so, bear in mind you won’t be able to accomplish it inside both mobile or web trading platforms. You must log in to your client area and on each account, you’ll see your leverage factor specified with a little icon to change it.

Once you select your leverage, you’ll be able to submit the request for the approval on their side with any comments you wish them to read as well.

Blueberry Markets Research and Analysis Tools

When it comes to analysis, Blueberry Markets provides the following services:

• Market news and Analysis: a service where they provide blog articles and a daily youtube video analysing the most traded assets such as major currency pairs or commodities.
• Week ahead analysis: a service where they review what will happen in the next week ahead to the most traded assets on their platform.

When it comes to research, Blueberry Markets provides only an Economic calendar which is a great tool for currency traders yet, sadly, we can’t consider it a proper research tool as it doesn’t have any filtering options but rather just displays what is coming this week and allows you to change to the next week.

We’d love to see some more effective options for researching assets in Blueberry’s offering.

Blueberry Markets Educational Tools

Blueberry Markets provides educational tools in two formats:

• Blog Articles
• Video tutorials

In their own website, they provide forex trading courses for levels beginner, intermediate and advanced in the form of text.

On their youtube channel they provide the same courses in video format along with some very helpful MetaTrader 4 and 5 tutorials for beginners.

Their educational offering, while it's not comprehensive or packed with life-changing resources, serves the purpose of guiding a new customer through their first steps when trading with them.

Verdict

Blueberry Markets is a great choice for beginner, intermediate and professional forex traders. Their biggest advantage is definitely their low spreads on currency pairs such as EUR/USD with 0.1 Pips (0.00001) and the ability to deploy your own free forex VPS. On the negative side, Blueberry Markets needs to improve their account management process to provide a smoother and more integrated experience where customers are not dependant on customer support for simple actions such as:

• Adding new accounts
• Recovering lost passwords
• Changing leverage factors

When it comes to anything other than currency trading, there is a lot of work to be done for them as their current asset offering is very limited when compared to similar brokers.

In conclusion, Blueberry Markets is a still young company with a good track record and steady growth in their area of expertise (FX Trading). For currency traders of all levels it’s definitely a great choice worth considering.