Hi there,
So I recently switched to bluberry markets from ICmarkets. Reason being as IC markets does not allow me to trade 500:1 leverage anymore.
What is the general opinion on blueberry markets?
They use the metatrader platform instead of the ctrader and flamingo linked this youtube video explaining how brokers using the metatrader Platform can manipulate entries and exits.
HOW FOREX BROKERS SCAM YOU!? MT4 DEALER PLUGIN
Blueberry Markets being an off shore broker, I was wondering should I be concerned?
it’s one of those (rare!) terribly simple, black-and-white issues: either your account with them is ASIC-regulated (in which case you don’t need to be concerned at all) or it isn’t (in which case don’t touch them with a barge-pole)
they (understandably) make a misleadingly big deal out of being ASIC-regulated to attract customers, and then typically give them accounts “regulated” in Vanuatu (from the customer’s perspective, that’s just another way of saying “unregulated”, of course)
you need to verify this with them, in writing (live chat of which you’re sent a copy by email will do) before sending them money
So they just gave me the response that all of their users outside of australia have trading accounts regulated by VFSC or Vanuatu.
So I should definitely steer away from them?
well, i wouldn’t touch them, myself … i do appreciate that that’s unhelpful to you, and i’m sorry about that, but to anyone with any experience in the industry, “Vanuatu-regulated” and “unregulated” mean the same thing, namely that you’ll have no protection and no rights in the event of a dispute or a claim that your account’s been manipulated
what’s the real problem, here? is it that you want to use higher leverage than any properly regulated broker will allow?
in which case where do you live?
if that is the situation, then you might perhaps have a look at Roboforex? they have 2 different companies, roboforex.com and roboforex.org; i think one is properly regulated, the other certainly isn’t and allows very high leverage - the company says openly that it does not “target” EU, EEA and UK residents for account opening, but in reality they will allow residents of those countries (and anywhere else, i think) to open high leverage accounts with them, if you approach them and ask; it will still not be a properly regulated account, of course, but maybe with a better company
i suggest it not as any kind of recommendation (and i have never used them, myself) but simply in the personal belief that they’re a better and more reliable company than either IC or Blueberry, and certainly their reputation in the industry is better, and if the reality is that you’re going to end up (temporarily, i hope!) gambling with a low-capital, high-leverage account anyway, you might be safer with Roboforex than elsewhere … don’t quote me on it, please!
Thank you for tue in depth explination.
Roboforex is a broker I looked into prior to oening an account with blueberry markets and they do indeed allow 500:1 leverage for non professional users.
The only issue was that their ratings on trust pilot are something like 2.7. With many people claiming they were scammed.
So why exactly are you saying this broker offers more trust than blueberry markets?
i see - i’ve never looked at TrustPilot reviews of forex brokers, for two reasons really: (1) everyone tells me it’s not too difficult for them to get bad ones removed (maybe Roboforex are too honest to do so?) and (2) everyone tells me that bad ones are commonly sponsored/paid for by competitors (i don’t find that at all hard to believe)
i may be wrong, of course
i’ve never used either and am giving general impression only - if you really trust Blueberry more, don’t let me stop you trying them
if it helps (which it may not, and maybe perfectly legitimately and understandably, too!), in one of the places i worked, not many years ago, one of my colleagues (he worked in “compliance”, i was just a trader) had been seconded there for a year from his main job at the FCA, where he’d worked for a long time, and i know that his impression of Roboforex was about as good as anyone like that could have of a high-leverage broker
this is, of course, only a second-hand and maybe even slightly out-of-date “impression” from someone you don’t know at all, posting anonymously in a forum, and nobody could or should blame you if you choose to ignore it completely - i’m just sorry not to be able to offer you anything more reassuring than that!
Rememeber that leverage is your friend and think about it, do you really need a high leverage like that ?
I used them Blueberry in the past, but i run into some trouble when they did change/upgrade their interface, i cut no longer login and i cut not get a new password so a long story short, i moved and thx to blueberry, today i only trade funded accounts (and i also use another broker)
