I want to hear some honest views from forex traders, especially those who already have traded with the Blueberry, an Australian broker before. The reason being that I have mixed feelings about this broker. Yet, I like other things about it.
You see! I have been testing their demo account for a month now. At first, I found that this broker has excellent communication with the clients. For example, it responds very fast, and calls clients to discuss some future prospects with it.
However, first, I also saw that this broker has crazy unfixed spreads, which keep fluctuating. It affects, where you want to set your stop loss, place your order entries, etc. For example, you are requested to add about 30 pips to your original planned SL or entry position. Perhaps, this is a normal way, which some firms use to make money, but it feels weird.
Second, I also saw that the slippage is weird because it’s too often. I think that brokers don’t control currency volatility. Yet the slippage with this broker was abnormally too much.
Third, I also tested this brokers margin call and stop out. I deliberately set my trade in the opposite direction so that I can lose. I lost about -$105 as I watched the trade. During this period, this broker never sent me any margin call notification of any kind, and it didn’t even automatically close me out after blowing my $100 account. I think that this broker’s behaviour could wipe out my entire account. I know that as traders, we must be responsible to check our accounts, and not wait for a margin call. Yet, I wanted to know how safe my account would be with this broker just in case. I felt disappointed because I really liked other things about this broker.
So, give me your honest views just in case I over judged this broker.