Blueberry Markets review: ECN forex and CFD broker
Low FX spreads and commissions on global currencies, commodities and indices.
Blueberry Markets is an Australian online forex broker that has earned a reputation for having top quality customer service and low spreads starting from 0.0 pips. It offers 44 currency pairs, commodities trading in gold, silver and crude oil and CFD trading in nine global indices.
- Offers 44 currency pairings
- Spreads as low as 0.0 pips
- Quality customer service
- Demo version available
Not so great for
- CFD share trading requires monthly subscription
- Limited commodities offered
- No direct share trading
About Blueberry Markets
Blueberry Markets is an online forex and commodities broker headquartered in Sydney, Australia. Having launched in 2016, it specialises in global currencies, metals, commodities and CFD index trading.
The platform has features that will appeal to both advanced and beginner forex traders, with 54 tradeable instruments, commission starting at $0 and a free live forex trading room for Blueberry Direct account users.
Is Blueberry Markets trustworthy?
Blueberry Markets launched in 2016 and is regulated by the Australian Securities Investment Commission (ASIC) under the trading name Eightcap. Among popular user review sites, it has received largely positive feedback and a high average star rating:
- Forex Peace Army: 4.7*/5
- AU Trustpilot: 4.8*/5
Users of the platform point primarily high quality 24/7 customer service care, with quick response times for live chat, phone and email queries. Note: Forex trading itself always carries risk which you should be aware of, so read up before you start investing. Do your research before signing up to any forex or CFD trading platform.
What can I trade on Blueberry Markets?
Users of Blueberry Markets can trade 44 global currencies pairs, commodities trading in gold, silver and oil, cryptocurrency and CFD trading in nine global indices and ASX200 shares.
- List of currencies: AUD, CAD, CHF, DKK, EUR, GBP, HFF, HUF, JPY, MXN, NOK, NZD, PLN, SEK, SGD, TRY, USD, ZAR
- List of indices: Australia 200 Index, France 40 Index, UK 100 Index, Germany 30 Index, Dow Jones 30 Index, US SPX500 Index, Japan 225 Index, Nasdaq US tech 100 Index, Hang Seng Index
- Individual shares (CFD): ASX200 shares ($20/month subscription fee with MT5 required)
- Commodities: Gold, silver, crude Oil (WTI), crude Oil (Brent)
- Cryptocurrencies: Bitcoin, Etherium, Litecoin, Ripple
Why trade with Blueberry Markets?
Blueberry Markets stands out from others in the forex space mostly thanks to its high-quality customer service and low spreads and commissions.
Using the Blueberry Standard or Blueberry Direct accounts, you can trade up to 44 currency pairs including 18 currencies, plus global and local indices, gold, silver, cryptocurrency and oil. Here are some of the features that make Blueberry Markets stand out:
- Customer service. Live chat and phone options available with quick response time and one on one customer service
- Spreads. FX spreads are as low as 0.0 pips when using the Blueberry Direct account
- Commission. You pay zero brokers fees for forex trading, regardless of the account
- Fast execution. Blueberry Markets offers high-speed trade executions
- Quick deposits and withdrawals. Deposits can take as little as a few minutes and withdraws are processed in around 24 hours.
What are Blueberry Markets' spreads and fees?
Blueberry Markets has among the lowest forex spreads and fees on the market which vary depending on which account you select. As stated above, there are no broker FX commission costs when you use the Blueberry Standard account however the Blueberry Direct account charges $7 per trade.
There are no subscription, monthly, or inactivity fees – meaning you won't be charged for an inactive account – but you need a minimum opening balance of $100 for the Blueberry Standard account or $100 for the Blueberry Direct.
|Blueberry Standard||Blueberry Direct|
|Spreads||From 1.0 pips||From 0.0 pips|
|Commission per lot||$0||$7|
|Minimum trade size||0.01||0.01|
|Trading Platforms||MetaTrader 4 or MetaTrader 5||MetaTrader 4 or MetaTrader 5|
*Higher leverage rates of up to 1:200 may be available to Wholesale Clients, subject to an individual assessment. Once you have created a Live Account, contact your Account Manager to verify your eligibility.
What customer support options are available?
Blueberry Markets prides itself for having impressive customer service skills with quick response times. Support staff have a good understanding of the forex market and how the platforms work – a rare feature among forex platforms.
You're options are 24/7 live chat, email or phone service. This is particularly useful if you have trouble making a trade, questions about the platform or need fast and thorough assistance.
- Live chat (24/7)
Does Blueberry Markets offer news and training material?
Blueberry Markets does not offer any training or educational material for new traders, though you automatically get a subscription to ForexSignals once you've funded your account which offers video courses, live chat and other learning resources.
The platforms MT4 and MT5 also have inbuilt financial news and company updates with adjustable notifications to help traders keep on top of the markets.
What account types are available with Blueberry Markets?
There are two main options when you open an account with Blueberry Markets – Blueberry Standard and Blueberry Direct. There's also a demo version of the software. The number of tradeable instruments and default leverage is the same on all these accounts. In order to trade individual shares or cryptocurrency you'll need to download the MT5 platform.
- Demo version: There's a free trial account available with $50,000 practice funds to play with for 30 days
- Blueberry Standard: You can open the basic account with a starting balance of $100, spreads from 1.0 pips, zero commissions and 0.01 minimum trade size.
- Blueberry Direct: You get greater transparency with the Blueberry Direct account for raw FX spreads, though you'll need to pay a commission fee of $7 and there's a minimum deposit of $100 when you open an account.
How do I open an account with Blueberry Markets?
You can apply for a demo, Blueberry Direct or Blueberry Standard account with Blueberry Markets by following the link above.
When you first open an account with Blueberry Markets, you'll need to select your preferred account type (Blueberry Direct or Blueberry Standard) and the account's currency (AUD, USD etc). You must automatically select a leverage of 1:30 however you can adjust this once you've downloaded the software.
You'll need to provide identification details, including:
- Home address
- Net annual income
- Experience level
- Option 1: Two photo IDs such as passport and driver's license
- Option 2: One photo ID plus one proof of address such as bank statement or bill
After you've been approved, you can download your platform of choice (MT4 or MT5) and starting trading.
Deposit methods: Credit / debit Card, bank/Wire transfer, Skrill, POLi Payment, FasaPay