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Problem Possible of price manipulation by Blueberry Markets

I am having an issue with a company

Wong Khong Ming

Recruit
Messages
7
I have been trading with Blueberry Markets for about 5-6 months. My trading account is 49322.

On 14th April, Blueberry Markets platform was down about 30 mins, nothing can be done that time - unable to close or open a new trade.

During the server outage, I was having a sell trade on Gold at a price of 1967.25.
After the server was up, the lowest price of the Gold during the said time was 1964.39, however this price is so far different from 5 other platforms: 3 fx brokers,, Tradingview and Fxstreet price which is quoting around 1960.xx. (You guys can go and counter check on this price on 14th April to verify)

I immediately raised the complaint to Blueberry Markets support team, and ask them to counter check on tick data during the said time. One of the support team replied that the tick data received was 1962.02, which does not tally with the quoted price which is 1964.39. (refer to the Email as attached)

I am also in doubt on the tick data 1962.02 provided as all other 5 platforms were showing 1960.xx instead, therefore I proceed to ask for the tick data and liquidity providers details to confirm on the tick data but the information was not shared to me by Blueberry Markets with no valid reasons.

The replied from Blueberry Markets with regards to the issue is as below:
i) With no ability to confirm whether there was an attempt to close this trade during the outage, the intention to close trade ID 14185800 is evident by the chat that occurred on 14th April from 2:02pm to 02:12pm (UTC) between yourself and a Blueberry Markets representative. The tick data evidences the top of book price that was available prior to the outage at 1967.34, after the outage at 1967.93, and during the outage. From the tick data, there is no evidence to suggest that during the outage the trade ID 14185800 would have incurred any profit.

>>> I had provided the screen recording to their support team proving I was monitoring the markets all the time during the outage. With no ability to close the trade and invalid price, my trade was suffered at a loss when the server is up.

ii) Blueberry Markets also notes that we cannot compare our prices with other brokers' prices. As we aim to offer a competitive product and services offering we thank you for your feedback and have provided this information onto the executive team.

>> They just replied that the price cant be compared with other brokers' prices without any proof ie tick data and details of the liquidity providers. Moreover, the support team had already verified and replied with an email that the actual tick data received was 1962.02 instead. Is an undeniable that the quoted price was inaccurate as compare to the tick data received.

Reply from the support team: According to our risk team, the lowest price gold reached at that time, during the outage, was $1962.02. We can aim to adjust the differences during the outages for the prices available. (refer to the attachment)

However this "mistake" and proposed adjustment was never mention in the Letter of Resolution after escalating the complaints to the compliance officer of Blueberry Markets.

The issue now is currently escalated to the Regulator and waiting for the outcome.

I am posting this thread to seek for advise if any other traders have faced the similar issue and could there be any price manipulation from the broker.

Thank you for kind advise in advance.
 

Attachments

  • SCREEN RECORDING - SERVER OUTAGE.mp4
    1.7 MB
  • SCREEN RECORDING - SERVER UP.mp4
    1.8 MB
  • Email from Blueberry Markets.PNG
    Email from Blueberry Markets.PNG
    58.5 KB · Views: 27
Hi there,

Sorry to hear about your issues with this shady broker @Blueberry_Markets . Every now and then someone comes on here to complain about them; obviously the vail has fallen off and people are now seeing them for who they are…they manipulated my trades too and cost me dearly.

Let’s hope they come on here and explain this “outage” or “mistake” or manipulation soon.

Best of luck,
Thanks
Pheniox
 
Hi there,

Sorry to hear about your issues with this shady broker @Blueberry_Markets . Every now and then someone comes on here to complain about them; obviously the vail has fallen off and people are now seeing them for who they are…they manipulated my trades too and cost me dearly.

Let’s hope they come on here and explain this “outage” or “mistake” or manipulation soon.

Best of luck,
Thanks
Pheniox
Sorry to hear that you are one of the victims too. Have you tried to complaint to regulator or anything? Did you manage to get any compensation from the broker?
 
@Blueberry_Markets, can we have your attention here, please?
I have been trading with Blueberry Markets for about 5-6 months. My trading account is 49322.

On 14th April, Blueberry Markets platform was down about 30 mins, nothing can be done that time - unable to close or open a new trade.

During the server outage, I was having a sell trade on Gold at a price of 1967.25.
After the server was up, the lowest price of the Gold during the said time was 1964.39, however this price is so far different from 5 other platforms: 3 fx brokers,, Tradingview and Fxstreet price which is quoting around 1960.xx. (You guys can go and counter check on this price on 14th April to verify)

I immediately raised the complaint to Blueberry Markets support team, and ask them to counter check on tick data during the said time. One of the support team replied that the tick data received was 1962.02, which does not tally with the quoted price which is 1964.39. (refer to the Email as attached)

I am also in doubt on the tick data 1962.02 provided as all other 5 platforms were showing 1960.xx instead, therefore I proceed to ask for the tick data and liquidity providers details to confirm on the tick data but the information was not shared to me by Blueberry Markets with no valid reasons.

The replied from Blueberry Markets with regards to the issue is as below:
i) With no ability to confirm whether there was an attempt to close this trade during the outage, the intention to close trade ID 14185800 is evident by the chat that occurred on 14th April from 2:02pm to 02:12pm (UTC) between yourself and a Blueberry Markets representative. The tick data evidences the top of book price that was available prior to the outage at 1967.34, after the outage at 1967.93, and during the outage. From the tick data, there is no evidence to suggest that during the outage the trade ID 14185800 would have incurred any profit.

>>> I had provided the screen recording to their support team proving I was monitoring the markets all the time during the outage. With no ability to close the trade and invalid price, my trade was suffered at a loss when the server is up.

ii) Blueberry Markets also notes that we cannot compare our prices with other brokers' prices. As we aim to offer a competitive product and services offering we thank you for your feedback and have provided this information onto the executive team.

>> They just replied that the price cant be compared with other brokers' prices without any proof ie tick data and details of the liquidity providers. Moreover, the support team had already verified and replied with an email that the actual tick data received was 1962.02 instead. Is an undeniable that the quoted price was inaccurate as compare to the tick data received.

Reply from the support team: According to our risk team, the lowest price gold reached at that time, during the outage, was $1962.02. We can aim to adjust the differences during the outages for the prices available. (refer to the attachment)

However this "mistake" and proposed adjustment was never mention in the Letter of Resolution after escalating the complaints to the compliance officer of Blueberry Markets.

The issue now is currently escalated to the Regulator and waiting for the outcome.

I am posting this thread to seek for advise if any other traders have faced the similar issue and could there be any price manipulation from the broker.

Thank you for kind advise in advance.
 
Sorry to hear that you are one of the victims too. Have you tried to complaint to regulator or anything? Did you manage to get any compensation from the broker?
Hi there,

Unfortunately they @Blueberry_Markets played a dirty trick on me when I was in the process of complaining to the regulator. They kept on stringing me along that a resolution is being sought and I should wait for them…sadly and naively I did wait for scammy @Blueberry_Markets until it was almost too late for my time to submit evidence and summary to the regulator…at last minute they told me no resolution is being done and I ended up rushing my evidence and summary of complaint to the regulator - hence resulting in the regulator not giving the verdict to my favour. I am convinced if I didn’t listen to the scammy @Blueberry_Markets and wasted my time with them I would have got the regulator to see my evidence in good light and fine them. Lesson learnt…what ever you do make sure you’ve all the evidence ready and in place - as they will find a way to delay you etc.

Good luck
Thanks
Pheniox
 
The invitation key will only appear after 96hours of the thread right?
Here you go......

Let's start with adding your story as a review https://www.forexpeacearmy.com/forex-reviews/13312/blueberry-markets-review and then follow the below suggestions.

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Hi there,

Unfortunately they @Blueberry_Markets played a dirty trick on me when I was in the process of complaining to the regulator. They kept on stringing me along that a resolution is being sought and I should wait for them…sadly and naively I did wait for scammy @Blueberry_Markets until it was almost too late for my time to submit evidence and summary to the regulator…at last minute they told me no resolution is being done and I ended up rushing my evidence and summary of complaint to the regulator - hence resulting in the regulator not giving the verdict to my favour. I am convinced if I didn’t listen to the scammy @Blueberry_Markets and wasted my time with them I would have got the regulator to see my evidence in good light and fine them. Lesson learnt…what ever you do make sure you’ve all the evidence ready and in place - as they will find a way to delay you etc.

Good luck
Thanks
Pheniox
Hi

Thanks for your kind advice and heads-up
 
Hi @Wong Khong Ming , I’m sorry if you find our official response unsatisfactory.

We would like to emphasise a couple of key points that were within our formal response, that need to be considered in relation to your concerns:
  • We are aware of your intent to close your trade during the outage.
  • There was no evidence on the tick data whereby your trade would have incurred a profit during the outage,
  • There was an opportunity between the end of the server outage and when the margin stop out occurred, for the trade to be closed out manually to minimise losses, and
  • Tick data evidences the top of book prices. In times when large amounts of volume are being traded across the market, order books can be heavily depleted and may not be able to fill an order at the top of book price.

As this has already been escalated externally, we will gladly go through the due process with you.

If you have any questions in the meantime, please feel free to reach out to us.

-Hanna, Customer Support
 
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