Hi All,
This is a warning against Blueberry Markets and the "ECN" scam they are running. I have left a review previously and just recently was quoted by a fellow trader complaining about Blueberry Markets and it reminded me of this case I had with them. I managed to get some of the money back through my bank (as they agreed that there was manipulation and mis-selling on Blueberry Markets side), however, I have decided to start this thread to ensure people are aware of their tactics.
First of all, all the positive reviews you are reading are from initial users and not long term users. They lure customers by the slick website and friendly initial customer service. The first thing you need to know is that this company (Blueberry Markets) is actually a facelift of the notoriously known scammers of EightCap and you can look at Eightcap reviews yourself. EightCap reviews are so bad that they had to come up with a new front called Blueberry Markets. They use EightCap back end system and even when you deposit money you are depositing to EightCap.
They use a combination of tactics to ensure your money is gone (even when you’re profiting one way they will find a way to minimise or spike your stop loss). Their best used manipulation method is the games they play with their spreads and the way they increase those spreads as they please (reaches over 350 pips at one point). They will do price hikes that are not seen in any chart and suddenly your money is gone without a trace.
The best way I can describe them is that they are a fake shell front for a known serial scammer called EightCap.
Don’t be fooled by the initial reviews from new users and don’t be fooled by the nonsense that will eventually come from them.
Now, some background information, I signed up with them late last year (as I too was fooled by the reviews and the ECN front that they keep on mentioning) and everything was going well at the start. However, as soon as my account started reaching the $25,000 mark; I have noticed that my trading results (i.e. profits) were dramatically reduced and upon closer inspection; it was clear to see that they were manipulating my trades. One of their tactics is the random spikes that occur that are not even shown on their own charts (see below an example of one of my trades): they stated that the price reached 134.656 on 25th of September 2020 at 00:04 (when it never did): it was actually 134.356 . They came back with some bogus excuses about spreads (which they are manipulating by the way) but even that is not correct with spreads on that day (see figures below showing maximum spread at that time was 3.4).
View attachment 66356
View attachment 66357
View attachment 66358
The above and their connection with EightCAP shows that they trade against their clients and they are not ECN as they claim to be. It is fine for majority of traders who don't trade above a certain amount of money; but once you reach a certain limit they become aware of your withdrawals and your profits against their losses. Unlike a true ECN who do not trade against you and such they have no conflict of interest.
Thanks for reading and what ever you do...DONT use them (there are others who are good and trustworthy)....
Would be interesting to see what malarkey they will come up with in their response.
Pheniox