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Problem Possible of price manipulation by Blueberry Markets

I am having an issue with a company
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.
Are you sure it was down for all clients? or just yourself?

Not sure if they have some social media where this was announced?

Or if there are reports in the forex forums of Blueberry going down.
 
Are you sure it was down for all clients? or just yourself?

Not sure if they have some social media where this was announced?

Or if there are reports in the forex forums of Blueberry going down.
Hi there

I think you had raised up a good point here. I’m not sure if I’m the only one affected or partially or whole server was down.
 
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The OP has invited the company to this discussion on May 20, 2022 at 4:34 AM
 
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
Hi, @Blueberry_Markets
Let me reply to your couple of key points :
  • There was no evidence on the tick data whereby your trade would have incurred a profit during the outage,
>> I think this is somehow not true. As reply from your collegue, Keanu Villegas, the lowest point of gold reached during the said time was 1962.02(refer to attachment). Can you please explain if this tick data is valid and legit?
  • 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.
>>> I am not too sure which tick data that you are referring to. Can you please provide the details of the tick data during the said time?

In addition, I have few queries would need your clarification as well:

i) Is the outage affecting the whole server or just partially and what is the reason for that to happen?

ii) As per confirmation from your colleague, the tick data received during the said time was 1962.02, but somehow the platform was quoting 1964.39 after the server was up. This is so far different from the tick data. And today (22nd May), your platform is showing that the lowest price reached during 14th April was 1962.73-attached with the screenshot taken. Can you please justify on this price discrepancy? Which is the true price that we should refer to?

iii) As compare to 5 other platforms, the lowest price of gold reached during the said time (14th April) was around 1960.xx. I understand that you might have different LPs as compared to other platforms, but could you please provide the details of the tick data and LPs to justify on this part?


Looking forward to hearing from you soon.

Thanks.
 

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Hi, @Blueberry_Markets
Let me reply to your couple of key points :
  • There was no evidence on the tick data whereby your trade would have incurred a profit during the outage,
>> I think this is somehow not true. As reply from your collegue, Keanu Villegas, the lowest point of gold reached during the said time was 1962.02(refer to attachment). Can you please explain if this tick data is valid and legit?
  • 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.
>>> I am not too sure which tick data that you are referring to. Can you please provide the details of the tick data during the said time?

In addition, I have few queries would need your clarification as well:

i) Is the outage affecting the whole server or just partially and what is the reason for that to happen?

ii) As per confirmation from your colleague, the tick data received during the said time was 1962.02, but somehow the platform was quoting 1964.39 after the server was up. This is so far different from the tick data. And today (22nd May), your platform is showing that the lowest price reached during 14th April was 1962.73-attached with the screenshot taken. Can you please justify on this price discrepancy? Which is the true price that we should refer to?

iii) As compare to 5 other platforms, the lowest price of gold reached during the said time (14th April) was around 1960.xx. I understand that you might have different LPs as compared to other platforms, but could you please provide the details of the tick data and LPs to justify on this part?


Looking forward to hearing from you soon.

Thanks.

Hi @Wong Khong Ming, we have addressed your enquiries through the Internal Dispute Resolution process. As you are unsatisfied with the outcome, I recommend that you proceed with the suggested next steps in the IDR letter. I'm very sorry I cannot be of further assistance here.

-Hanna, Customer Support
 
Hi @MMAlvasan, while we believe we utilise an ECN pricing model and we do not manually process or intervene with client trades via a dealing desk, the meaning of ECN is subjective and very much open to interpretation.

-Hanna, Customer Support
 
Hi @MMAlvasan, while we believe we utilise an ECN pricing model and we do not manually process or intervene with client trades via a dealing desk, the meaning of ECN is subjective and very much open to interpretation.

-Hanna, Customer Support
This unclear and ambiguous response tells you everything you want to hear about this broker :rolleyes:…I would run a mile..!!!
 
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