RESOLVED - Beware BlueberryMarkets scam. All who lost money with them pls gather here

Shiro12

Private
Messages
13
Hi,

This is going to be a long post, but I promise you guys its worth reading till the end.

I have been a victim of a scam broker with the name: BlueberryMarkets. When I had wanted to open an account, I spoke to an employee on their live chat and was explicitly told they were an ECN broker when I asked about it. Screenshot of the chat transcript is attached below.
Chat-Transcript.png



After experiencing high delays, I checked with the broker to ask for trade receipts and they were unable to provide them. Further email exchanges revealed that the broker is actually a market maker, where he admitted to trading with the clients as principal. Meaning of trading as principal can be found here: https://www.investopedia.com/articles/03/012403.asp
Refer to 2nd screenshot below on the email reply by the staff who admitted to trading with clients as principal:
IMG_20210505_151925.jpg


On their website, they had also called themselves a NDD broker, which they are not.
Website.jpg

Definition of NDD broker: https://www.investopedia.com/terms/n/no-dealing-desk.asp


Here are some screenshots of the high delays when executing my trades:
Screenshot_2021-05-05-16-12-24-933_com.google.android.apps.docs.jpg
IMG_20210505_153228.jpg


Notice the highlighted parts on how the server ping is only 130ms, but it takes 700-900ms to execute a trade. That's one of the slowest execution speed I've ever seen. It's hard to believe they are not interfering with your trades. I have more screenshot taken on different days having such delays, I will post them in this thread later.

So they are not only interfering with their clients by delaying their trade execution, but outright lying about being an ECN broker as well.

I have went through the ASIC and VFSC laws governing financial institution in Australia and Vanuatu respectively, and both have laws prohibiting misleading or deceptive conduct. Screenshot of the provisions below:

For Australia:
Screenshot_2021-05-05-16-32-23-410_com.google.android.apps.docs.jpg


And for Vanuatu:
Screenshot_2021-05-05-15-54-38-825_com.google.android.apps.docs.jpg


They are obviously breaking the law here, and when contacted to resolve the issue amicably, the support staff had refused to resolve the issue by making a refund, despite having fraudulently misled clients into signing up with them.

I had also found out that Blueberrymarkets is just a subsidiary of Eightcap pty ltd, which had been involved in a big scam in the past.
Refer to screenshots for reference:
Screenshot_2021-05-05-16-52-38-258_org.mozilla.firefox.jpg



And a search on the FPA forum reveals much more:

Screenshot_2021-05-05-16-51-44-169_com.android.chrome.jpg



I urge everyone who have lost money with this scam broker to come together and launch a group dispute against them. I am currently in contact with my bank to retrieve the money that have been charged fraudulently. Anyone who still have your money with them, please withdraw while you still can.
 

Shiro12

Private
Messages
13
They had also called me on 2 occasions asking me to give them more time to resolve the issue, to which I have agreed both times. But I have found out afterwards that they were just dragging for more time to prevent me from opening a dispute through my bank to recover my funds. As the charges were made using credit cards, I only had 60 days to open a dispute after the initial transaction.

They called me twice to offer to resolve the issue, and then just stopped following up after the deadline is up. Luckily I had already informed my bank to go through with my dispute the following week if there is no reply from the broker, and indeed I did not receive any calls from the broker since then. More than a week later one of the blueberrymarkets employee replied and again offer to look into my trades. But there is no trade receipts to verify anything, the claim that they are an ECN broker is false. They are a bucket-shop model broker with the sole purpose of making money through your losses. And you won't know what they are doing behind your back to achieve that.


IMG_20210506_105031.jpg


When you really look at it, it's impossible that they are actually the same company but have such vastly different reviews about their services.

IMG_20210506_105524.jpgIMG_20210506_105820.jpg

Do a search on this forum for Eightcap and you will see pages upon pages of scam victims of this broker. And I'm just one small part of it.

1620269368866..jpg



They might have found some ways to buy good reviews, but they can't hide the real ones if you know how to spot them, and no one else explains it better than this guy here:

1620269364111..jpg


If you guys have just started with this broker and lost money through their lies and deception, there is still a good chance that you can recover your funds if you do it fast.

I would like to invite them to this thread and see how they are going to handle this issue, but I can only see the "Edit company invitation" button, and i can't find the "invite" button to send them the invitation.

FPA Forums Team Note: The button to send the invitation activates after you have 2 posts in your thread and the thread is at least 4 days old.

I will post more screenshots of their normal execution and how they mess with your trade executions by delaying it in my later posts, so you guys can see how they manipulate your trades to put you at a disadvantage and make more profits from your losses. They are a market maker after all, there is a conflict of interest and you cannot guarantee that they won't put their interest before yours.
 

4evermaat

2nd Lieutenant
Messages
2,132
I urge everyone who have lost money with this scam broker to come together and launch a group dispute against them.

Actually each client who has been scammed by @Blueberry_Markets needs to open a separate scam case against the company. And attach evidence of alleged wrongdoing.

fpa-screenshot-create-new-thread-button-png.42337


I would like to invite them to this thread and see how they are going to handle this issue, but I can only see the "Edit company invitation" button, and i can't find the "invite" button to send them the invitation.

You must wait 96 hours from when you start the thread before you can formally invite them.

In the mean time, you may write a review of your experience here: https://www.forexpeacearmy.com/forex-reviews/13312/blueberrymarkets-forex-brokers?per-page=50

I will post more screenshots of their normal execution and how they mess with your trade executions by delaying it in my later posts, so you guys can see how they manipulate your trades to put you at a disadvantage and make more profits from your losses. They are a market maker after all, there is a conflict of interest and you cannot guarantee that they won't put their interest before yours.

Silly question: Have you stopped trading with this broker and withdrawn all of your funds yet? If so, are you successful in receiving full withdrawal?

You cannot force a brokerage to offer better conditions. Once you have identified their integrity level, the only thing left is to get out as quickly as possible and move on.
 
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Shiro12

Private
Messages
13
I had positions opened that were in a small loss of few hundred dollars when I first found out about the delays and got in contact with the support staff. But after contacting them, the spread suddenly got widened, to prevent me from minimizing my loss and withdrawing my funds. The spread on my trades pairs was constantly at double(sometimes more than double) the average spread shown on their website.

I tried to get them to refund my entire deposit instead of trying to retrieve the funds myself with a loss, as they had lied to get me to sign up in the first place, which was fraudulent misrepresentation. I left the entire account alone and stopped managing the trades entirely as I looked for other ways to recover my funds fully through my bank, and the account has now been nearly emptied out by margin calls already.
 

RahmanSL

Major
Messages
2,820
They had also called me on 2 occasions asking me to give them more time to resolve the issue, to which I have agreed both times. But I have found out afterwards that they were just dragging for more time to prevent me from opening a dispute through my bank to recover my funds. As the charges were made using credit cards, I only had 60 days to open a dispute after the initial transaction.

They called me twice to offer to resolve the issue, and then just stopped following up after the deadline is up. Luckily I had already informed my bank to go through with my dispute the following week if there is no reply from the broker, and indeed I did not receive any calls from the broker since then. More than a week later one of the blueberrymarkets employee replied and again offer to look into my trades. But there is no trade receipts to verify anything, the claim that they are an ECN broker is false. They are a bucket-shop model broker with the sole purpose of making money through your losses. And you won't know what they are doing behind your back to achieve that.


View attachment 64551

When you really look at it, it's impossible that they are actually the same company but have such vastly different reviews about their services.

View attachment 64553View attachment 64554

Do a search on this forum for Eightcap and you will see pages upon pages of scam victims of this broker. And I'm just one small part of it.

View attachment 64556


They might have found some ways to buy good reviews, but they can't hide the real ones if you know how to spot them, and no one else explains it better than this guy here:

View attachment 64555

If you guys have just started with this broker and lost money through their lies and deception, there is still a good chance that you can recover your funds if you do it fast.

I would like to invite them to this thread and see how they are going to handle this issue, but I can only see the "Edit company invitation" button, and i can't find the "invite" button to send them the invitation.

FPA Forums Team Note: The button to send the invitation activates after you have 2 posts in your thread and the thread is at least 4 days old.

I will post more screenshots of their normal execution and how they mess with your trade executions by delaying it in my later posts, so you guys can see how they manipulate your trades to put you at a disadvantage and make more profits from your losses. They are a market maker after all, there is a conflict of interest and you cannot guarantee that they won't put their interest before yours.
WOW! .... you should leave a review on Blueberry ....go to top of page under "Reviews" and on "Filter" type "Blueberry" to leave your review there. That should get the attention of Blueberry's Representative who have been giving replies there.
Hope you get your problem solved amicably and do follow @4evermaat instruction & advice.
Good luck and do keep us posted here.
 
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Shiro12

Private
Messages
13
WOW! .... you should leave a review on Blueberry ....go to top of page under "Reviews" and on "Filter" type "Blueberry" to leave your review there. That should get the attention of Blueberry's Representative who have been giving replies there.
Hope you get your problem solved amicably and do follow @4evermaat instruction & advice.
Good luck and do keep us posted here.

Thanks 4evermaat and RahmanSL for the advice. I had already written a review and provided a link to this thread in that review so others who see it can come over to this thread and see for themselves all the evidences of how this broker mess around with their clients trade, and hopefully is wiser than me and not choose to open an account with this scam broker.

Now as promised, the trade logs.

This is on 11th March, just a few days after my account was newly opened, and trade execution was normal:
BB Markets Trade Journal 11 Mar 21.png


I have highlighted some of the trades and you can see that it takes 350ms on average to fully execute a trade.

Now this is on 18th March, when they starts pulling their tricks to delay trades after you start having profits:

BB Markets Trade Journal 18 Mar 21.png


The trade is taking 800-1000ms to execute fully. 3x slower than normal. I don't see how its normal for that to suddenly happened for no reason at all. I won't have to say much here and I'll leave the speculation to you guys. It already obvious what the reason for the delay is.

And of course the screenshot of the trade log on my first post, from 8th April, showing similarly long delays:
BB Markets Trade Journal 08 Apr 21.png
 

FxMaster

Lt. Colonel
Messages
10,211
Thanks 4evermaat and RahmanSL for the advice. I had already written a review and provided a link to this thread in that review so others who see it can come over to this thread and see for themselves all the evidences of how this broker mess around with their clients trade, and hopefully is wiser than me and not choose to open an account with this scam broker.

Now as promised, the trade logs.

This is on 11th March, just a few days after my account was newly opened, and trade execution was normal:
View attachment 64599

I have highlighted some of the trades and you can see that it takes 350ms on average to fully execute a trade.

Now this is on 18th March, when they starts pulling their tricks to delay trades after you start having profits:

View attachment 64600

The trade is taking 800-1000ms to execute fully. 3x slower than normal. I don't see how its normal for that to suddenly happened for no reason at all. I won't have to say much here and I'll leave the speculation to you guys. It already obvious what the reason for the delay is.

And of course the screenshot of the trade log on my first post, from 8th April, showing similarly long delays:View attachment 64601
It was really a long post to read mate and indeed it worth reading, I got a question and suggestion for you.
The question is why you haven't searched about them before you decide to go live with them and as you already submitted the review so I suggest you to follow the below steps.

First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

Note: The invitation button will be enabled when your first post reaches 4 days old.
Note 2: Make sure to share your account number (Only account number). Many time this help companies to find out you are genuine or not.
Note 3: Make sure to follow the suggestions correctly, when you do it correctly you will get the below message in your thread automatically.

OP Screen shot.jpg
 

RahmanSL

Major
Messages
2,820
Thanks 4evermaat and RahmanSL for the advice. I had already written a review and provided a link to this thread in that review so others who see it can come over to this thread and see for themselves all the evidences of how this broker mess around with their clients trade, and hopefully is wiser than me and not choose to open an account with this scam broker.

Now as promised, the trade logs.

This is on 11th March, just a few days after my account was newly opened, and trade execution was normal:
View attachment 64599

I have highlighted some of the trades and you can see that it takes 350ms on average to fully execute a trade.

Now this is on 18th March, when they starts pulling their tricks to delay trades after you start having profits:

View attachment 64600

The trade is taking 800-1000ms to execute fully. 3x slower than normal. I don't see how its normal for that to suddenly happened for no reason at all. I won't have to say much here and I'll leave the speculation to you guys. It already obvious what the reason for the delay is.

And of course the screenshot of the trade log on my first post, from 8th April, showing similarly long delays:View attachment 64601
Reading your posts again, am I correct to say that your main complaint against BlueberryMarkets is in the delay of trade executions that caused you to lose money?
 

Shiro12

Private
Messages
13
Thanks for giving it a read. Indeed you're right, I should have done more in-depth research on the company before opening an account with them.

The reason why I did not detect the scam at first was due to the fact that BlueberryMarkets has extremely good reviews, and albeit bought ones, on reputable sites like FPA, Trustpilot and Google. And I did not know they are just a rename of Eightcap Pty Ltd. It was only after i saw my bank statement that the charges was made by Eightcap when I deposited my funds with BlueberryMarkets that I realize they are actually the same company.

And despite that, I still decided to give them a chance and try them out, seeing how good the reviews were, and damn was I wrong.

Now, before they start coming out to defend themselves about the reviews being 'real', let me just show you something realistic.

Screenshot_20210507-090355_Chrome.jpg

This is what they are showing off on their website, now if you look closely, they have 1199 reviews on Google, with 99% of it being 4 & 5 star reviews:
Screenshot_20210507-090907_Maps.jpg



Now if you look at another similar company in same country, Australia, for example IC Markets, who is a well-known broker and has been around for more than 10 years:

Screenshot_20210507-091609_Maps.jpg


And they only had 52 reviews. Seriously. Not even joking here, but Blueberry Markets, or should I say Eightcap, is really overdoing it here. How long has Blueberry Markets even been around? And the amount of reviews they have is 20x that of IC Markets, who have been around much longer.

Not even Global Prime, who has been around longer than Blueberry Markets and have similarly good reviews here in FPA have that many reviews on Google and Trustpilot. You guys can do a search yourself. Global Prime have 9 reviews on Trustpilot and 28 on Google. BlueberryMarkets have 1044 reviews on Trustpilot and 1199 on Google as of the writing of this post. It's way out of proportion when you really think about it logically. There no other ways to explain it; The reviews are not all real.

But the review I have posted for them is 100% real, seeing the amount of effort I'm putting into it. Unlike all these one liners here:

Screenshot_20210507-093818_Chrome.jpg


And the review looks like it was written by the same guy! Haha.
 

Shiro12

Private
Messages
13
Reading your posts again, am I correct to say that your main complaint against BlueberryMarkets is in the delay of trade executions that caused you to lose money?

My main complain would be the fact that they had intentionally lied about being an ECN broker to deceive me into signing up with them, as I would not have signed up with them had that not been the case.

My intention was to not sign up with a market-maker and had specifically asked them that question to avoid investing with the wrong broker. But their deception misled me into signing up with them nonetheless. The delay in trade execution was just a expected secondary effect of dealing with a market-maker whose profit is closely tied to your losses. They had absolutely no reason to assist you in being profitable as that would mean less profits for themselves. In fact, they have more incentive to act in ways to make you less profitable, as that would mean more profits for themselves. That was my reason for wanting to avoid them in the first place.

In my 1st post, I had provided the screenshot of the chat transcript of how their livechat support staff blatantly lied about BlueberryMarkets being a ECN/STP and NDD broker when they are not.

That is a breach of the law that prohibits misleading conduct and fraudulently inducing a person to invest money.
 
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