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.
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:
On their website, they had also called themselves a NDD broker, which they are not.
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:
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:
And for Vanuatu:
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:
And a search on the FPA forum reveals much more:
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.
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.
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:
On their website, they had also called themselves a NDD broker, which they are not.
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:
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:
And for Vanuatu:
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:
And a search on the FPA forum reveals much more:
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.