Scam and lose usd 85,000 from blueberry market

Blueberry_Markets

Blueberry Markets Representative
Messages
43
I understand where you're coming from, and I'm very sorry I cannot be of further assistance here. I have given our Compliance team a heads-up about this. They will assist you further with the complaint process.
 

timbuffett

Private
Messages
10
I opened position over 2 months . 2 month is not a short period of time . In accounting aspect , company needs to do month end closing and reconciliation to confirm the balance sheet and double entry are correct.

Last week you suddenly told me everything is wrong and as a client you should bear all responsibility, none of blueberry markets business.

In future, any clients have confidence to deposit money in blueberry market for trading ???
 

compu-forex

Sergeant
Messages
199
@Blueberry_Markets,

I am afraid this is very bad for your company. As indicated before, I don't really believe this was intentional but it does indicate that your people do not know what they are doing. It is never acceptable for a broker to have staff in critical positions that are incompetent.

It is normal for a broker to change swaps, however, to apply that change retroactively is to deny the trader an opportunity to make an informed decision - that is not fair and, accordingly, contrary to your manifest error policy. I believe the threshold for manifest error on swaps is about 2 days - anything more than that is gross negligence.

Frankly I think the regulator should throw the book at you guys.

As a matter of interest, I have traded incorrect swaps before and the good brokers just change the swaps and leave it at that. At best, this indicates that you do not fall into that group of good brokers. At worst it indicates downright dishonesty.

The long swaps on XRP would have been negative to a similar amount. Perhaps @Blueberry_Markets will present some evidence here of the credits delivered to their clients that were long XRP....

Unless otherwise proven here we will have to assume that you have not compensated the traders that were disadvantaged by this negligence.
 

4evermaat

2nd Lieutenant
Messages
2,334
I opened position over 2 months . 2 month is not a short period of time . In accounting aspect , company needs to do month end closing and reconciliation to confirm the balance sheet and double entry are correct.
Technically it is marked to market, so balances are updated in real time (onTick). But at minimum, each rollover period the swap is applied. So it is once per trading day after rollover. So like 40 trading days this problem was somehow "wrong"?

@Blueberry_Markets was an email sent out to all clients affected?
 

timbuffett

Private
Messages
10
Replied by blueberry market

They are not willing to pay me back the money

I will report to the regulator
 

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Pheniox123

Sergeant
Messages
180
Replied by blueberry market

They are not willing to pay me back the money

I will report to the regulator
Sorry to hear but as expected from this useless broker @Blueberry_Markets …go ahead and let them fight it out with the regulator (just be prepared and have all your evidence ready, they will try their best to slow you down but it’s all smoky mirrors).

Best of luck
Pheniox
 

compu-forex

Sergeant
Messages
199
Replied by blueberry market

They are not willing to pay me back the money

I will report to the regulator
Yes, I believe that you can make a very good public interest case with the regulator. As a trader, I accept that errors can occur, however, when a condition persists for a period of time, then I start to believe that the information is accurate.

Brokers are free to amend their swaps, but to apply the changes retro-actively to contract specifications months after the fact(on the grounds of manifest error) creates chaos. That is not in the public interest and brokers have to be accountable for the quotes that we pay for.

Furthermore, the court of public opinion requires some evidence that traders on the opposite side of the contract have been reimbursed. @Blueberry_Markets - I understand your silence in the matter. Your position is indefensible...
 

FxMaster

Lt. Colonel
Messages
11,263
Replied by blueberry market

They are not willing to pay me back the money

I will report to the regulator
Since the broker offers a dispute process, you should try that. If you are unhappy with the result or it is just a way to delay things for months, then you can keep pressing your TC case.

You can also file a regulator complaint while following the broker dispute process unless the regulator requires the broker dispute to be completed first.
 
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