Untrustworthy, Poor management, fake stories. My be Eightcap (the mother company) is a better option. Eightcap solved the major issue that Bluberry created. Blue berry held the funds for more than tow weeks then claimed they did not get it from the bank. Then after simple investigations and collecting contradicting responses from Blueberry we found that it all was not true. Meaning they got the money setting there while telling me that they are in contact with the bank to find out where the money is? After I reported the case to AFCA, Eightcap stepped in and settled the matter. I have no respect to Blueberry managers or employer who sent me email and phone calls of false stories and intestinally stooped me from trading for more than two weeks.
1 trader has found this review helpful
Reply by Blueberry_Markets submitted Jul 23, 2019:
Thank you for your review. To ensure ease of understanding for the FPA community, potential Blueberry Markets clients and you, I have responded in point form to below:
• Our business revenue is completely dependent on client trade volume; thus, it serves no purpose to restrict you from accessing funds in your trading account.
• As Blueberry Markets is an authorised representative of EightCap we aren’t legally authorised to hold client funds.
• Once the funds were located, they were immediately deposited into your account. As a goodwill gesture due to the inconvenience caused, an additional deposit that equated to over 100% of your initial deposit was also deposited into your account. We believe this to be more than substantial considering the circumstances.
In summary, Blueberry Market as a business can only control the sales, marketing, and service processes. If one of these business units aren't up to your standard resulting in your experiencing being unsavoury, it’s my job to ensure that we proactively change our processes to ensure it doesn't happen again.
For that, again I thank you for your review and I look forward to improving our offering.
If you or any potential client had any further questions, please contact me directly by emailing firstname.lastname@example.org or calling +61 2 8404 9485
Sebastian Morgan - Head of Client Experience at Blueberry Markets
After trying the demo account they will keep calling you to open an account.
They will assure you that they are an NDD and they will be nice until you open an account with them.
If you are profitable and withdrawing money they will start annoying you.
They will delay the payment until you “verify your bank account” that you already submitted online – as part of opening an account procedures - yet they will ask you again to send the same document - that they already have - to delay the payment.
If you still profitable – which apparently does not appeal to them- they may close your profitable trades, and if you contact them to fix this issue (they are very defensive and rude ), and they even will tell you to close your profitable account, withdraw the whole amount of your money, and go some where else.
If you ignore this alarming request (thinking that this guy may have a bad day) and keep your profitable trading they will create an artificial spike (not seen in any other live chart) and they will take all your money from your account.
Quick summary of my experience with Black Bull.
Reply by Client Services Team submitted May 27, 2019:
Thank you for your feedback.
We truly appreciate your points raised and are keen to provide a few rebuttals for yourself and the viewership.
1. NDD - We are an STP based Broker and pass all trades into the underlying liquidity pools, which means we do not have an inherent conflict of interests with our clients.
2. Withdrawals - As per FMA KYC/AML requirements in New Zealand, we are obliged to conduct due dilligence as to Source of Funds, hence why you were asked for additional documentation. If you feel you had fully satisfied these requirements, then we do apologise for the double hitting on documents. However, this is a requirement for all clients and we aim to process all withdrawals within 24 hours - we have a good reputation around this.
3. Closing Profitable Trades - We do not close profitable trades and you may have this confused with the several MT4 stop outs you faced from your margin going below the 50% stop out level, due to open positions, over-leveraging, swap adjustments or wider spreads during settlement times.
4. Artificial spikes - As discussed, your trades closed out during settlement time, where major banks close, reducing available liquidity and causing spreads to widen. This is a phenomena that occurs through the trading week and something all traders who have open trades (with tight SLs) overnight should be aware of. If you do not factor in for O/N spread widening, you are at risk of having a stop out and this again is an MT4 designed feature, not Broker interference.
5. General Complaints - We have provided you with our Disputes policy and you can follow this should you wish to escalate your complaint.
I hope these points have helped you to understand our side and you can consider some of these when placing future trades.