melbournetraderjoe Reviews

Review for

Melbourne, Australia,
Oct 29, 2019,
Registered user

Excellent broker

Service use: Live

Length of use: 0-3 Months

Three weeks ago I set up an account with Blueberry Markets to test them out. Ben Card handled my account. I mainly use a different Australian but wanted to add a 2nd broker.

I spent a several days trading BB alongside my other broker, using each broker's MT4 platform and ECN account. My observations:
(i) BB's data feed was more stable during news events (e.g. NFP) whereas the other broker would lock up, jump around, and give me strange fills.
(ii) The other broker's spreads were always narrower, especially during off-peak periods.

Sadly the wider spread was a deal killer for me. I use a scalping strategy and frequently exit trades with +- 1-2 pips. The difference in spreads (0.2p to 0.8p for cable) was materially impacting my bottom line profit, and decided to close the account.

So you may find it strange that I strongly recommend BB as a broker. Let me explain:
- Ben, Tim, and the rest of the team were exceptionally friendly and helpful, moreso than any of the other brokers I've used in the past.
- The first time I brought up the spreads issue, Ben explained that pricing was passed through from liquidity providers without any sort of mark-up, so he couldn't do anything about that. But he made the exceptionally helpful suggestion that I change my USD account to an AUD account. This brought my commission down from USD7/lot to AUD7/lot, which mitigated, but didn't fully resolve, the issue with the spreads.
- I funded the account using a credit card, and when I requested to withdraw the initial deposit, it was processed the same day without complication.
- I made a nice profit, which could not be put back on my credit card, so I asked that it be wired to my US bank. Not as straightforward as a domestic wire, but BB worked with me to make it happen. Afterwards they followed up to confirm that the money was in my account and that I wasn't charged any fees by my bank (which the would have refunded).

I would have liked to continue with BB but unfortunately my trading style isn't a good match for them. However I would recommend them highly to anyone who is swing trading, or using any trading approach that doesn't depend on fractions of a pip for success.