Blueberry Markets Condemned by Clients for Withdrawal Issues and Alleged Manipulation of Trading Platform

Forex broker Blueberry Markets has recently incurred some negative feedback from its clients due to issues such as withdrawal difficulties and trading account anomalies. Although the broker has been quite popular with traders and has received mostly positive reviews, the bad experiences shared by some clients should be brought to the attention of investors as it may suggest some potential risks.

BrokersView received complaints from two Blueberry Markets clients in late January and late February of this year. One client claimed that Blueberry Markets deducted most of the deposit from his trading account by miscalculating swap fees, while the other client said he was overwhelmed by late withdrawals and that Blueberry Markets always kept him waiting.

Clients Frustrated with Withdrawals at Blueberry Markets

Blueberry Markets has been criticized by some of its clients for a slow withdrawal process, delayed withdrawals, withdrawal pending status, or withdrawals not credited to bank accounts. In addition, based on their feedback, Blueberry Markets’ customer service seems to be ineffective and unhelpful.

Clients Suspect Blueberry Markets of Accounts and Trading Platform Manipulation

One trader claimed that Blueberry Markets changed his leverage, which led to the liquidation of his account, while several other clients claimed that their trading accounts were disabled, which prevented them from withdrawing their funds.

Some clients have perceived anomalies in trading with Blueberry Markets’ trading platform and have suffered losses from trading conditions changes in live accounts.

A trader questioned Blueberry Markets due to unpleasant price jumps, believing that the broker was interfering with trading on its platform. This resonated with other traders who also felt that Blueberry Markets was manipulating its trading platform and allegedly carrying out virtual trades, which resulted in client orders going wrongly.

A Review of Blueberry Markets' Regulatory Status

Blueberry Markets is registered with the SVG FSA, regulated by the Vanuatu FSC, and is an Australian Financial Services Authorized Representative.

Traders should note that the SVG FSA does not regulate forex activities or issue such licenses, while the VFSC is an offshore regulator with a relatively lax regulatory framework. In addition, Blueberry Markets, as an Australian Financial Services Authorized Representative, does not hold an Australian Financial Services License (AFSL), which means that its authorization to provide financial services is obtained from an AFSL holder, and the supervision it receives from ASIC is relatively weaker.

Bottomline

This piece aims to remind traders to exercise caution by revealing the above problems that Blueberry Markets clients reported. As BrokersView has always emphasized, licensing and oversight cannot completely eliminate investment risk and the possibility of broker violations.