The Forex market remains one of the most lucrative ventures in the investment landscape. Like any other market, it is driven by economic, social, and geopolitical forces. However, the most peculiar thing about this market is that it is decentralized. No single entity controls the market, making it more fair and transparent. Even so, this market is fraught with illegal brokers like Berry Markets.

Profitability in this market is possible but not guaranteed; you should be wary of brokers promising you risk-free trading or outsized returns. Also, brokers with no proof of regulation should be off the list, as should those with no real trading conditions.

As a rule, you should not base your broker selection on the strength of one factor. A broker must check several boxes ranging from regulation, and transparency, to a reliable trading platform. So if a broker cannot give you these, you should drop it pronto and move to the next broker with a better package.

You must know how this market works to identify a genuine forex broker. This involves, among other things, discerning the tricks that scammers use and the standards that brokers should meet. Read the following review to find out more.

Berrymarkets.com Review

For a broker claiming to be the pace-setter in this space, it’s funny that it thrives on lies. The broker claims to have over a decade of operational experience on its about us page on this market. Nevertheless, the data from I cann lookup contradicts the claims as it shows the broker registered its domain on 26 November 2017. Such a lie is enough to discredit almost, if not everything, the broker says.

Investors on the platform reportedly access over 300 trading instruments, including forex, cryptos, metals, indices, energies, and stocks. The broker also cites fast execution, competitive spreads, deep liquidity, and zero requotes as the reasons you should consider it. Berry Markets also promises investors an easy, transparent, and exceptional trading environment to help them reach new milestones. However, this broker appears to have nothing to offer save for pure sham.

Berry Markets Deposit & Withdrawal Policy

When vetting brokers, you should factor in their deposit options. With most authorized brokers, you are spoilt for deposit choices as they allow a variety. These include wire transfers, debit or credit cards, e-wallets, and at times cryptos. Unlike the schemy brokers, they rarely limit your choice to cryptos only. While cryptos are legal, you must take utmost caution and only use them for a valid broker. Conversely, credit cards are ideal due to transparency and reversibility.

Berry Markets only accepts crypto deposits- Tether, to be specific! Always tread carefully when it comes to crypto payments. Scammers mostly target innocent victims, oblivious of the transactions’ untraceable and irreversible nature. There are almost zero guarantees that you will get a refund for crypto payments, which puts your investment at stake. 

BerryMarkets Investment Plan

The broker has categorized three investment accounts based on investors’ trading experience. The standard account is tailored for novice traders and has a minimum deposit of $100. Next, the ECN account targets experienced traders interested in razor-sharp spreads and deep liquidity. For the account, traders must deposit at least $1000. Lastly, the pro account is tailored for professional traders trading in high volumes. The minimum deposit is $ 5000. The advantage of this account is that traders get a commission of $6 per lot.

The threshold for a broker is the minimum deposit. It is a crucial component of the entire trading experience and can attract or dissuade a user. For a user, it may break or make an experience. Investors’ exposure to various payment methods is among the benefits of low minimum deposit requirements. With a reduced minimum deposit, the customer is encouraged to make multiple investments, and they can use other payment methods.

Although the broker’s minimum deposit is low, it doesn’t mean you should trade on its platform. There are legitimate brokers with similar or even lower funding thresholds. You should instead invest with them.  

Regulation Status 

We have a problem with the broker’s operation base. Scammers hide out in Seychelles, an isolated nation in the Indian Ocean, where there is no governmental control. As a result, Berry Markets can get away with unethical activity like fraud or poor money management since it lacks stringent accountability requirements compared to brokers in regulated markets.

Investing with this broker will make you vulnerable to several risks. To begin with, the unregulated broker means your funds are unsafe- the broker can use it anyhow. Secondly, this broker doesn’t segregate funds, implying that your account can overdraw. Thirdly, the broker doesn’t contribute to the compensation fund, so you can’t be compensated in case of bankruptcy. Most devastating, you cannot take any legal action against this broker. Offshore brokers are, by default, immune from international prosecutions. You can get legal redress when the broker swindles you.

Berry Markets Trading Conditions

Crucial tabs on its website, like the T&Cs and Privacy policy, would not function. They are defunct because the broker being illegitimate, lacks decent legal documentation. 

Berry Markets offers a spread of 1.8 pips. This spread is pretty wide and above the industry-accepted 1.5 pips. Whereas trading with low spreads is quite advantageous for investors, beware of offshore and unlicensed brokers who frequently deceive their clients by promising cheap spreads. But don’t let this discourage you! Many trustworthy brokers are available with narrow spreads to increase your returns without compromising your funds’ security. 

Although the possibility of big returns may seem alluring, leverage magnifies gains and losses. This implies that investors should be cautious with their leverage setting to minimize risks. To help you with that, most forex oversight agencies impose leverage restrictions on brokers they oversee. The FCA and CySEC cap leverage at 1:30, while IIROC and CFTC limit it to 1:50.

The broker’s leverage of 1:500 is too high and risky for investors. If you must trade on high leverage, you ought to acknowledge the dangers inherent in that and be willing to accept them. As for this broker, we strongly advise against trading with it.

Trading Platform

Pick a broker that gives you access to the greatest technical analysis and charting tools. A broker that allows traders to directly trade on the charts, with free access to expert charting services, is a good deal. Before registering a live account, it’s prudent to open a demo account to test the broker’s platform! It is also worth noting that the forex market moves quickly. Subsequently, investors must be abreast of all happenings to make wise decisions. Also, ensure you have a fast internet connection.

The MT4 and 5 are the best platforms available for trading. The MetaTrader4 platform is designed to accommodate traders of all experience levels, whether you are a beginner or a seasoned trader! You can try the MT5 instead if searching for anything more sophisticated. 

Although Berry Markets promises an MT5 and web trader platform, we could not try the platform. To access it, investors must first deposit money. However, this is only possible after you submit sensitive personal data. Given the broker’s rogue attribute, we could not risk that, and neither should you. 

Our Take

Forex scams are real and can happen to anyone regardless of experience. This makes it imperative to be on the lookout for rogue brokers such as BerryMarkets, who are out to fleece you to the last dime. This broker operates from an offshore location, making it all the more dangerous as such zones are dens for lawless brokers. Moreover, most of the broker’s links are defunct, leaving you in the dark regarding what’s in it for you.

No cause for worry, though, as there are plenty of genuine forex brokers. These brokers abide by industry guidelines and stipulations and offer fair trading services. When dealing with such brokers, you don’t have to stress over funds’ safety and security.

 

 

 

Tags: BerryMarkets Review, Berrymarkets.com Review