Table of Contents
Berry Markets is one of the biggest brokerage scams to hit the markets. Our berrymarkets.com review exposes why this broker is a fraud.
The broker claims to offer an unbeatable trading environment with over 300 trading instruments. However, those who signed up are now ruing the decision.
Advisory: Find out why investors are switching to sports trading tools thanks to the High ROI earned which is better than that of cryptocurrency trading robots.
A Brief Introduction of Berry Markets
One of the first things the broker tries to do is claim Berry Markets is a fully regulated broker. Unfortunately, these are false claims, as the broker provides no documents to prove them.
Overall, the website looks enticing and has been fooling investors with its aesthetics. But, unfortunately, naïve investors usually fall for the glam.
Without due diligence, you might also fall for these well-presented brokerage services. But unfortunately, most of the liquidity providers you see are either unregulated or are clones of other platforms.
That’s why we recommend you review our reviews and find out the best way to engage with brokers.
Berry markets is only out to get more investors to sign up and later block withdrawals. No member has made any withdrawals for the past few weeks.
Follow the expert’s opinion on how best to avoid rogue brokers who don’t follow a set protocol. But first, you have to spot them.
And that’s the biggest issue facing newbie traders: spotting a false broker.
We will help you know how to protect yourself from online brokerage scams and find the best investment tools.
Before you sign up with any broker, take time to do some research. Then, those who will have read our berrymarkets.com review won’t bother signing up and losing their investments.
Here’s what we found out regarding the full aspects of BerryMarkets.
Advantages and Disadvantages of Berry Markets
The first step is to determine the advantages and disadvantages of a broker. Without any valid license from regulators, that’s a huge disadvantage.
You must also check the set trading conditions, including the acceptable minimum deposit and leverage set.
Let’s expose why berrymarkets.com is a scam
Features of Berry Markets
These are the trading conditions and features you would expect from any broker. But, of course, the broker in question sets different features.
Accounts and trading levels berrymarkets.com
There are three available accounts found on this liquidity provider. The three include standard, ECN, and pro accounts.
Let’s take a closer look at each of the three plans;
Standard
It’s the most basic account, with investors having to deposit $100. However, the leverage set is way too high for newbie traders preferred by the broker.
The account sets acceptable leverage at 500:1 with spreads starting from 1.8 pips. There are no commissions, with the base currency being the US Dollar.
ECN
Designed for the more experienced trader, members must deposit $1,000 to get started. Leverage remains the same on all accounts, 500:1.
Members enjoy spreads starting from 1.2 pips with no commissions available. The broker fails to mention the available trading instruments.
Pro
It’s the most exclusive account designed for professional traders. What’s different from the other accounts is the availability of money managers.
You have to deposit $5,000 to get started with members enjoying raw spreads. After that, the account earns commissions of $6 per lot.
PS: Forex trading robots have lost the race to sports trading tools when it comes to producing high accuracy margins and expected ROI. Find out how!
Account features
From these accounts, we can see the broker doesn’t follow set trading regulations regarding leverage. For example, the acceptable leverage for forex instruments is 1:100 maximum.
High leverage puts your trading position at risk, and only the liquidity provider profits from it.
The broker earns from the commissions or fees for trading.
Another critical aspect is the commissions earned for the pro account. Regulators warn of brokers who offer bonuses of commissions.
You later come to pay these commissions or bonuses as the broker will hold your account for ransom.
With traders lodging complaints, bonuses and commissions were scrapped altogether.
Affiliate Program
There’s an affiliate program available for those looking to partner with the platform. But, sadly, the broker doesn’t pay any affiliates.
Members who directed other traders to sign up are shocked when the broker refuses to pay commissions.
Before you affiliate with any broker, confirm their legitimacy. Those who you direct will blame you for the withdrawal blockade experienced.
Business owner
Berry Markets is an anonymous brokerage despite claims of being registered in Seychelles. These are false claims, as the broker doesn’t even have a valid business registry number.
Avoid anonymous online investment options since there’s no way of recovering funds. Attempts to reach out for comment from the broker have hit a wall.
Client reviews and testimonials
Just search the broker, and you will find multiple reviews disgracing the broker. The broker is a known scammer, and the exposure is to protect naïve investors.
You won’t get any positive reviews of the broker from independent sources. And this goes to show we are dealing with a rogue broker.
Contact and support
There’s no live chat as you would expect from a serious broker wanting to avail themselves. Instead, all members get is a mobile number that rarely goes through.
We suspect the broker uses a virtual phone number service provider to fool European investors. Please test a broker’s response time before attempting to sign up.
You would expect the broker to have a social media presence. Unfortunately, that’s not the case, as the broker uses stickers with no links to their social media handles.
Deposit and Withdrawal Issues Berry Markets
The broker accepts bank and wire transfers but mostly prefers crypto payments. Unfortunately, you can’t recover such funds due to their anonymous nature.
Once members deposit funds, the balance may appear within 24 hours on the account dashboard. You can then start trading with the platform.
Withdrawing becomes the biggest hurdle facing members of berrymarkets.com. As a result, none of the members enjoy their fruits of labor.
Funds Safety Berrymarkets.com
Your funds are far from safe with a broker who fails to segregate accounts. Instead, the broker holds all funds in a single personal account and wallet.
There’s no oversight to cushion traders from the misappropriation of funds. And that’s why we must avoid the broker.
If the broker decides to shut down the camp, members won’t enjoy any compensation from regulators.
The broker fails to deposit the minimum required amount with regulators to act as insurance cover.
How the broker entices traders
These brokers know how to push the right buttons. You get a call from one of the call agents claiming they have a lucrative open position.
With your contact details at hand, it becomes possible to single out investors depending on the account they open.
To make these investors feel special, the broker claims the chance is only available for a limited time. After that, you have to get in and deposit funds to acquire a stake in the win.
That’s the last time you will hear from the call agents if you make the mistake of adding funds.
License and Regulation Status Berry Markets
Berry Markets is not a licensed or regulated broker. The broker doesn’t even have a valid license from offshore regulators such as the FMA or FSA.
Our Verdict Berry Markets
Please avoid berrymarkets.com.
PS: With FTX collapse, people are scared of trading on crypto exchanges, the alternative: Lucrative leagues offering High ROI all thanks to sports trading tools.
Do leave a comment or email us with any queries.
No Comment