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Berry Markets Review - is it scam or safe?

Berry Markets Review - is berryfinex.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Berry Markets
Berry Markets is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Minimum deposit  Maximum leverage Spread
Standard  N/A 1:200  1.7 pips
ECN  N/A 1:50 0.8 pips

 

Offshore broker Berry Markets appears to offer several account types, including Standard, ECN, as well as managed accounts. It has not made entirely clear its trading conditions, but what bothers us more is the broker’s unregulated status.

 

Note that Berry Markets does not seem related to Berry Financial Markets (BFM), despite the similar names.

 

 

Berry Markets Advantages

 

MT4 offered

The broker offers its services on the popular MetaTrader 4 platform, which is definitely a plus. The MT4 is highly praised by the forex community due to its advanced charting, numerous indicators and Expert Advisors available, as well as customization options and ease of use.

 

 

>> Check out the best MT4 brokers here <<

 

 

Solid leverage, many asset classes covered

Berry Markets provides leverage up to 1:200, which will be enough for most traders and yet is not too high. As most of you probably know, high leverage comes with a price – increased risk of losses. That is why we advise investors to exercise caution when using higher leverage ratios.

 

Another possible benefit of Berry Markets, provided that the broker is not a scam is the variety of assets it offers for trade: around 60 forex pairs, CFDs on indices, commodities, precious metals and Bitcoin.

 

 

Berry Markets Disadvantages

 

Registered offshore

Berry Markets is allegedly a trading name of Berryfin International Limited, a company with registered address in Saint Vincent and the Grenadines (SVG).  Forex brokers in this offshore area are not obliged to meet any requirements, nor are subjected to any financial oversight. This means that their clients are subjected to substantial risk, as their interests and funds are not protected.

 

As Berry Markets does not hold a valid forex broker license, it is not entitled to operate on any regulated market, such as the European Union, UK, USA, Japan, Australia, etc.

 

Possibly related to a group of shady brokers

Berry Markets does not share much information about the company with the public, as is often the case with unregulated brokers. The About us section on their website contains only vague thoughts on the broker’s mission, goals, as well as some promises about security, ECN execution, etc. 

 

 

 

Click on any of the images to view full size.

 

That being said, Berry Markets presents itself in exactly the same way as the other shady unregulated brokers - 4xbankers, Capital4bank, 4xbrands, and 4xpremium, to name a few. These entities seem related to scam broker Up4x and to the notorious company 2 dots limited. Most of those websites do not exists anymore, but we found one (of 4xpremium) which is enough to spot the identical content. It really feels like a multiplied scam scheme, so you’d better stay away and find a trusted and licensed broker instead.

 

Demo spreads above the average

When we tried out Berry Markets’ demo MT4, we actually found the benchmark EUR/USD spread floating around 1.7, which is slightly higher than the average in the sector.

 

 

Most brokers offer lower spreads for this pair, within the range of 1.0 – 1.5 pips. You can find more information on trading costs at our dedicated page:

 

 

>> Compare the real-time spreads of top forex brokers <<

 

 

Conclusion

 

All in all, Berry Markets does not offer anything out of the ordinary on the forex market – trading on the MT4 with unimpressive trading costs and a lot of uncertainties regarding its corporate situation. In our opinion, this broker is not worth risking even an initial investment of $100, especially considering our suspicion that it might be a part of some serial scam scheme.

 

We keep reiterating that regulation is crucial for the safety of any investment and only well-respected financial institutions like the UK’s Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC) can provide sufficient security to investors. 

 


>> A list of ASIC-licensed forex brokers <<

 

 

Let’s sum up the highlights of the present review of Berry Markets in a few words:

 

Pros Cons
MT4 supported Not regulated
Solid leverage, many asset classes covered Possibly related to other shady brokers
  Demo spreads above the average

 

Latest news about Berry Markets
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Traders` reviews for Berry Markets

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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