Do you want to trade with Berrymarkets FX? Is Berrymarkets.com a genuine broker? Read detailed Berrymarkets FX review to know about this platform.
This content promises to share helpful review to support clients/traders in making the right decision.
Berrymarkets Fx also known as Berrymarkets.com is an offshore brokerage company with a lot of promises for forex traders. The broker presented its office address in Victoria, Mahe, Seychelles. Interestingly, this means the broker will be regulated and licensed by the local financial authority of Seychelles. This, you will know.
What is more, the broker offered different account type —
Additionally, the platform offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
See section below
Deposit and Withdrawal
Berrymarkets FX Minimum Deposit:
Berrymarkets Fx deposit is indicated $100 according to the account type. Although this seems to be a good offer to start with, clients and traders must be more interested in investing in a licensed brokerage where they are sure of their funds.
In contrast, the good thing about a licensed FX broker is that minimum deposit is made known to traders, and clients can start trading as low as $100 with no fear of their investment.
As for the funding methods, the brokerage accepts deposits through cryptocurrency, which is, Tether.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Berrymarkets Fx Platform:
Berrymarkets platform only offers web based trading platform with a claim of MT5 (Industry standard trading platform). Sadly, we registered to confirm this claim, but nothing of such did we see.
The good things about MT4 or MT5 are features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Talk about Berrymarkets leverage, it can get up to 1:500. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, however, it equally increases the risk of sudden and excessive losses. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50.
Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Why Berrymarkets.com Is A Suspicious Forex Broker
First of, Berrymarkets.com has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.
To start with, Financial services authority of Seychelles (FSA) does not recognize this brokerage amongst licensed entities on their records.
In addition, the forex broker offers no money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Berrymarkets FX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Berrymarkets Fx located at Berrymarkets.com claims to be a genuine trading brokerage, howbeit, that is an absolute disguise. From indications, we would advise traders/clients to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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