Berry Markets is a typical offshore trading scam. The company is registered in Saint Vincent and the Grenadines, the only place without Forex trading supervision. And probably for a good reason.
We’re bringing you a detailed Berry Markets review, exposing this scammer and its actions.
Simply put, you won’t find Berry Markets regulation with any authority. The owner firm, Berry Markets LLC, was registered in Saint Vincent and the Grenadines and entered the FSA register in October 2022. However, FSA is just a database of all firms registered in the country. It doesn’t regulate the Forex market, nor does it guarantee withdrawals.
Therefore, we’ve searched for a license amongst Tier 1 regulators such as FCA, ASIC, BaFin, and CONSOB. Of course, our search yielded no results, as’s usually the case with offshore firms.
In addition, the company is soliciting investors from the US and the EU but doesn’t follow regulatory regimes in any area. Namely, the leverage is limited in the US to 1:50 and in the EU to 1:30, according to the official watchdog, ESMA. We have Berry Markets broker here offering up to 1:500.
If you’re going to trade, we advise you to avoid this scheme.
According to our research, Berry Markets trading scam is mainly active in the following countries:
All of these countries have firm authority, and none of them authorizes Berry Markets. If you get scammed, you won’t be able to file a complaint with the Financial Ombudsman or get reimbursed from a compensation fund. This is why dealing with regulated brokers is always recommended.
Surprisingly enough, Berry Markets’ trading platform is great. The broker offers the latest MetaQuotes software, MT5. It’s a platform with a large number of TAs, supporting advanced features such as EAs and social trading.
Besides these functionalities, the software offers a higher level of fund safety, which is why many prefer it over any WebTrader. Since it’s a third-party system, it’s less susceptible to hacking or other manipulation techniques.
Besides an app for desktops, MT5 is also available as a WebTrader. If you prefer trading without installations, this could be a great option for you. Browser-based software contains all the same features but without any add-ons.
Finally, the software is available in the form of Android and iOS mobile apps. You can find the links for download on the broker’s Home Page. Logging in to your account from any device is convenient, as you can always follow market opportunities and exploit the changes.
Berry Markets offers trading in four asset classes, those being:
Oddly enough, the firm doesn’t offer crypto trading. Since it’s one of the most popular assets nowadays, we find it somewhat discouraging. Of course, this is issue number one, in addition to a lack of a license.
According to the website, the spread ranges from 0.0 pips to 1.8 pips. However, if you choose the raw spread account, you will have to pay a commission of $6 per lot. In addition, you have to pay a swap for all accounts as there’s no Islamic one.
You can choose between three Berry Markets account types:
The main difference is spread, lowering from 1.8 to 1.2 and 0.0 pips, respectively. The leverage is the same for all types, standing at 1:500 against all the regulations. Other perks for upgrading are not clearly displayed.
There’s a Berry Markets Demo account available for system testing. However, it’s just a perk of MT5, not a courtesy of your broker. Most MetaTrader terminals come with a risk-free Demo that the broker advertises as its own benefit.
While you’re using virtual funds, everything will be more than satisfactory. Once you decide to invest in actual cash, this is where all your struggles will start. You will realize that getting your money back is nearly impossible.
Another big drawback is the lack of crucial information. Berry Markets’ withdrawal was not even mentioned on the site, and the company didn’t display viable payment options. Whenever we encounter a company like this, we’re on alert.
Mainly, scammers ask for money via crypto, as these transactions are virtually untraceable and are not subject to a chargeback. However, there are steps to be taken, but it requires the assistance of a professional. Don’t be discouraged if you deposit via card, bank transfer, or digital currency. We might be able to help.
If you find yourself a victim of the Berry Markets scam, don’t hesitate to share your story. Global Fraud Protection has dedicated chargeback experts and CipherTrace crypto analysts who can assist you with this matter.
We’ve made it our personal mission to assist victims of online fraud. You’re not alone. Let’s work on recovery together. Book your free consultation today!
Berry Markets is not a legitimate trading broker. Don’t hesitate to report any withdrawal issues, and we might be able to assist you.
Berry Markets provides the latest MetaQuotes software, MT5.
Yes, Berry Markets offers its customers a risk-free Demo account through an MT5 terminal.
Berry Markets is not a legitimate trading broker. Don’t hesitate to report any withdrawal issues, and we might be able to assist you.
Berry Markets provides the latest MetaQuotes software, MT5.
Yes, Berry Markets offers its customers a risk-free Demo account through an MT5 terminal.
The post Berry Markets Review – Offshore Scam On the Hunt for Victims appeared first on Global Fraud Protection.
