Your Questions Asked to Blueberry Markets
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#479: Your Questions Asked to Blueberry Markets
In this video:
00:32 – I’m joined by Ben Clay at Blueberry Markets
01:16 – Q #1 – Opening an account
02:09 – Q #2 – Methods to fund an account
03:45 – Q #3 – Banks having issues with opening a trading account
04:58 – Q #4 – What’s the smallest account size?
07:07 – Q #5 – Making a request for something different from Blueberry Markets
07:46 – Q #6 – New markets available to trade
08:55 – Q #7 – How secure are my funds if I don’t live in Australia?
10:02 – Contacting Ben Clay directly at [email protected]
Andrew Mitchem:
Last week, I put some questions to our database and we’ve had some fantastic replies. We’re going to interview Ben Clay at Blueberry Markets and find out how Blueberry can help you as a forex trader. Let’s get into that and more right now.
Hi everybody. Andrew Mitchem here at the Forex Trading Coach with video and podcast number 479.
I’m joined by Ben Clay at Blueberry Markets
We are very lucky today to be joined by Ben Clay, who’s the partners manager over at Blueberry Markets. Welcome along Ben. Ben, how are you?
Ben Clay:
Thank you. Very well, Andrew. Always a pleasure to be here. Thanks for having me again.
Andrew Mitchem:
Awesome. Well, just to recap, last week I sent an email out to our database asking for people to come through with a group of questions, knowing that I was going to interview you this week and to be able to put those questions to you. So, thank you very much for helping out with these questions that we have to ask you.
So first one is from Steve, and Steve says he’s never opened an account before. What is the process, and how complicated is it to set one up?
Q #1 – Opening an account
Ben Clay:
Yep, pretty straightforward. The application itself takes three to four minutes to complete on our website, and then you just need to upload the ID documents that it will request. Typically one government issued photo ID and then a proof of address that was issued in the last 90 days. And you can upload all that in the portal. The account’s typically open within a few hours, or 24 hours or so.
Andrew Mitchem:
Cool. So pretty straightforward, really. In terms of opening a demo, how’s that been?
Ben Clay:
That’s basically the same. You would do that straight on our website. There’s a section there that just says “Open a demo account.” That’s a lot faster. Obviously, you don’t need to upload any ID documents. But there’ll be two buttons on our website. “Open a demo account,” “open a live account,” and you can follow the steps there. And you can get demo accounts up and running within the client portal as well.
Andrew Mitchem:
Okay, awesome. No, I hope that answers that one for you, Steve.
Q #2 – Methods to fund an account
We have a question here from Gidivo, and it’s regarding funding the accounts. And this specific question was about can I fund on a MasterCard credit card and fund and withdraw that way? Because in some countries that’s possibly a little bit easier than going through online banking system. Can you let us know what sort of different ways someone can fund and also withdraw?
Ben Clay:
Absolutely. So MasterCard and Visa is completely fine. That’s probably the most common deposit method and withdrawal method we see. Typically, when you’re using a MasterCard or Visa to deposit, you would fund the initial amounts with Visa or MasterCard, and then withdraw that same amount back to the Visa or MasterCard. And then any profits can typically be sent via bank wire. We also accept crypto deposits if you have a US dollar denominated account, as well as bank wire, Scrille, Nettella. We had PayPal for some countries. Here in Australia, we have BPay and Poly Pay, as well as a few other additional methods as well.
Andrew Mitchem:
Wow. So quite a few. Now, just to help out with that, if you put funds across on let’s say MasterCard, do they have to come back via MasterCard? You can’t put funds across and start an account with MasterCard, and then withdraw it to a PayPal account? Or can you?
Ben Clay:
That’s correct, yeah. The funds typically have to be sent back to the same method of deposit, just for global anti-money laundering laws. And this is usually pretty uniform across most brokers.
Andrew Mitchem:
Yeah, yeah. No, I understand. Fair enough.
Q #3 – Banks having issues with opening a trading account
And a similar kind of question, we’ve had a question here from Salman, who says he’s in the past had issues with his bank. I’m not sure where Salman lives, but in terms of being able to put deposits through to a broker and the bank having potential issues with that, can you elaborate on that?
Ben Clay:
That’s an interesting one. Typically, the bank might reach out to the clients if they have made a deposit to check if they do want to make the transfer. It’s good and bad, I guess you could say. Good in the sense that they are usually just looking out to protect you to make sure that you are sending funds to a reputable company. So obviously, always make sure that you are sending funds to a broker that’s regulated and has a decent reputation and has been around for a little while, and funds are going to be held in a segregated accounts. But at the end of the day, they are your funds. So it’s not necessarily the bank’s business what you’re doing with those funds and you should be able to send them wherever you like. But it is a protection thing at the end of the day that banks will do. So sending to Blueberry Markets shouldn’t be an issue whatsoever, as we are regulated in multiple regions.
Andrew Mitchem:
Yeah, no, cool. Perfect. Thank you for that. I hope that helps for you Salman.
Q #4 – What’s the smallest account size?
Next question from Felix. Felix says, I’d like to know how much I can deposit to start with. So I suppose this is more a general newbies question. Once they go from demo, they get into live, maybe you could elaborate on account sizes, different account types, possibly, as well.
Ben Clay:
Yeah, sure. So as a beginner, I mean start with $100. That’s the minimum. Start with the minimum amount, especially if it is your very first live trade. If you’re going from demo to live, there is a very big difference in psychology. On the demo account, obviously there’s zero risk. You’re not concerned about the losses of trades. Whereas when you start with $100, you don’t even want to lose 10 cents on that account.
So start small. Start with the smallest lot sizes, even with $100 you can do micro lots and still give yourself a bit of free margins to play with. So definitely start small while you’re dipping your toes in. And then as you build your confidence up, you can start adding funds to the accounts.
And we have two different account types here at Blueberry. We have our standard and our direct account. The standard account is just going to have our regular spreads with no commission when it comes to currencies.
Andrew Mitchem:
Right.
Ben Clay:
It’s probably a good way to start, because you don’t have to worry about the commission charge, you’re just looking at the spread. And as soon as you paid off that spread, you’re in profit. Then the direct account goes from $1000 or more is what you can start with. That carries a $7 per lot commission when you’re talking about currencies. And we’ll have a reduced spread. So basically our raw spread direct what we get from our pricing providers.
Andrew Mitchem:
I mean, from my personal point of view, I think that once you’ve been trading for a while, you should get onto the… I personally prefer the commission account once you know what you’re doing, just because that nice tight spreads all the time. But yeah.
Ben Clay:
Yes.
Andrew Mitchem:
So beginning go the other way. Just pay the spread, and possibly a little bit more experience. Then go the commission route.
Ben Clay:
Exactly right. And it all comes down to preference, as well, at the end of the day. Whatever you’re comfortable with, whatever you’re comfortable with trading on. And unlike you, I prefer the other direct account at the end of the day.
Andrew Mitchem:
Yeah, no, fair enough. The nice thing is you have both.
Ben Clay:
Got both options, yeah.
Q #5 – Making a request for something different from Blueberry Markets
Andrew Mitchem:
Question here from Scott. And Scott says that he would like to have a demo account based in New Zealand dollars. I’m guessing he lives here in New Zealand, but he didn’t find that available. Is that something that you could set up if people have a request for different types of demo or even possibly live account denominations?
Ben Clay:
Absolutely. We do have Kiwi dollar based live accounts, but Scott, I’ll get that set up today for you. So you can have Kiwi dollar accounts on MT4 or MT5. I’ll make sure that’s done today.
Andrew Mitchem:
Awesome. And that’s why I love working with you guys, because you make things happen. It’s fantastic. It’s really good. You wouldn’t find many brokers do that.
Q #6 – New markets available to trade
Tim asks, are you looking at adding more markets to your MT4 or MT5 platforms? Either, I’m guessing more potentially forex pairs or others, cryptos, commodities, indices?
Ben Clay:
Yeah, absolutely. We’re always looking to build out our product range. We’re going to have some relatively large changes coming in the next couple of months, which we’ll keep all our clients posted about. But as a sneak peek, there’s going to be a lot more individual shares available, hundreds more.
Andrew Mitchem:
Right.
Ben Clay:
So we’ll be letting everyone know about that. We’re very, very excited about that. But as I said, we’re always looking to do what our clients are looking for. So if there’s any particular product that you’re looking for, reach out to us and we’ll look to see what we can do to have it added.
Andrew Mitchem:
See if you can get them added. Is there any difference between the MT4 and MT5 platform in terms of, is it now easier to add more markets to MT5?
Ben Clay:
Yeah, so MT5 typically has the ability to have a lot larger range of products, where MT4 is still relatively limited. It’s gotten a bit better, but MT5 is always going to be the platform that’s going to have a much broader range of products.
Q #7 – How secure are my funds if I don’t live in Australia?
Andrew Mitchem:
Yeah, no, cool. And last question here, this comes from Meg. Meg says, how secure are my funds with Blueberry Markets if I don’t live in Australia?
Ben Clay:
Great question. That’s one that she’d ask any broker you’re trading with. Absolutely. All our funds are held here in Australia in segregated accounts, in either Commonwealth Bank accounts or National Australia Bank accounts. So they’re two of the big four banks here in Australia. So no matter where you’re based in the world, that’s where your funds are held at the moment. And always segregated away from company operating funds. So in other words, Blueberry can’t touch those funds. If anything were to happen to us, the client funds stays segregated away from company operating day to day.
Andrew Mitchem:
Yeah, that’s massively important. Because on a personal level, I’m still waiting on funds from another broker that happened about probably three years ago, and we’re still only 50% back. So having that segregation’s massive.
Ben Clay:
It also goes back to always my point about trading with regulator brokers as well. The fact that we have regulation here in Australia means that there’s very strict guidelines that we have to abide by.
Andrew Mitchem:
Yeah, awesome. That’s fantastic. Ben, that’s covered the questions that have come through.
Contacting Ben Clay directly at [email protected]
How would someone find you, contact you? What’s the next step if someone’s either thinking of starting forex for the first time or switching from an existing broker?
Ben Clay:
Yeah, awesome question. So blueberrymarkets.com is the easiest place to come find us. Andrew, you can post my email in the description.
Andrew Mitchem:
Yes.
Ben Clay:
Of the podcast. Anyone, feel free to reach out directly to me. I’m always available. I work very, very hard to make sure that my clients are satisfied, as does everyone here in our team. We have 24/7 live chat. And that’s on weekends, with targets for every single chat to be answered within 30 seconds.
Andrew Mitchem:
Wow.
Ben Clay:
So reach out to us, ask us questions. We’re always here.
Andrew Mitchem:
Awesome. Ben, I can vouge for that, because I know every time I email you I always get an answer really, really quick and it’s fantastic to see that hugely dedicated service. So it definitely helps with everybody’s trust and credibility. And I’ve been with you guys, pretty sure since the beginning, or very close to it, and always recommend you guys, because I know that the feedback that I get from my clients who go with you is always exceptional.
So thanks for your time today on this video and podcast. As mentioned, I will put a link through to Blueberry Markets and I’ll put Ben’s personal Blueberry email address on the linked description as well. So thank you, Ben, and look forward to catching up with you another time.
Ben Clay:
Thanks very much, Andrew. Always an absolute pleasure.
Episode Title: #479: Your Questions Asked to Blueberry Markets
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Click Here to Send an Email to Ben Clay
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