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Berry FX

United Kingdom|5-10 years|
Suspicious Regulatory License|Suspicious Scope of Business|Suspicious Overrun|High potential risk|

https://www.berryfx.com

Website

Rating Index

Contact

info@linearinternationalpayments.com
https://www.berryfx.com
4 Old Park Lane, London, England, W1K 1QW

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

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40G

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Broker Information

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Company Name

The Currency Cloud Ltd

Company Abbreviation

Berry FX

Platform registered country and region

United Kingdom

Company website

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Warning: Low score, please stay away! 4
Previous Detection : 2024-04-17
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!

WikiFX Verification

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Berry FX · Company Summary

Aspect Details
Company Name Berry FX
Registered Country/Area United Kingdom
Founded Year 2015
Regulation Not regulated(Suspicious Clone)
Market Instruments Currency Exchange
Account Types Standard account
Minimum Deposit $20
Maximum Leverage Up to 1:200
Spreads Variable, starting from 0.8 pips
Trading Platforms WebTrader
Customer Support Email( info@linearinternationalpayments.com)
Deposit & Withdrawal Online banking, traditional bank transfers, and cryptocurrencies (Bitcoin, Ethereum, Tether).
Educational Resources Lack of educational materials such as user guides, tutorials, webinars, and blogs

Overview of Berry FX

Berry FX, established in 2015 and based in the United Kingdom, operates as a currency exchange platform offering a Standard account to traders. Despite its presence in the market, Berry FX operates without regulation, potentially raising concerns about oversight and user protection. Specializing solely in currency exchange, the platform's offerings are limited to this particular market instrument.

Utilizing a WebTrader platform, Berry FX allows traders to conduct their trading activities directly through a web-based interface, eliminating the need for additional software installations. Customer support primarily relies on email communication via info@linearinternationalpayments.com.

Overview of Berry FX

Is Berry FX legit or a scam?

Berry FX is currently flagged as a “Suspicious Clone” by the Financial Conduct Authority (FCA) in the United Kingdom. Despite purporting to hold a Payment License with License No. 900199, the platform's suspicious clone status raises significant concerns about its legitimacy and adherence to regulatory standards.

Traders considering Berry FX should approach the platform with extreme caution, as the suspicious clone designation suggests potential unauthorized or fraudulent operations. The absence of a verified and transparent regulatory status poses a considerable risk to traders, impacting their trust in the platform and emphasizing the importance of thorough due diligence before engaging with any financial services offered by Berry FX.

Is Berry FX legit or a scam?

Pros and Cons

Pros Cons
Easy to use Not regulated
Diverse payment methods Lack of educational resources
Low minimum deposit Limited customer support
Limited trading assets
Not available in some countries or regions

Pros:

1.Easy to Use: Berry FX's platform is designed with user-friendliness in mind, ensuring a straightforward experience for traders navigating the platform.

2. Diverse Payment Methods: The platform offers a variety of payment options, providing convenience and flexibility for users to deposit and withdraw funds using various methods according to their preferences.

3. Low Minimum Deposit: Berry FX allows traders to start with a low minimum deposit, typically offering accessibility to the platform even for those with limited initial capital.

Cons:

1.Not Regulated: One of the drawbacks is the lack of regulation, which may pose concerns regarding oversight and user protection.

2. Lack of Educational Resources: Berry FX suffers from a dearth of educational materials, potentially hindering new users' learning curve and trading proficiency.

3. Limited Customer Support: The platform's customer support availability is restricted, which might inconvenience users seeking immediate assistance or residing in different time zones.

4. Limited Trading Assets: Berry FX might offer a limited range of trading assets, restricting traders' options in terms of diversifying their portfolios or exploring various markets.

5. Limited Availability: Berry FX's services might not be accessible in certain countries or regions, limiting its global reach and potentially excluding interested traders based on their geographic location.

Market Instruments

Berry FX solely provides a Currency Exchange service, constituting its entire range of tradable instruments. This limited offering restricts traders to solely engaging in currency exchange activities, lacking diversity in the form of other financial instruments like commodities, stocks, indices, or cryptocurrencies. Consequently, traders using Berry FX are confined to currency-related transactions, which may limit their ability to diversify their portfolios or explore various markets commonly available on comprehensive trading platforms.

Market Instruments

Account Types

Berry FX offers a Standard account type, catering to traders with various features. With leverage of up to 1:200, users gain amplified market exposure, potentially increasing their positions compared to their initial investment. The account boasts variable spreads starting from 0.8 pips, promoting competitive trading conditions. Commission charges are capped at not more than 0.5% of the mid-market price, ensuring transparent and manageable trading costs. A minimum deposit requirement of $100 makes this account accessible to traders with varying capital sizes. Withdrawals are processed within 3 business days, offering prompt access to funds. Moreover, a Demo Account is available, allowing traders to practice using virtual funds before engaging in live trading.

How to Open an Account?

Here's a concise breakdown of the steps to open an account with Berry FX:

1.Visit Berry FX Website: Access the official Berry FX website and navigate to the 'Open Account' or 'Sign Up' section, typically found prominently on the homepage.

2. Select Account Type: Choose the desired account type, such as the Standard account, and click on the 'Open Account' or 'Register' button associated with the selected account type.

3. Fill Registration Form: Complete the registration form with accurate personal information, including full name, email address, phone number, and any other required details. Ensure all information entered is correct.

4. Verify Identity: Follow the provided instructions to verify your identity. This may involve submitting identification documents, such as a passport or driver's license, and proof of address.

5. Fund Your Account: Once your account is verified, proceed to fund it. Deposit the required minimum amount or more, usually $100 or as specified for the chosen account type, using the available payment methods provided by Berry FX.

6. Start Trading: Upon successful funding, you'll receive account login credentials. Download and install the provided trading platform, such as MT4. Log in using your credentials and start trading by exploring available currency exchange services offered by Berry FX.

Always review the terms and conditions, including fees, leverage, and trading policies, to ensure a comprehensive understanding of Berry FX's trading environment before beginning your trading activities.

Leverage

Berry FX offers a maximum leverage of up to 1:200. This leverage ratio signifies the potential amplification of market exposure, allowing traders to potentially increase their positions up to 200 times the initial investment. High leverage can magnify both profits and losses, offering the opportunity for increased gains while also heightening the risk involved in trading. It's crucial for traders to understand the implications of utilizing high leverage and employ risk management strategies to navigate market volatility effectively.

Spreads & Commissions

Berry FX provides variable spreads, starting from 0.8 pips for its Standard account type. These variable spreads aim to offer competitive trading conditions, with rates subject to change based on market conditions and the selected trading instruments.

Regarding commissions, Berry FX imposes charges not exceeding 0.5% of the mid-market price for trades executed. This fee structure ensures transparency in trading costs, with the commission calculated based on the trade's mid-market price, enabling traders to anticipate and manage their expenses more effectively.

Trading Platform

Berry FX utilizes a WebTrader platform, enabling traders to engage in trading activities directly through a web-based interface. The WebTrader eliminates the need for downloading or installing additional software, allowing convenient access to trading tools and market functionalities via a web browser. This platform typically provides a user-friendly interface, essential charting tools, market analysis features, and an intuitive trading experience. While specific details may vary, WebTrader platforms commonly offer real-time market data, order execution capabilities, and access to various financial instruments, providing traders with the tools necessary to execute trades and manage their portfolios efficiently.

rading Platform

Deposit & Withdrawal

Berry FX offers a convenient and diverse range of payment methods for both deposits and withdrawals. Clients can seamlessly transfer funds using:

  • Online Banking: Berry FX supports online services of over 20 banks, enabling direct deposits and withdrawals from your bank account. This eliminates the need for intermediary steps, offering a secure and streamlined experience.

  • Traditional Bank Transfers: For larger transactions or those not supported by online banking, Berry FX also facilitates traditional bank transfers. While slightly slower than online transfers, this option provides a reliable and secure method for managing your funds.

  • Cryptocurrency: Berry FX embraces the future of finance by offering support for Bitcoin, Ethereum, and Tether. This provides clients with a fast and efficient way to deposit and withdraw funds using their preferred cryptocurrencies.

Minimum Deposit:

Berry FX understands that traders have different needs and financial situations. To cater to this diversity, they offer a flexible minimum deposit requirement:

  • USD $20: This low minimum deposit allows new traders to start their journey with minimal investment, explore the platform's features, and test their strategies before committing larger amounts.

  • No Minimum for Cryptocurrencies: Berry FX removes any barriers for cryptocurrency users by eliminating the minimum deposit requirement for Bitcoin, Ethereum, and Tether. This allows even small-scale investors to participate in the crypto markets.

Payment Fees:

Berry FX prioritizes transparency and client satisfaction by not charging any fees for deposits and withdrawals:

  • No Deposit Fees: Regardless of the chosen method, Berry FX makes sure that your deposited funds are fully available for trading, without any deductions.

  • No Withdrawal Fees: Whether withdrawing funds to your bank account or cryptocurrency wallet, Berry FX ensures you receive the full amount, maximizing your trading profits.

Customer Support

Berry FX boasts accessible customer support primarily through email at info@linearinternationalpayments.com. While email serves as a primary contact method, the platform may offer additional support channels like live chat or phone assistance, but these details aren't explicitly mentioned. The provided email offers a direct line of communication for inquiries, assistance, or issue resolution, ensuring clients can seek guidance or clarification promptly. However, without specified operational hours or alternative support options, users may face limitations in immediate assistance or varied contact methods for urgent queries.

Educational Resources

Berry FX's absence of educational materials presents challenges for new users aiming to navigate the platform and delve into cryptocurrency trading. The platform lacks crucial resources such as a comprehensive user guide, video tutorials, live webinars, and informative blogs. This dearth inhibits new users' learning curve, potentially resulting in errors and financial setbacks, consequently discouraging their engagement in trading activities. The absence of robust educational support hampers skill development, amplifying the risk of errors and losses, ultimately undermining new users' confidence and enthusiasm for trading.

Conclusion

Berry FX presents a user-friendly platform with diverse payment methods and a low minimum deposit, catering to traders seeking accessibility and convenience.

However, notable drawbacks include the absence of regulation, limited educational resources hindering user learning, and restricted customer support hours, potentially impacting immediate issue resolution. Additionally, the platform might offer a limited range of trading assets, constraining traders' diversification opportunities, and its availability in specific regions might exclude interested users. While offering accessible features, addressing regulatory concerns, enriching educational resources, extending support hours, broadening asset offerings, and enhancing global accessibility could significantly bolster its appeal and trustworthiness among traders.

FAQs

Q: Is Berry FX regulated?

A: No, Berry FX operates without regulation, which can impact oversight and user protection.

Q: What are the available payment methods on Berry FX?

A: Berry FX offers diverse payment options, allowing users to transact via various methods according to their preferences.

Q: What is the minimum deposit required on Berry FX?

A: The platform typically requires a low minimum deposit, often starting from $20, offering accessibility to various traders.

Q: Does Berry FX provide extensive educational resources?

A: No, Berry FX lacks comprehensive educational materials, potentially hindering user learning and skill development.

Q: How accessible is customer support on Berry FX?

A: Berry FX's customer support availability might be limited, impacting immediate issue resolution for users.

Q: What range of trading assets does Berry FX offer?

A: Berry FX's asset range might be limited, potentially restricting traders' options for diversifying their portfolios.

User Reviews

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Matthew Jil
more than one year
About a year ago, I took a shot at trading with them. The low barrier to entry got me intrigued, I'm not gonna lie. Just $20 to get started? I thought that was pretty sweet. I jumped right in, didn't bother with a demo account. Straight into the deep end, right? spread were beyond my imagnation. I ordered EUR/USD pair to sell at 1.1200, but it executed at 1.1190. Instead of getting the expected profit, I ended up receiving less than what I'd calculated. The platform performance itself was inconsistent — smooth one moment, sluggish the next, making it a nerve-wracking experience.
2024-02-01 10:25
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王浩4338
more than one year
Berry FX is unskilled and very manipulative,. They take all that you have... There are so many issues with this site, first, my funds were locked suddenly- can't withdraw. The customer support team were no help. Called a couple of times but they were not responding. They constantly ignore you for months.
2023-03-17 17:51
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FX1332474579
more than one year
BerryFX is a fake broker that was purely established to scam people. I never made any profits on this platform due to its untransparent fees, insanely high spreads, as well as incompetent account manager. Hate this broker, forever.
2023-03-07 11:28
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