Blueberry Markets Vs Oanda

Category: Broker Guides | Author: Trading Brokers | Date: June 28, 2023

In the world of forex trading, there are numerous platforms available to cater to the needs of traders. Two prominent platforms in the industry are Blueberry Markets and Oanda. Both platforms offer a wide range of features and tools to assist traders in their market analysis, trade execution, and portfolio management. In this article, we will compare the key features of Blueberry Markets and Oanda, highlighting their pros and cons. By doing so, we aim to help you make an informed decision regarding which platform might be more suitable for your trading needs. So, let’s delve into the details of Blueberry Markets and Oanda to explore their similarities and differences.

What are Blueberry Markets?

Blueberry Markets

Blueberry Markets

Blueberry Markets is a well-known trading platform that provides advanced features and tools for forex traders. Developed by Blueberry Markets Pty Ltd., the platform offers a comprehensive trading environment with robust charting capabilities, a diverse range of technical analysis tools, and customizable options. Blueberry Markets primarily caters to experienced traders who require advanced functionalities and flexibility in executing their trading strategies. With its user-friendly interface, Blueberry Markets ensures that traders can easily navigate through its features and utilize its tools effectively.

Pros of Blueberry Markets

  • Advanced charting capabilities and a wide range of technical analysis tools.
  • The User-friendly interface is suitable for traders of all levels.
  • Customizable options to suit individual trading preferences.
  • Fast execution of trades and competitive pricing.
  • Dedicated customer support for prompt assistance.

Cons of Blueberry Markets

  • Limited availability, as it is exclusive to Blueberry Markets Pty Ltd.
  • Requires a minimum deposit to open an account.
  • Limited access to third-party plugins and add-ons.
Blueberry Markets Logo

Blueberry Markets is an online broker based in Australia providing online trading via the easy to use MetaTrader platforms with tight spreads, low fees and fast execution speeds. They offer commission free accounts, along with a free VPS.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

What is Oanda?

Oanda

Oanda

Oanda is a reputable trading platform that has established itself as a prominent player in the forex market. The platform, developed by Oanda Corporation, offers a user-friendly interface that caters to traders of all levels, including beginners. Oanda provides essential functionalities such as charting tools, technical indicators, and efficient trade execution capabilities. With a strong emphasis on user experience and accessibility, Oanda ensures that traders can easily navigate the platform and execute trades without complications.

Pros of Oanda

  • The User-friendly interface is suitable for traders of all levels.
  • Extensive library of technical indicators and analysis tools.
  • Availability of third-party plugins and expert advisors.
  • Compatibility with various operating systems and mobile devices.
  • Strong reputation and regulatory compliance.

Cons of Oanda

  • Limited order types and trade execution options compared to Blueberry Markets.
  • Limited customization options for traders who prefer a high degree of personalization.
  • Relatively higher spreads compared to some other platforms.
Oanda Logo

Oanda is a multi-regulated and established online broker offering an excellent range of financial instruments via powerful and user-friendly trading platforms with industry leading trading conditions and a superb selection of premium trading tools for comprehensive market analysis.

Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone.

Comparison between Blueberry Markets and Oanda

To determine which platform suits your trading style and requirements, it is crucial to consider various factors. Here’s a comparison of some key factors between Blueberry Markets and Oanda:

Regulation:

Both brokers are regulated by the ASIC in Australia, which is a reputable and trustworthy regulator that ensures high standards of conduct and protection for traders. However, Oanda has more global licenses than Blueberry Markets. Oanda holds 4 global tier-1 licenses from the FCA in the UK, the CFTC in the US, the MAS in Singapore, and the IIROC in Canada. Oanda also holds 3 global tier-2 licenses from the FFAJ in Japan, the BVI in the British Virgin Islands, and the DFSA in Dubai. Tier-1 licenses are considered the most trustworthy and reputable in the industry, while tier-2 licenses are considered average. Therefore, Oanda has a higher trust score than Blueberry Markets.

Trading platforms:

Both brokers offer MetaTrader 4 (MT4), which is the most popular and widely used platform in the forex industry. However, Oanda also offers its proprietary platform, which is user-friendly and packed with advanced tools and features. Oanda’s platform also supports automated trading, social trading, and advanced charting. Blueberry Markets does not offer its proprietary platform, but it offers MetaTrader 5 (MT5), which is an upgraded version of MT4 with more functionalities and instruments.

Pricing and fees:

Both brokers charge no commissions on most trades, but instead, apply a spread or a margin to the market price. The spreads vary depending on the instrument, market conditions, and account type. Blueberry Markets offers lower spreads than Oanda on average. For example, Blueberry Markets offers an average spread of 0.2 pips on EUR/USD, while Oanda offers an average spread of 1.26 pips on EUR/USD. Both brokers also charge overnight funding fees for holding positions open past a certain time, as well as inactivity fees for dormant accounts.

Broker type:

Both brokers are market makers, which means they act as counterparties to their clients’ trades and may have a conflict of interest with them. However, both brokers also offer STP (straight-through processing) or ECN (electronic communication network) accounts for some instruments or markets, which means they pass their clients’ orders to external liquidity providers and do not take the opposite side of their trades. STP or ECN accounts usually have tighter spreads but higher commissions than market-maker accounts.

Leverage:

Both brokers offer different leverage levels depending on the instrument, market, and account type. However, Blueberry Markets offers higher leverage than Oanda on average. For example, Blueberry Markets offers up to 500:1 leverage for professional clients in Australia or Europe, while Oanda offers up to 100:1 leverage for professional clients in Australia or Europe. Leverage is a double-edged sword that can magnify both profits and losses.

Asset selection:

Both brokers offer a wide range of instruments on various markets, such as forex, shares, indices, commodities, cryptocurrencies, and more. However, Oanda offers more instruments than Blueberry Markets on average. For example, Oanda offers over 120 financial instruments on offer, while Blueberry Markets offers over 55 financial instruments on offer.

Social trading:

Both brokers support social trading or copy trading services, which allow you to follow or copy other traders’ strategies and performance. However, Oanda supports social trading within its platform or MT4’s integrated solution, while Blueberry Markets supports multiple third-party platforms for social trading, such as ZuluTrade, DupliTrade, and MQL5 Signals.

Minimum deposit:

Both brokers have different minimum deposit requirements depending on the account type. However, Blueberry Markets has a lower minimum deposit requirement than Oanda on average. For example, Blueberry Markets requires a minimum deposit of $100 for its standard account, while Oanda requires no minimum deposit for its standard account.

Withdrawal and deposit methods:

Both brokers offer various withdrawal and deposit methods for their client’s convenience and security. However, Blueberry Markets offers more methods than Oanda on average. For example, Blueberry Markets offers 7+ payment methods including credit cards, debit cards, wire transfers, etc., while Oanda offers 16+ payment methods including credit cards, debit cards, PayPal, wire transfers, etc.

Which Should You Choose: Blueberry Markets or Oanda?

The choice between Blueberry Markets and Oanda ultimately depends on your trading objectives, experience level, and specific requirements. If you prioritize advanced features, extensive customization options, and a platform that caters to experienced traders, Blueberry Markets may be the better choice. On the other hand, if you value a user-friendly interface, a large online community, and compatibility across various devices, Oanda might be more suitable. Additionally, the availability of third-party plugins and expert advisors is an essential consideration for traders who rely on such tools. It is recommended to explore both platforms, test their features, and assess your individual needs before making a decision.

Conclusion

Blueberry Markets and Oanda are reputable trading platforms that offer a range of features and tools for forex traders. Blueberry Markets stands out with its advanced charting capabilities, extensive customization options, and support for experienced traders. On the other hand, Oanda excels in providing a user-friendly interface, a large online community, and compatibility across various devices. Making the right choice between Blueberry Markets and Oanda depends on your individual preferences, experience level, and specific trading requirements. Thorough research, testing, and seeking advice from experienced traders or financial advisors can help you make an informed decision. Remember that selecting the right trading platform is crucial for your trading success, as it directly impacts your trading experience and the effectiveness of your strategies.


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