Blueberry Markets is the latest broker to indicate the end of its support to prop trading firms. Multiple prop trading firms, including MyFundedFX, Funded Nation, and Funded Engineer, have confirmed that the broker has informed them to set all existing accounts to close only.
The decision came only a day after the Australia-headquartered broker ordered the prop trading firms using its service to suspend onboarding new clients on MetaTrader platforms. The latest decision indicates that Blueberry is ending its support entirely to prop trading firms.
Blueberry Markets has just informed us that all accounts are set to close only.
All positions and trading will only be available to be closed effective immediately.
Unfortunately, this is out of our control, and there is nothing we can do as of now to change that.
I would…
— Funded Engineer (@fundedengineer) March 6, 2024
Finance Magnates approached Blueberry Markets for official confirmation but did not receive any response as of press time.
“Blueberry recently passed the news down that ALL active Blueberry accounts must be off of the platform by the end of the week, and any existing accounts will soon be set to close positions only where you can not open any new positions,” a tweet from by MyFundexFX noted.
The prop trading firm further highlighted, “these decisions come directly as a result of forceful action from 3rd party providers.” Although the company did not take any name of third-party providers, the only one in question here is MetaTrader, developed by MetaQuotes.
Earlier, MetaQuotes allegedly forced the license holders of MetaTrader to end support to US-based prop trading customers.
Blueberry recently passed the news down that ALL active Blueberry accounts must be off of the platform by the end of the week and any existing accounts will soon be set to close positions only where you can not open any new positions. These decisions come directly as a result of… pic.twitter.com/kiEMOwf2eZ
— MyFundedFX (@MyFundedFX) March 6, 2024
The CEO of MyFundedFX further wrote on the official Discord server that the decision of the Blueberry Markets came to over ten prop trading firms that use the broker’s services. Earlier, other prop trading firms, including Funded Nation and Maven, also confirmed the MetaTrader onboarding suspension by Blueberry, but they did not update on the latest decision as of press time.
An announcement by the CEO of MyFundedFX on official Discord server
A Top Service Provider to Prop Trading Firms
Blueberry is one of the few brokerages offering prop trading firms’ services, especially grey-label trading platforms. It even inked partnerships with multiple prop trading firms after the exit of other brokers from the space. The brokerage was founded in 2015 by Dean Hyde, who is now heading the broker as the Chief Executive Officer.
It is headquartered in Sydney and operates with licenses in Australia, Vanuatu, and St Vincent and the Grenadines.
Blueberry Markets has moved all accounts to a “Close Only” status, limiting actions to just closing existing positions. Despite previous commitments, we’re now navigating this unexpected shift. This impacts all firms using Blueberry, not just Funded Nation
What Next?
Our new…— FUNDED NATION (@FundedNation) March 6, 2024
Earlier, Axi, another Australia-headquartered broker that offers prop trading services, cited the latest crackdown in the industry to question the business model of demo account prop trading, calling it “the beginning of an end.”
Blueberry Markets is the latest broker to indicate the end of its support to prop trading firms. Multiple prop trading firms, including MyFundedFX, Funded Nation, and Funded Engineer, have confirmed that the broker has informed them to set all existing accounts to close only.
The decision came only a day after the Australia-headquartered broker ordered the prop trading firms using its service to suspend onboarding new clients on MetaTrader platforms. The latest decision indicates that Blueberry is ending its support entirely to prop trading firms.
Blueberry Markets has just informed us that all accounts are set to close only.
All positions and trading will only be available to be closed effective immediately.
Unfortunately, this is out of our control, and there is nothing we can do as of now to change that.
I would…
— Funded Engineer (@fundedengineer) March 6, 2024
Finance Magnates approached Blueberry Markets for official confirmation but did not receive any response as of press time.
“Blueberry recently passed the news down that ALL active Blueberry accounts must be off of the platform by the end of the week, and any existing accounts will soon be set to close positions only where you can not open any new positions,” a tweet from by MyFundexFX noted.
The prop trading firm further highlighted, “these decisions come directly as a result of forceful action from 3rd party providers.” Although the company did not take any name of third-party providers, the only one in question here is MetaTrader, developed by MetaQuotes.
Earlier, MetaQuotes allegedly forced the license holders of MetaTrader to end support to US-based prop trading customers.
Blueberry recently passed the news down that ALL active Blueberry accounts must be off of the platform by the end of the week and any existing accounts will soon be set to close positions only where you can not open any new positions. These decisions come directly as a result of… pic.twitter.com/kiEMOwf2eZ
— MyFundedFX (@MyFundedFX) March 6, 2024
The CEO of MyFundedFX further wrote on the official Discord server that the decision of the Blueberry Markets came to over ten prop trading firms that use the broker’s services. Earlier, other prop trading firms, including Funded Nation and Maven, also confirmed the MetaTrader onboarding suspension by Blueberry, but they did not update on the latest decision as of press time.
An announcement by the CEO of MyFundedFX on official Discord server
A Top Service Provider to Prop Trading Firms
Blueberry is one of the few brokerages offering prop trading firms’ services, especially grey-label trading platforms. It even inked partnerships with multiple prop trading firms after the exit of other brokers from the space. The brokerage was founded in 2015 by Dean Hyde, who is now heading the broker as the Chief Executive Officer.
It is headquartered in Sydney and operates with licenses in Australia, Vanuatu, and St Vincent and the Grenadines.
Blueberry Markets has moved all accounts to a “Close Only” status, limiting actions to just closing existing positions. Despite previous commitments, we’re now navigating this unexpected shift. This impacts all firms using Blueberry, not just Funded Nation
What Next?
Our new…— FUNDED NATION (@FundedNation) March 6, 2024
Earlier, Axi, another Australia-headquartered broker that offers prop trading services, cited the latest crackdown in the industry to question the business model of demo account prop trading, calling it “the beginning of an end.”
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- Source: https://www.financemagnates.com//forex/blueberry-markets-sets-all-prop-trading-accounts-to-close-only/
