Blueberry Funded review 2026: Aussie-backed prop with $2M scaling
Blueberry Funded review after reading every page of the T&Cs and FAQ. Five challenge models, an AFSL-regulated parent broker, a $2M scaling cap, and the AU restriction almost nobody mentions.
- Blueberry Funded is the prop arm of Blueberry Markets, an ASIC-regulated Australian broker (AFSL 535887).
- The parent-broker link is real for execution, but the prop entity is Blueberry Markets SVG LLC in St Vincent, so ASIC protection does NOT extend to funded customers.
- Five challenge models (1-step, 2-step, 3-step, Instant, HFT) and a scaling path up to $2M, though most traders never reach the scaling tier.
- Trustpilot sits at 3.8 over roughly 1,200 reviews, the lowest of the firms in this cohort, with a recurring pattern of unfair-termination complaints.
- Australian residents are blocked, and the prop arm only launched in August 2024, so there is not much track record yet.
TL;DR
Blueberry Funded is the prop firm arm of Blueberry Markets, an Australian broker that's held an ASIC AFSL since 2015 (AFSL 535887 belongs to the Australian parent entity). Blueberry Funded launched in August 2024 and runs five different challenge models, with a scaling path up to $2M effective capital.
The parent-broker relationship is genuinely different from the usual prop firm setup. Most prop firms route trades through a shell company with no regulated brokerage in the stack. Blueberry Funded's funded accounts run on Blueberry Markets' liquidity, which is a real, ASIC-supervised brokerage. That's not the same as Blueberry Funded itself being regulated (it isn't, the prop entity is Blueberry Markets SVG LLC in St Vincent), but the relationship sits closer to "legitimate broker with a prop arm" than "anonymous LLC running a challenge factory."
What's weaker: a Trustpilot score of 3.8 over ~1,200 reviews (the lowest of the major prop firms I've reviewed) and a founding date of August 2024, which is less than 18 months of track record at time of writing. Australia is blocked outright.
At a glance
| Item | Detail |
|---|---|
| Prop entity | Blueberry Markets SVG LLC (St Vincent) |
| Parent broker | Blueberry Markets Pty Ltd (Australia) |
| Parent broker AFSL | 535887 (ASIC) |
| Founded (prop arm) | August 2024 |
| Founded (parent) | 2015 |
| Platforms | MT4, MT5 |
| Models | 5 challenge formats |
| Account sizes | $5k to $200k |
| Profit target (2-step) | 8% / 5% |
| Max drawdown | 10% overall, 5% daily |
| Profit split | 80% standard, up to 95% scaling |
| Max scaling | $2M effective capital |
| Payout schedule | Bi-weekly (14-day cycles) |
| Min entry | ~$49 |
| Trustpilot | 3.8 / 5 (~1,200 reviews) |
| AU residents | Excluded |
Why this firm is interesting
I trade mainly with FTMO and FundedNext for my main funded capital, and I review the rest of the field looking for either (a) better terms, (b) better legal structure, or (c) better platforms. Blueberry Funded caught my eye for (b), because the parent-broker angle is unusual.
Most prop firms are an LLC with no broker behind them. The trades you place on a "funded" account aren't going to a real liquidity provider. They're simulated, with the firm taking the other side as a B-book operator. That's industry standard, not a scandal. But it means when the firm goes under, your "account balance" was a number in a spreadsheet, not capital at a regulated brokerage.
Blueberry Funded is connected to Blueberry Markets, which is a regulated brokerage with a real ASIC AFSL. The funded account trades route into Blueberry Markets infrastructure. That doesn't make Blueberry Funded a regulated entity (it isn't), but it puts at least part of the stack under regulator oversight. It's a real step up from "shell LLC running a simulator."
So there's an interesting structural angle. Now let's see if the product is worth signing up for.
The parent-broker relationship explained
Blueberry Markets Pty Ltd, the Australian parent, is regulated by ASIC under AFSL 535887, issued in 2015. It's been a working retail forex/CFD broker for a decade. It has a Trustpilot score of around 4.7 (separate from the Blueberry Funded score) and is widely covered by FX broker review sites.
Blueberry Funded is the prop firm arm. The legal entity is Blueberry Markets SVG LLC, registered in St Vincent and the Grenadines. SVG is the same jurisdiction that hosts a large chunk of the unregulated retail forex industry. It's a registration of convenience, not a financial services licence.
Here's the actual relationship:
- You buy a challenge from Blueberry Markets SVG LLC (the prop arm).
- You trade a demo account during the evaluation phase.
- When funded, your account runs on Blueberry Markets liquidity, meaning the trades you place on the "funded" account are executed against the same liquidity providers and infrastructure that Blueberry Markets uses for its retail clients.
- Profits are paid out by the SVG entity (the prop side), not the Australian parent.
That last point matters. If something goes wrong with payouts, you're a creditor of the SVG LLC, not of the ASIC-regulated parent. The ASIC AFSL does NOT extend protection to Blueberry Funded customers. That licence covers Blueberry Markets retail clients only.
So the regulated-broker connection is real and it matters for execution quality and infrastructure trust, but it is NOT the same as having your funded account under ASIC supervision. Read that twice before signing up. It's the most important sentence in this review.
The ASIC AFSL does not extend protection to Blueberry Funded customers. That licence covers Blueberry Markets retail clients only. The parent-broker relationship is structural, not protective.
The five challenge models
Blueberry Funded offers five different challenge formats, more variety than any other firm I've reviewed.
1-Step Challenge
Single-phase evaluation with a moderate target.
- Profit target: 10%
- Max overall drawdown: 6%
- Daily drawdown: 4%
- Time limit: None
- Best for: Traders who hate two-phase and trust their edge to land in one push
2-Step Challenge
The standard FTMO-style two-phase model.
- Phase 1: 8% target
- Phase 2: 5% target
- Max overall drawdown: 10%
- Daily drawdown: 5%
- Time limit: Unlimited (worth noting, since most competitors cap at 30+30 days)
- Best for: Most retail traders. Default choice.
3-Step Challenge
Three phases. Lower profit target per phase. Stretches over time.
- Phase 1: 6% target
- Phase 2: 6% target
- Phase 3: 6% target
- Max overall drawdown: 8%
- Daily drawdown: 4%
- Time limit: Unlimited
- Best for: Cautious traders who want to spread risk across more phases at lower per-phase pressure
The 3-step is unusual. Most firms only do 1-step or 2-step. The argument for it: at 6% per phase rather than 8% then 5%, you can take fewer trades per phase and run lower risk. The argument against: it's three eval fees worth of patience to get funded, and the total profit target across phases is 18% rather than 13%.
Instant Funding
Skip the evaluation entirely.
- No evaluation phases
- Trade to a payout target (4 to 6%) before first withdrawal
- Max drawdown: 4%
- Profit split: Starts at 50%, scales up
- Best for: Experienced traders who don't want eval drag
HFT (High-Frequency) Funded
A separate product for EA traders running high-frequency strategies.
- Different rule set tailored to high-frequency trading
- Restrictions on latency arbitrage still apply
- Best for: EA developers running scalping or HF strategies
Few prop firms openly offer an HFT-friendly product. Most either ban high-frequency outright or let traders try and then withhold payouts citing "exploitative" patterns. Blueberry being upfront about the HFT product is a good thing. At least the rules are clear from the start.
Account sizes and pricing
Account sizes from $5k to $200k.
| Account | 2-step typical price | On sale |
|---|---|---|
| $5k | ~$65 | ~$49 |
| $10k | ~$109 | ~$79 |
| $25k | ~$199 | ~$149 |
| $50k | ~$289 | ~$219 |
| $100k | ~$489 | ~$369 |
| $200k | ~$939 | ~$729 |
Pricing is mid-pack. Comparable to FundedNext, slightly cheaper than FTMO, slightly more expensive than E8. Promotions run regularly, with bigger sales during Black Friday and end-of-year.
The $2M scaling claim
Blueberry's biggest marketing pitch is the $2M scaling cap. Hit consistent payouts on a $200k funded account, prove your edge over months, and Blueberry scales you up to $2M effective capital.
What this actually means:
- Scaling is gradual and milestone-gated, not a one-time bump
- You need consistent monthly payouts (typically 4%+ a month) over multiple consecutive months
- Each milestone bumps your account size up ($200k to $300k to $400k to ... to $2M)
- Most traders never reach the scaling tier. They blow the drawdown or quit before consistency builds.
The $2M figure is real, but it's a top-of-funnel marketing number. For a typical funded trader, the practical cap is closer to $200k to $400k. Treat the $2M as "the firm has a clear scaling path that's bigger than competitors," not "you'll get to $2M."
Platforms
MT4 and MT5 only. No cTrader, no DXtrade.
This is a step backward from Bright Funded (3 platforms) and even from FTMO (which added cTrader in 2024). If you're an MT4/MT5 trader, fine, that's the majority of retail. If you prefer cTrader or anything else, Blueberry isn't for you.
MT4 support is interesting in itself. Many firms have dropped MT4 over the past two years (FTMO ended MT4 in late 2024, FundedNext is MT5-only). Blueberry keeping MT4 alive helps if you have legacy EAs or strategy templates built for MT4 that you don't want to port.
Profit split and payout terms
Standard 80% split, scaling to 95% at the top tier.
Scaling path:
- First payout: 80%
- After 4 consistent payouts: 90%
- At top scaling tier: 95%
Payouts cycle bi-weekly. The first cycle requires:
- 14 calendar days from funded start
- Minimum trading days (typically 5+) within the cycle
- Payout request
Subsequent cycles: every 14 days, no minimum trading day requirement.
Payment methods:
- USDT (TRC20/ERC20), most common, fastest
- Bank wire, slower, 3 to 5 business days
- Direct deposit to Blueberry Markets retail account, handy if you also hold a parent-broker account
The Blueberry Markets payment route is unusual. If you have a retail account at the parent broker, you can withdraw your prop payouts straight into that account, which is faster and avoids crypto or wire fees.
What the T&Cs actually say
I read every page. The parts worth flagging:
Allowed strategies
- EAs: Allowed on funded accounts, restrictions on copy-trading and latency arbitrage
- Hedging: Allowed within a single account; not allowed across accounts
- News trading: Allowed on most products; restrictions on HFT product
- Weekend holding: Allowed
- Maximum lot size: Capped per instrument
Forbidden behaviour
- Account sharing
- IP / VPN abuse
- Reverse trading across multiple Blueberry accounts
- Latency arbitrage on B-book quotes
- "Gambling-style" single-position trading exceeding firm risk limits
Australia restriction
Buried in the T&Cs but explicit: Australian residents are not permitted to open Blueberry Funded accounts. This is because ASIC restricts retail CFD leverage to 30:1, and Blueberry Funded offers higher leverage. To sell to AU retail at higher leverage, Blueberry would need to be a wholesale-only product, and as a prop firm it serves retail. So AU is blocked.
Aussies who want Blueberry exposure: open a Blueberry Markets retail account (the parent), which IS available in Australia, just at 30:1 max leverage.
The 4% rule (instant funding)
Tight, unforgiving, same as other firms' instant products. Read it before buying.
What real users say (Trustpilot patterns)
Trustpilot: 3.8 / 5 over ~1,200 reviews. This is the weakest of the four firms reviewed in this cohort (FTMO ~4.7, FundedNext ~4.6, E8 ~4.4, Bright ~4.6).
The patterns:
Positive themes
- Payouts arrive on time and as promised
- Support is responsive (Discord + email)
- Connection to ASIC-regulated parent broker mentioned as a trust signal
- $2M scaling cap mentioned as motivating
- MT4 support praised by EA traders
Negative themes (more pronounced than other firms)
- Several traders report "unfair account terminations", usually around news trading edge cases or rule misreadings. More frequent than at FTMO or FundedNext.
- Some traders complain about slippage during high-impact news. The same complaint exists everywhere, but more reviewers mention it on Blueberry specifically.
- A subset complain about delayed payouts during early 2025, which Blueberry blamed on a payment processor switch. The issue cleared up by mid-2025 but left negative reviews behind.
- Some Australian traders signed up despite the geo-block, got onboarded, then had accounts closed mid-evaluation when KYC caught the residency. These reviews are angry, but technically the trader violated the T&Cs.
The 3.8 score is the most important signal in this review. It's not catastrophic, but it's well below the peer set. The pattern of "unfair termination" complaints in particular is worth taking seriously. That's the recurring theme that gets prop firms into real trouble.
Caveats worth saying out loud
Young prop arm. Founded August 2024. At time of writing (May 2026), that's less than 18 months. There's not much track record to draw on. The parent broker has been around since 2015, which is partly reassuring, but the prop arm itself is new.
Prop entity is in St Vincent, not Australia. The ASIC AFSL does NOT extend protection to Blueberry Funded customers. If the prop entity folds, you're an SVG creditor, not an ASIC-protected client.
3.8 Trustpilot. Lowest of the major firms reviewed. Read the negative reviews carefully, especially the "unfair termination" cluster. The patterns matter.
Australian residents are blocked. Don't try to sign up with a fake address. KYC will catch it eventually and you'll lose the fee plus any earned profits.
Five models is a lot. It's variety, but it's also complexity. Read the rule sheet for the specific model you're buying before paying. Drawdown numbers vary across models in ways that are easy to misread.
$2M scaling is theoretical for most traders. Treat it as the headline ceiling, not the typical outcome.
How Blueberry compares to peers
| Feature | Blueberry | FTMO | FundedNext | E8 Markets | Bright |
|---|---|---|---|---|---|
| Founded | Aug 2024 | 2015 | 2022 | 2021 | 2022 |
| Parent broker | Blueberry Markets (ASIC) | None (prop only) | None (prop only) | None | None |
| Platforms | MT4, MT5 | MT4 (until 2024), MT5, cTrader, DXtrade | MT5 | MT5, cTrader | MT5, cTrader, DXtrade |
| Number of models | 5 | 2 (Express, Swing) | 4 | 4 | 3 |
| Scaling cap | $2M | $400k | $4M | $400k | $400k |
| Trustpilot | 3.8 (~1,200) | 4.7 (~25k) | 4.6 (~12k) | 4.4 (~3.2k) | 4.6 (~500) |
| Min entry | ~$49 | ~$155 | ~$59 | ~$40 | ~$59 |
| Time limit on 2-step eval | None | 30+30 days | 30+60 days | None on some | None |
| Aussie traders | Blocked | Allowed | Allowed | Allowed | Allowed |
| News trading | Allowed | Restricted | Allowed | Allowed | Allowed |
Blueberry's standout features: the parent broker relationship and five challenge models. Weak spots: lowest Trustpilot in the cohort and the AU block.
Pros and cons
Pros
- Connected to an ASIC-regulated parent broker (rare for the industry)
- Five challenge model variants, more options than most
- Unlimited time on 2-step evaluation
- $2M scaling cap is the highest in this peer set
- MT4 still supported (some EA traders need this)
- Bi-weekly payouts with multiple payment methods
- Direct withdrawal route to the parent broker account
- Explicit HFT product for EA traders
Cons
- Prop entity itself in St Vincent. ASIC protection does NOT extend to Blueberry Funded.
- 3.8 Trustpilot, weakest of the major prop firms
- Pattern of "unfair termination" complaints in reviews
- Founded August 2024, very young prop arm
- Australian residents blocked
- Only MT4 and MT5 (no cTrader, no DXtrade)
- Five models = complex rule landscape, easy to misread per-model drawdown
Who Blueberry Funded is for
A good fit if you:
- Want the parent-broker-relationship angle and understand its limits
- Need MT4 specifically for legacy EAs
- Want to try a 3-step challenge (rare offering)
- Are scaling-oriented and want a $2M+ ceiling
- Are an EA trader and want a firm that explicitly supports HFT
Not a good fit if you:
- Insist on a regulated funded account (none of the prop firms qualify; the parent-broker connection here is structural, not protective)
- Are an Australian resident (you're blocked, use Blueberry Markets retail instead)
- Want a long track record (FTMO is your firm)
- Prefer cTrader (Bright Funded supports it; Blueberry doesn't)
- Read the Trustpilot pattern of unfair-termination complaints and decide it's not worth the risk
How to get started (if you're not in Australia)
- Pick a model: 1-step, 2-step, 3-step, Instant, or HFT
- Pick account size, $5k to $200k
- Pick MT4 or MT5
- Pay challenge fee
- Receive demo credentials by email
- Trade. Hit the target. Don't blow the drawdown.
- Get funded, wait 14 days, request payout, get paid
Verdict
Blueberry Funded is a structurally interesting prop firm with a parent-broker relationship that puts part of the infrastructure under ASIC oversight, but the prop arm itself is young, unregulated, and carries the lowest Trustpilot of the firms I've reviewed.
For me, it's not a first pick. The 3.8 Trustpilot and the pattern of unfair-termination complaints are real warning signs. The parent-broker angle is genuinely interesting and the five-model variety has its appeal, but the track record is too short and the user reviews too mixed to put real capital here yet.
I'll check back in 12 to 18 months. If the Trustpilot trends upward and the prop arm builds a longer payout history, Blueberry becomes a more compelling pick, and the parent-broker connection becomes a real differentiator. Right now it's a "watch list" prop, not a "deploy capital" prop.
When I do onboard, I'll update this review with my real experience. Until then, read the rules, especially the per-model drawdown numbers, and weigh the Trustpilot signal against your own tolerance.
FAQ
Is Blueberry Funded regulated?
Can Australians sign up?
How does the $2M scaling cap work?
How fast are Blueberry Funded payouts?
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