BluOr Bank

Overview of BluOr Bank

BluOr Bank AS is a financial institution based in Latvia that offers a variety of market instruments for trading and investment. However, it operates without regulatory oversight, which may raise concerns about the security and reliability of its financial services. Customers should exercise caution and thoroughly research all available options before engaging with BluOr Bank. The bank provides access to various market instruments, including foreign exchange trading, stocks & ETFs, bonds, futures & options, investment funds, and securities services. Traders can access a diverse range of assets and exchanges, with low trading fees for different products. BluOr Bank offers account types for both business clients and management/owners, each with specific fees and features. It also provides leverage for foreign exchange trading and offers low spreads and commissions. The bank has varying minimum deposit requirements based on the client's residency and type. Educational tools and multiple payment methods are available, and customer support is offered through phone and email, with helplines for specific services. However, potential clients should be mindful of the risks associated with dealing with an unregulated institution.

Pros and Cons

BluOr Bank presents a range of advantages and disadvantages for potential customers to consider. On the positive side, the bank offers a diverse selection of market instruments, including FX, stocks, ETFs, bonds, futures & options, and investment funds, providing clients with various investment opportunities. The leverage of up to 1:30 for FX trading allows traders to control larger positions, while spreads starting from 0.2 pips and low volume-based commissions make it appealing for cost-conscious traders. Access to over 20 global stock exchanges enhances market access, and clients can benefit from diversified investment options through funds and bonds. Informative educational tools empower clients to make informed financial decisions, and remote deposit and withdrawal services cater to the convenience of EU residents. However, there are certain drawbacks to consider, such as the lack of regulatory oversight, which may raise security concerns. Traders should be cautious of potential higher risks associated with leverage. Additionally, trading platform fees for CQG Trader and monthly maintenance fees for certain account types may impact overall costs. Limited availability of payment methods for online transactions and customer support channels may affect convenience and responsiveness. The absence of state indemnity for deposits over EUR 100,000 and limited access to certain account types may also be relevant factors for some customers. Thorough research and evaluation of these pros and cons are essential for potential customers before making any decisions with BluOr Bank.

Is BluOr Bank Legit？

BluOr Bank operates without regulatory oversight, which may raise concerns about the security and reliability of its financial services. Customers should exercise caution when dealing with an unregulated institution, as there may be a lack of safeguards and consumer protections typically provided by regulated banks. It is advisable to thoroughly research and consider all available options before entrusting funds or personal information to BluOr Bank.

Market Instruments

FX: BluOr Bank offers foreign exchange trading with a minimum deposit requirement of 100 EUR. Traders can access a wide range of instruments, including currency pairs, oil, precious metals, indices, and cryptocurrencies. The leverage provided is up to 1:30, and clients benefit from floating spreads starting from 0.2 pips. Direct access to interbank liquidity is facilitated through an ECN model, and the professional trading platform BluOr FX enhances the trading experience. The bank charges low volume-based commissions and ensures negative balance protection for clients.

Stocks & ETFs: BluOr Bank allows investors to participate in the stock and ETF markets for capital appreciation or dividend income. Access to over 20 global stock exchanges is available, with more than 1000 exchange-traded funds offering various management strategies. Clients can engage in voice brokerage and electronic trading through the Quik/Quik X Mobile platform. The bank offers trading fees, such as 2.5 cents per US share and 0.35% for European stocks, with a minimum investment requirement of 5,000 EUR.

Bonds: BluOr Bank provides a wide range of government and corporate bonds, offering fixed and regular income opportunities of up to 10% per year. Clients can diversify their investments across different regions and currencies and participate in Initial bond offerings. The bank's pricing model provides no price mark-ups, and it offers ae commission structure starting from 0.10%. Additionally, BluOr Bank facilitates a securities lending program for eligible clients.

Futures & Options: Traders at BluOr Bank can access a variety of futures contracts across 30 financial markets, including metals, energies, soft commodities, bonds, and indices. The bank grants access to exchanges like CME, CBOE, LME, NYMEX, ICE, and LIFFE. Clients can hedge positions or speculate on price movements through voice brokerage and electronic trading with DMA access. The professional trading platforms, CQG QTrader, enhance the trading experience. Commissions start from 20 USD per contract per side.

Investment Funds: BluOr Bank offers a convenient way to save money through professional money management provided by leading financial institutions. Clients can choose from a wide range of funds diversified across the globe, covering various market strategies and asset classes. The liquidity of investment funds allows clients to buy and sell every business day, with a minimum investment requirement of 5,000 EUR.

Securities Services: BluOr Bank provides comprehensive securities services, including opening and servicing securities accounts, safekeeping financial instruments, clearing and settlement of transactions, and corporate action services. As a direct member of Latvian Central Depository and Euroclear, the bank ensures secure handling of financial assets. The custody fee is as low as 0.25% per year.

Margin Loan: BluOr Bank offers margin loans with terms, allowing clients to borrow against their securities portfolio. The loan term ranges from 1 day to 3 months, and registration can be completed within one working day. Clients have the option to renew the margin loan automatically, and early repayment is possible without commission. Financing can be obtained up to 50% of the securities' market value, with an interest rate starting from 5% per year.

Account Types

1. BUSINESS CLIENTS ACCOUNT:

For Business Clients, BluOr Bank offers a Current Account with an opening fee of EUR 25 and a monthly maintenance fee of EUR 5. Temporary Account maintenance incurs a monthly fee of EUR 10. Business clients enjoy free access to the user-friendly Internetbank and mobile application. Friendly Payments within the bank are free of charge, while Intrabank Instant Payments have a fee of EUR 0.40. Standard and Express Intrabank Payments cost EUR 0.40 and EUR 15, respectively. Mastercard Business credit cards come with no issuance fee, and the monthly card usage fee is EUR 3. Cash withdrawals at BluOr Bank ATMs are charged EUR 2, and withdrawals up to EUR 500 are free-of-charge. For cash withdrawals at ATMs of other banks, a fee of 2% + EUR 4 applies, and cash deposits are charged at 0.3% of the amount.

2. MANAGEMENT AND OWNERS ACCOUNT:

Management and Owners can also avail themselves of the Current Account with a similar opening fee of EUR 25 and a monthly maintenance fee of EUR 5. Temporary Account maintenance, however, is not applicable to this account type. Management and Owners also have access to the user-friendly Internetbank and mobile application for free. The payment fees for Intrabank and Instant 24/7 transfers are the same as in the Business Clients Account, with EUR 0.40 per transaction. Standard Intrabank Payments incur the same fee as well, but Express payments cost EUR 15 per transaction. Mastercard Classic credit cards are available with an issuance fee of EUR 5, and the monthly card usage fee is EUR 3. Cash withdrawals at BluOr Bank ATMs cost EUR 2, but up to EUR 500 in withdrawals are free-of-charge. Similarly, cash withdrawals at ATMs of other banks are charged at 2% + EUR 4, but the first EUR 500 is free. Cash deposits do not incur any fees.

Leverage

BluOr Bank offers leverage of up to 1:30 for foreign exchange trading. This means that traders can control positions up to 30 times the amount of their initial deposit, enabling potential higher gains or losses. However, it is important for clients to be aware of the risks associated with trading on margin and to use leverage responsibly.

Spreads & Commissions

BluOr Bank offers spreads starting from 0.2 pips for foreign exchange trading.For stocks & ETFs, the trading fees are 2.5 cents per US share and 0.35% for European stocks. The commission structure for bonds starts from 0.10%, and futures & options trading incurs commissions starting from 20 USD per contract per side.

Minimum Deposit

BluOr Bank requires a minimum deposit of EUR 1,000 for EU residents and EUR 500 for Latvian residents to place a savings deposit. Additionally, the bank offers a subordinated deposit option with a minimum deposit requirement of EUR 10,000 for stable monthly income.

Deposit & Withdrawal

BluOr Bank offers remote deposit and withdrawal services for EU residents and companies registered in the EU. To place a savings deposit, EU residents need a minimum deposit of EUR 1,000, while Latvian residents require a minimum deposit of EUR 500. BluOr Bank provides interest rates on these deposits, with rates ranging from 2.0% to 3.85% per annum, depending on the deposit term.

Customers have the options to choose deposit terms from 3 to 60 months, and interest is paid at the end of the deposit period. The bank offers state indemnity for deposits up to EUR 100,000. Additionally, BluOr Bank offers a subordinated deposit option, providing a stable monthly income with interest rates of 5% for a 5-year term and 6% for a 7-year term, applicable to deposits over EUR 10,000.

To place a deposit, clients can fill in a short application form on the bank's Internet platform, with different forms available based on client type (individuals or legal entities) and residency (EU residents or non-EU residents).

Trading Platforms

BluOr FX - JForex:

This platform provides quick and easy access to Forex and CFD markets. With a diverse range of tradable assets, including 50+ FX pairs, 1000+ share CFDs, stock indices, metals, and commodities, users have various investment options. The platform boasts FX spreads starting from 0.8 pips and offers real-time quotes and charts for informed decision-making. BluOr FX - JForex supports both web and mobile trading on iOS and Android devices. Traders can make use of powerful technical analysis tools featuring 250 indicators, along with one-click trading for swift execution. The multi-language interface further enhances user experience.

CQG Trader:

Designed for trading exchange-traded derivatives worldwide, CQG Trader provides Direct Market Access (DMA) to prominent exchanges such as CME, EUREX, LIFFE, ICE, NYMEX, and CBOT. The platform offers real-time quotes, charts, and analytics to aid in decision-making. Traders can benefit from various technical analysis indicators. CQG Trader supports all popular order types, including market, limit, stop, iceberg, and algo orders, allowing users to implement diverse trading strategies. A mobile version is available. However, it is worth noting that this platform incurs a monthly fee starting from 95 GBP, along with trading fees as low as 20 USD per contract per side.

Educational Tools

BluOr Bank offers informative educational tools, including activity reports, audited annual reports, updates on new services such as settlement options for e-merchants via Revolut, and increased term deposit rates as of December 15, 2022. These resources empower clients to make informed financial decisions.

Payment Methods

BluOr Bank offers several payment methods for online transactions. Customers can make payments using Visa, MasterCard, and Maestro cards without any subscription fee. Additionally, a special feature allows the use of Revolut accounts for online shop payments, starting from December 15, 2022. The commission fee for these transactions starts from 1.2% + EUR 0.08. Cash transactions are promptly credited to the bank account on the following day. BluOr Bank also provides e-commerce and IT specialist support for quick integration and transaction reviews. Notably, BankPay is available as an online payment method, offering immediate or next-day account crediting for payments made with payment cards and BankPay.

Customer Support

BluOr Bank offers customer support through various channels, including phone and email. Customers can reach the bank's general contact number at +371 67 031 333 or contact them via email at info@bluorbank.lv. For payment card blocking outside of working hours and on weekends, a helpline is available at +371 67092555.

Conclusion

BluOr Bank, operating without regulatory oversight, presents both advantages and disadvantages. On the positive side, the bank offers a diverse range of market instruments, including foreign exchange trading with low volume-based commissions and access to interbank liquidity, stock and ETF market participation with fees, a wide range of government and corporate bonds with a pricing model, futures and options trading across various financial markets, investment funds for convenient money-saving, and comprehensive securities services with secure handling of financial assets. Additionally, the bank provides margin loans with terms and low interest rates for borrowing against securities portfolios. However, on the negative side, BluOr Bank's lack of regulatory oversight may raise concerns about the security and reliability of its financial services. Customers should exercise caution when dealing with an unregulated institution, as there may be a lack of safeguards and consumer protections typically provided by regulated banks. Additionally, some services may incur fees, such as account maintenance fees and payment transaction fees, which should be taken into account when considering the bank's offerings. Potential clients should thoroughly research and consider all available options before entrusting funds or personal information to BluOr Bank.

FAQs

Q: Is BluOr Bank a regulated institution？

A: No, BluOr Bank operates without regulatory oversight, which may raise concerns about the security and reliability of its financial services.

Q: What market instruments does BluOr Bank offer？

A: BluOr Bank offers foreign exchange trading with a wide range of instruments, including currency pairs, oil, precious metals, indices, and cryptocurrencies. It also provides access to stocks, ETFs, bonds, futures, options, and investment funds.

Q: What is the leverage offered by BluOr Bank？

A: BluOr Bank offers leverage of up to 1:30 for foreign exchange trading, allowing traders to control positions up to 30 times their initial deposit.

Q: What are the trading platforms available at BluOr Bank？

A: BluOr Bank offers the BluOr FX - JForex platform for Forex and CFD trading and the CQG Trader platform for trading exchange-traded derivatives worldwide.

Q: How can customers deposit and withdraw funds at BluOr Bank？

A: BluOr Bank offers remote deposit and withdrawal services for EU residents and companies registered in the EU, with low interest rates and different deposit terms.

Q: What educational tools does BluOr Bank provide？

A: BluOr Bank offers informative educational tools, including activity reports, audited annual reports, and updates on new services to empower clients to make informed financial decisions.

Q: What payment methods are available at BluOr Bank？

A: BluOr Bank offers various payment methods for online transactions, including Visa, MasterCard, Maestro cards, and the use of Revolut accounts for online shop payments. BankPay is also available for immediate or next-day account crediting.

Q: How can customers contact BluOr Bank's customer support？

A: Customers can contact BluOr Bank's customer support through phone and email.