BluOr Bank

BluOr Bank is a relatively young Latvian bank. Before that it was called BlueOrange Bank and Baltikums Bank. It has a rich pool of banking services. Including mediation in trading on the stock exchange, forex dealing.

Forex dealing raises a number of questions. Rating Forex warns: it is unclear where exactly positions are transferred and whether they even reach the real market, liquidity providers.

There are no questions about BluOr Bank documents. The bank is legal. There are all necessary licenses. At the same time, they categorically cannot be considered a guarantee of honest service. Reviews make it clear: the bank is very far from ideal. Because of him there are only losses.

There is one type of asset in the BluOr Bank pool of instruments that leaves no doubt about how our hero works. We are talking about cryptocurrency CFDs. This asset speaks louder than the reviews that the transactions are definitely not going anywhere.

People open a “Personal Account” at BluOr Bank and receive simulated trading. The office can change the quotes in order to drain more efficiently.

The terms of trade are almost in full. Not enough spreads. Without them, you won’t understand exactly what trading strategies you can use.

The leverage of BluOr Bank is typical for the eurozone. The swaps are too big. The commissions are also not the most pleasant. Combined with unknown spreads, this indicates a high risk of getting screwed.

Methods for replenishing and withdrawing money from BluOr Bank are not listed. Everything will become clear only after registration and opening an account for trading. There is an opinion: the set is standard – card and bank transfer. Considering the presence of crypto among the traded assets, you can expect anything.

Terms of cooperation. How to make money with BluOr Bank?

BluOr Bank offers investments in 8 types of CFDs:

• currency pairs;
• metals;
• raw materials;
• indexes;
• bonds;
• shares;
• ETF;
• cryptocurrency.

The dodger website gives tables with all the tools. This is good. At the same time, the bad thing is that Sharashka’s office offers trading in cryptocurrency pairs.

Rating Forex reminds you: crypto pairs do not have liquidity providers. This means that there will be no withdrawal of money to the interbank market. The program only simulates trading without the participation of real capital.

There is only one Forex account. But BluOr Bank pretends that there are several of them. At least in the description of the minimum account balance. It can vary from 20 to 500 units of deposit currency. The exact figure depends on the account chosen. Only on our hero’s website there is only one.

To trade with BluOr Bank on Forex, you need to deposit at least €100 into your account. It turns out that the minimum balance on the account where the stop-out is triggered is 20%. This is a very low figure. Here is the best proof that trades are not released to either the real market or liquidity providers.

Rating Forex warns: low stop-out levels are common among scammers. It helps them drain client depots faster. One unsuccessful transaction is enough to leave almost nothing left in your account. To create such conditions, scammers create price spikes.

Terms of trading with the BluOr Bank scam:

• Shoulder – 1:30. For qualified traders it may be wider. BluOr Bank is doing its best to transfer every trader to qualification. This makes it possible to cancel the protection against negative balance in order to drive you into debt, to push a wide leverage for accelerated drainage.
• The minimum transaction is 0.01 lot. This proves that orders are definitely not being sent anywhere.
• The maximum deal is 20 lots. Proves liquidity problems.
• Spreads – from 0.2 points. There are no specifics for each financial instrument.
• Margin call – 100%. Moderately low.
  Commission – 0.008% for Forex, 0.012% for other CFDs.

Swaps are both positive and negative. Moreover, the latter are greatly inflated in order to more effectively reset the deposit on a rollover.

Registration, regulation, replenishment and withdrawal

BluOr Bank is managed by BluOr Bank AS, registered in Latvia. Registration number: 40003551060.

BluOr Bank appeared in 2001. Then it was called Baltikums Bank. This continued until 2017. Afterwards the bank renamed itself BlueOrange Bank. He did not keep this name for long. Already in 2022 he took the name he has now.

Rating Forex warns: frequent changes of a bank’s brand are a very bad signal. There is a possibility that the company was trying to clear its reputation. According to reports for 2012, the bank was experiencing difficulties with clients. He ranked 16th, his performance was falling. Under the name BlueOrange Bank, our hero became the fifth largest Latvian financial institution.

Legal status is not a reason to trust BluOr Bank with money. The bank, which has been operating for more than 20 years, has very few reviews. They are like crazy in English, Russian and Latvian.

Rating Forex found an article for 2018. It said: BluOr Bank was fined €1.2 million for non-compliance with the law on the prevention of money laundering. Initially, they wanted to punish him for € 4 million. But he agreed to change the approach to checking documents and analyzing client transactions in the direction of increasing control.

Regulation

BluOr Bank has 3 licenses to provide services:

• banking;
• payment system;
• professional participant in the financial instruments market.

This makes it possible to display transactions on the exchange and simulate trading in CFDs.

Attention: the license does not protect against fraud. Scammers have plenty of legal ways to stop traders from cheating.

Rating Forex advice: it is important to check the intermediary not only by monitoring his documents. You need to understand the trading conditions and reviews. BluOr Bank is doing poorly with this. Specifications cannot be trusted. Also, the reviews are mostly negative.

How to withdraw money from BluOr Bank and top up your account

The BluOr Bank scammer didn’t say a word about how they withdraw and top up. There is information only for stock traders. They can transfer money between brokers.

There is an opinion: a trader needs to open an account with BluOr Bank. Then replenish the deposit from there. This is a tedious procedure. They are very dissatisfied with the banking services of BluOr Bank. Commissions are high. The timing of deposits and withdrawals is a secret.

Rating Forex warns: there is a possibility that you will have to pay hidden fees. For example, a BluOr Bank scammer may charge a separate service fee for inactivity on a trading account.