Blofin is a relatively new cryptocurrency exchange that is drawing customers from all around the world. You should check out this review if you’re interested in utilizing Blofin for trades or investments.
To assist you in determining if Blofin is an appropriate platform to use, this article will provide you with all the information you’re looking for about the exchange including its features, products, fees, security, supported coins,…
| Stats | Blofin |
| Founded | 2019 |
| Headquarters | Cayman Island |
| Founder | Matt H. |
| Active Users | 1+ m |
| Supported Coins | 250+ |
| Fees (maker/taker) | 0.02% / 0.06% |
| Max Leverage | 150x |
| KYC Verification | Not Required |
| Mobile App | Yes |
| Rating | 4.2/5 |
| Bonus | $5.000 (Claim Now) |
Blofin Review
Based in the Cayman Islands, Blofin was established in 2019 by Matt Hu. The crypto futures exchange is a digital trading platform that manages digital assets, offering users a seamless and smooth trading experience. The platform features sophisticated trading tools and a comprehensive, initiative interface for its users. In addition, users on the futures market can access a large number of cryptocurrencies and enjoy low fees.
Blofin is a fully regulated trading platform, which implements intensive security methods such as two-factor authentication and cold storage to prevent unauthorized access to accounts and ensure the protection of user assets.
Blofin distinguishes itself with its comprehensive Copy trading function, which enablesinexperienced traders to profit from professional investors and traders. Beginners can easily navigate the user interface offering sophisticated trading tools including real-time charts, technical indicators, and customizable watchlists for more seasoned traders. Additionally, the platform provides email and live chat support services that are available around the clock.
Furthermore, when joining the platform, users may access up to $5,000 USDT as a welcome bonus and take advantage of different opportunities to generate passive income through cryptocurrency investments
Check our comprehensive overview of Bloofin bonuses to find out how to maximize your cryptocurrency benefits.
Blofin provides a mobile trading app rated 3.7/5 stars on the Google Play Store and is accessible for both iOS and Android users. Therefore, Blofin is an excellent starting point for anybody interested in learning more about the world of derivatives trading.
Blofin Pros and Cons
| Blofin Pros | Blofin Cons |
| Low trading fees | No staking |
| Beginner friendly | No demo account |
| Up to 125x leverage | Limited payment methods |
| Copy trading | Only futures trading supported |
| Full proof of reserves |
Blofin Sign-up and KYC process
Creating an account on Blofin is a very simple procedure. Follow the following steps to sign up:
- First, visit the official Blofin website -> click on the “Sign-up” button at the top right corner of the page. This would navigate you directly to the registration portal.
- Enter your email address or phone number and create your own strong password. -> Select your country of residence -> Check agree to the Terms of Service and Privacy Policy.
- Select “Sign-up” then a verification code will be sent to your mailbox. Provide the code to verify your email address and activate your account
- You can log in to the exchange once your account is activated. To guarantee compliance with regulatory regulations, you will need to complete the KYC verification.
- There are three stages to the KYC verification procedure. Level 1 requires your email address verification with the daily withdrawal limit of 20,000 USDT. Level 2 requires your personal information including a government-issued ID and a Selfie with the daily withdrawal limit of 1,000,000 USDT. Level 3 requires valid proof of your address with the daily withdrawal limit of 2,000,000 USDT.
- After the KYC verification is finished, you may deposit funds and start using the platform’s services.
Blofin Products, Services, and Features
Trading Features
Blofin is a crypto futures trading platform offering a comprehensive futures trading interface with high leverage and low fees. To improve customers’ overall trading experiences, the trading interface includes real-time charts, technical indicators, and different order types. Furthermore, the platform also allows trading of more than 100 trading pairs using USDT-margined perpetual contracts.
Trading Fees
The Blofin exchange provides users with competitive trading fees. With leverage of up to 125x on derivatives and perpetual contracts, the fee on the futures market is 0.02% for makers and 0.06% for takers. In addition, based on your 30-day trading volume, the exchange’s tiered fee structure may lower expenses to 0% for makers and 0.035% for takers.
In addition to futures trading, Blofin features an advanced Copy trading function that lets consumers benefit from the transactions of successful traders. This includes necessary instructional resources helping users to comprehensively understand copy trading and other functions.
You just need to decide the amount you want to invest and simply copy everything they do automatically in real time. Your account will execute the identical trade as soon as a trader you copy does one.
You would receive the same returns on each transaction as the trader you replicated and you are not required to participate in the transactions.
Passive Income Products
In addition to trading, Blofin offers various methods for users to make money on the platform. Their referral reward system is one example.
This referral program aims to encourage current members to invite new users to the platform. When you refer new users to the exchange, they may receive a commission of up to 30%. Additionally, new members can receive welcome rewards of up to 5000 USDT upon signup.
Another approach to earn passive money on Blofin is to become an Affiliate. You may earn up to 50% commission on trades made by users who join through your affiliate link, in addition to getting to promote the platform on your networks as an affiliate.
You can receive a commission on transactions made by users who sign up for the platform using your referrals’ invitations through the affiliate program making Blofin one of the greatest platforms for earning money other than trading. Blofin also provides cryptocurrency investments so that customers may increase their earnings on the platform.
Blofin Deposit Methods
Unfortunately, Blofin only allows deposits made using cryptocurrencies. Payments with fiat currencies are not yet supported. The cryptocurrencies that are currently supported are USDT, ETH, and BTC.
You have to select the cryptocurrency as well as the blockchain network you want to deposit. You will be provided with a unique address to send the cryptocurrency. You can use your deposit to trade or invest on the platform once the transaction has been confirmed and credited to your balance. The deposit procedure is straightforward and there are no costs associated with it.
Blofin Withdrawal Methods
Additionally, the exchange only allows withdrawals in cryptocurrency, with BTC, ETH, and USDT as accepted currencies. Withdrawing cryptocurrency is also an easy and simple process. To withdraw, you will choose the currency and blockchain network you want to use. Cryptocurrency withdrawal fees depend on the currency and Blockchain network that you selected.
Blofin Security And Regulation
The exchange incorporates sophisticated security measures, such as two-factor authentication, cold storage, and SSL encryption, to help safeguard user assets since it emphasizes security. Additionally, Blofin has never been hacked, proving that it is a safe and dependable platform for your transactions.
Blofin provides proof of reserves through Nansen, a blockchain analytics platform that enhances on-chain data with millions of wallet labels. This indicates that all user assets are fully backed by company funds.
The platform already holds a federal MSB license in the USA through FINCEN and a CIMA compliant fund license, therefore it also complies with all necessary regulations.
Blofin Customer Support
Through the website’s live chat function, users may get in touch with dedicated support staff members available 24/7 to address any concerns or problems related to the platform. Customers can also use social media or email instead.
Why Choose Blofin?
Below are some of the reasons to choose Blofin as your cryptocurrency futures trading platform.
- User-friendly Interface: The exchange is intended to be simple to use for individuals with all levels of experience in digital asset management. Additionally, the platform offers advanced order types, trading tools, and live charting. As a result, both novice and seasoned traders may use it effectively.
- Adequate Security and Transparency: Blofin uses secure techniques such as cold storage and algorithm encryption to protect user assets. Additionally, the platform offers consumers transparency about reserves and user funds, and it maintains a 1:1 reserve of all client assets.
- Numerous Opportunities for Earning Income: The platform offers many different methods to help users earn money including crypto trading, token offerings, referral programs, and access to Decentralized Finance (DeFi) solutions.
- Đeicated Customer Support: The platform offers speedy and reliable customer service through email and live chat to assist consumers with any queries or problems.
- Low trading Fees: Blofin provides consumers leverage of up to 125X on derivatives and perpetual contracts in addition to competitive trading fees. It is considered the best option for traders who want to maximize profit while still having a seamless trading experience.
- Insurance: Blofin also collaborates with Fireblocks, the top asset custody company in the industry, to provide insurance protection for clients’ funds.
Conclusion
Blofin keeps climbing to the top of the list of cryptocurrency derivatives trading platforms. The exchange implements smooth trading features with advanced trading tools. Users also can take advantage of low trading fees, copy trading, and a wide range of passive income products. However, the platform still has some restrictions compared to other platforms as it doesn’t support enough cryptocurrencies, NFT trading, mining, staking, or bot trading.
Frequently Asked Questions
What is The Minimum Deposit on Blofin?
The minimum amount you may deposit is 10 USD, in order to start trading fully on Blofin. Nevertheless, this might change depending on your account type and your KYC status.
Is Blofin a Reliable Crypto Exchange?
Indeed, Blofin has strong safety measures such as SSL encryption, two-factor authentication, and cold storage, making it completely safe.
Furthermore, Blofin has never been hacked before. This further demonstrates that it is completely safe and dependable for the security of your assets.
Does Blofin Require KYC to Trade?
Yes, users must have KYC in order to trade on Blofin. Key features such as copy trading and other passive income products are unavailable without KYC. You need to provide legitimate proof of address, a selfie, and an official government-issued ID to complete the KYC verification process on Blofin.
Is Blofin Registered and Licensed?
In addition to obtaining its CIMA compliant fund license and federal MSB license through FINCEN in the USA, Blofin is committed to guaranteeing adequate regulatory compliance and plans for pursuing asset management licenses in Hong Kong, Singapore, and Canada.
What Deposit and Withdrawal Methods are Accepted on Blofin?
At present, only cryptocurrencies are available for deposits and withdrawals on the Blofin platform. Users can deposit or withdraw BTC, ETH, and USDT.
What is The Maximum Leverage on Blofin?
Users of Blofin can leverage up to 125 times on perpetual and futures contracts. In addition, the site provides more than 45 trading pairs for futures trading.
Does Blofin Offer Low Trading Fees?
Yes, Blofin provides customers with an extremely reasonable pricing structure to assist them in optimizing profits while improving their trading experience overall. In the futures market, the charge is 0.02% for makers and 0.06% for takers. Based on your 30-day trading volume, the exchange additionally applies a tiered pricing structure to help users reduce their trading fees to 0% for makers and 0.035% for takers.
Does Blofin Provide Proof of Reserves?
Yes, Blofin offers sufficient reserve documentation confirming the fact that user funds are entirely supported by company assets. This guarantees consumers that their investments are always secured, making it a trustworthy trading platform.
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