BloFin is a new cryptocurrency exchange that has been gaining popularity worldwide. If you’re thinking about utilizing BloFin for trading or investing, you should read this BloFin review. This detailed analysis will tell you everything you need to know about the exchange, including goods, features, security, fees, supported coins, and more, to help you determine whether BloFin is the appropriate platform for you.
Table of Contents
What is BloFin?
Matt Hu launched BloFin in 2019, and it is situated in the Cayman Islands. The crypto futures exchange is a digital trading platform that manages digital assets, providing traders and investors with a seamless trading experience. The platform’s interface is extensive and user-friendly, and it includes advanced trading tools. Users also get access to a large number of cryptocurrencies on the futures market at cheap fees.
The BloFin exchange is properly licensed and uses strong security methods such as two-factor authentication and cold storage to prevent unwanted access to customer accounts and ensure the safety of user assets.
BloFin Sign-up and KYC
Creating an account on BloFin is a straightforward process. To sign up, follow these steps:
- First, go to the BloFin website and click the Sign-Up icon in the upper right corner. This will lead you to their registration page.
- Enter your email or phone number and make a strong password. Then select your nation and accept the Terms of Service and Privacy Policy.
- Click the “Sign-up” button. Following that, a verification code is delivered to your inbox. Enter the code to validate your email address and activate your account.
- You can log into the platform once your account has been activated. You must complete the KYC verification to ensure compliance with regulatory standards.
- The KYC verification procedure is divided into three levels. Level 1 requires email address verification; Level 2 demands personal information such as a government-issued ID and a selfie; and Level 3 requires legitimate proof of address. The daily withdrawal limit for Level 1 is 20,000 USDT; Level 2 boosts the restriction to 1,000,000 USDT; and Level 3 has a daily withdrawal limit of 2,000,000 USDT.
- After completing the KYC verification, you can deposit funds and begin exploring the platform’s numerous features.
BloFin Features
- The Blofin crypto exchange is intended to be simple to use for users with varying levels of experience in digital asset management. The software also includes advanced trading features, such as live charting and advanced order types. This makes it suited for both new and seasoned traders.
- BloFin uses suitable security methods, such as cold storage and algorithm encryption, to protect user assets. The platform also maintains a 1:1 reserve of all client assets and provides complete transparency over reserves and user monies.
- The platform provides a variety of opportunities for users to earn money. These include cryptocurrency trading, token offers, referral programs, and access to Decentralized Finance (DeFi) solutions.
- The platform provides quick and reliable customer assistance via live chat and email to assist users with any inquiries or issues they may have.
- BloFin charges cheap costs for futures trading and offers leverage of up to 125X on derivatives and perpetual contracts. This makes it an attractive option for traders trying to maximize profits while still having a pleasant trading experience.
- BloFin also works with Fireblocks, the industry’s top asset custodian institution, to protect customers’ cash through insurance coverage.
Also, you may read Best Futures Trading Signals
BloFin Mobile Application
Enjoy full features and benefits of the BloFin in the palm of their hand – anytime, anywhere. You can experience the innovative power of BloFin App by downloading it on your phone. The app is available for Android and iPhone users.
BloFin Fees
BloFin offers varying trading fee rates for different VIP tiers. Users can enjoy bigger trading cost discounts based on their VIP level.
Users can get the matching VIP level fee discount by raising their asset balance or trading volume in the previous 30 days. If customers meet the requirements of the various fee tiers in terms of spot trading volume, total trading volume of perpetual futures, and total assets, they will receive the greatest fee tier discount. The VIP level will be refreshed each morning at 8:00 (UTC). Please see the table below for the processing fees for various products and the qualifications for each VIP level.
Spot
Futures
BloFin Security
The exchange takes security very seriously; thus, it uses modern security methods like two-factor authentication, cold storage, and SSL encryption to protect user assets. Furthermore, BloFin has never been hacked, demonstrating that it is a secure and trusted platform for your trades.
The exchange gives proof of reserves through Nansen. Nansen is a blockchain analytics tool that augments on-chain data with millions of wallet labels. This demonstrates that all user assets are completely supported by company capital.
BloFin also adheres to the appropriate regulatory norms, as the platform has already secured a USA federal MSB registration through FINCEN, as well as a CIMA compliant fund license.
Also, you may read Best Crypto Exchange – Top 10 cryptocurrency exchanges
BloFin Affiliate Program
BloFin strives to offer the greatest win-win affiliate program in the business. You can use the BloFin affiliate program to establish unique referral links, and everybody who clicks on the link and registers will be instantly categorized as your invitee. You will receive a trading fee reimbursement once your invitees have completed deals.
Affiliate Level and Commission Details
Conclusion
BloFin is gradually becoming one of the most popular crypto derivatives exchange platforms. The exchange uses innovative trading tools to provide smooth trading features. Users also benefit from inexpensive trading fees, copy trading, a diverse choice of passive income products, and much more. However, the platform’s functionality remain limited when compared to other platforms. The exchange does not support several cryptocurrencies, NFT trading, mining, staking, or bot trading.
Frequently Asked Questions
Is BloFin Registered and Licensed?
BloFin is committed to ensuring proper regulatory compliance, having previously secured its US federal MSB license through FINCEN, a CIMA compliant fund license, and is currently trying to obtain other asset management licenses in Hong Kong, Singapore, and Canada.
Does BloFin Require KYC to Trade?
Yes, BloFin requires KYC for customers to trade on its platform. Without KYC, you will be unable to use important services such as copy trading and other passive income items. To complete the KYC verification on BloFin, you must provide a government-issued ID, a selfie, and legitimate proof of address.
Is Blofin a Secure Crypto Exchange?
Yes, BloFin is completely secure because it includes advanced security features such as two-factor authentication, SSL encryption, and cold storage.
In addition, BloFin has never been hacked. This demonstrates that it is completely secure and trustworthy for the protection of your funds as a trader or investment.
