BloFin Review 2024: How Secure & Useful Is This New Crypto Exchange?
Rating: 90%
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Spot Fees:
Taker
0.03% - 0.1%
Maker
0.01% - 0.1%
Future Fees:
Taker
0.03%-0.06%
Maker
0%-0.02%
Deposit Methods:
Wire
Credit
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When choosing the most suitable platform for any purpose, you often have to compromise between convenience, functionality, and security.
Trading platforms are no exception. They often have a primary focus on one of these three things, mainly catering to an audience that prioritizes one of these metrics.
However, BloFin seems to strive to address each of these priorities and provide you with an interface accessible to both beginners and professionals, basic and advanced trading tools, and multiple layers of security simultaneously.
With that said, how can you know if it’s the right platform for you?
Let’s dive in and find out the answer to that question and more.
What is BloFin?
According to its official website, BloFin is a place “where whales are made,” the official description elaborates further: “BloFin is your next crypto trading solution that provides an easy-to-use, secure, and reliable trading experience to accommodate all folks.
BloFin is a cryptocurrency exchange (CEX) that provides both basic and advanced features for cryptocurrency trading. It offers over 300 USDT-M perpetual contracts covering Bitcoin and various Altcoins, allowing traders to use up to 100x leverage. It also provides mobile apps for Android and iPhone users that mirror the functionality of its web platform.
BloFin was founded by Jack Yang and Tao Hu in late 2018 and is headquartered in George Town, Cayman Islands.
It quickly earned the attention of major investors such as KuCoin Labs, Matrix Partners, and SIG and raised a total of $72M in funding over 3 rounds, with the latest funding coming from a Series B round on March 1, 2022. It has climbed to #25 on CoinMarketCap’s ranking of derivatives exchange platforms and the top 6 on CoinGecko.
BloFin User Interface
It adopts the best design principles and common interface standards. You’ll find it easy to understand whether you’ve used other crypto exchanges like Binance before or BloFin is your first one.
On the homepage, in the navigation bar at the top right, you have icons to change the language, download the mobile app, and authorize on the web platform. On the top left, you will see the platform’s main features, some of which you can explore even without registration.
In Markets, you can explore up-to-date price data and dynamics of a vast number of crypto assets, select categories, and use different filters to get the information you are interested in.
In Spot and Futures, you can explore and interact with the chart by selecting tokens and using the multiple tools on the left to mark indicators, patterns, and other findings. However, the section for making trades on the right will only become available once you are authorized on the platform.
In Copy, you can discover the trading strategies, and use them for your trading.
In Earn, you can familiarize yourself with the possibility of earning passive income without trading. Instead, you have a list of tokens and investment terms with guaranteed interest.
In More, you can learn about additional useful features, such as affiliate programs, news, educational materials, and more.
How to Register on BloFin?
Creating an account on the BloFin exchange is straightforward and can be quite rewarding. By signing up through our exclusive link, new users can win up to $5,000 as a sign-up bonus.
1. Go to the BloFin website and click on the Signup button. You can also sign up through our direct link to earn rewards.
2. Enter your personal information, such as your email address or mobile number, and remember to use a strong password for your account.
3. Optional: Enter your referral code if you have one from an external website or another source (i.e., a friend). This could potentially unlock even more rewards for you as a user.
How to proceed with KYC on your BloFin account?
You must complete the KYC verification depending on your exact location and desired trading volume on the exchange. You get the Lv 0 right after registration and can use its main features.
However, there are two more levels of verification, each requiring different verification assets and providing different limits. Without KYC completed you can not change your limits or get access to all features, so prepare to submit your latest valid government-issued IDs and proof of address.
| KYC Level | 24h Withdrawal Limit | Futures Trading | Max Leverage |
|---|---|---|---|
|
Basic (Lv 0) |
20,000 USDT |
No Limit |
No Limit |
|
Personal Information Verification (Lv 1) |
1,000,000 USDT |
No Limit |
No Limit |
|
Address Proof Verification (Lv 2) |
2,000,000 USDT |
No Limit |
No Limit |
How to proceed with Verification through BloFin Web?
1. Click on your Profile Avatar, then click Identification to proceed to the Identification page.
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2. The default KYC level for registered accounts is “Basic” (Lv 0), so to achieve Lv 1, click Verify Now in the Personal Information Verification section.
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3. Enter the verification page, select your issuing country, and choose the appropriate document type (ID card, Passport, Residence permit, and Driver’s license).
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5. Your application will be in progress, and the Personal Info Verification section button will indicate that it’s being processed.
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6. Once completed, you will receive the Lv 2 account. After that, to achieve an Lv 3 account, you need to provide legitimate proof of address. Choose Address Proof Verification and follow similar instructions.
BloFin Features
BloFin stands to be a digital trading platform with greater ease of use, unique contract offerings, better transparency, and a solid overall reputation.
Unlike other crypto exchanges focusing on buying and selling, BloFin empowers you with tools for more strategic speculation and potentially higher returns.
While it offers some basic trading as well, its core offerings include:
Buy and sell crypto directly – You can initiate and execute orders to buy or sell any supported tokens you choose.
Margin trading – Trade with borrowed funds to increase your buying power, aiming for larger profits than your initial capital allows (at greater risk).
Futures trading – Bet on future prices using advanced order types and perpetual contracts with leverage, allowing you to amplify potential gains (and risks).
BloFin also goes beyond pure derivatives, offering some additional features:
Staking – Earn passive income by depositing supported cryptocurrencies into staking pools, contributing to network security and earning rewards.
Copy trading – Copy the trades of so-called master traders and gain the benefits of their respective expertise. On the other hand, these master traders can showcase their winning strategies, build strong reputations, and help their copiers generate profits.
Educational resources – The Zendesk-powered BloFin Help Center offers helpful guides and tutorials to help you understand the features, terms, and conditions.
Is BloFin Regulatory Compliant?
Although relatively new, BloFin actively seeks appropriate licensing from financial authorities across different jurisdictions, emphasizing transparency and legality in all its transactions.
From the beginning, BloFin has been licensed by Monetary, The Cayman Islands Monetary Authority (CIMA), and adheres to the relevant AML/CFT regulations. It also focuses on EU standards for handling user data and prioritizes GDPR compliance.
It also presents Proof of Reserves (PoR), with the last audit occurring on 5 Dec 2024
However, BloFin clarifies that using their services is fully or particularly restricted in some jurisdictions.
Users should verify the most current regulatory information directly from BloFin’s official communications and regularly check for updates in BloFin’s Terms of Use.
Is BloFin Secure?
To address its users’ security needs, it offers a comprehensive, multi-layered security strategy designed to protect user data and customer assets rigorously.
In addition to its built-in security measures such as two-factor authorization, SSL encryption, and cold storage of assets, BloFin has also made it a point to partner up with third-party security solutions, such as Chainalysis for smart transaction monitoring and Fireblocks to protect user assets, to further increase the overall safety of its platform.
Also, BloFin has never been hacked, which might not be a big achievement for the new platform, but it is still a good fact to consider.
BloFin Fees
For its fee structure, it follows a fee schedule based on the different levels of users – from beginners to pros. By considering individual trading volumes and account balances over the last 30 days, it can offer variable fee rates based on differing user VIP levels. In a nutshell, the more one trades or the higher their balance, the lower the transaction fees due to higher VIP status.
Fee structure overview
Spot Trading Fees: Both maker and taker fees start at 0.1% for basic users (VIP 0). These fees decrease with increasing VIP levels, going as low as 0.0125% for makers and 0.0375% for takers at VIP 5, which is the highest VIP tier.
Futures Trading Fees: Futures fees also benefit from the VIP level system. For instance, maker fees can be as low as 0.02% and taker fees at 0.06% for users with higher trading volumes and balances.
More info on fees
User fees are calculated as a percentage of the trade amount and are deducted from the asset you receive from a trade. For example, if you purchase Bitcoin worth 40,000 USDT, the fee is calculated based on this amount at the applicable rate for your VIP level.
Regarding maker and taker fees: Maker fees apply when you place a limit order that isn’t immediately filled and thus add liquidity to the market, whereas taker fees apply when an order is filled immediately, removing liquidity.
Its tiered approach encourages active trading and higher balances, benefiting frequent traders with significantly lower costs.
How to Deposit on Your BloFin Account?
BloFin supports various payment methods to fund your account, including bank transfers, credit/debit cards, potentially third-party payment processors, and direct cryptocurrency deposits. Fees, processing times, and availability can vary depending on your location.
Deposit on your BloFin Account
- 1. To make a crypto deposit BloFin users need to click Assets – Overview – Deposit, or you can also find the Deposit button on each account page.
2. On the Deposit page, select the token you want to deposit and the blockchain network. Ensure that the chosen network matches the withdrawal platform’s network.
For example, if you select the TRC20 network on BloFin, you should also select the TRC20 network on your withdrawal platform.
Always pay attention which network you choose! Selecting the unmatched network for your transfers will result in a loss of funds.
Before depositing, you must also check the token contract address. Please ensure that the contract address of the asset you are depositing is the same as the supported token contract address on BloFin; otherwise, your assets may be lost.
3. Click the Copy button or scan the QR code, paste the deposit address into the withdrawal address field on your withdrawal platform, and follow the instructions there to initiate the request.
- 4. After initiating the request, the block needs to confirm the token deposit. Once confirmed, the deposit will be credited to your Funding account. Please view the asset balance in your Overview or Funding account. Also, you can find your recent deposit records in the History – Deposit.
For the most up-to-date information, you can read BloFin’s Help Center/FAQ or the “Deposit” section of your account on its official website.
BloFin Withdrawals
It is accessible through both the BloFin website and mobile app.
1. On the BloFin website, you would navigate to the Assets, then the Funding menu, and select Withdraw.
2. Select the token and the network you prefer, and enter the address to which you want to withdraw. For instance, the USDT coin and TRC20 network. Then click Continue.
3. After that, you need to proceed with additional security measures, such as two-factor authentication. You can choose between your trusted email and Google Authenticator to complete 2FA.
Fees on BloFin vary depending on the blockchain network used for the transaction.
These fees are necessary to compensate miners or validators who process and secure the blockchain transactions. To view the specific fees for your transaction, you can go to the withdrawal page, where you select your coin and network and get specified info.
Supported cryptocurrencies
BloFin supports more than 300 trading pairs of USDT-M perpetual contracts on its platform. This includes practically all the most popular tokens you can think of, such as BTC, ETH, SOL, XRP, DOGE, XRP, ADA, and more.
Customer Support
BloFin tries to prove itself as a reliable service and product provider in the world of crypto exchanges, so it offers many ways to reach its team, such as detailed support requests, live chat, and email.
Via Live Chat on the BloFin website homepage, you can get immediate help for your quick questions. Also, at the end of the page, you can find a BloFin Support Center with its user-friendly interface and detailed documentation accessible to beginners and professionals.
If you have any specific questions, you can contact them via Email. To do this, go to the end of the homepage, click on the letter icon, and select the appropriate subject to contact them.
Alternatively, you can use the built-in request feature to detail your issue straight away. On the bottom right click on Submit Request. You will be redirected to a request form, specify the type of request, fill in details, click Submit at the end, and wait for a response.
Conclusion about BloFin 2024
Based on the comprehensive BloFin review, it’s clear that the platform is committed to providing a secure and efficient trading environment. If nothing else, it offers a niche within the cryptocurrency world, catering to users seeking to buy and sell digital assets and traders seeking perpetual futures, margin trading, and other derivatives products. The platform also partners with security firms, focusing on a secure and solid trading experience.
However, it’s important to remember that trading derivatives carry a higher risk level than simple buying and selling of cryptocurrencies. Like any exchange, BloFin isn’t immune to potential security breaches or unforeseen market events.
Ultimately, whether BloFin is the right platform for you depends on several factors, including your jurisdiction, risk-tolerance trading experience, and, of course, your willingness to do your research (DYOR).
If you are an experienced trader seeking to utilize the power of derivatives, it might be worth exploring. While it might present a steeper learning curve for new traders, its benefits make it a worthwhile option for serious traders looking for a reliable crypto trading platform.
Frequently Asked Questions
While the system processes your request promptly, the actual time can vary depending on network conditions and security checks, according to official info. Generally, it should take a few hours, but it could also be extended if additional security reviews are needed.
BloFin employs several robust security measures to protect user accounts, including AI-powered security protocols, cold storage of assets, two-factor authentication (2FA), encryption, and compliance with global regulatory standards.
Yes, BloFin provides customer support. Users can access support through various channels such as live chat, email, and a comprehensive help center. The platform strives to maintain responsive support to assist users with any inquiries or issues they may encounter.
At BloFin, each cryptocurrency has its minimum deposit amount. For example, the minimum deposit amount for Bitcoin is 0.0005 BTC on either the Bitcoin or the BEP20 network.
BloFin serves a global audience, but its availability may vary depending on local regulations and restrictions.
BloFin is quite transparent in that it has no hidden fees on its platform. All potential charges, including trading and transaction fees, are clearly outlined for all users.
- Strong focus on derivatives
- User-friendly interface
- Reputable security partnerships
- Good staking options
- Limited deposit methods
- Higher risks with derivatives
- Fees can vary greatly
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