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Blofin Review 2024 – Great Crypto Exchange or Scam?

Publisher

January 2, 2024
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Blofin Crypto Exchange Review

Blofin is a relatively new crypto exchange that has been attracting users worldwide. If you’re considering using Blofin for your trades or investments, you should pay attention to this review.

This comprehensive review covers everything you need to know about the exchange, including products, features, security, fees, supported coins, and more, to help you decide whether Blofin is the right platform to make use of.

StatsBlofin
🚀 Founded2019
🌐 HeadquartersCayman Island
🔎 FounderMatt H.
👤 Active Users1+ m
🪙 Supported Coins250+
🔁 Fees (maker/taker)0.02% / 0.06%
📈 Max Leverage150x
🕵️ KYC VerificationNot Required
📱 Mobile AppYes
⭐ Rating4.2/5
💰 Bonus$5.000 (Claim Now)

 

Blofin Overview

Blofin was founded by Matt Hu in 2019 and is based in the Cayman Islands. The crypto futures exchange is a digital trading platform for managing digital assets, offering traders and investors a seamless and smooth trading experience. The platform provides users with a comprehensive, user-friendly interface and advanced trading tools. Users also have access to a substantial amount of cryptocurrencies on the futures market and low fees.

The exchange is fully licensed and also implements robust security measures, including two-factor authentication and cold storage, to prevent unauthorized access to customer accounts and guarantee the safety of user assets.

Blofin stands out with its comprehensive Copy trading feature that allows beginners and inexperienced traders to earn from top traders and investors. The user interface is easy to navigate for beginners and features advanced trading tools, including real-time charts, technical indicators, and customizable watchlists for advanced. Traders. The platform also offers reliable 24/7 customer support via live chat and email.

Additionally, Users can access up to $5,000 USDT as a welcome bonus as well as various opportunities to earn passive income through crypto investments when they join the platform.

Check out our complete Blofin bonus guide, to learn how to get the best crypto rewards.

Blofin features a mobile app for trading on the go, available for both Android and IOS users, with a 3.7/5 star rating on the Google Play Store. So, If you’re looking to explore the world of derivatives trading, Blofin is the perfect place to start your journey.

 

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Blofin Pros and Cons

👍 Blofin Pros👎 Blofin Cons
✅ Low trading fees❌ No staking
✅ Beginner friendly❌ No demo account offered
✅ 125x leverage❌ Limited payment methods
✅ Copy trading❌ Only futures trading supported
✅ Full proof of reserves

 

Blofin Sign-up and KYC

Creating an account on Blofin is a simple and straightforward process. Follow the steps below to sign up:

  1. First, visit the Blofin website and click on the Sign-up button at the top right corner of the page. This would take you to their registration portal.
  2. Provide your email address or phone number and create a strong password. Then, select your country and agree to the Terms of Service and Privacy Policy.
  3. Click on the “Sign-up” button. After this, a verification code is sent to your mailbox. Provide the code to verify your email address and activate your account
  4. After your account is activated, you can log in to the platform. You will be required to complete the KYC verification to ensure compliance with regulatory requirements
  5. The KYC verification process is grouped into three levels. Level 1 requires your email address verification, Level 2 requires your personal information which includes a government-issued ID and a Selfie, and Level 3 requires valid proof of Address. The daily withdrawal limit for Level 1 is 20,000 USDT, Level 2 increases the limit to 1,000,000 USDT, and Level 3 has a daily withdrawal limit of 2,000,000 USDT
  6. After the KYC verification is completed, you can deposit funds and start exploring the various features available on the platform

 

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Blofin Products, Services, and Features

Trading Features:

Blofin is a crypto futures trading platform. The exchange offers a comprehensive futures trading interface with high leverage and low fees. The trading interface features real-time charts, technical indicators, and multiple order types to improve the overall trading experience for users. Additionally, the platform supports USDT-margined perpetual contract trading for over 100 trading pairs.

 

Trading Fees:

Blofin offers users access to affordable trading fees. On the futures market, the charge is 0.02% for makers and 0.06% for takers with leverage of up to 125x on derivatives and perpetual contracts. The exchange uses a tiered fee structure, which could reduce fees to 0% for makers and 0.035% for takers based on your 30-day trading volume.

Aside from futures trading, Blofin also offers a comprehensive Copy trading feature that enables users to copy the trades of master traders and make a profit from them. This comes along with adequate educational materials to fully understand copy trading and other features on the platform.

All you have to do is decide the amount you wish to invest and simply copy everything they do automatically in real time. Anytime a trader you copy makes a trade, your account will make that same trade as well.

You do not need to have any input on the trades, and you get identical returns on each transaction as the trader you copied.

 

Passive Income Products:

Blofin provides various options for users to earn money on the platform apart from trading. An example of this is their referral bonus system.

This referral program is to encourage existing members to invite new users to the platform. You can earn up to 30% commission when you invite new users to join the platform and new users can earn up to 5000 USDT in welcome rewards when they sign up.

Another efficient way to earn passive income on Blofin is to become an Affiliate on the platform. As an affiliate, you get to promote the platform on your networks and also get the chance to earn up to 50% commission on the trades of users that join through your affiliate link.

Through the affiliate program, you can also earn commission on the trades of users that your referrals invite to register on the platform. This makes Blofin one of the best platforms to earn income aside from trading. Additionally, Blofin offers crypto investments to help users earn more on the platform.

 

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Blofin Deposit Methods

Unfortunately, Blofin only supports cryptocurrency for deposits on the platform. No fiat currency is supported for payments yet. The supported cryptos are BTC, ETH, and USDT.

To deposit crypto, you’ll be required to select the desired crypto and the blockchain network to be used. A unique address is given to you which you should transfer the crypto to. After the transaction is confirmed, your deposit comes up on your balance which you can use to invest or trade on the platform. The process is straightforward and there are no fees on crypto deposits.

 

Blofin Withdrawal Methods

The exchange only supports cryptocurrencies for withdrawals as well. Crypto withdrawals are also easy and straightforward. The supported coins are BTC, ETH, and USDT. To withdraw, you’ll select the coin and the blockchain network you want to make use of. Crypto withdrawal fees depend on the coin and selected Blockchain network.

 

Blofin Security And Regulation

The exchange takes security very seriously as it implements advanced security protocols including two-factor authentication, cold storage, and SSL encryption to help secure user assets. Also, Blofin has never experienced any hacks which shows that it is a secure and reliable platform for your trades.

The exchange provides proof of reserves via Nansen. Nansen is a blockchain analytics platform that enriches on-chain data with millions of wallet labels. This shows that all user assets are fully backed by company funds.

Blofin also complies with the necessary regulatory guidelines as the platform has already obtained its USA federal MSB license through FINCEN, and CIMA compliant fund license.

 

Blofin Customer Support

Users have access to dedicated 24/7 customer support to attend to any questions or concerns on the platform. There is a comprehensive live chat feature on the website. Alternatively, customers can relate their questions via email or social media.

 

Why Choose Blofin?

Here are some of the reasons why you can choose Blofin as your Crypto futures trading platform.

  • User-friendly Interface: The exchange is designed to be easy to navigate for users with any level of experience in digital asset management. The platform also provides advanced trading tools like live charts and advanced order types. This makes it suitable for both beginners and experienced traders.
  • Adequate Security and Transparency: Blofin implements adequate security measures like cold storage and algorithm encryption to protect user assets. The platform also holds a 1:1 reserve of all customer assets and gives users full transparency of reserves and user funds.
  • Wide range of Income Earning Opportunities: The platform offers various ways to help users earn money. These include crypto trading, token offerings, referral programs, and access to Decentralized Finance (DeFi) solutions
  • Reliable Customer Support: The platform features fast and reliable customer support via live chat and email to help users address any questions or issues on the platform.
  • Low trading Fees: Blofin gives users access to low fees on futures trading and also offers leverage of up to 125X on derivatives and perpetual contracts. This makes it a suitable option for traders looking to maximize profit and get a smooth trading experience.
  • Insurance: Blofin also partners with Fireblocks- the industry-leading assets custodial institution, thereby safeguarding the customers’s funds with insurance coverage.

 

Conclusion

Blofin is gradually becoming one of the top-rated crypto derivatives exchange platforms. The exchange implements smooth trading features with advanced trading tools. Users also enjoy low trading fees, copy trading, a wide range of passive income products, and many more. However, the platform still has limited features compared to other platforms. The exchange doesn’t support enough cryptocurrencies, NFT trading, mining, staking, or bot trading.

 

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Frequently Asked Questions

What is The Minimum Deposit to Start Trading on Blofin?

In order to start trading fully on Blofin, the minimum amount you can deposit on the platform is 10 USD. However, this might vary based on your account type or KYC status.

 

Is Blofin a Secure Crypto Exchange?

Yes, Blofin is fully secure as it offers advanced security measures including two-factor authentication, SSL encryption, and Cold storage.

Additionally, Blofin has never experienced any hacks. This shows that it is fully secure and reliable for the safety of your assets as a trader or investor.

 

Does Blofin Require KYC to Trade?

Yes, Blofin requires KYC for users to trade on the platform. Without KYC, you can’t access key features like copy trading and other passive income products. To complete the KYC verification on Blofin, you need to submit a government-issued ID, a selfie, and a valid proof of address.

 

Is Blofin Registered and Licensed?

Blofin is dedicated to ensuring adequate regulatory compliance as it has already obtained its USA federal MSB license through FINCEN, CIMA compliant fund license, and is also working to obtain additional asset management licenses in Hong Kong, Singapore, and Canada.

 

What Deposit and Withdrawal Methods are Available on Blofin?

Currently, 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?

Blofin offers users up to 125x leverage on futures and perpetual contracts. It also offers over 45 trading pairs for trading futures on the platform.

 

Does Blofin Offer Low Trading Fees?

Yes, Blofin offers users a very affordable fee structure to help maximize profit and improve their overall trading experience. The fee is 0.02% for makers and 0.06% for takers on the futures market. The exchange also uses a tiered fee structure that helps to reduce trading fees based on your 30-day trading volume. Fees can be reduced up to 0% for makers and 0.035% for takers.

 

Does Blofin Provide Proof of Reserves?

Yes, Blofin provides adequate proof of reserves that shows that user funds are fully backed by company funds. This makes it a reliable trading platform as users are assured that their assets are always protected.

 

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