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BloFin Review for 2024: Guide to Crypto Trading, Fees, and Security

BloFin is a relatively new crypto exchange that was launched in 2019, but it has quickly become popular thanks to its various features that enhance the user’s trading experience.

In this BloFin review, I delve into the key aspects of this crypto platform, exploring its features, fees, and usability. Whether you’re a beginner or an experienced trader, BloFin aims to offer a secure and efficient trading environment.

Introduction to BloFin

BloFin is one of the best crypto leverage platforms that allows users to trade more than 350 futures contracts with up to 150x leverage. As well as futures trading services, there are over 250 cryptocurrencies available to choose from for those who want to trade on the spot. The platform emphasizes security and usability, making it an appealing choice for both novice and seasoned traders.

Beginners can use the mobile app to seamlessly buy crypto, store it, or trade it. Those looking for passive income opportunities can lock select cryptocurrencies for a limited time and earn an annual percentage rate. For example, locking up BTC and ETH for 360 days will earn 3% and 4% respectively each year. Locking USDT for 7 days earns 3.5% APR, which is more than you could get in some banks.

Alternatively, you can select a professional trader and copy their trades. Some of the “Master Traders” have a 90-day return on investment (ROI) of over 200%, while the top trader has over 14,000% ROI. Of course, the higher the return, the bigger the risk. Ensure that you do your due diligence before selecting a trader if you decide to take this route. This could be one option worth considering if you’re a beginner and want to see how the professionals are doing it.

Using a demo account is another way to get started and test your trading strategies, especially if you’re just starting with your crypto journey. I’ve found that many popular crypto exchanges don’t offer this feature, so this is a big plus for BloFin.

My BloFin review found that advanced traders enjoy competitive fees starting from 0.1% maker/taker for the spot market and 0.02% to 0.06% maker/taker for the futures trading fees. The fees can be lowered if you’re trading high volumes or hold a certain amount of USDT in assets.

Additionally, there are advanced trading tools and charts to take advantage of, which are incredibly useful for those trading derivatives where using leverage is common and the risk-reward ratio is higher than trading on the spot market.

Available Cryptocurrencies on BloFin

BloFin provides access to over 250 cryptocurrencies on the spot market, catering to those interested in trading popular coins like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and a growing list of new cryptocurrencies and meme coins including Pyth (PYTH), Wormhole (W), and Dogwifhat (WIF). The exchange offers a deep liquidity market, meaning you can easily execute trades at favorable prices.

The exchange consistently updates its offerings to ensure users can trade emerging cryptocurrencies and popular meme coins. This makes it an excellent option, especially during a potential memecoin supercycle, for those who want to trade meme coins with leverage to maximize their profit.

Understanding BloFin Fees and Commissions

One of the key aspects of choosing a crypto exchange is understanding its fee structure. BloFin offers a competitive fee schedule, making it a viable option for cost-conscious traders. Those who trade large volumes or have a certain amount of USDT in assets in their BloFin account, pay even lower fees for spot and futures trading.

Similar to other crypto exchanges, BloFin uses the maker/taker fee model. This means that the user pays one fee for being a market maker, meaning you place a limit order at an exact price, and another fee for taking an order out of the market, which is every time you place a market order.

Fees start at 0.1% maker/taker for the spot market and 0.02% to 0.06% maker/taker for the futures trading fees. The fees can be lowered if you’re trading high volumes or hold a certain amount of USDT in assets.

Here’s what the spot trading fees look like for different “VIP” tiers:

In addition to trading fees, BloFin charges withdrawal fees to cover the blockchain transaction costs. This fee varies based on the cryptocurrency you’re trying to withdraw and the blockchain it uses.

How User-Friendly is BloFin?

BloFin’s interface is designed to be intuitive and easy to navigate. If you ever used another crypto exchange or a crypto trading platform, you’ll find the layout familiar.

BloFin Mobile App Experience

BloFin offers one of the best crypto mobile apps, which mirrors the desktop version, allowing users to execute trades using buttons or advanced charts, manage their portfolios, and access market analysis on the go. The app is available for both iOS and Android devices.

Desktop Experience

The platform caters to both beginner and advanced traders with its versatile design. Beginners who aren’t familiar with trading charts, don’t need to use them – they can simply market buy or market sell with a click of a button. While they are learning, they can use virtual funds with a demo account.

Advanced traders can use indicators and tools in the charts powered by TradingView. Swapping between spot and futures trading is seamless and you can set advanced trading orders with exact entry prices and stop limits, or set your leverage if you’re trading futures.

Tools and Resources for Every Trader

BloFin has integrated TradingView charts, which are popular among seasoned traders for all assets, not just crypto. Because of that, traders who are already familiar with the platform will feel right at home.

On top of that, there are additional tools and learning resources available to BloFin users.

Trading Bots

One interesting tool that BloFin has implemented is the trading bots. There are two bots currently: Signal bot and TWAP bot, with more bots coming soon.

• The Signal bot trades futures automatically using signals from TradingView.
• TWAP bot splits large orders and places orders at a scheduled time to reduce slippage.

BloFin users can vote on the next bot to be implemented. The current options include Futures Grid, Futures DCA (Martingale), Scaled order, Futures CTA, Futures VP and Futures TWAP. Users can also give ideas on what they would like to see implemented.

Copy Trading

BloFin allows its users to become traders if they’re successful or to copy professional traders. To become a trader, you have to submit an application where you showcase your winning strategies and you wait for a review.

To begin copying someone, simply select the copy trading feature from BloFin’s website, go through the available options, and select the one that you like. You can even see how much the accounts who have followed the trader have earned since they started copying.

Once you select a trader, enter an amount in USDT that you want to dedicate to the trader. Optional settings include margin mode, leverage, and stop loss and take profit percentage to close an open order.

Academy

BloFin’s Academy is a dedicated section on the website that provides educational resources such as insights and courses to its users. Insights include an overview of whale positions, while the courses cover various terms, token analysis, and top lists like top meme coins or RWA projects to watch.

Their token analysis is in-depth, meaning you can get investment ideas just by going through these articles.

Occasionally, you’ll find explanations of real-world events, such as new regulations in various countries and what they mean, what certain problems on select blockchains, such as Ethereum, are, and much more.

How Secure is BloFin?

Security is a top priority at BloFin given how crypto scams have taken over $5.6 billion from Americans alone. The exchange employs multi-layered security measures to protect user assets and data. BloFin uses two-factor authentication (2FA) for the user side, as well as Passkeys for withdrawals.

Users can also add their phone number or Google Authenticator to add another level of security. Those who wish to take things further can add an Anti-Phishing Code, which will appear in all official emails. That way you can always be sure you’re getting the official email and not a scam one.

As for securing customer funds, BloFin uses cold storage. There are regular security audits to ensure the safety of the platform.

BloFin holds a 1:1 reserve of all customer assets and it has full transparency of their reserves and customer funds. With Proof of Reserves, users can check BloFin’s reserves at any time.

Moreover, BloFin uses Fireblocks for storing customer assets with industry-leading security. This also includes insurance coverage and protecting customer funds against cyber attacks and errors.

How to Contact BloFin’s Customer Support Team

If anything goes wrong, you need to know that you can receive help quickly. BloFin offers 24/7 customer support through various channels, including live chat, email, and an extensive help center. Users can access detailed FAQs, tutorials, and troubleshooting guides to resolve issues quickly.

Users can also reach out to BloFin via their X account and their Telegram channel.

How to Sign Up and Begin Trading on BloFin

Starting out with BloFin is straightforward. Here’s how to do it:

1. Go to BloFin’s official website.
2. Click on the “Sign Up” button and fill in the required details, including email and password.
3. Check your email for a verification link.
4. Submit the required documents to complete the KYC process.
5. Choose a deposit method and fund your account.
6. Explore the platform and start trading.

Conclusion

BloFin has emerged as a competitive player in the cryptocurrency exchange landscape, with its low fees, secure and transparent trading environment, and user-friendly features. If you’re looking for an exchange that offers over 350 cryptocurrencies on the spot market with a simple way to buy them – or more than 250 on the futures market where you can trade with leverage using advanced tools – BloFin might be worth considering.

Visit BloFin

FAQs

Does BloFin require KYC?

Yes, to use all the features of BloFin, you need to pass the KYC verification procedure.

Does BloFin offer a welcome bonus?

Yes, you can earn up to a $5,000 welcome bonus by meeting certain requirements, such as keeping a certain amount in your wallet or opening trades.

Can I buy crypto with a card?

Yes, BloFin supports card purchases via third-party services like Alchemy and Simplex. These providers typically support card, and Apple Pay, and Google Pay purchases.

References

1. Americans lost a record $5.6 billion to crypto scams last year, says FBI—this is the No. 1 kind to watch out for (CNBC)
2. BloFin Proof of Reserves (BloFin)
3. Proof of Reserves: What It Is, How It Works (Investopedia)