BloFin is one of the fastest-growing exchanges in 2024. It offers a comprehensive futures trading platform plus several additional features and services. This BloFin guide will teach you how to navigate the platform in its entirety. Here’s what you need to know.
KEY TAKEAWAYS
• The BloFin exchange offers diverse products, including futures trading, trading bots, One-Click Copy Trading, a hedge mode, earning opportunities, and comprehensive learning resources.
• Customers’ funds are segregated, held with top-tier industry custodians, insured, and backed 1:1.
• Partnerships with Chainalysis and Fireblocks have strengthened BloFin’s security infrastructure, highlighting the platform’s commitment to user safety and compliance.
What is BloFin?
With operations in more than 100 countries, BloFin is a centralized exchange (CEX) that provides trading services to a worldwide user base. Its diverse offerings include derivatives trading with up to 150x leverage and One-Click Copy Trading.
In May 2022, BloFin secured $50M in its Series B financing from investors, including KuCoin, SIG, and Matrix Partners.
BloFin leadership
Matt Hu founded the BloFin exchange in September 2019 with the goal of redefining the traditional CEX-user dynamic. Hu has a long history in crypto and fintech and was honored as one of the “Top 100 Influencers in Blockchain” by Cointelegraph in 2020. In March 2018, he also launched TokenInsight, a trading data platform.
In 2013, Hu joined a well-known U.S. venture capital firm on Sandhill Road. He managed portfolios and invested on behalf of some of the world’s biggest companies. He was also included in Forbes’ 30 Under 30 Asia list.
BloFin features and tools: A deep dive
BloFin has many features and tools that align with the industry standard, as well as some extras. Let’s examine them.
Futures trading and trading bots
The futures trading option allows you to access trading bots. The free trading bot tool allows you to make trades on autopilot using TradingView signals via webhooks. You can also create your own signal bots.
Copy trading lets traders imitate the moves of successful traders. Similar to trading bots, copy trading utilizes futures contracts. BloFin Copy Trading has two modes:
- Fixed amount: You can select a specific amount to invest in each order copied from the lead trader, independent of the trader’s position size.
- Fixed ratio: The orders that you execute will be in proportion to the lead trader’s position size.
If you click on a lead trader’s profile, a range of data helps you make an informed decision about which trader to copy. Some of the information available includes total profit and loss (P&L), trade history, overall performance, winning trades, return on investment (ROI), and more.
Navigate to the top of the leader’s profile screen, and you can see more information, such as the number of copiers they are followed by, how much they charge for trades (Sharing Percentage), and assets under management (AUM).
If you want to create copy trades, you must reach Master Trader status on BloFin. To apply, Master Traders must have a proven track record of success.
Payments and fee schedule
Before you use BloFin, consider the fee schedule and payment options. BloFin is a crypto-first exchange that does not utilize native payment processing options like bank or wire transfers.
If you want to purchase crypto, you must deposit crypto or use a third-party payment gateway to purchase USDT, ETH, or BTC. The minimum deposit for crypto varies by asset and is denominated in the asset you want to deposit. It typically ranges from $5 to $15, depending on the asset minimum.
BloFin uses a tiered and regressive fee schedule. Your 30-day trading volume and asset balances determine your level. The higher your trading volume or asset balances, the lower your fees.
The average spot trading user will incur a 0.1% maker and taker fee. The highest tiered users (VIP5) will incur a 0.01% maker fee and 0.0325% taker fee. The average futures trader will incur a 0.02% maker fee and a 0.06% taker fee. The top-tier futures trader (VIP5) will incur zero maker fees and a 0.035% taker fee.
Rewards and incentives
BloFin customers can receive rewards through a variety of programs. Here’s how.
Activity Center
BloFin’s Activity Center is a hub for events and activities. In this area, you can complete activities to earn rewards from trading competitions, receive crypto from new listings, receive tickets to special events, new user incentives, and more.
Welcome bonus
BloFin offers new user incentives as welcome bonuses. Here, you complete tasks relevant to the BloFin platform to receive USDT. Some of these tasks include:
- Making a first deposit
- Completing your first trade
- Meeting minimum trading volumes
- Making referrals
Note: The welcome bonuses are only available as futures trading rebates. All rewards must be claimed within 15 days after registration. Some countries are prohibited from welcome bonuses due to local restrictions.
Affiliates
BloFin’s affiliate trading program allows prominent users to receive up to 50% of future trading commissions. Those who qualify receive lifetime commissions, daily payouts, and extra commissions when they invite sub-affiliates.
Referrals
BloFin’s referrals allow regular users to refer friends and receive rewards every day. When they invite a friend via their unique referral codes, referrers can receive commissions of up to 30% of trading fees.
BloFin Research and Academy
The BloFin news section helps users stay informed of the biggest events and gain important insights without leaving the platform. The platform covers topics such as Bitcoin, Ethereum, DeFi, artificial intelligence (AI), capital markets, and more.
Moving to the BloFin Academy, this area is a learning center for general crypto topics and subjects, separate from the platform’s operations and product guides. The content here includes market insights into current events and courses on several projects.
Meanwhile, BloFin Research provides leading & in-depth institution-level research content for global crypto investors.
Earn
The Earn product on BloFin aligns with industry standards. With it, you can deposit crypto and earn yields as high as 4% on your idle crypto. There are fixed and flexible opportunities on USDT, BTC, and ETH. Flexible products allow you to redeem your crypto at any time, which is ideal for those who require instant liquidity.
Fixed products, as the name implies, require you to lock your crypto for a fixed amount of time before you can withdraw. Those who utilize this option benefit from higher interest rates.
Pros and cons
Overall, BloFin has numerous strengths. For instance, the spot and trading markets are comprehensive, with many options in the assets category and tools like trading bots, charts, signals, and social trading.
There are plenty of earning opportunities for users who want to earn a yield on idle crypto, complete simple tasks, or for affiliates or referrers. In terms of potential improvements, the platform’s customer support options and available products are limited compared to larger competitors.
| Pros | Cons |
|---|---|
| Over 350 USDT-M perpetual contracts and 230 spot markets | No native payment processing |
| Advanced security measures include integration with Chainalysis and Fireblocks | Could use more customer support options |
| Quick and easy sign up process | Limited products compared to competitors |
| Plenty of learning resources | |
| Many earning opportunities, rewards, and incentives |
What can I trade on BloFin?
On BloFin, you have the option to trade spot and perpetual futures contracts. As of August 2024, there are over 230 cryptocurrencies available for spot trading and over 350 futures contracts.
As you can see in the image below, the trading interface is pretty standard and comes with a TradingView chart, trading volume, an order book, and an option for selecting special order types.
You can also purchase crypto to fund your trading using the “Buy Crypto” option on the BloFin homepage. This feature is an onboarding option for those who require payment processing. Three cryptocurrencies, Bitcoin, Ethereum, and USDT, and three companies are available, each with its own associated fees.
How to sign up for Blofin
1. Go to the BloFin website. Click one of the two “Sign up” buttons to begin the sign up process.
2. Fill out the form: On the following page, you have two options to continue. You can either use an email address or a phone number. For our demonstration, we will use an email. Enter your email, a strong password, and a referral code if applicable.
3. Enter the verification code: You will receive a verification code in your email. Simply enter the six-digit number to continue with the sign up process.
4. Explore the BloFin platform: You have successfully created an account on BloFin. Feel free to explore the platform’s products and features.
BloFin security
What exchange guide is complete without a review of the associated security measures? This section zooms in on BloFin’s platform security for customers’ assets, as well as its account security offering.
Platform security
To begin with, customer funds at BloFin are fully backed, which means that they are held at least 1:1. So, for every coin in your account, there is a corresponding asset held somewhere else. To sweeten the deal, customer funds are also segregated. This means that they cannot be used without the user’s consent, even in the event of bankruptcy.
For your peace of mind, you can verify the safety of your funds via the platform’s published proof of reserves. This offers a way to verify that an institution has enough funds to cover customer’s withdrawals.
It [proof of reserves] does refer to: A, proving your ownership of some crypto assets. — that part is typically quite trivial; and then B, adding up all the depositor liabilities on your exchange.
Nic Carter, Venture capitalist
Moreover, BloFin utilizes Fireblocks, an industry-leading assets custodial institution. Fireblocks is an extremely popular custodian for crypto businesses. The institution has secured more than 1,800 customers, $6 trillion in transactions, and has a reputation for top-of-the-line industry-grade security. This means on BloFin, your assets have the benefit of:
- Multi-party computation (MPC) cryptography
- Secure enclave hardware security module (HSM) for key management
- Unique insurance policy covers assets in storage and transit
Lastly, BloFin implements the Chainalysis crypto risk solution, which enables the platform to monitor cryptocurrency transactions in real-time. This ensures compliance with regulatory requirements and helps combat financial crime.
Account security
Customers have several options for maintaining account security. Firstly, after creating an account, you can view your security level. Your level starts out low, but you can increase it by using a few tools, which are:
- Passkeys: A digital credential that allows users to sign in to websites and apps without a password.
- Google Authenticator: An application for multi-factor authentication.
- Phone number: Using a phone number adds another step of verification (e.g. OTP).
- Anti-phishing code: A security feature that helps users identify legitimate sources from phishing attempts.
Activating all the tools at your disposal means that your assets are super safe. Anyone with malicious intent is akin to a burglar trying to scale a wall, bypass a locked door, and crack open a Sentry safe, all under constant surveillance. Infiltration may not be impossible, but it will be highly impractical.
Customer service and support
If you ever need assistance, there are a few options on BloFin. Your first line of defense is the customer support center. Here, you can search for some of the most common customer problems in the “Frequently Asked Questions (FAQ)” and “Top Questions” sections.
You can also stay abreast of the latest developments and platform changes in the “Latest Announcements” section. If you have any questions regarding any legal matters, the “Terms” is where you want to look. For guides on products and generally any process on BloFin, navigate to the “Beginner’s Guide.”
If you still have any questions or concerns that require a personal touch, you can submit a request. However, the options for specific issues are limited, and you cannot talk to a human via chat or phone.
According to Trustpilot, customers are split on the BloFin experience. As is the nature of customer reviews, many contributors either love or strongly dislike the platform. The platform has a moderate Trust score of 3.5, and most reviewers leave either a five-star review or a one-star review (on balance, 5* reviews are much more likely, though).
However, it is important to note that there were only 28 reviews in total as of early August 2024. A larger sample size is necessary to depict how customers perceive BloFin more thoroughly and accurately.
When BeInCrypto product teams used the platform, we found it to be intuitive and feature-packed and had no issues getting hold of customer services via the requests channel.
A smart choice for quick and secure trading
From the spot and futures trading markets to the incentives and rewards, BloFin’s products are customer-friendly and extensive. Users can also rest assured that their assets are protected by top-of-the-line security. Remember, though, that trading and buying crypto carries risks. You are responsible for your own safety when interacting with decentralized ecosystems. Keep your private keys safe and secure, and never invest more than you can afford to lose.
Frequently asked questions
To sign up to BloFin, go to the homepage and select “Sign up.” You will need a valid email and phone number to enter the confirmation codes. After you enter the codes you will be able to register a BloFin account.
You can trade both spot cryptocurrencies and futures crypto contracts on BloFin. You can also copy trade and use trading bots. However, these features are relegated to futures trading only.
BloFin has taken many steps to ensure the safety of its customers. The exchange offers proof of reserves, segregates customers’ assets, and utilizes industry-grade security from Fireblocks. Users can also activate certain features like passkeys, multi-factor authentication, and more to secure their BloFin account. The platform also utilizes a Chainalysis crypto risk solution, enabling real-time transaction monitoring.
Disclaimer
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