In this article, I will talk about BloFin, one of the upcoming names in the world of cryptocurrency exchange.
The platform is intended for beginners and experienced traders as it contains advanced trading tools and emphasizes safety.
We shall discuss its main characteristics and advantages as we compare it to other exchanges, giving a complete picture of what makes BloFin unique.
Introduction
BloFin is a secure, centralized cryptocurrency exchange (CEX) with the best perps & futures trading services and over 300 USDT-M perpetual contracts.
In addition to derivatives trading products, BloFin offers superior services like spot trading, copy trading, earning, API, etc.
BloFin stores all users’ funds on the most trusted platform, with transparency for all users.
The safety of funds is always BloFin’s priority as it collaborates with Fireblocks to keep user assets safe and ensure coverage for any possible crypto-related occurrences that occur, thereby molding the way forward for crypto trading.
BloFin Profile
| Company Name | BloFin |
| Categories | Cryptocurrency Exchanges |
| Website | https://blofin.com |
| Year Founded | 2019 |
| Headquarters | Asia, Europe, and South America |
| Deposit Fee | Free |
| Future Trading | No limit |
| Mobile Support | Yes |
| Taker Fee | 0.1000% |
| Maker Fee | 0.1000% |
How to Sign Up on BloFin Exchange?
Follow these steps to sign up on BloFin Exchange:
Visit the BloFin Website: Open your browser and enter the URL of the BloFin Exchange website.
Click on “Sign Up”: Find the “Sign Up” button, which is usually located in the top right corner of their official website homepage.
Enter Your Details: Fill in all necessary information, including email address and password.
Verify Your Email: Look for a verification link in your email and follow it to confirm your account.
Complete KYC (Optional): Some features may require identity verification through Know Your Customer (KYC) procedures.
Start Trading: Meanwhile, you can make a fund deposit and commence trading once you set up an account on this platform.
BloFin Exchange Fees
Fee Schedule
BloFin provides different trading fee rates for different VIP levels. Users can enjoy higher trading fee discounts accounting for different VIP levels.
Users can increase their VIP level to unlock the corresponding VIP level fee discount by increasing either asset balance or trading volume in the past 30 days.
Suppose users meet the conditions of different fee tiers regarding spot trading volume, total trading volume of perpetual futures, and total assets. In that case, they will enjoy the fee discount of the highest fee tier.
The VIP level will be updated every morning at 8:00 (UTC). Please refer to the table below for the processing fees for different products and the requirements for each VIP level.
For example, Tom’s asset balance is 50,000 USDT (VIP 1 standard), spot trading volume in the last 30 days has reached 50,000,000 USDT (VIP 3 standard), and futures trading volume in the previous 30 days has reached 25,000,000 USDT (VIP 2 standard). Tom will be upgraded to VIP 3.
| Trading fee tier | 30d Volume (USDT) | And / Or | Assets (USDT) | Maker Fee Rate | Taker Fee Rate |
|---|---|---|---|---|---|
| VIP0 | – | or | – | 0.1000% | 0.1000% |
| VIP1 | ≥ 1,000,000 | or | ≥ 50,000 | 0.0350% | 0.0600% |
| VIP2 | ≥ 2,000,000 | or | ≥ 500,000 | 0.0200% | 0.0500% |
| VIP3 | ≥ 4,000,000 | or | ≥ 1,000,000 | 0.0150% | 0.0450% |
| VIP4 | ≥ 6,000,000(API Trading Volume ≤ 20%) | or | ≥ 2,000,000 | 0.0125% | 0.0375% |
| VIP5 | ≥ 8,000,000(API Trading Volume ≤ 20%) | or | ≥ 3,000,000 | 0.0100% | 0.0325% |
30-day Trading Volume (USDT)
They calculate the total 30-day volume of all your futures and spot trades. The calculation is reset at 16:00 (UTC) every day.
Total Assets
We take a snapshot of users’ crypto assets daily at 16:00 (UTC). Snapshot covers the balance of all your assets, including a Funding Account, Futures Account, Spot Account, Copy Trading Account, and Earn Account. Trail funds are not calculated as your assets.
Makers and Takers
A maker order is a limit order that goes into the order book before being filled.
For example, if the current BTC’s lowest ask price is 1,000 USDT and you create a maker order with a bid price of 999 USDT, this order cannot be filled immediately.
Then, it will be entered into the order book until someone fills it in. Once filled out, you must pay the maker fee, and the taker will pay the taker fee.
You must pay the taker fee when your market-asked order is traded successfully.
What Are Cryptos Supported on BloFin?
BloFin now supports over 300 trading pairs of USDT-M perpetual contracts. The platform supports the most popular cryptos, including BTC, ETH, XRP, SOL, TRX, DOGE, ADA, etc.
How Many Types of Trading Options Available
BloFin offers a range of trading options to suit different trading tactics and preferences.
Forex Spot
This enables you to buy and sell cryptocurrencies directly. BloFin supports over 120 cryptocurrencies for the forex spot.
Crypto Futures
With up to 150 times leverage, you can trade perpetual futures contracts. There are more than 340 cryptocurrency contracts on offer.
Social Trading
The feature lets you automatically copy the trades of successful traders.
Algorithmic Trading
BloFin has trading bots that can place trades depending on pre-set strategies.
Hedging Mode
This is the ability to hold long and short positions together as a risk management strategy.
BloFin Exchange Features
Asset Transparency & Security
On BloFin, they hold a 1:1 reserve of all customer assets on our platform and give you full transparency of reserves and your funds.
Asset Custody + Full Insurance Coverage
BloFin collaborates with Fireblocks, the industry-leading assets custodial institution, ensuring the utmost security for users’ assets.
Trade with Ease and Confidence
BloFin prioritizes the seamless operation of our platform, achieved through a meticulous trading framework, advanced product features, a diversified exchange ecosystem, and more.
Innovative Know Your Transaction Solution
BloFin collaborates with the best AI-powered blockchain intelligence platform and is committed to adopting a Know-Your-Transaction solution from AnChain.AI.
BloFin Exchange Android & IOS Mobile App
Trade Anywhere with the BloFin App. Enjoy the full features and benefits of the BloFin in the palm of their hand – anytime, anywhere. Experience the innovative power of the BloFin App today!
Who Founded BloFin?
Matt founded BloFin in September 2019 and TokenInsight in March 2018. Matt joined a renowned US VC firm on Sandhill Road in 2013.
He engaged in investments and portfolio management of the world’s top-tier companies, including Twitch and Unity.
In 2020, he was honored with the “Top 100 Influencers in Blockchain” award from Cointelegraph. BloFin exchange was founded to remodel the conventional CEX-user relationship and provide users with safe, reliable, and efficient services and trading experiences.
Where Is BloFin Located?
BloFin is a globalized company providing digital currency services, with offices in Asia, Europe, and South America.
BloFin Affiliate Program
By casting your influence, you receive up to 50% commission on the trading fee. Join the BloFin Affiliate community now.
Is BloFin secure?
The BloFin team comprises serial entrepreneurs, executives from the traditional finance industry, professional traders, risk control professionals, and more.
Listed on CoinMarketCap(CMC), BloFin has implemented five security measures to protect users’ assets.
These include partnering with Fireblocks to offer liability insurance coverage, drawing on decentralized Merkle Tree verification to prove users’ funds in the platform’s reserve, and using Wallet.
As a service (WaaS) to keep users’ assets in third-party custody, adopt a KYT solution from AnChain to monitor security, risk, and compliance.
BloFin Customer Support
To reach BloFin’s customer support, consult the Help Center1. Here is how to get help:
BloFin Help Center: This site can be visited for frequently asked questions (FAQs), guides, and articles.
Support by Email: If you have particular queries, they can always be answered by email.
Real-time Assistance: BloFin has a website with a live chat facility that provides immediate assistance.
BloFin Alternative Exchanges
Binance
It is one of the largest global exchanges, offering a broad range of cryptocurrencies with advanced trading features and low fees.
Coinbase
A user-friendly exchange is famous for beginners and is known for its security and ease of use.
Kraken
Provides a variety of cryptos with solid safety measures and enhanced trade tools.
KuCoin
It offers many crypto-currencies, competitive fees, and staking and lending features that set it apart from other exchanges.
MEXC
She is known for having a long list of altcoins in Asia with very competitive fees and friendly interfaces.
Final Verdict
BloFin Exchange is a highly flexible cryptocurrency trading platform with an easy-to-use interface, robust security systems, and various assets.
BloFin is the best place for both experienced and beginners aiming to maneuver successfully in this uncertain world of digital coins.
Thus, it has positioned itself as a strong player in the cryptocurrency exchange market by emphasizing safety and user-friendliness, which acts as its trump card among other exchanges.
