BloFin Review

When Aristotle said, “The more you know, the more you realize you don’t know,” he couldn’t possibly have predicted that this nugget of wisdom would find its way into this BloFin review to describe a crypto trading experience. Nevertheless, if you’ve been a crypto enthusiast long enough, you’ve probably felt the same way. When it comes to crypto, there’s always more to learn – and BloFin crypto exchange might just be the right platform to help you along the way!

BloFin positions itself as a tool for traders looking to step beyond the basics and explore more advanced trading options. Aside from direct buying and spot trading you can find in most exchanges today (such as Binance, Bybit, or Kraken), BloFin offers futures and copy trading. It also boasts a wide range of reward initiatives.

Let’s take a look at what all those features really entail and see if the whole package is worth it. Is BloFin exchange right for you? Keep reading and find out!

Verdict at a glance: BloFin is an advanced centralized crypto exchange whose highlight features include futures trading with over 300 perpetual swap contracts, copy trading, and demo trading. BloFin’s fees are reasonably low, and the exchange offers plenty of ways to earn crypto. Unfortunately, it’s held back by geographical restrictions, and beginners might find it too much for their needs.

What is BloFin?

Every exchange comes with its own origin story. Let’s kick off this BloFin review by delving into theirs.

BloFin was born in 2019. Its beginnings weren’t exactly humble – the founder Matt Hu already had a respectable track record in the crypto and fintech scene, having worked in venture capital and portfolio management on behalf of some top-tier companies like Twitch and Unity. In 2020, he made it to the list of “Top 100 Influencers in Blockchain”.

BloFin’s tagline “Where whales are made” could just as easily refer to the platform itself: this centralized exchange certainly brings a wealth of features to the table. It offers copy trading and futures trading with up to 150x leverage and over 300 perpetual contracts, as well as referral and affiliate programs, point-earning games, and courses on crypto and blockchain technology.

All that advanced trading functionality rests on the backbone of a robust security framework. BloFin exchange prides itself on its 1:1 proof of reserve policy, customer funds insurance, wallet-as-a-service system, and KYT process powered by AI.

BloFin Review: PROS

Let’s focus on the positives first—many BloFin reviews by other users have made it clear that there’s a lot to like about this exchange. It has more than a few standout features worth a closer look.

Futures Trading: Leverage, Trading Bots, and More

Due to its newcomer status, too many people still mistake cryptocurrency for a frivolous novelty lacking the complexity and opportunities afforded by traditional finance. As you’ll see, BloFin could certainly be counted among the players best suited to dispel that notion.

Futures trading has long been a staple of traditional finance, yet it’s still uncommon to find it in crypto exchanges. There’s no reason this should be the case, though – and BloFin has taken it upon itself to prove it. Launched in 2023, its futures trading option works pretty much the same way it does in traditional finance: instead of trading the asset itself, you’re trading a contract that represents your agreement to buy or sell that asset at a predetermined price on a specified date.

BloFin exchange provides over 300 perpetual swap contracts with up to 150x leverage. Sounds confusing? Allow me to unpack this and explain the details in layman’s terms.

A perpetual swap contract is a type of futures contract with no expiration date.^[1] It’s particularly popular in crypto trading since it helps counter high volatility in the crypto market. BloFin offers futures trading with a perpetual swap contract for over 300 trading pairs.

One of the main draws of futures trading is the potential for much higher returns, thanks to the option of leverage – borrowing money to make larger investments than you’d be able to with your own funds. Leverage is the ratio of borrowed funds to your initial margin (the deposit you placed to open a leveraged position).

The complexities don’t stop there. BloFin offers two modes for futures trading:

• Hedge Mode: Allows traders to open two opposing positions – a long one and a short one – simultaneously under the same contract to capitalize on market fluctuations while minimizing potential losses.
• One-Way Mode: Traders are allowed to hold only one position per contract.

It has to be said, though – futures trading is definitely one of the riskier strategies you could encounter, particularly when leverage enters the picture. This type of trading is not only tricky to execute successfully but has a much higher potential for losses, too. If you’re a beginner, I’d recommend holding off for a while until you’re confident you know your way around spot trading and its intricacies.

However, if this section of my BloFin review made you irresistibly curious about trying out this feature, the platform has come up with a clever solution to incentivize new users without the risk of driving them to bankruptcy in the worst-case scenario. The exchange offers a “futures bonus”: complimentary funds you can use as a margin to open a position.

This bonus can’t be moved, withdrawn, or used for any other purpose than to top up your futures trading account. It’s valid for 7 days after claiming – so don’t ruminate for too long! This could be your best chance to give futures trading a go with training wheels on, so to speak.

Don’t get ahead of yourself with placing wild bets, though – the bonus offsets 100% of futures trading fees but only 50% of the losses and funding fees, so you’ll still have to cover part of the investment yourself.

As you’ve probably inferred from this section of my BloFin review, the ins and outs of futures trading can be a lot to take in! If you feel like you need a helping hand, feel free to make use of BloFin’s trading bots. They automate trades’ execution based on preconfigured conditions. For example, the Signal Bot utilizes data generated from the TradingView signals and offers some valuable market insights to help you make more informed decisions.

Boost Your Trading Skills With Copy Trading and BloFin Academy

As I’ve remarked in the previous sections of my BloFin review, crypto trading sure has a bit of a learning curve. Which is why it can be incredibly useful to have someone more experienced to look up to. Enter copy trading – a feature that lets users mirror the moves of other traders to learn from them.

BloFin’s copy trading system consists of two parties:

• Master Traders: Those are seasoned investors who have proved their expertise and amassed a large number of followers. They’re expected to have experience designing and implementing trading strategies.
• Copiers: As the name implies, copiers are the users who follow and replicate the trades of their chosen Master Trader, who gets 10% of the copier’s profits in return. Before starting, copiers have to transfer their assets to the copy trading account.

Potential copiers can check out a Master Trader’s profile to see their entire trading history and other performance factors, including:

• Total profit and loss (P&L);
• Overall performance;
• Winning trades;
• Return on investment (ROI);
• The number of followers;
• Fee rates;
• Assets under management (AUM).

Users can pick between two copy modes:

• Fixed Amount: You can choose a specific amount to invest in each order copied from the Master Trader, regardless of their position size.
• Fixed Ratio: The orders you place will be proportional to the Master Trader’s position size.

If you’re tempted to try copy trading (whether on BloFin or any other platform that offers it, such as Bybit and Binance), bear in mind that Master Traders’ rankings can be deceptive^[2]. Don’t trust the performance metrics blindly!

Demo Trading

Copy trading isn’t the only option BloFin exchange employs to cushion the users’ training trajectory. If you’re more of a lone wolf type who prefers learning from your own mistakes rather than those of others, you’ll probably be keen to check out BloFin’s demo trading mode.

This feature gives users a playground that emulates the full-fledged trading experience with none of the risks and no real assets involved. It supports both spot trading and futures trading, as well as API trading with a safe space for debugging.

Instead of risking your own crypto, you can play around using virtual assets. Once you switch to the demo trading mode, you’re given a default balance of 50,000 “fake” USDT. If you deplete it, you can simply reset it anytime by clicking “Reset” in the upper right corner of your demo trading account page.

You won’t have to worry about accidentally confusing demo trading with the real thing, either: BloFin’s interface provides a few helpful indicators, such as labeling the buy and sell buttons as “Demo Buy” and “Demo Sell” and featuring an orange-colored bar at the top.

BloFin Academy

Online learning platforms are all the rage these days – and what better way to give users an opportunity to take their trading skills to the next level than offering an in-house learning center?

The BloFin Academy features articles and courses covering various blockchain-related topics. The organization could do with a bit more structure, but each piece of content is tagged with a specific topic, and the materials are suitable for traders of all levels (although probably not in-depth enough for pros).

Multi-Faceted Rewards and Incentives System

As you can see from the previous expansive section of this BloFin review, the exchange considers guidance and education one of its top priorities. This is only half the equation, however. Helping users improve is a good way to keep them hooked, but what really seals the deal and increases retention is a well-rounded rewards system.

Rewards Hub

Do you consider yourself a “platform hopper” – someone who loves trying new tools out of sheer curiosity, only to abandon them for another new, shiny toy soon after signing up?

If so, you’re the perfect target demographic for this incentive! Rewards Hub (formerly Welcome Bonus) is a rewards package for new users designed to give them some extra motivation to stick with the platform by handing out rewards for completing tasks.

Users who complete the basic “Get started” type of tasks, such as registration, making your first deposit, and executing your first trade, are handed Mystery Boxes – random reward packages that might include Futures Bonuses, Futures Vouchers, tokens, BloFin VIP access, merch, and more.

On top of that, BloFin periodically launches various reward tasks for trading activities.

To amp up the pressure, the rewards can only be claimed if you complete the tasks within 15 days after registration. They’ll be sent to your account within 2 business days.

Staking

Staking is so ubiquitous in crypto exchanges nowadays that it would probably be more remarkable for a platform to not have one. Still, as they say, it’s the execution that matters – and this BloFin review has more than enough room for a more in-depth look.

Currently, BloFin supports staking for three cryptocurrencies:

• USDT;
• BTC;
• ETH.

While USDT can only be staked for up to 7 days, you have an option of staking BTC and ETH for 360 days or a flexible amount of time of your own choosing.

The flexible redemption option allows you to redeem your yields as you see fit – an ideal alternative for those who prefer having quick access to their funds at all times and making spontaneous decisions. Whereas the fixed option “locks up” your funds for the defined period; once it’s over, you can redeem your yields or choose to keep them staked.

As expected, the fixed option comes with a substantially higher annual yield percentage – 3-4% versus 0.10%, depending on the coin.

Referrals

Referrals are another beloved staple in crypto exchanges. Word of mouth is a powerful marketing tool, and many users don’t need much nagging or coaxing to get their friends on the bandwagon – only a little nudge.

When it comes to BloFin, this nudge comes in the form of a generous referral system: if someone signs up using the referral code you sent them, you’re entitled to 30% of their trading fees indefinitely!

Affiliate Program

Passing a word to your friends is a low-effort option – if you feel like making a bigger contribution, the Affiliate program might just be what you’re looking for!

Participants will be required to promote BloFin in articles, blog posts, videos, or social media. The point is to provide a registration link: if someone clicks on it to sign up, you’ll receive up to 50% commission on every trade they make. The payments in the form of USDT are calculated and processed daily every 6 hours.

And it doesn’t end there! You can build your own sub-affiliate network and set commission rates for them.

Activity Center

Marketing-based reward incentives are all well and good – but it never hurts to add some gamification to the mix.

BloFin features an Activity Center that collects the platform’s community events and play-to-earn games in one place. Some are themed events that pop up during seasonal holidays or international sports games, while others are random. Rewards include not just monetary prizes but various perks and benefits, too, such as commission rates.

Advanced Security Solutions

It’s not uncommon for crypto exchanges with such an extensive feature list to spread themselves thin and let the security aspect slide into the second plan. Fortunately, that’s not the case with BloFin – most reviews congratulate the platform on its impressive list of security measures.

1:1 Reserve and Asset Insurance

Let’s start off with a basic yet underrated advantage. BloFin boasts a 1:1 reserve of all customer assets. This policy ensures that users’ funds are fully backed by assets owned by the exchange itself, drastically reducing the risk of a liquidity crisis that would render the clients unable to withdraw their coins.

That’s not the only pillar of the security net the company has cast for its customers, though. Thanks to its partnership with Fireblocks (an industry-leading asset custody institution), BloFin now offers full insurance coverage and asset custody.

It utilizes a decentralized Merkle Tree verification system to prove users’ funds in the platform’s reserve. In fact, you could check it yourself if you want some extra peace of mind!

Fireblocks boasts an enviable track record: it has insured more than 1,800 customers and overseen $6 trillion in transactions. Aside from the aforementioned insurance policy, its contribution to BloFin’s security measures includes multi-party computation (MPC) cryptography and hardware security module (HSM) for private key management.

KYC & KYT

When it comes to security, BloFin clearly believes in the power of teaming up. Its other partners, AnChain and Chainalysis, have brought an advanced monitoring and compliance system known as KYT to the table.

While most other crypto exchanges make do with KYC, BloFin has decided to take its AML framework a step further by adding another cog to the mechanism. KYT (Know Your Transaction) leverages AI-powered blockchain capabilities to analyze transactions in real-time and detect suspicious activity.

BloFin’s KYC verification has several tiers depending on the level of verification completed:

• Basic (Level 1): The default level for newly registered accounts. It comes with a 24-hour withdrawal limit of 20,000 USDT, with no limits on futures trading or leverage.
• Personal Information Verification (Level 1): The 24-hour withdrawal limit is bumped up to 1,000,000 USDT.
• Address Proof Verification (Level 2): The 24-hour withdrawal limit increases to 2,000,000 USDT.

All those measures seem to have paid off so far – as mentioned by several other BloFin reviews, the exchange gets a gold star for having no recorded breaches – a rare achievement among centralized crypto exchanges.

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BloFin Review: CONS

After such a lengthy pros section, it’s time to flip the scoreboard and see where the platform falls short. In this part of my BloFin review, I will shine some light on its weaknesses and shortcomings.

Might Be Too Much for Beginners

If reading the first half of this BloFin review made your head spin – chances are, you’re not alone!

The sheer number of trading options and reward incentives that make the platform stand out among competitors could just as easily be interpreted as an obstacle that might drive away lots of prospective users who don’t feel up to navigating all those advanced features just yet.

Even though BloFin’s interface looks quite streamlined and uncluttered, given its feature density, new users might still feel intimidated or struck by choice paralysis.

Thankfully, BloFin tries to mitigate the confusion with the help of a comprehensive Zendesk-powered help center and an FAQ page. Most BloFin reviews seem satisfied with its customer support, too. Users can pick between a 24/7 live chat or email. Unfortunately, there’s no phone support option.

Limited Cryptocurrency Selection

No crypto exchange could ever hope to offer more than a tiny proportion of all the cryptocurrencies out there, of course. Still, a diversified selection is always a plus; it helps draw in users looking for a specific coin they couldn’t find elsewhere and retain those willing to expand their palette and experiment with new coins.

Unfortunately, BloFin’s crypto selection leaves something to be desired. The platform offers over 120 crypto assets, which should probably be enough for most users, given that the package includes some of the most popular coins, but hardly something to write home about.

Here are some of the coins you can find on BloFin:

• BTC;
• ETH;
• SOL;
• DOT;
• LTC.

In fairness, BloFin does give users ample choice of trading pairs – 129 for spot trading and, as already mentioned earlier in this BloFin review, over 300 USDT-M perpetual contract trading pairs.

Geographical Restrictions

Crypto exchanges often stand on shaky ground when it comes to regulations and regional availability. Sadly, our exchange in question is no exception here. As of this BloFin review, it operates in 151 countries but isn’t accessible in an additional 45.

BloFin’s restricted countries list includes most countries under international economic sanctions, such as:

• USA;
• Canada;
• Singapore;
• Iraq;
• China;
• North Korea.

BloFin’s KYC verification ensures that users can’t access the exchange if they’re currently living in one of the restricted countries. BloFin also requires users acting on behalf of a legal entity to provide necessary authorization and comply with the relevant laws, such as AML, anti-corruption, and counter-terrorist financing regulations.

BloFin Fees

Now that you have a comprehensive picture of the pros and cons, it’s about time I set the record straight on the question every reader of this BloFin review was going to ask sooner or later: how much does it cost to use this exchange? Let’s see what BloFin fees look like.

Just like most exchanges today, including CEX giants like Kraken and Binance, BloFin has implemented a maker-taker fee model: users are charged different fees depending on whether they add liquidity to the exchange by placing limit orders or reduce it by placing market orders.

Table: BloFin's VIP tiers.

Interestingly, though, what concerns non-VIP users, BloFin only differentiates between makers and takers in futures trading: the maker’s fee rate is 0.0200% while takers are charged 0.0600%. Whereas in spot trading, both makers and takers are subject to the same fee rate of 0.1000%.

On top of that, BloFin fees follow a tiered structure based on VIP levels determined by 30-day trading volume. Maker fees range from 0.0060% for VIP 1 members to zero for VIP 5 members, while taker fees start at 0.0500% and bottom out at 0.0350%.

BloFin fees aren’t limited to trading fees, however. Users get charged for withdrawals, too; those fees are typically fixed per crypto. Meanwhile, deposits are free of charge.

How to Sign up on BloFin?

Let’s face it – there are only so many BloFin reviews you can read until you hit diminishing returns! At some point, the only way to find out if this exchange meets your needs is to take the plunge and see for yourself.

If the country you currently reside in falls outside BloFin’s restricted countries list, you can sign up right here and now, following this step-by-step guide.

Step 1: Visit the official BloFin website and click “Sign up” in the top right corner.

Step 2: Fill in your email, create a password, and check the Terms of Service box.

Step 3: Complete the CAPTCHA verification.

Step 4: Check your email for a verification code and enter it here.

That’s it! You’re now officially registered.

How to Complete KYC Verification

If you want to bump up your 24-hour withdrawal limit to 1,000,000 USDT, I highly recommend completing the BloFin KYC verification. It’ll only take a few extra minutes, and it’s best to do it right after signing up so that it doesn’t slip your mind.

Here’s how to do it:

Step 1: Find your profile picture icon in the top right corner and click “Account & Security”.

Step 2: Go to the “Identification” tab on your account page.

Step 3: Navigate to the second item on the list, “Personal Information Verification”, and click “Verify”.

Step 4: Select one of the two options below.

Step 5: Select your country of residence and choose the type of document you want to use for identification. You’ll be asked to upload a scan of said document.

Step 6: Follow the remaining instructions and wait for your verification to come through.

Later, you can complete the Address Proof verification to increase your withdrawal limit even further.

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

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Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

After scrutinizing this platform from every angle, it’s time to dish out the verdict. Is BloFin crypto exchange worth it – or would you be better off looking elsewhere? Most BloFin reviews seem to rate this exchange favorably – but, of course, your mileage may vary.

To give credit where it’s due, BloFin has done an admirable job providing users with a number of advanced trading options like futures and copy trading that they’d probably have a hard time finding on most other platforms. Moreover, the platform boasts a plethora of rewards initiatives to help users rack up free crypto and incentivize them to trade more.

However, BloFin’s narrow cryptocurrency selection and lack of availability in certain countries, including Canada and the US, mean that this exchange won’t hold a universal appeal. Users turned off by the above-mentioned shortcomings might be better off with another exchange, such as Kraken or Bybit.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. J. Hossinzadeh: ‘The Concept, Structure and Validity of the Perpetual Futures Contract in the Cryptocurrency Market’;

2. D. Kawai, K. Soska, B. Routledge, et al.: ‘Stranger Danger? Investor Behavior and Incentives on Cryptocurrency Copy-Trading Platforms’.