BloFin Overview - What is BloFin?

As the knowledge about crypto increases, skeptics soften and heads start to swivel as more people start to accept it because of the ‘money’ value it gives. Besides accepting it as a money equivalent, using crypto to earn something can be truly exciting.

More: Top Safest Crypto Exchanges in 2024

As crypto’s acceptability among the general public and investment portals like the BloFin crypto exchange grows, a growing number of people would like to learn about its trustworthiness. If you’re interested in trading with leverage in a crypto exchange, this BloFin review will explore its features, pros and cons, and how to use the exchange.   

Overview - What is BloFin?

BloFin trading platform is a cryptocurrency exchange headquartered in the Cayman Islands. Launched in 2019 by Matt Hu, the platform offers traders and crypto investors a smooth trading experience in futures and spot trading offering advanced trading tools. The high-level BloFin security features include cold storage for digital assets and two-factor authentication to protect user assets and safeguard customer accounts.     

BloFin Alternatives

The list of BloFin alternatives and possible competitors includes a long list of companies offering similar services. If you’re considering BloFin vs. other exchanges, some of the leading competitors you could consider include the following:  

Synthetix

Synthetix Exchange is a derivatives liquidity protocol founded in 2017 in Sydney, Australia. The platform features a suite of crypto-backed asset tokens pegged to gold and fiat currencies like the Euro, Australian Dollar, Korean Won, and Japanese Yen. Holders of the Synthetix Network Token can use it to issue Synths, which are tokens backed by the supported assets.   

Perpetual Protocol

Perpetual Protocol is an online cryptocurrency trading platform launched in 1995 and headquartered in France.  The exchange supports numerous crypto assets, gold, fiat, and other commodities and offers L2 scaling and transaction solutions. Users can also offer liquidity or stake protocol tokens to earn fees.

Drift

Founded in 2021 and based in the United States, Drift is a BloFin alternative focusing on offering futures and options crypto trading solutions. The exchange offers liquidity support, cross-margin trading support and funds transfer. The platform supports leading tokens such as Ethereum, XRP, Solana, Binance Coin, and many others.  

Futureswap

Futureswap is an online crypto trading platform founded in 2012 in the United States. It allows investors to buy, sell, exchange, or swap crypto assets via Ethereum networks. The Protocol offers solutions for automated market-making algorithms for investors interested in managing short-long trades, trading solutions, and validating prices. 

BloFin Pros and Cons

To help you make an informed decision, our review includes a list of BloFin Pros and Cons: 

Pros

• BloFin features an intuitive, user-friendly interface, enabling even new users to navigate the site easily. 
• BloFin’s promise of high liquidity makes it appealing to more traders and investors willing to buy and sell crypto tokens swiftly.
• The exchange has prioritized high security, which is essential in the dynamic crypto space. 

Cons

• While it’s completely new, BloFin has yet to cut a niche in the crypto market, meaning that most traders are still skeptical about the exchange.
• BloFin is only available in a few geographical locations, making it difficult for some interested investors to avail of its services. 

BloFin at a Glance

If you are considering BloFin for beginners, it’s safe to say that the exchange is designed as a simple-to-use platform offering different levels of experience in cryptocurrency trade and management. 

The platform’s software offers advanced trading features, including live charts and advanced order types, making it suitable for new and experienced traders. Since BloFin offers diverse tools and features that align with current industry standards, we shall examine some of the leading features of the BloFin exchange.

Robust Security: BloFin takes the security of user assets seriously by using measures like algorithm encryption and cold storage. Moreover, the platform keeps a 1:1 reserve of its clients’ assets and offers transparency regarding its reserves and user funds. The exchange employs the services of FireBlocks, a renowned global asset custodian institution providing insurance coverage for users’ assets. 

User-Friendliness: The BloFin exchange is designed to be easy to use, enabling individuals with different levels of knowledge to manage their digital assets easily. Furthermore, the platform offers different ways users can earn money, including token offerings, referral programs, Bitcoin trading, and access to decentralized finance (DeFi) solutions.

Low Fees: When you compare BloFin to other exchanges, you’ll discover that the platform under review offers relatively low fees, especially for futures trading, where it provides up to 125x leverage on perpetual contracts and derivatives. This is among the most attractive features for many traders interested in growing their profits.

Customer Care: BloFin customer support is dynamic, ensuring users receive prompt and dependable 24/7 services via email and live support, covering any challenges they encounter or answering their questions. The platform also offers well-detailed Frequently Asked Questions sections and multilingual support.      

Mobile App: BloFin has a mobile application that facilitates seamless trading that supports iPhone and Android gadgets.  

Different Trading Options: BloFin users can access at least 335 perpetual swap contracts to trade futures with leverage. As a result, traders on the platform can speculate on price movements using borrowed funds and potentially grow their profits. 

TradingView Integration: BloFin is integrated with the popular charting platform TradingView which lets users analyze charts and execute trades directly on BloFin’s interface.

Is BloFin Safe and Reliable?

For those asking is BloFin safe to use and reliable, the answer is a definitive yes. The platform takes the security of their customers’ assets seriously. BloFin may have never experienced a security breach because it uses modern security methods like SSL encryption, cold storage, and two-factor authentication. So far, traders have every reason to have the peace of mind knowing that their assets are safe. 

Secondly, the platform ensures users have proof of reserves through Nansen, a blockchain-based analytics tool that supplements the regular on-chain data for millions of wallet labels. The tool proves that the company’s capital reserves support all users’ assets.

The combination of cold storage, Proof-of-Reserves, and two-factor authentication creates a multi-layered security situation that safeguards user assets. Moreover, the firm adheres to numerous regulatory standards, including receiving a CMA compliance fund license and USA-based federal registration through FINCEN.  

Fees & Commissions

Regarding BloFin fees and commissions, the platform offers various trading charge rates for different user tiers. Different VIP tiers enable users to receive significant discounts based on their current level.  

Traders and investors can receive a matching VIP-level discount when they increase their trading volume or asset balance within 30 days. As soon as a customer meets the requirements pertaining to a particular fee tier in terms of spot trading volume or total trading volume for perpetual contracts, their total assets automatically receive a corresponding fee reduction. VIP levels are renewed automatically every morning at 8:00 UTC.    

The key points to remember as far as BloFin fees and commissions are concerned include: 

Spot trading fees: The fees begin at 0.10%, but discounts are available when a user has a higher VIP level based on asset balance and trading volumes. 

Futures trading fees: Maker fees for futures trading fees begin at 0.02% and taker fees at 0.06%, which users can reduce by increasing by increasing trade volumes.  

VIP levels: The VIP tiers come in different levels, with succeeding levels offering more significant fee discounts. Their trader activity and asset holdings determine a user’s VIP status within the preceding 30 days. 

Fee schedule: The exchange updates its fee structure every morning, meaning users are assured they will receive accurate rates based on their current trading tier. This structure ensures active traders receive opportunities to help them reduce trading costs via the BloFin tiered reward system. 

Related: Can you Trust Crypto Exchanges After the Collapse of FTX?

FAQ about BloFin

Is BloFin still trustworthy?

BloFin cryptocurrency exchange uses a multi-layered security system, including 2FA, cold storage, and Proof-of-Reserves, to safeguard customer assets, enhancing its trustworthiness.  

Is BloFin suitable for beginners?

Overall, BloFin presents an outstanding trading platform with a user-friendly interface. The platform’s software leverages the latest technological innovations to provide a user-centric approach, making it ideal for beginners exploring the world of cryptocurrencies and experienced traders looking for advanced trading tools.

Is BloFin better than other crypto exchanges?

BloFin’s high liquidity, user-friendly interface, and advanced trading tools allow for easy deposits and withdrawals in at least 80 different digital assets. Moreover, the platform offers the lowest trading fees and 24/7 customer support, giving it an edge over several competitors. 

What are the disadvantages of BloFin?

While the crypto exchange offers various advantages, several BloFin user reviews show that users should always be alert to avert potential drawbacks, including the high reliance on the performance of particularly revered traders. Moreover, the reliance on trading fees associated with chosen traders’ activities can easily affect profitability should such traders get it wrong.   

Is BloFin trusted among crypto influencers?

Overall, the BloFin crypto exchange has so far proved to be a reliable platform that has combined technological innovation with a user-centric approach, thereby making it popular among crypto influencers. 

Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.