What is BloFin Cryptocurrency Exchange?

Founded in 2019 to disrupt the centralized crypto exchange scene. BloFin enjoys support from notable partners like Loeb Smith, Fireblocks, Fenbushi Digital, and Matrix Partners. The exchange strives to help everyone make the most out of cryptocurrency trading through a reliable trading system, balanced trading solutions, and healthy investment offerings.

Security

BloFin secures users’ assets in various methods, key among them maintaining an up-to-date proof of reserves. It further gives users access to the reserves to increase transparency. Other methods include employing reputable asset custody firms like Fireblocks and insuring assets in case the inevitable happens.

The platform increases the security of user assets by using a decentralized Merkle Tree verification where users can individually check whether their funds are included in the reserve amount. It uses other measures like know your transaction (KYT) technology to monitor for risk, compliance, and security issues.

Signup, User Interface, and Customer Support

The exchange offers a hassle-free signup. It only requires an email/phone number and a password and you are good to start using the platform. Such basic details give access to most services and a 24-hour withdrawal limit of 20,000 USDT. The withdrawal limit increases as you provide more personal information.

The signup process is unique because, unlike other similar crypto trading platforms, you are not required to go through a detailed know-your-customer (KYC) process to start using the platform, something that greatly lowers the barrier to crypto trading.

BloFin has a very clean user interface further enhancing the user experience. The company supports its customers through a dedicated contact page and active social media accounts like Discord, X (formerly Twitter), and Telegram.

Supported Cryptos, Trading Pairs, and Fees

The BloFin cryptocurrency exchange supports hundreds of cryptocurrencies in its spot and futures markets. Like other exchanges, the amount of fees payable depends on your trading level which is determined by your 30-day trading volume or USDT balance. 

Level zero or fresh users, for example, pay a flat 0.1% maker/taker fee on the spot market and 0.02%/0.06% maker/taker fee on the futures market.

Products and Services

BloFin offers spot and futures trading and is currently trying out bot trading. It also allows users to copy the trading strategies of successful traders and has an earn product with an annual percentage yield (APY) of up to 3.5%.

Final Remarks

Although the BloFin cryptocurrency exchange is dedicated to helping new users join the crypto world through a less cumbersome sign-up process, it doesn’t have a lot of products and services. This makes it ideal for users looking for a basic crypto exchange with high-security levels, a sizable amount of supported cryptos, and a clean user interface.