Founded in 2023, BloFin has become a fast-growing crypto exchange. Operating in over 100 countries, BloFin is now the 2nd largest non-KYC centralized exchange behind MEXC.
The platform is listing tokens at a fast pace. On December 11, it added 17 new spot crypto pairs.
Known for its user-friendly interface and advanced trading tools, BloFin offers solutions tailored to today’s diverse trading needs.
From passive income options to seamless global access, we’ll break down everything you need to know about this rising star in the crypto trading space.
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Our verdict on BloFin
BloFin emerges as a standout crypto exchange. It combines cutting-edge technology, advanced trading features, and user-focused design to deliver a superior trading experience focused on crypto futures trading.
It is a platform built on trust, with Fireblocks ensuring asset safety and AnChain.AI leveraging AI-powered systems to monitor transactions for any signs of irregularities. It also implemented Chainalysis crypto risk solution. Transactions are monitored in real-time to ensure compliance with regulations.
These safeguards underline BloFin’s commitment to creating a secure user environment.
What truly sets BloFin apart is its versatility. With over 320 USDT-M trading pairs and up to 150X leverage, the platform supports a wide range of trading strategies, from long-term investments to high-leverage futures.
The Copy Trading feature adds a layer of convenience, enabling new traders to mirror expert strategies while learning the intricacies of the market.
BloFin’s transparent and competitive fee structure and consistent rewards, such as bonuses and trading fee discounts, provide additional value. The platform’s user-centric design, bolstered by seamless mobile and web integration, ensures an uninterrupted trading experience for users at all skill levels.
Our BloFin review verdict? Although BloFin is still new, it has become an exceptional choice for crypto traders prioritizing security, advanced trading features, and value-added services. If you’re ready to elevate your trading game, BloFin delivers the tools and support you need to succeed.
Pros and cons of BloFin
BloFin has garnered attention for its robust features and innovative approach to crypto trading. However, even the best platforms have flaws — as we saw in this Coinbase review — BloFin is no exception.
Below, we highlight the key advantages and disadvantages to give you a clearer picture of what to expect.
Pros of BloFin
- Top-tier security: BloFin partners with Fireblocks and AnChain.AI to ensure asset safety and AI-driven transaction monitoring.
- Extensive trading pairs: Offers over 320 USDT-M perpetual trading pairs, catering to diverse investment strategies.
- High leverage options: Up to 150X leverage for experienced traders seeking significant returns.
- User-friendly interface: Intuitive design suitable for beginners and advanced users alike.
- Competitive fees: Transparent and low trading fees, especially for perpetual futures.
- Copy-trading feature: Enables beginners to replicate the strategies of experienced traders effortlessly.
- Staking: Users can stake ETH, BTC, USDC, and USDT to earn passive income.
- Mobile compatibility: Smooth functionality across web and mobile platforms for trading on the go.
Cons of BloFin
- Limited fiat support: The platform primarily focuses on crypto-to-crypto transactions with minimal fiat currency integration.
- High leverage risks: While attractive, the high leverage may not suit risk-averse traders.
- Regional restrictions: Some jurisdictions face limited access due to regulatory constraints.
- No yield farming: As BloFin is still considered a new exchange, yield farming cryptocurrencies is unavailable.
- Customer support delays: Users have reported occasional delays in resolving issues via support channels.
- Educational resources could improve: While helpful, the available resources may not be sufficient for absolute beginners.
The above points are based on currently available information and user reviews, which are subject to change as BloFin evolves.
Methodology: how we scored BloFin
Our expert reviewers also assessed BloFin based on their personal experiences and industry knowledge. This subjective evaluation considered factors like:
- Overall user experience: The platform’s intuitive design and seamless user journey.
- Security protocols: The strength of security measures, including two-factor authentication, wallet storage, and encryption.
- Community reputation: The platform’s standing within the crypto community and any notable incidents or controversies.
In this BloFin review, we comprehensively assessed BloFin’s performance across these key areas by combining quantitative data analysis and expert review.
- Supported cryptocurrencies: 8/10 – Offers a wide range of popular and emerging cryptocurrencies, including major coins like Bitcoin and Ethereum.
- Payment methods: 6/10 – Provides multiple fiat currency options for deposits and withdrawals but could benefit from additional methods.
- Fees: 7/10 – Competitive fees compared to other exchanges, but some fees could be lower.
- Ease of use: 8/10 – User-friendly interface with intuitive navigation and demo trading features.
- Features: 7/10 – Offers a range of trading features, including spot trading, futures, and margin trading, but could expand its options.
- Customer service: 7/10 – Responsive and helpful customer support, available through multiple channels.
- Reputation and security: 9/10 – Strong security measures and a positive reputation in the crypto community.
Overall rating: 7/10 – A reliable, user-friendly exchange with good features and strong security.
About BloFin
Concepted in September 2019 as a crypto-fiat financial services company — Matt Hu founded this Cayman Islands-based cryptocurrency exchange.
Matt Hu founded BloFin in September 2019 to revolutionize the centralized exchange model, officially launching the crypto futures trading platform in 2023.
A visionary leader and founder of TokenInsight, Matt previously worked with a prominent U.S. venture capital firm, managing investments in industry giants like Twitch and Unity. This expertise was crucial for BloFin, which secured $50M in Series B financing from investors, including KuCoin, SIG, and Matrix Partners.
BloFin serves over 100 million users globally with multilingual support and high-quality services. The platform prioritizes security through Wallet-as-a-Service Custody, Fireblocks insurance, and partnerships with Chainalysis.
With 1:1 proof of reserves and segregated funds held by leading custodians, users can trade with complete peace of mind.
BloFin offers diverse products, including trading bots, copy trading, earning opportunities, and a robust hedge mode. Supported by world-class investors and localized compliance, BloFin combines credibility and innovation for a next-generation trading experience.
BloFin stands out with its core values of innovation, strategy, and safety, captured in its unique selling points: “Trade with Next-gen Experience” and “Profit from Functioning Strategies.” With a vision to help users “derive fortune with the most reliable trading system” as a key value proposition.
BloFin fees
This crypto futures trading platform offers a competitive and user-friendly fee structure tailored to meet the needs of both new and professional traders.
The platform employs a tiered and regressive fee schedule, meaning trading fees decrease as your 30-day trading volume increases, incentivizing active traders to save more on transaction costs.
That said, below is a detailed breakdown of BloFin’s fees:
Trading fees
| Market | Buy (taker) | Sell (maker) |
| Spot market | 0.1% | 0.1% |
| Futures | 0.06% | 0.02% |
Deposit and withdrawal fees
- Deposits: Free for all cryptocurrencies.
- Withdrawals: These are based on the blockchain network fee, which varies depending on the token.
Before you invest: BloFin does not support fiat currency deposits or withdrawals. To purchase cryptocurrencies, users can deposit existing crypto assets or use a third-party payment service to acquire USDT, ETH, or BTC.
The minimum cryptocurrency deposit amount varies by asset and is denominated in the deposited cryptocurrency. Depending on the asset, this minimum typically falls between $5 and $15.
Other fees
| Service | Fee |
| Copy Trading | Free to join, profit-sharing model applies. |
| Futures contracts funding fee | Variable, based on market conditions. |
| Account inactivity fee | None |
Note on welcome bonuses:
This BloFin review finds the platform offers a transparent and flexible fee structure and welcome bonuses to new users, including trading fee discounts, free trial funds, and promotional credits. These benefits provide traders with an excellent opportunity to reduce costs and maximize initial gains.
BloFin supported cryptocurrencies and features
BloFin offers an extensive selection of cryptocurrencies, featuring over 350 perpetual contract trading pairs and more than 250 spot trading pairs.
Users can explore a variety of markets, including futures trading and spot markets, providing both speculative and long-term investment opportunities.
As of March 2024, USDC stablecoin was added to the exchange. While it may be obvious to have USDC listed, note that it is a fairly new cryptocurrency exchange.
According to CoinGecko, BloFin boasts a 24-hour trading volume exceeding $30 million, with XRP/USDT being the most active trading pair at $2 million. Additionally, the platform maintains over $64 million in exchange reserves, ensuring high liquidity and reliability for traders.
Key features of BloFin
| Merkle Tree | Enables users to verify their assets through a cryptographic audit system, enhancing trust in platform reserves. |
| Fireblocks insurance | Provides robust fund protection with Fireblocks’ infrastructure, safeguarding assets from cyber threats. |
| 1:1 Proof of Reserves | Guarantees full backing of customer assets through transparent reserve verification processes. |
| The activity center | A hub for trading competitions, new user incentives, rewards from new listings, and exclusive event tickets, encouraging user engagement and rewards. |
| Referral program | Regular users can invite friends using unique referral codes and earn up to 30% commission on trading fees. |
| BloFin Academy | Provides in-depth learning resources, including courses on crypto topics, market insights, and platform guides. |
| Research center | Features institutional-grade research on crypto markets, covering topics such as Bitcoin, DeFi, and AI to keep users informed. |
| Comprehensive security | Implements KYT protocols, Merkle Tree verification, and partnerships with Fireblocks and Chainalysis to enhance platform security. |
Trading features and tools
| Wallet-as-a-Service custody | Offers secure, third-party custody for assets using advanced wallet technology, ensuring enhanced security and accessibility. |
| Trading Bots | Automates trading strategies, including signal bots integrated with TradingView, for seamless and efficient trading experiences. |
| One-Click Copy Trading | Enables users to replicate the trades of experienced traders with flexible options, including fixed amount and fixed ratio modes, for customized trading strategies. |
| Welcome bonuses | Offers new users USDT rebates for completing tasks like making deposits, executing trades, or meeting trading volume thresholds. |
| Earn product(s) | Allows users to earn up to 4% yield on idle crypto through fixed or flexible staking opportunities, offering liquidity and better returns. |
| Derivatives trading | Provides spots, copy trading, and API access in a high-performance trading environment with ultra-low latency and reliable processing. |
Writer’s note: Features, rewards, and services mentioned in this BloFin review are subject to change. Always review BloFin’s terms and updates to stay informed.
BloFin platform updates
The exchange is ensuring its platform has the latest features for its clients. BloFin added sub-accounts (on Web) and unified trading accounts to its platform.
Sub-accounts offer support for up to 10 accounts, each with different API key management. Unified trading accounts mean one may trade spots and futures from the same account without transferring capital from one account to another.
Not many exchanges offer the above, which indicates the progress BloFin has made.
BloFin app review
BloFin’s mobile app, available on Android and iOS, offers a robust solution for crypto traders seeking flexibility and convenience.
Users can seamlessly switch between the app and the web platform, ensuring an uninterrupted trading experience.
It doesn’t matter whether you’re at home or traveling; BloFin’s app allows access to over 400 USDT-M trading pairs, including (BTC), (ETH), (XRP), (SOL), etc., with perpetual and futures trading of up to 150x leverage.
Its features include copy trading, which lets users mirror strategies of successful traders and a fiat gateway for quick crypto purchases using 80+ fiat currencies.
The app also includes staking options, insights from BloFin Academy, and advanced security powered by Fireblocks and Chainalysis. With its intuitive interface, BloFin’s mobile app empowers traders to stay ahead in the crypto market.
User ratings of BloFin
| Platform | Rating | Number of reviews |
| Google Play | 4.2 | 900+ |
| Apple Store | 4.6 | 300+ |
| Trustpilot | 2.3 | 30+ |
BloFin customer satisfaction
Social sentiment for BloFin across Reddit and X reveals a range of opinions, with some users praising the platform and others expressing concerns.
On the positive side, many traders enjoy the low fees, user-friendly interface, and competitive leverage options. Features like copy trading and the platform’s ability to support multiple blockchains are also appreciated. One review even commended the CEO for personally resolving an issue, highlighting good customer service.
However, negative experiences reflect frustrations with BloFin’s changing policies, particularly KYC requirements. Some users felt blindsided by the sudden need for personal information and restrictions on trading and withdrawals.
While the exchange has potential and offers strong features for active traders, its lack of clear communication and policy changes may impact user trust and satisfaction.
BloFin customer service and support
BloFin offers a robust support system designed to assist users at every stage of their journey.
The Support Center provides a searchable database of FAQs, top questions, and guides for beginners and advanced users.
Users can refer to the “Latest Announcements” section for updates and announcements. BloFin also features a dedicated BloFin Academy for learning general crypto concepts and BloFin Research for in-depth market insights.
If further help is needed, users can submit a request ticket for personalized assistance. However, direct contact via chat or phone is currently unavailable.
Contact options
Search the FAQ section.- Visit Latest Announcements for updates.
- Submit a Support Ticket for assistance.
- Explore guides in the Beginner’s Guide.
Is BloFin safe?
Is BloFin secure?
BloFin prioritizes security with robust measures, including a partnership with Fireblocks, a leading provider of digital asset security. Fireblocks employs advanced encryption, secure hardware, and multi-party computation (MPC) to safeguard assets in cold wallets.
This ensures that user funds are secure while remaining accessible for rapid transfers. BloFin also uses Chainalysis for real-time transaction monitoring, enabling compliance with regulatory standards and preventing financial crime. Together, these measures create a secure and efficient platform for users.
Does BloFin have insurance?
User assets on BloFin are protected by a unique insurance policy covering storage and transit.
This insurance, supported by Fireblocks’ custodial services, acts as an additional safeguard against potential losses due to unforeseen events. With this coverage, BloFin gives users more confidence in their asset protection.
How are PoR handled?
BloFin maintains full transparency by publishing its its proof of reserves. Customer funds are backed 1:1 and are held in segregated accounts, meaning they are never used without the user’s consent.
This ensures that users can verify the platform’s ability to cover withdrawals, even during market volatility.
Any past hacks?
BloFin has not experienced any major hacks since its inception, a testament to its rigorous security protocols and continuous improvements in safeguarding user assets.
Its proactive use of Fireblocks and Chainalysis enhances its defense against threats, reducing vulnerabilities and establishing user trust.
Has BloFin had legal issues?
BloFin complies with regulatory standards, using KYT (Know Your Transaction) protocols to ensure adherence to legal requirements.
By collaborating with trusted institutions like Chainalysis, the platform combats illicit activities and maintains a strong reputation for regulatory compliance.
Are user accounts safe?
BloFin offers multiple account security tools, including passkeys, Google Authenticator, phone-based OTP, and anti-phishing codes.
Users can activate these features to enhance their security level, creating a fortified barrier against unauthorized access. These measures ensure a safe and user-friendly trading experience.
How about 3rd-party custody?
BloFin’s collaboration with third-party custodians like Fireblocks ensures that user assets are secure and independently managed.
This segregation enhances transparency and aligns with best practices in asset management.
Is BloFin regulated?
As of this publication, while specific regulatory details are limited, BloFin assures compliance with applicable laws and regulations as outlined in its terms of use.
Currently, BloFin operates in 151 countries but remains inaccessible in 45 others. Notably, the platform’s restricted countries list includes those under international economic sanctions, such as the USA, Canada, Singapore, Iraq, China, and North Korea.
Given its operations across multiple jurisdictions, BloFin may not fully comply with all global regulations. Therefore, users outside the permitted regions should exercise caution and familiarize themselves with local laws pertaining to cryptocurrency exchanges before engaging with the platform.
How to sign up for BloFin
Follow these simple steps to create your BloFin account:
Visit the BloFin website
Open your browser and go to the official BloFin website. On the top right corner of the homepage, click on the “Sign Up” button to begin the registration process.
Fill in the registration form
You will be prompted to enter your details. Choose to sign up with either your email address or phone number. If using email, provide:
- Email: A valid email address.
- Password: Create a secure password.
- Referral code (Optional): If you have one, enter it
Complete CAPTCHA verification and verify your email
Solve the CAPTCHA to confirm you are not a bot and Check your inbox for a verification code from BloFin and enter the six-digit code to complete this step.
KYC verification
You must complete Know Your Customer (KYC) verification to unlock higher withdrawal limits and enhance account security. This involves uploading a valid photo ID (such as a passport or driver’s license) for identity confirmation.
Start Exploring BloFin
Review and accept BloFin’s Terms of Service and Privacy Policy. For added protection, activate Two-Factor Authentication (2FA) on your account. Once your account is set up and verified, you’re ready to explore BloFin’s full range of features, including spot and futures trading.
Exchanges like BloFin
In terms of functional parity, Bybit stands as a strong contender to BloFin, offering a comparable level of trading sophistication and user interface.
Let’s see how they compare, shall we:
- Bybit offers a wider range of derivatives products, including futures, options, and perpetual contracts, while BloFin specializes in advanced trading features like copy trading.
- Both exchanges support low trading fees, but Bybit has a larger user base (40 million+), offering greater liquidity and much higher volumes, sometimes even better than Binance.
- Bybit is licensed in multiple jurisdictions, while BloFin is primarily regulated in the USA.
- Bybit also has a more comprehensive customer support system and a more user-friendly interface than BloFin.
See our Bybit review for more info.
How to get the most out of crypto exchanges like BloFin
When using BloFin, always verify your information before making any trades.
To start, check the exchange’s daily volume and open interest metrics for both spot and derivatives markets to ensure the platform’s data is accurate and not manipulated. Be cautious if there is a significant gap between volume and open interest, as this could suggest questionable activity.
Dive deeper into the exchange’s reputation by researching user feedback on multiple platforms, such as Trustpilot, Reddit, and other crypto forums. Cross-reference opinions and look for any hints of legal complications or emerging issues.
You can also use blockchain analysis tools like Arkham Intel to see real-time wallet activity and monitor liquidity across BloFin. Lastly, always educate yourself—whether it’s about the fundamentals of blockchain or the specifics of trading derivatives. The more you know, the better you’ll be at navigating the platform’s complex features and making informed decisions.
BloFin review: FAQs
Is BloFin a good exchange?
Is BloFin safe?
Who is regulating BloFin?
How do signal bots work on BloFin?
Does BloFin have fast withdrawals?
References
- BloFin Exchange Enhances Compliance and Security with Chainalysis | Yahoo Finance
- TradingView integrates crypto perpetual swaps data from Blofin | TradingView
- Beyond Trading: Crypto Exchanges As Financial Powerhouses | Forbes
- Crypto Trading Volume Surged to $10 Trillion for the First Time in November | Bloomberg
