BloFin Review: Features, Regulation & Fees

What is BloFin?

‍Founded in 2019, BloFin is a non-KYC exchange launched by Matt H, a blockchain influencer and member of Cointelegraph's Top 100 Influencers. The platform’s global reach is expanding, with over 1 million active users across 150 regions. Supporting over 500 cryptocurrencies, BloFin offers a wide range of trading pairs and features like copy trading and strategic hedging. 

By maintaining a strict 1:1 reserve of all customer assets and offering full transparency, it cultivates a strong sense of trust among its users. Its partnerships with Fireblocks for asset custody and AnChain.AI for advanced security measures reflect a deep commitment to asset protection. 

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BloFin Features

BloFin offers a wide range of tools and services designed to meet the diverse needs of its global customer base.

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Trading Types

The platform provides multiple trading options, giving users flexibility in how they trade:

• Spot Trading: This allows users to easily buy and sell 100 digital assets, giving them direct control over their cryptocurrency holdings.
• Futures Trading: The futures trading platform offers leverage of up to 100x for 320 USDT-margined and coin-margined futures contracts.
• Copy Trading: The copy trading feature allows customers to replicate the strategies of over 500 experienced traders, enabling beginners to benefit from the expertise of top investors.
• Trading Bots: BloFin integrates trading bots that automate strategies for both spot and futures markets, allowing users to optimize trades without manual input.

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Additional Services

There are a variety of other tools and features that BloFin offers its users:

• Staking: The Earn feature allows users to generate passive income on their uninvested assets. These options include flexible or fixed terms with varying APY rates, such as earning 3.50% on USDT for seven days or up to 4.00% on ETH over 360 days. 
• VIP Program: BloFin’s VIP program offers benefits like reduced trading fees, priority customer support, and access to exclusive high-yield products for users with large portfolios.
• Demo Trading: BloFin also offers demo trading, enabling users to practice strategies and familiarise themselves with the platform without risking real assets.
• Activity Center: This is a hub for upcoming events, including trading competitions, special promotions, and bonus opportunities. Users can engage in activities like predicting sports outcomes to share prize pools and earn trading fee discounts.

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Is BloFin Safe?

Based in the Cayman Islands, BloFin is not explicitly regulated by any specific financial authority but is considered a safe platform. It uses cold wallet storage and advanced encryption technologies to protect user funds and data. BloFin uses 1:1 proof of reserves and Merkle Tree verification to provide complete transparency in its asset holdings. 

‍Partnering with Chainalysis, BloFin enhances its ability to monitor transactions and prevent illicit activities through blockchain analytics. The platform adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols to ensure compliance and user safety.

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BloFin Fee Schedule

BloFin offers a tiered maker-taker fee structure based on users' trading volume or asset holdings over the past 30 days. As users increase their activity or asset balance, they unlock progressively lower fees.

• Spot Trading Fees: Standard users (VIP 0) pay 0.02% for makers and 0.06% for takers, with VIP levels reducing these fees to as low as 0% for makers and 0.035% for takers.
• Futures Trading Fees: Starting at 0.06% for takers and 0.02% for makers, fees decrease as users advance through VIP tiers.

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Is BloFin Available in the USA?

Yes, BloFin is available in the USA. The platform adheres to regulatory requirements and has secured a USA federal MSB (Money Services Business) registration through FINCEN. It also holds a CIMA-compliant fund license. This allows American users to trade on BloFin with confidence, knowing that the platform meets stringent regulatory standards.

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BloFin Affiliate Program

The BloFin Affiliate Program offers a lucrative opportunity for individuals with extensive networks to earn up to 50% commission on trading fees by referring new users to the platform. Affiliates can promote BloFin through various channels such as blogs, videos, or ads, and will receive a lifetime commission on every trade their invitees make. 

Additionally, BloFin provides daily compensation and the chance to earn extra commission by inviting sub-affiliates. The program is designed to reward active promotion and community building, making it a win-win opportunity for affiliates.

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Bottom Line

BloFin has established itself as a leading no-KYC crypto exchange, offering a wide range of trading options. It supports over 500 cryptocurrencies for spot and derivatives trading with 100x leverage. 

The platform’s comprehensive tools, such as copy trading and demo accounts, along with its global availability, make it an ideal choice for users seeking a secure trading experience.