Blofin is a relatively new crypto exchange as of 2019, attracting users all over the world. If you are considering using Blofin for your spot trading or investing, you should pay attention to this review – guide.
This step-by-step guide covers everything you need to know about the exchange
| Was founded: 2019 | Supported currencies: 250+ |
| website: www.blofin.com | Maximum leverage: 150x |
| Active users: 1+m | Bonus: 5.000 |
| KYC verification: Not required | Mobile application: Yes |
Table of Contents
What is Blofin Exchange?
The blofin exchange is a new exchange where you can buy and sell Cryptocurrencies, however there are also options for Future trading, margin trading, Bot trading, Copy trading and many more.
How to buy Cryptocurrencies with (Card)
To buy Cryptocurrencies on the exchange for now there are two ways, one way is with the alchemy option and the other way is through the platform simplex. Unfortunately there is no option yet to be able to buy directly through the exchange. The next deposit option is with Cryptocurrencies.
How to Deposit Cryptocurrencies
To deposit Cryptocurrencies you will go to the category Asset / Spot / and deposit , you will be prompted to select the cryptocurrency you want and the blockchain network to use. You are given a unique address to which you should transfer the crypto from another wallet.
After the transaction is confirmed, your deposit appears in your balance, which you can use to invest or trade on the platform. The process is simple and there are no fees for crypto deposits.
Blofin withdrawal methods
The exchange only supports Cryptocurrencies and for withdrawals. Crypto withdrawals are also easy and simple. Supported currencies are BTC, ETH and USDT. To withdraw, you'll select the currency and blockchain network you want to use. Crypto withdrawal fees depend on the currency and Blockchain network selected and the smallest withdrawal you can make is $10.
How to do spot trading on Blofin
To buy Cryptocurrencies on blofin and do spot trading the process is very easy, you just click on the spot category choose the cryptocurrency you want, put the option market, the money you want and you will press buy (we in the example in the image we bought Bitcoin).
Security at the Blofin exchange
Blofin is a secure exchange as it offers advanced security measures such as two-factor authentication, SSL encryption and cold storage. Furthermore, Blofin has never faced any hack.
Blofin Copy Trading
Blofin has a category where you can do copy trading without you doing anything, you can simply return your money to traders who have very good results.
Every time a trader will open a trade they will automatically open one for you.
Future Trading
The exchange also has a category Future trading that you can invest in the rise or fall of a cryptocurrency with leverage up to 125x. The category of future trading needs a lot of attention because it has a lot of risk if you don't know what you are doing. A group that you can learn Future trading and also have a signal is the Wealth Group
Trading Bot
The platform also has the Bot trading option that you can create a strategy or find from the tradingview and it can automatically take trades.
Transaction Fees:
Blofin offers users access to affordable transaction fees. In the Future trading category, the fee is 0,02% for and 0,06% for buyers with leverage up to 125x in derivatives and open-ended contracts.
LIABILITY DISCLAIMER:
Cryptocurrency trading is VERY risky. Make sure you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice. You are responsible for what you do with your money
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