Trading on Blofin - your opinion?

[RaraAvis]

I want to trade on Blofin but it has bad reviews on Trustpilot actually in the App Store reviews are also not spectacular...
Normaly I trade on Kraken, but I want to trade futures copying one particular trader (who is on YouTube and who I trust) which I can only do if I start trading on Blofin.
I would really like to be able to do it, but I wouldn't want to regret de[positing funds on Blofin if they can be frozen or support is near non existent...

Your thoughts, is anyone using it? Please share your experience.

[Charles-Tim]

The exchanges is one of the exchanges that is not scam, but I do not know if the exchange is shandy or not.

I am referring to https://blofin.com/

[RaraAvis]

The exchanges is one of the exchanges that is not scam, but I do not know if the exchange is shandy or not.

I am referring to https://blofin.com/

yes, it's the one I mean

[Potato Chips]

I hope you are not blind trusting this youtuber, and have your own inputs.

Anyway, try in other communities as well. I don't think many people are familiar with that platform here.

If you want, you can try to tweak your risk level by depositing only low to medium amounts, so it won't be as damaging if things go shit. I keep this idea whenever I'm keen on trying a platform I ain't familiar with.

Just keep in mind that having a good first few experience doesn't necessarily mean it will continue to be in the future as well.

[rat03gopoh]

If an influencer invites you to use a particular platform, they likely work (on contract) for that platform or receive a share of the referral revenue.
It's best to consider the worst-case scenario; negative reviews often reflect the true reality.

[Charles-Tim]

I hope you are not blind trusting this youtuber, and have your own inputs.

Anyway, try in other communities as well. I don't think many people are familiar with that platform here.

If you want, you can try to tweak your risk level by depositing only low to medium amounts, so it won't be as damaging if things go shit. I keep this idea whenever I'm keen on trying a platform I ain't familiar with.

Just keep in mind that having a good first few experience doesn't necessarily mean it will continue to be in the future as well.

If an influencer invites you to use a particular platform, they likely work (on contract) for that platform or receive a share of the referral revenue.
It's best to consider the worst-case scenario; negative reviews often reflect the true reality.

You can check the rating for Bybit and Bitget on Trustpilot, it is also poor.

You can check the ratings for Mexc, Binance, Kucoin and some other well known exchanges, you can see it is very poor but not reviewed because Trustpilot displayed this:

This company’s rating is unavailable due to a breach of our guidelines.

Users do not like many of these exchanges. Any slight mistake, they will give the exchange a negative review. I am using some of these exchanges but they are not bad. I am not using Blofin but I just want to point out that it might be a good exchange.

Most well known exchanges are not having good reviews on Trustpilot, including Binance.

There was a time they had good reviews, but it changed to bad gradually.

[Hatchy]

I want to trade on Blofin but it has bad reviews on Trustpilot actually in the App Store reviews are also not spectacular...
Normaly I trade on Kraken, but I want to trade futures copying one particular trader (who is on YouTube and who I trust) which I can only do if I start trading on Blofin.
I would really like to be able to do it, but I wouldn't want to regret de[positing funds on Blofin if they can be frozen or support is near non existent...

Your thoughts, is anyone using it? Please share your experience.

It's not as popular but I've heard of Biofin. Someone recommended them for me last year for trading crypto. But I'm yet to test how their platform operates. The person who did recommend them for me though is a big crypto trader in my country( if not the best). But be sure to do your own research as someone like him its just another promotion for the brand..

[Potato Chips]

You can check the rating for Bybit and Bitget on Trustpilot, it is also poor.

You can check the ratings for Mexc, Binance, Kucoin and some other well known exchanges, you can see it is very poor but not reviewed because Trustpilot displayed this:

This company’s rating is unavailable due to a breach of our guidelines.

Users do not like many of these exchanges. Any slight mistake, they will give the exchange a negative review. I am using some of these exchanges but they are not bad. I am not using Blofin but I just want to point out that it might be a good exchange.

Most well known exchanges are not having good reviews on Trustpilot, including Binance.

There was a time they had good reviews, but it changed to bad gradually.

This is why for the most part, I don't rely on trustpilot anymore. I prefer to weigh sources across multiple places. I've seen some websites who got spammed by recovery service scammers as well. There's also folks buying and selling reviews.

Of course, this exchange can be good or can be bad. Ultimately, the community seems unfamiliar with the said exchange hence, my advise on how to tread when facing an unfamiliarity. In the face of uncertainty, we can try to tread with caution and minimize the risk as much as possible.

[Bitcoin_Arena]

Why does the user interface and themes look like those of Bybit when they had launched those days?  
Inspiration from Bybit?

Honestly, if I were you, I would keep away from less popular exchanges unless I was sure they could be trusted or at least if they gained more popularity. I don't think they have any extra advantage over those that already exist unless you are saying they offer zero trading fees.

[Charles-Tim]

It's not as popular but I've heard of Biofin.

Probably a typo. It is Blofin and not Biofin

Why does the user interface and themes look like those of Bybit when they had launched those days? 
Inspiration from Bybit?

The exchange was launched in 2023 but it is truly similar to Bybit even till now.

I have just checked the exchange and also downloaded their app on Playstore. It is truly looking like Bybit but it is not a scam exchange.

Honestly, if I were you, I would keep away from less popular exchanges unless I was sure they could be trusted or at least if they gained more popularity. I don't think they have any extra advantage over those that already exist unless you are saying they offer zero trading fees.

The exchange has advantage because you can still withdraw up to certain amount of coin without without KYC.

[tabas]

@rara, relying on an influencer through youtube or any social media platform based on how you trust them might put you to a bad experience. I know that many fans or people trusts these influencers because they've got a "name" to protect in their socials. But I tell you, most of them are just paid content creators that are likely attracting new users to the platform they advertise or partnered with. An honest opinion about that exchange, I have never come across nor heard it and I concur what bitcoin_arena said, it really looks like bybit.

[jcojci]

Never heard of Blofin before. Why you want to use Blofin as you have so many exchanges you can use and those exchanges have their reputation?

If you just want to copy trade, you can check on the top exchanges such as Binance or others. You can finds those exchanges have this feature so you can use it. But using copy trade is not recommended as you don't know much about the traders even if you use Blofin.

You don't have following other traders to trade or copy trade them. You should use your skills to analyze so you don't rely on them.

[Charles-Tim]

Never heard of Blofin before. Why you want to use Blofin as you have so many exchanges you can use and those exchanges have their reputation?

If you just want to copy trade, you can check on the top exchanges such as Binance or others. You can finds those exchanges have this feature so you can use it. But using copy trade is not recommended as you don't know much about the traders even if you use Blofin.

You don't have following other traders to trade or copy trade them. You should use your skills to analyze so you don't rely on them.

What if he wants to be trading without KYC? I posted this in my previous post.

MEXC recently enforce KYC in all regions. Who knows if it is the reason. Some people do not want to go for KYC exchanges. Exchanges are not only for copy trading or what you posted about.

I have posted already that the exchange is not a bad exchange.

But no one should leave coins on exchanges. Exchanges are for trading.

[crwth]

Just saw this post, and I have used Blofin and am currently using no issues
^{(it's the exchange that was introduced to me by a crypto community, which I'm still a part of)}

It worked as usual, and it cleared with my deposit/withdraw. I don't leave a large amount in an exchange, though, and I prefer now DEX's.