Like Forex traders, crypto traders can now open trades with leverage on the futures markets. Several exchanges, including BloFin, offer access to futures. In this guide, we will demonstrate how to trade futures on the BloFin platform, which supports leverage of up to 160x. Read on to learn more.
How to Begin Trading Crypto Futures on the BloFin Website
BloFin has web and mobile apps to allow users to access its trading platform conveniently. Follow these steps to trade crypto futures on the BloFin website.
Register an Account
Before BloFin allows you to trade futures, you must set up an account. The registration process is simple. First, visit Blofin.com and press “Sign up” on the top-right corner of the homepage. After that, type your email address and password. Hit the “Create an Account” button and then feed the OTP sent to your email.
From there, you can access your BloFin account. However, you won’t be able to trade futures until you verify your identity. To do this, provide images of your ID card or password and a selfie.
Fund Your Account
After the BloFin team verifies your account, deposit capital to begin your futures trading journey. When you deposit money from an external source, it will be stored in a funding or spot wallet. You can then transfer it to your futures account.
Start Trading
Once you’ve funded your BloFin futures account, click “futures” to access the supported perpetual contracts. Over 50 trading pairs are available on BloFin’s futures market. Use the “Search” feature to find the pair you wish to trade and place a Short (Sell) or Long (Buy) order.
When placing an order, remember to adjust leverage based on your risk tolerance. For beginners, we recommend trading with a 3x leverage. Moreover, BloFin supports multiple order types, from market to limit orders.
Once you have opened a position, you can monitor its progress by visiting the “Open Order” section.
Manage Your Trading Risk
Trading cryptocurrency futures comes with numerous risks, which you must manage to become a successful trader. BloFin helps you manage your risks by giving access to effective risk management tools, such as take-profit and stop-loss settings.
Withdraw Your Trading Profits
Whenever you win a trade, it is vital to book profits, which can be sent to your funding or spot wallet, before withdrawing them to your preferred external wallet. It is worth mentioning that you don’t have to wait until your take-profit levels are hit before closing winning trades, as BloFin allows users to exit the futures markets whenever they want.
How to Begin Trading Crypto Futures on the BloFin Mobile App
Trading crypto futures on the Blofin mobile app isn’t different from doing so on the exchange’s website. The registration and verification process is similar. Moreover, BloFin’s web and mobile apps give access to the same perpetual contracts. You can download the mobile app from the App Store or Play Store.
Benefits of Trading Futures on BloFin
So, why should you trade crypto futures on BloFin instead of any other platform? Here are the reasons:
1. BloFin offers futures trading with high leverage of up to 160x.
2. The exchange allows users to access sophisticated risk management tools to protect their capital.
3. Futures traders on BloFin can automate their strategies. That means they won’t have to spend several hours monitoring the markets.
4. BloFin’s trading platform comes with multiple technical analysis tools to allow users to analyze the markets effectively.
5. The exchange implements strict security measures to keep user funds safe.
6. BloFin imposes low trading fees (a maker fee of 0.02% and a taker fee of 0.06%), allowing traders to pocket a significant portion of the realized profits.
Downsides of BloFin
Like any other trading platform, BloFin has its own disadvantages, including:
1. Limited fiat support: Compared to its competitors, BloFin does not facilitate transactions in many fiat currencies.
2. The trading bots on BloFin support limited strategies.
