BioFin, A Secured Exchange for Perps and Futures Contracts

BioFin is a secure and centralized cryptocurrency exchange that offers its services in perpetual and futures trading contracts.

Biofin is a popular cryptocurrency and derivatives trading exchange that launched its services in 2018.

The exchange allows traders to trade perpetual cryptocurrency contracts with up to 100x leverage. In the shorter term of its operation, the exchange has managed to build up sizable liquidity and become one of the world’s most renowned and commonly used crypto exchanges. 

This article will discuss the basics of Biofin and its characters and services.

Understanding BioFin

Matt Hu launched BioFin in 2019, headquartered in the Cayman Islands. Its digital trading platform facilitates the management of digital assets, providing a smooth trading experience for traders and investors. 

It has an extensive and user-friendly interface that incorporates advanced trading tools. Users can trade various cryptocurrencies on the futures market at competitive fees. 

The exchange has all the required licenses and gives utmost importance to security by implementing robust measures, including two-factor authentication and cold storage, to safeguard customer interests and funds while ensuring the complete protection of user assets.

Registration Process at BioFin

• To start the registration process, click the Register Now icon at the top of the page. It can directly create the account by utilizing the form on the main page.
• A user only needs to enter their email and create a password. If a user has a referral code, it is entered at this point. The password must be at least eight characters long, including numerical, uppercase, and lowercase letters.
• Click on ‘Create Account’ and check your email to confirm it. Enter the received code, and the registration process is complete. A user can start to use the account.

Characteristics of BioFin

• It implies appropriate security measures, such as cold storage and algorithmic encryption. It also keeps a 1:1 reserve for all the clients and offers total transparency regarding reserves and user funds.
• The exchange is designed to be accessible to individuals with varied levels of experience in digital asset management. The software also facilitates advanced trading tools like charting and advanced order types. It is ideal for both beginners and experienced traders. 
• The network offers numerous ways for users to earn money. It includes bitcoin trading, token offerings, referral programs, and access to Decentralized Finance (DeFi) solutions.
• It offers futures trading at meager fees and provides leverage of up to 125x on derivatives and perpetual contracts. It makes it an appealing option for traders looking to increase profits while maintaining a pleasant trading experience. 
• It collaborates with Fireblocks, a leading asset custodian institution, to protect customers’ funds with insurance coverage.
• The platform provides prompt and dependable customer service through live chat and email to assist consumers with questions or problems.

The Fees Implied at BioFin Fees

BioFin implements different trading charge rates for different VIP tiers. Users can receive more significant discounts on trading costs depending on their VIP level. The VIP levels include VIP 0, VIP 1, VIP 2, VIP 3, VIP 4, and 5. 

Users are allowed higher trading fee discounts for VIP levels. For VIP 0-level users, maker and taker fees are 0.10% for spot trading. 0.02% maker fees are charged for futures trading, and 0.06% for taker fees. 

For VIP 5-level users, spot trading fees are 0.0325% for the taker and 0.0100% for the maker, and futures fees include 0.035% for the taker and 0% for the maker.

Customers meeting the requirements for the various fee tiers regarding spot trading volume, total trading volume for perpetual futures, and total assets can receive the most significant fee tier reduction.

The VIP level gets updated every morning at 8:00 (UTC).

Safety and Security of BioFin

The exchange is earnest about its security measures; it uses modern security methods, including two-factor authentication, cold storage, and SSL encryption, to protect user assets. 

BioFin has never been hacked, which confirms the safety and security of BioFin and demonstrates that it is a secure and trusted platform for their trades.

Nansen is a blockchain analytics tool that provides proof reserves. It augments on-chain data with millions of wallet labels. It demonstrates that company capital completely supports all users.

It adheres to the suitable regulatory norms, as it has received USA federal MSB registration from FINCEN and a CIMA-compliant fund license.

Conclusion: Pros and Cons of BioFin Exchange

Pros

• The design of BioFin’s interface is user-friendly. It allows novice users to navigate the site with ease.
• The exchange commits to having high liquidity, which appeals to traders trying to purchase and sell cryptocurrencies swiftly.
• It implies security precautions, as these are crucial for a cryptocurrency exchange. 
• The benefits provided to users include low trading fees, copy trading, a wide range of passive income products, and others.

Cons

• It is a newly launched exchange, so some traders may be cautious and skeptical about using it once it acquires popularity in the sector.
• Currently, this exchange is only available in some geographic regions, which can restrict some probable users interested in trying the platform.
• It does not support multiple cryptocurrencies, NFT trading, mining, staking, or bot trading.

However, it is quickly emerging as one of the most popular cryptocurrency derivatives exchange platforms. It implies cutting-edge trading systems to ensure smooth trading. 

FAQs

What is the maximum leverage offered at BioFin?

It provides a maximum leverage of 125x on futures and perpetual contracts.

How many pairs are available on the platform for trading futures?

It has more than 45 trading pairs for futures trading.

Does BioFin require KYC before trade?

Yes, completing KYC before beginning to trade on the platform is required.