BloFin sign-up link
BloFin attracts traders who want to skip KYC. What that convenience actually costs you, and the partner sign-up link.
The offer
BloFin. Partner bonus on sign-up
Affiliate link. I earn a commission if you sign up. It costs you nothing extra.
Get this offer →What's good
- Fast to start trading
- Decent derivatives liquidity for its size
What isn't
- Skipping KYC does not skip your tax obligation
- Smaller exchange means less recourse if something goes wrong
- Thinner books on anything outside the major pairs
BloFin comes up most often because of what it does not ask for. I want to be careful here, because the reason people want that is usually a misunderstanding.
Not doing KYC does not make it tax-free
If you are a resident of India, your gains are taxable regardless of which exchange you used or whether it verified your identity. The 30% applies. The rules on losses apply. The obligation follows you, not the platform.
What skipping verification actually changes is that nobody is reporting it for you. Which means the record-keeping is entirely your responsibility, and doing it badly is a much bigger problem later than doing KYC would have been now.
The real trade-off
Smaller exchange, less regulatory exposure, less recourse. If a large exchange freezes your account you have a support process, public pressure and, increasingly, regulators. If a small one does, you have considerably less.
I keep balances here small and do not use it for long-term holdings. That is the honest way I use it, so it is the honest way I will describe it.
Disclosure
Partner link, I earn a share of fees. I have included BloFin because people ask about it and deserve a straight answer, not because I think most readers should use it.