Are you interested in earning passive income while at the comfort of your home? Perhaps you have heard of the Binance Referral Program and researching to know if it is truly worth it.
This article takes a critical look at all you need to know about the Binance Referral Program and how it works. Read on to find out more.
What is Binance?
For crypto enthusiasts, Binance is a popular and trusted name. Binance is one of the world’s largest exchange platforms for cryptocurrency, boasting over 6 million users from more than 180 countries. Binance provides its services to its users by offering support for multiple languages (37 at present).
Founded in 2017, Binance originally started as a crypto-to-crypto exchange but rolled out support for fiat transactions in 2018. The platform supports trading in more than 100 coins, including the popular ones like Bitcoin, Ethereum, Litecoin, Dogecoin, Cardano, Polkadot, Ripple and more. The exchange platform also has its coin known as Binance Coin (BNB).
Binance has one of the lowest trading fees among crypto exchanges, which is just 0.1%. You can make fee payments via credit/debit cards, bank transfers and SEPA or even use the BNB coin. When you make a payment using the BNB coin, you enjoy a discount of 0.025%, which means you will be charged just 0.075% instead of 0.1%.
Binance Referral Program Explained.
Although Binance is relatively new in the crypto world, it has quickly exploded in growth to become a top exchange platform. One of the major drivers of its growth is the creation of a referral program.
The Binance Referral Program rewards both new and existing users. Through the referral scheme, you can earn commissions by inviting your friends to join the Binance community. Every time someone registers through your link, you will receive a commission on fees whenever the new user trades on any of Binance’s Spot or Futures.
The default referral bonus is 20% of the trading fees that your referrers pay, and you can share this bonus by giving them 5-10% of the rewards. If you keep an average daily balance of 500 Binance Coin (BNB) or more, your base referral rate increases to 40%, and you can share up to 40% with your referrals.
You might be wondering if this referral program is legit. The answer to that question is yes. It will interest you to know that the Binance Referral Program didn’t just start recently as it had been around since its inception.
During that phase, Binance offered up to 50% referral commission, and it’s no surprise why many traders jumped in to take advantage of the high commission rate. It was an easy way of earning crypto since all they had to do was invite others to the site and make hundreds of BTC.
However, Binance lowered the commission rate to 20% in 2018, and it has been so ever since.
Nonetheless, you can double your referral rewards to 40% if you have a minimum of 500 BNB tokens. And because the program offers a commission on fees whether your referrer trades on any of Binance’s Spot or Futures markets, you can be sure of receiving a payout from both when you refer people using a Binance Futures referral code and the Spot referral link.
How does the Binance Referral Program work?
If you’re interested in getting a discount on your trading account and making money through the referral program, you can get started by following the steps below.
1. Start the process
The first step is to register on Binance by heading to this link to save 20% in trading fees. Clicking the link will automatically bring you to Binance official website with our referral ID applied, so there’s no extra work for you.
Keep in mind that this is the highest kickback available, and the ID is worth 20% forever. Many newbies make the mistake of signing up on Binance immediately with the hope of using a referral code after their account has been created. It’s important to use this referral code at this point; otherwise, you won’t receive the commission.
2. Fill in your user information
A form page will appear on the site, and you will need to fill in the details on the form to proceed. Among other things, you will be asked to input your desired password. You might want to use a password manager as you explore the crypto space because the number of needed passwords can quickly climb.
Once you are done with that, you will be asked to tick the box if you agree to Binance’s Terms of Service. Be sure to double-check all of the information before you click ‘create an account.’ A verification mail will be sent to your registered email address. Click on the link to verify your account.
3. Create and share your referral links
Now that your Binance account has been opened log in and go to the user menu at the top right corner. Click on the ‘Referral’ option, and you will be taken to your referral dashboard. If you don’t have a link, click on ‘Generate your Link’.
You will also be shown different options of percentage discount so you can select the one you want to offer. The options represent what percentage you will receive and what amount your referrers will get for their Binance trading account.
4. Share your referral ID
This is the stage where you can now invite your friends using your referral ID. When someone signs up with your code, you will get a commission every time they complete a trade. The referral rewards are calculated in real-time and transferred to your Binance account every hour.
Binance Referral Program is a fantastic way to generate passive income with zero upfront costs, especially since there are no limits to referring people. You can always withdraw your commissions in cryptocurrency to an external address or as cash (fiat) using SWIFT.