New to cryptocurrency? Then look no further. In this guide we’ll take a deep dive into the Binance referral program, PLUS provide you with a referral ID if you haven’t entered one already.
Binance Referral Program: An Overview
– Are you a new crypto trader looking to make it big on one of the world’s largest trading platforms?
– Looking for a powerful trading platform that is accompanied by some of the lowest fees in the industry?
– Do you have marketing skills you’re looking to put to the test referring new users to the Binance exchange?
Whether you fit the bill for one of the questions above or fall anywhere in between, then you NEED to learn more about Binance referrals while they’re still red hot.
Reason for the program
The booming cryptocurrency market is expanding at an incredibly rapid pace, leaving global exchanges hungry to get a cut of the action. And there’s a good reason why. The more users an exchange gets, the more money that can be made on fees.
But with so much competition, an exchange may find it hard to grow and acquire new users. So they turn to one of two methods:
- Offer a unique value proposition and hope customers choose them over a competitor.
- Tap into their existing customer base and let the customers do their marketing through word-of-mouth.
Binance already has a few main things that set them apart from the competition.
First, their fees are some of the industry’s lowest. The standard trading fee is already low at 0.1% (compared to 1% or more on Coinbase), but the company takes it a step further and offers discounts for traders using their own coin.
By using Binance Coin, or BNB for short, traders unlock even lower trades, usually around 0.05%. Rather than pay fees in fiat currency or crypto, traders can offset the fees by using the exchange’s BNB tokens. So if you buy the tokens now and they appreciate, you’re in theory getting discounted trading.
They also provide trading support for quite a few coins that many other exchanges don’t. This unlocks the door to altcoins that traders may not find elsewhere.
That said, it’s clear the company’s flagship product speaks for itself.
So to maximize their acquisition efforts, the company offers existing customers an opportunity to make money by referring their friends through the referral program.
Think about it. There are millions of Binance users that consistently and loyally use the platform. By sacrificing a little profit from trading fees by shifting it to these users, the Binance exchange opens the door to an entirely new audience, all without having to spend additional capital on marketing and user acquisition.
The existing users will do the hard work for the exchange. And the results are insanely effective.
How Binance referrals work
Binance offers existing users a 20% cut of a new customer’s trading fees. All the new customer has to do is sign up with a Binance referral id and start trading. The referring customer will receive commissions in real-time as the trades are placed.
Commissions are paid out in the coin that was purchased during a trade. For example..
- If the new customer made a Litecoin trade, the existing user would get a 20% cut of the trading fees payable in Litecoin.
- If a Bitcoin trade is placed, the existing user will get a Binance referral reward of 20% of the fees, paid in Bitcoin.
So on and so forth.
In the past Binance has offered up to 50% commissions, but as they rapidly expand, the need to pay affiliates such high splits has decreased. Even so, you can see how 20% of even just one large trade can add up to a good amount of money.
So that’s the what and why. Now let’s talk about how you can get in on the action.
Join The Program
If the referral bonus program sounds like a great money-making opportunity to you, we can say there’s probably no better time than now to join and start referring users.
Cryptocurrency exchanges are quickly becoming household names. They’re getting coverage from the news, being casually discussed in conversations, and gaining wide traction among the masses. With that much attention on the industry, there’s still plenty money to be made as an affiliate.
Once you create an account on the exchange, becoming a part of the affiliate program is pretty easy once you know where to look.
- Head over to the referral page on www.binance.com. This page should have updates to the program as time goes on.
- From there, click the “Join Binance Referral Program” link. Or, click here to go directly to that page.
Once you click that link, as long as you’re signed into your user account, the registration should be complete and you can begin referring new customers.
If you aren’t able to sign up for an account, the exchange may be getting flooded with new applications. When this happens, the Binance team sometimes shuts off new user registrations.
Unfortunately, there isn’t a ton that can be done about this, so wait it out and check back later if this occurs. If you just can’t wait to get started, you can shoot an email to customer support and see if they can fast track your approval.
Types of Referral IDs
After you’ve joined the affiliate program, there are 3 different ways to get credit for referring new users to this exchange.
But in order to get credit for a new customer referral, you MUST refer the user through one of the methods below. If you don’t, there is no way to track how they signed up and you will not get credit for the referral.
1. Binance Referral Code
The first and most common way to enter a referral ID is by manually entering the code when signing up for an account for the first time.
During the registration process, users will be required to input account data, which includes an email and password. This step will grant them an account. Right below those two fields is the box where you enter a referral code.
Entering a referral ID manually is done when the user hasn’t visited the site through an affiliate link.
Let’s say they do a search and find some results through Google, then click the direct link to the Binance website. There is no way for the browser to track that referral, so no ID populates in the box during signup.
That’s where this code comes into play. Simply enter the code in the box, click register, then the account is created. The referring user will get credit once a trade has been placed.
For a referral code, look for the following in your affiliate dashboard:
2. Binance Referral Link
A referral link is the second way you can get credit for sending new users to Binance. While manually entering a code is possible, the link is the easiest way.
When a user clicks your link, the code will automatically populate in the referral ID box, giving you credit when they make a trade.
Below your unique link in your affiliate dashboard, you’ll notice there is the option to share the link on social media. We highly suggest modifying the text within the popup when clicked, as the default text is not very compelling, from a marketing perspective. It’s nice you can share them on social media outlets, but I wish the marketing team would have put a little more effort into this section.
For a referral link, look for the following in your affiliate dashboard:
3. Binance Referral QR Code
The third method of applying or sharing a Binance referral ID is to use the QR code from your dashboard. When scanned, the QR code links out to the ID landing page, tracking your referrer id for this particular signup.
A few years back QR codes were supposed to be the “next big thing” but really never took off like they were supposed to. Most affiliates probably won’t get much use from this, if any.
However, they do make an easy and unique way for users to find your link. The QR codes are great for sharing on social media channels like Twitter, or by embedding in marketing materials like posters or flyers.
For a referral QR code, look for the following in your affiliate dashboard:
As you can clearly see, Binance makes referring users simple and easy, and handily rewards users for doing so.
After signing up and getting a handle on the program, there’s a few things about the program that stuck out to me, both what I did and didn’t like.
What I like
- Affiliate commissions are real-time.
- There is no limit on the amount of users that can be referred.
- There is no revenue cap on how much commissions can be earned.
What could be improved
- Binance reserves the right to end the promotion at any time.
- From what I can tell, new users don’t get anything for signing up. This makes the referral a hard sell for affiliates.
Overall, if you operate a website about cryptocurrency or are a master of social media, this program makes sense. If done correctly, there’s some good money to be made if you can drive volumes of new users to sign up.
On the contrary, unlike affiliates for Uber and Lyft who are pretty much just printing easy money, the benefit for smaller players in the crypto promotion world is less than we’d like to see.
At any rate, if you’d like to sign up and possibly earn some extra money, give it a try. Good luck!
I’m getting an error telling me my Binance referral ID is invalid. What do I do?
Another code has already been applied to your account. Try clearing your cookies and trying again with the desired ID.
What’s with the 50% discount on real-time trading fees?
Traders can unlock discounts by using BNB instead of crypto to pay fees. This feature must be enabled within your Binance account, and can be found in the settings. BNB can be purchased just like a purchase on any other crypto exchange.
Can I enter a Binance referral after registration?
Unfortunately, there’s no easy way to retroactively credit an existing Binance account if the new user did not apply a credit code during signup. The best route would be for both parties to reach out to tech support and see if the credit can be applied.
Is there a revenue limit for Binance Refer and Earn affiliates?
No, there is not currently a maximum that affiliates can earn through the program. Invite as many people as you want and earn as much as you can. The sky is the limit!