The cryptocurrency scene offers many opportunities for affiliate marketeers and referral marketing. At the time of writing there are over 2300 (!) different cryptocurrencies with a total value of over $270,000,000,000. That’s right, 270 billion dollar. The largest and most well-known cryptocurrency is Bitcoin. One of the largest companies in the cryptocurrency industry is Binance and good news: they have a referral program! Read on to learn how to become a Binance affiliate.
What is Binance exactly?
Binance is a cryptocurrency exchange. It’s like a stock exchange, but instead of stocks, cryptocurrencies like Bitcoin are being traded. Binance is the largest crypto exchange by trade volume. Every second over 1,400,000 transactions are being done and about $1,200,000,000 in cryptocurrency is traded every day on the platform.
Creating a Binance Affiliate Account
Every regular Binance account can participate in the referral program. You don’t need a separate affiliate account and you don’t need to have funds on your account. Just go to their homepage and hit the register button.
Where to find your Binance Referral Link and ID?
Once you’ve created your account, log in and go to the footer of the website to find the link to the referrals page.
Once you’re on the referral page, you will immediately see your referral code. You can use a QR code, your referral link or you can post directly to social media.
Scroll a bit down and you’ll find your referral ID and some basic stats about the people you’ve referred.
Affiliate Commission
It’s important to note that the commission you make is commission on the trading fees, not on the trade value! Every time someone trades cryptocurrencies using the exchange, Binance will take a small fee. In general, this fee will be 0.1% of the trade value. You can earn 20% to 40% of these fees. For more info on the fee structure, check the Binance Fee Schedule.
While they are promoting their affiliate program as having up to 40% commission, the actual commission rate you start with is 20%. The only way to increase your commission is by owning 500BNB (Binance its own cryptocurrency: the Binance Coin). 500BNB equals roughly $15,000 dollars, so it’s pretty expensive if you want your commission rate increased.
If you get 20% commissions on trade fees it means that for every $1000 in cryptocurrency traded you will make $0.2. This is calculated as follows:
- Someone trades $1000 in cryptocurrency.
- Binance takes a 0.1% fee, which is $1 (1000*0.001)
- You make 20% of the fee, so you make 20% of $1 which equals $0.2 (1*0.2)
Pro’s and cons of the Binance referral program
Pro’s:
- One of the largest companies in the cryptocurrency scene.
- Easy to signup and become an affiliate.
- No limit to the amount of people you can refer.
Cons:
- You get paid in the cryptocurrency the original fee was paid in.
- This is from their referral page, which is a bit vague: “Binance reserves the right to change the terms of the referral program at any time due to changing market conditions, risk of fraud, or any other factors we deem relevant.”
- Hard/expensive to get the 40% commission rate.
Binance Referral Program Conclusion
If you refer someone who trades $1000 dollar once you’ll only get $0.2 for this person. You need to refer people that trade a lot and regularly. However, this holds true for the affiliate programs of other cryptocurrency exchanges as well.
Binance is the largest cryptocurrency company and massive volumes are being traded each day. Of all cryptocurrency affiliate programs, this one is the most promising. So if you’re looking for a cryptocurrency exchange, join Binance.