If a Bitcoin trade is placed, the existing user will get a Binance referral reward of 20% of the fees, paid in Bitcoin.If the new customer made a Litecoin trade, the existing user would get a 20% cut of the trading fees payable in Litecoin.The referring customer will receive commissions in real-time as the trades are placed.Ĭommissions are paid out in the coin that was purchased during a trade. All the new customer has to do is sign up with a Binance referral id and start trading. How Binance referrals workīinance offers existing users a 20% cut of a new customer’s trading fees. The existing users will do the hard work for the exchange. 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. There are millions of Binance users that consistently and loyally use the platform. So to maximize their acquisition efforts, the company offers existing customers an opportunity to make money by referring their friends through the referral program. That said, it’s clear the company’s flagship product speaks for itself. This unlocks the door to altcoins that traders may not find elsewhere. They also provide trading support for quite a few coins that many other exchanges don’t. So if you buy the tokens now and they appreciate, you’re in theory getting discounted trading. Rather than pay fees in fiat currency or crypto, traders can offset the fees by using the exchange’s BNB tokens. 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.īy using Binance Coin, or BNB for short, traders unlock even lower trades, usually around 0.05%. Tap into their existing customer base and let the customers do their marketing through word-of-mouth.īinance already has a few main things that set them apart from the competition.įirst, their fees are some of the industry’s lowest.Offer a unique value proposition and hope customers choose them over a competitor.The more users an exchange gets, the more money that can be made on fees.īut with so much competition, an exchange may find it hard to grow and acquire new users. The booming cryptocurrency market is expanding at an incredibly rapid pace, leaving global exchanges hungry to get a cut of the action.
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