In case you’re new to crypto trading, you’ve probably heard about Binance referral codes and probably wondered what exactly they are for.
However, these simple alphanumeric codes give users an opportunity unlock significant savings and bonuses for new users while also rewarding existing members who refer new users to the platform.
Understanding how they work helps you get the most with benefits when joining Binance; the largest crypto exchange in the world.
What a Binance Referral Code Is
A Binance referral code is essentially a unique identifier given to existing Binance users that new members can use when signing up for a Binance account. It is more of a promotional coupon creating a win-win situation for both parties that are involved.
When you register using someone’s referral code, the referral system automatically links your account to theirs, hence triggering various bonuses and discounts.
Most of these codes typically consist of letters and numbers, hence making them easy to share via blogs and socials.
The primary reason Binance created this referral system was to encourage organic growth through a simple word-of-mouth marketing, and hence incentivizing current users to introduce friends and acquaintances to the Binance platform.
How Rewards Are Calculated
Essentially, the rewards structure for Binance referral codes is on a commission-based model tied to users’ trading activity. When a new signee registers with a referral code and begins trading, a certain percentage of their trading fees gets distributed towards the referrer as rewards.
Here’s the calculation: every time a user executes a trade on Binance, they’ll pay a small trading fee (usually a percentage of the transaction value).
When you’ve used a referral code during signup, a small portion of these fees is shared back as rewards. The exact percentages changes depending on the terms of the referral program, but both the referrer and referee must receive benefits.
What makes this referral system specifically lucrative is that users have ongoing rewards rather than a “one-time” reward structure. As long as the user referred continues to trade on Binance, the commission structure still remains active, hence creating a passive opportunity for affiliates or referrers.
Who Benefits: Referrer vs. Referee
Both the parties involved in a referral relationship get to enjoy special perks. However, the benefits are slightly different.
For the Referee (New User): New users who input a referral code upon sign up usually get welcome bonuses and reduced trading fees. These special discounts will apply to all trading activities, meaning each and every transaction becomes less costly. Some referral programs come with tiered benefits that include cashback on trading fees, which usually add up to significant savings for high volume and active traders. These fee discounts go for a lifetime, making this a long-term benefit rather than a temporary promotion.
For the Referrer (Existing User): Binance users who share their referral codes are able to earn commission rewards based on the trading activity of Binance traders they invite on the platform. This in return creates a passive income strategy that grows when each new referral is invited to trade on Binance. The more referrals and the more they trade, the higher your earnings with time.
Note: The rewards that the Binance affiliate/referrer receives is not extracted from the traded amount, but it’s from the trading fees incurred; which Binance shares with the referrer.
Where to Enter a Referral Code during Signup
Using a referral code is quite simple, but timing matters. You must enter the code the registration process, as Binance won’t allow you to add one retroactively if your Binance account has already been activated.
Here’s the step by step process:
- Navigate to the Binance website or download the mobile app
- On the top right corner, click on the “Register” or “Sign Up” button
- Input your email address or phone number
- Proceed to create a secure password
- Identify the field labeled “Referral ID” or “Referral Code” (it’s shown as an optional field. You should enter the referral code before completion of registration.
- Verify your email or phone number
- Finish the verification steps
The referral code field may sometimes be pre-filled in case you clicked on a referral link, but it’s always worth double-checking to ensure it’s correct before you submit for registration.
Frequently Asked Questions
- Can I add a referral code after creating my account? No, it is impossible to add a referral code after creation of your Binance account. Referral codes on Binance can only be entered during the signup process.
2. Do referral code benefits expire? No, Binance referral codes do not expire. However, there are some bonuses that have time limits. Fee discounts that come with referral codes often last for the lifetime of a user’s account; though these terms may vary according to the promotion.
3. Can I use multiple referral codes? No, you can’t use multiple referral codes. Only one referral code can be used on one Binance account; and it’s only during registration.
4. Is there a limit to how many people I can refer? Absolutely not. Affiliates or referrers are free to add as many referrals as possible hence allowing unlimited earning potential.
Conclusion
Ready to start your crypto trading journey with the best perks on Binance? Use the referral code BONUS369 when creating your Binance account and unlock up to $600 in welcome bonuses and also enjoy a 20% lifetime discount on all trading fees.
Take your trading experience to the next level with the leverage that comes with using a Binance referral code.
Learn more on Binance invite code>>
Disclaimer:
- The information provided in this post is for informational and educational purposes only and should not be construed as professional financial advice. Always do your own research or consult with a licensed financial advisor before making any investment decisions.
- Cryptocurrency investments are highly volatile and involve significant risk, including the potential loss of all invested capital. Past performance is not indicative of future results. This post does not endorse or promote any specific cryptocurrency, token, or investment strategy.
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