Despite being formed in 2017, Binance became the world’s largest cryptocurrency exchange by January 2018.
As part of its strategies to bring in clients in large numbers, Binance has a fully functional affiliate program that allows registered members to earn commissions on referrals made.
Binance has two affiliate programs, the Binance Affiliate Program (BAP) and the Binance Futures Affiliate Program (BFAP). With BAP, you can earn up to 20% commission when someone you refer registers on the site and completes a trade. The BFAP allows you to earn up to 40% on trading fees.
Are you interested in learning more about the Binance Affiliate Program?
Read on as we discuss its features, pros and cons, and whether you can make passive income from the program.
Not too many cryptocurrency exchanges have experienced faster growth than Binance.
In roughly under a year since being formed in 2017, Binance established itself as an industry mainstay, processing an impressive 1.4 million-plus orders per second.
As part of its operations strategy, Binance focuses on the robustness, security, and execution speed of its transactions, features that allow it to attract professional traders and enthusiasts.
Binance also allows its clients to trade over 100 cryptocurrencies, a move that makes the crypto exchange one of the most frequented in the industry.
Despite its exponential growth, Binance has also had its fair share of controversies. For instance, in May 2019, the crypto exchange company lost 7,000 Bitcoin worth $40 million at the time.
The loss threatened to deter its progress, especially since a large number of clients pulled out due to security concerns. However, the company pledged to refund affected clients through its secure asset fund.
Similar to most crypto exchange companies, Binance has been greatly affected by government regulations. This explains why the company relocated its servers from China to Japan and now to Malta.
To reduce the impact of single-government restrictions on its operations, Binance aims to operate in several countries, which can be seen in its move to form Binance Jersey.
What Services Does Binance Offer?
Binance allows its clients to participate in crypto exchange, making it easy for users to work freely without breaking any regulations.
The classic interface is ideal for quick viewing of market and trading pairs, making it easy to switch pairs. With the advanced interface, however, you get unlimited access to charting tools.
Both interfaces are likely to come off as complex for first-time users. But as time goes by, you’ll start to notice the tiny differences between the two interfaces, and hopefully choose the one that best suits your trading preferences.
A trading partnership with Simplex allows Binance clients to purchase up to 17 different cryptocurrencies using a credit card. But you’ll need to pay a 3.5% fee to use this service.
How the Binance Affiliate Program Works
Apply to Become a Binance Affiliate
To become a Binance Affiliate, you’ll first need to fill an application, providing honest and verifiable details. Once the form is filled, the Binance team will evaluate the application, approving only if it satisfies the basic requirements (we’ll discuss the requirements in the next section).
Create Your Referral Links
After the Binance team has approved your application, it’s time to create and manage your referral links. Binance allows you to track a referral link’s performance once shared.
Even better for serious affiliate marketers, the referral links can be customized to suit various channels and the discounts you’d like to share with potential clients.
How to Know if You Qualify for a Binance Affiliate Program
Binance recognizes three entities for its affiliate program, businesses or organizations, individuals, and crypto communities.
- For businesses or organizations, requirements that need to be satisfied include a minimum user base of 2,000 people, a wallet, a market analysis platform boasting a minimum of 5000 daily visits, a cryptocurrency fund, a website, and an aggregate trading platform. If your business satisfies these requirements, then you’ll have no problem getting approved to join Binance’s affiliate program.
- If you’re applying to join the Binance affiliate program as an individual, you’ll need to have a minimum of 5,000 subscribers or followers on social media platforms such as Twitter, Youtube, Facebook, and Instagram. Fortunately, you only need to have over 5000 subscribers on one social media platform to be considered for the affiliate program.
- For crypto communities looking to join Binance’s affiliate program, the community must have over 500 members to be considered. In addition to the minimum number of members, your community must also be a financial industry leader and an authority when it comes to blockchain industry opinion. Some of the communities that are mostly considered include Telegram, WeChat, Facebook, and VK groups.
How to Earn More Commission on Binance
To make passive income as a Binance affiliate, you’ll need to share your referral links with potential clients. Binance allows its affiliates to make up to 50% commission when referrals sign up and complete trades.
Below are some ways to boost your income earning capacity on Binance:
- Incentivize your followers. Earning as an affiliate depends on how well you package offers and communicate product benefits. Binance allows you to offer community members discounts of up to 20% on trading fees, increasing the chances of convincing new members to sign up.
- Add the referral link to social media accounts. The trick with affiliate marketing, especially with cryptocurrencies, is to make the referral links easily available. Don’t just talk about the benefits of signing up without giving your potential clients a way to access the site through your links. So place the links on your various social media platforms, especially those that have large subscriber counts.
- Develop your website. Not many people will invest their hard-earned cash without any convincing. This explains why setting up an easy-to-navigate website with relevant content will help you stand out from competing marketers. Don’t shy away from posting original content using graphs, videos, and pictures as a properly managed site will give you authority and enough convincing power.
To improve your digital marketing campaign, Binance can help you to design and place banner ads.
All you’ll need to do is download the Binance Affiliate Design Kit for Ads, which should help you come up with attractive banners.
What Is the Binance Futures Referral Program?
The Binance Futures Referral Program started on December 13, 2019, and allows members to earn a 20% bonus on trading fees while friends receive a 10% discount. The sharing rates for the inviters are as discussed below.
If an inviter has an average BNB balance of less than 500BNB, the base referral bonus rate will be 20%. The 20% can be split into half with a friend, meaning you’ll take home a 10% commission while your friends save 10% in fees.
If an inviter has a daily BNB average of 500 BNB or more, then the base bonus rate is 30%. 10% of the base referral bonus rate can be shared with a friend, allowing the inviter to retain a 20% referral bonus.
Terms and Conditions of the Binance Futures Referral Program
Here are some of the terms and conditions of this referral program:
- All bonuses are transferred in real-time. The Binance affiliate program has gained prominence due to prompt payment. This is because the company calculates and transfers all referral bonuses in real-time.
- Referral rates are calculated daily. Binance calculates all referral rates at 0:00 AM daily before being updated at 1:00 AM (UTC), making it easy to keep up with referral bonuses.
- Referral bonuses apply to invitees in VIP1 or below. Binance won’t pay a referral bonus once your friend reaches VIP level 2 or surpasses it. All referral bonuses are eligible for friends in VIP1 or below.
- There is no referral limit. Binance allows you to refer as many friends or family members as possible. But the referral bonus expires 12 months after an invitee’s registration. However, Binance reserves the right to extend the expiration period.
- Self-inviting isn’t allowed. All members are warned against self-inviting through different accounts. Doing so will lead to the cancellation of referral bonuses and kickbacks. Therefore, it’s best to adhere to Binance’s rules to maintain your status as an affiliate marketer.
Reasons for Cancelling Binance Referrals
Binance continues to modify its policies to suit prevailing market conditions, explaining why the company is continuously implementing new regulations.
You’ll be at risk of losing your affiliate marketer status at Binance if you do any of the following.
Imitating Binance on Your Website or Social Media Accounts
Binance remains adamant that no affiliate should attempt to imitate it by copying images, logos, and content as this might confuse other clients.
Therefore, you’ll need to keep an eye on how you design and package your site, ensuring that it doesn’t mimic Binance with the aim of converting traffic that would otherwise be meant for Binance.
Besides mimicking through images and logos, Binance strongly advises against tailoring social media accounts to resemble Binance in an attempt to mislead unknowing clients.
Binance holds that all affiliates should use their profiles and unique strategies to attract friends and family instead of trying to create false representations of a non-existent partnership with Binance.
It is also illegal to use URLs that are similar or appear to imitate Binance’s URL (www. Binance.com). So be extra cautious about how you set up your site to avoid unnecessary similarities with Binance.
Posting Binance Referral Links As Google, Bing, Baidu Advertisements
Binance maintains a firm stance when it comes to marketing techniques. All affiliate members are expected to add new members organically and not through advanced marketing techniques such as search engine advertisements.
Benefits of Signing Up on Binance
Fast Response to Forks
Forks tend to occur when developers or a user base decide that a fundamental aspect of a cryptocurrency requires change or modifications.
Most web wallets and exchanges don’t make prompt payments when it comes to forks due to the price fluctuations.
Binance is different from other cryptocurrency exchanges due to its responsiveness to forked coins. For instance, if you hold Ethereum or Bitcoin and a fork happens, Binance will give you an equivalent number of coins based on the fork.
This allows you to trade immediately if the environment is suitable, instead of waiting until the exchange company adjusts coins based on the impact of the fork.
There aren’t many cryptocurrency exchange companies with friendly fees like Binance. When trading on Binance, you have the option to reduce operational expenses by using the company’s BNB coin, a stable coin by its own right.
The standard trading fee for all clients is 0.10%, which is fair compared to the industry average. However, if you prefer to use BNB coin to settle the fees, your total cost will reduce by half to 0.05% on all trades, which allows you to make stable gains.
Access to Several Coins
Binance allows you to buy several coins that may not be available on Bittrex yet. This allows you to stay ahead of the curve by investing in potential gold mines before they experience a surge in popularity.
Great Commission Rates
It’s not every day that a newly formed company becomes an industry leader in less than a year. The main strategy behind Binance’s success is its customer-friendly rates, which has allowed the company to attract large numbers of visitors.
The affiliate program started with a bang, with Binance providing incredible commissions on referrals.
Although Binance has a habit of reviewing its commissions regularly, its rates are still among the best in the industry. This has helped Binance to establish itself as an industry leader.
As interest in cryptocurrency trade continues to increase, so too do the risks associated with online trading.
Thousands have lost their hard-earned cash as a result of bad online transactions. The ever-increasing online insecurity prompted Binance to set up serious security measures on its platforms.
You can comfortably trade on the site in confidence that your details won’t be shared with third parties and that you’ll receive all your payments as expected.
All bonuses and commissions are calculated and transferred in real-time. Binance uses prompt transactions as a strategy to attract clients from across the globe. You don’t have to wait before receiving your dues after a referral has been traded on the platform.
Things to Consider When Choosing a Cryptocurrency Exchange
Crypto trading is known to be volatile and highly unpredictable, exactly why you should invest your hard-earned cash in a trustworthy and well-reputed crypto exchange.
With over 200 cryptocurrency exchanges in the market, finding the best trading platform can be daunting. Consider the following factors before settling for a particular cryptocurrency exchange agency.
Geographical Location and Set Restrictions
Did you know that the majority of cryptocurrency exchanges have a limited geographical scope of clients they can serve? Due to this, it is crucial to register on an exchange that has the relevant permissions to operate in your geographical location.
Always check on whether a crypto exchange is accessible and legal in your country. This is due to the inconsistencies associated with cryptocurrency exchanges, whereby governments are constantly trying to develop policies and regulations to govern the fast-growing crypto industry.
In case you reside in a country with friendly blockchain and crypto policies, you’ll need to check on whether your preferred crypto exchange has the relevant certifications and licenses to trade.
Companies like Binance have worldwide operations, making it easy to trade in different parts of the world.
Volume and Liquidity
When selecting a cryptocurrency exchange, consider the volume of trading. High trading volumes indicate that the exchange is liquid enough and capable of filling several orders any time of the day regardless of size.
For instance, if you intend to trade with one of the main trading pairs like BTC and ETH, it is advisable to sign up for a centralized exchange. This is because large, centralized exchanges are unparalleled in today’s crypto market. Besides being extremely liquid, centralized exchanges are fast, which allows users to fill orders in seconds.
But if you’re looking to trade small, less popular coins like ERC20 token, using a smaller or decentralized exchange is ideal. Centralized exchanges cost more than decentralized exchanges due to the availability of several coins.
Security and Anonymity
Due to their increased liquidity and higher volume of transactions, centralized exchanges make perfect targets for phishers and hackers. This explains why you should always check on the security measures put in place by an exchange before signing up and investing.
A safer alternative to centralized exchanges is their decentralized counterparts. Decentralized exchanges tend to lean more towards anonymity and security, allowing users to trade without revealing any sensitive personal information.
While decentralized exchanges help to cut out middlemen associated with centralized exchanges, they often score poorly when it comes to liquidity.
Therefore, be sure to weigh between the pros and cons of centralized and decentralized exchanges before signing up.
Centralized options are more advisable due to the speed of trading and liquidity; however, be extra keen on the safety measures put in place before settling for a particular exchange.
Customer Care and Support
Not everyone who starts trading coins is a crypto guru. In fact, a majority of clients on reputed sites like Binance are first time traders looking for a safe place to try their luck in the cryptocurrency trading. Due to this, it is crucial to sign up on a highly responsive site in terms of communication.
As you read online reviews, be sure to check on what clients say about responsiveness, especially when it comes to highly sensitive issues. The last thing you want is to sign up on a site that leaves you hanging whenever you need emergency assistance.
Also, consider factors such as availability of information. The best cryptocurrency exchange site should have enough information posted about its affiliate programs, commissions, and regulations.
Registering on an exchange that doesn’t explicitly state its programs and regulations will most probably lead to discontentment over time, especially when things fail to go as planned.
Even seasoned crypto gurus struggle to understand some cryptocurrency trading concepts. As a result, it is advisable to register on a site that’s well structured and managed.
The site layout should make it easy to trade and examine market trends and behavior.
If you plan to capitalize on affiliate marketing, try your best to register on sites with decent layouts and adequate security measures, as this will increase your conversion rate.
You should register on a cryptocurrency exchange that sells itself to clients once you bring them on the site.
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Alternative Cryptocurrency Exchanges to Binance
Below are cryptocurrency exchanges that you can use in place of Binance.
Coinbase is among the biggest cryptocurrency companies with operations in over 100 countries across the globe. The company boasts an impressive 30 million-plus customers, most of who sell Bitcoins through credit, debit, or bank accounts.
Although the company is known for its focus on speed and security, it scores poorly when it comes to customer support. Coinbase’s affiliate program allows you to earn 50% of your referrals` fee for the first three months.
Coinbase affiliate tracking cookies last for 30 days, meaning you’ll only receive a commission when a referral signs up within 30 days after clicking on your link. Promoting referral codes through paid ads is considered illegal and can lead to your affiliate account’s deactivation.
If you want to register on a cryptocurrency company that comes with several payment options, then Coinbase is your best bet. Coinbase allows wire transfer, debit cards, credit cards, cryptocurrency deposit and withdrawal, and PayPal (withdrawal only).
Although the Coinbase affiliate program isn’t as lucrative as Binance’s, the site is great for users in search of a crypto exchange with a diverse payout system.
Not many cryptocurrency exchange companies compare to Bittrex when it comes to security and speed of operations. The US-based company boasts a mean security system that is yet to be hacked, making it entirely safe for conducting high-value crypto transactions.
The Bittrex referral program pays a 10% commission when referrals register and trade on the platform. Becoming a referral is fairly straightforward.
All you’ll need to do is fill the signup form, and voila! You’ll receive a referral link to share with friends, fans, and family. Bittrex calculates its referral rewards daily at 11:59 UTC and credits all payments within a week.
Despite being hacked several times, Bitfinex remains one of the best performing crypto exchanges in terms of volume. The Hong Kong-based company isn’t operational in all countries (including the US), so be sure to check if it’s operational and legal in your country.
Unlike Binance, Bitfinex’s affiliate program is easy to join. All you need is an active Bitfinex account to access the affiliate dashboard and start generating your unique referral codes.
Commission earnings vary depending on the level of your referral network. For instance, 1st-degree referrals earn 18%, 2nd-degree earn 6%, while 3rd-degree referrals make 2% commission. With Bitfinex, you stand to earn whenever your referrals trade or perform commission-worthy activities on the site.
Headquartered in California, Kraken boldly claims to be the largest Bitcoin exchange in regards to liquidity and euro volume. Most clients love the platform’s speed, security, and support services offered to clients.
Kraken has a unique referral program that allows you to earn up to 1000$ on a single referral provided he or she continues to trade on the platform. The base commission rate is 20% of the fees collected from a referred client.
The Referral based payouts are processed once a month, allowing affiliates to bulk up their daily earnings.
Signing up on Kraken’s affiliate program isn’t as complicated as other crypto exchanges. You’ll only need to fill the form and use your affiliate dashboard to access your affiliate links.
Final Takeaway: Is the Binance Affiliate Program Worth It?
Binance has a solid reputation when it comes to secure and fast cryptocurrency transactions. By signing up for the Binance affiliate program, you stand a chance to earn mouthwatering commissions of up to 50% for completed trades.
However, your affiliate application must first be approved before you start creating and sharing referral links.
Having discussed the main features of Binance’s affiliate program, you should be well placed to make a choice on whether it’s the right fit for your crypto trading needs.
In case you opt for Binance’s affiliate program, remember to package yourself as an authority for you to convince potential referrals.
Avoid forcing clients to click on the links. Instead, create value by providing useful information on how to trade on Binance.
Soon enough, you’ll have enough referrals making you passive income for years to come.
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