The planet’s largest and most influential cryptocurrency exchange is back at it. Binance, the market leader in trading volume, announced the introduction of a referral program in which users can invite friends to the platform and both parties can earn cryptocurrencies together.
The announcement came via its official Twitter account, @binance, on August 30. The new initiative allows customers to earn an attractive commission of a maximum of 40 percent each time a friend perform trading operations in the Binance platform.
Additionally, the exchange offers a 20 percent discount (as a maximum) to the client’s friends if they use the customer’s referral link.
Binance’s tweet prompted users to invite their friends and earn crypto assets together, also explaining the possibility to earn up to 40% commission and share the joy by giving friends up to 20% discount at the moment of using the referral link.
The platform uploaded a link with the program, as well, to create the invite referral.
Invite Friends. Earn Crypto Together.💰
Earn up to 40% commission & share the love by giving your friends up to 20% discount when they use your referral link!
— Binance (@binance) August 31, 2019
How to Share the Wealth
The process to get started is actually very simple: the customer needs to sign up and create QR codes and referral links together with the commission kickback rates.
Next, the client should invite his/her friends to sign up as well, via the recently created QQ code or referral link.
Once the customer’s friends does that, the original user stands to gain rewards every time the referred friends complete a transaction on Binance.
The users can share the commission of up to 40 percent in real-time with their friends each time they perform operations in the platform.
The referral program began on August 28. However, as it is expected, some rules and conditions apply, and they are shown on Binance’s web page.
The users that invite others to the platform can elect to share a portion of their commission from the friends’ trading fees as a kickback.
The sharing rates can be configured in two ways:
If the person inviting others has a daily average balance of less than 500 Binance Coin, with 20 percent as base referral rate, the user can share 0, 5, or 10 percent with the invited people.
In the case that the person inviting others has a daily average balance of 500 Binance Coin or more, then the base referral rate goes up to 40 percent, in which case the inviter can elect to share 0, 5, 10, 15, or 20 percent kickback with the invited people.
If clients want to share more, they would need to buy Binance Coin (BNB).
Binance doesn’t set a maximum number of friends to invite, so there are no limitations on that front.
All the referral commission, from all parties involved, will be calculated in real-time and will be transferred every hour to everyone.