What is a Crypto Referral?
A crypto referral is a luring program that cryptocurrency exchanges promote with incentives to attract new members. Users can get beneficial rewards with discounts on fees when signing up by typing in a simple crypto referral code in the referral code box on the signup page. Single-handedly, it is the halfway point for both ends; the users who use the referral code and the marketing goals for exchanges.
Crypto investors confront much compensation for opportunities to make profits. One is actively exchanging, staking, lending, mining, and participating in airdrops. All of which takes a little or big –which way you see it– fees.To minimize fees charged by exchanges, considering referrals offered by crypto exchanges before starting your crypto endeavors can be a good decision; some even strategies them as a passive income.
It shouldn’t surprise you when businesses give out referrals since they have existed for many years. From the marketing point of view, a referral is special in being personal and direct to consumers. A referral is typically successful because people tend to build trust with familiar associates rather than the company’s strategic messages.
However, reviewing the referral details of each exchange you wish to support in advance is crucial because cryptocurrency referrals have various specific rewards and requirements to pick and choose from.
We are going to see where are the options you should know about referrals given out by the upcoming well-known crypto exchanges.
What are the referral benefits?
You may ask, what is the win-win situation we are talking about? Here are three points.
- Exchanges: Successful marketing goal for new customers
- Affiliates: Take a fraction of incentives by publicizing
- New users: Gain a partially permanent fee discount and cashback, plus additional merits, such as $10-$5,000 worth of USDT as a bonus.
You might wonder, how much is it actually beneficial?The difference in the sum of paid fees between a person who registered with the referral and someone who didn’t is quite substantial, unlike what many people instantly think.
Is there referral fraud?
Yes, there is. So be aware of referral code fraud! Once in a while, you might see a referral code online with a statement, such as “The highest referral discount!” or “45% fee discount from Binance”. However, not all of them are legitimate. They are designed to trick users with fake referral codes that don't provide what they are promised, or if not all, none of the benefits. Quite often time, well-known exchanges don't give out exclusive referral codes with high-level discounts or bonuses to individual bloggers. Users often end up with false advertisements and long-gone beneficiaries if they get a referral code from a skeptical site.
What is referral code?
A referral code, when cryptocurrency is concerned, is a short-digit code from an incentivized program used on a signing-up page that crypto exchanges promote to bring new members to their platforms. Users can get beneficial rewards with discounts on fees or bonuses worth a specific amount when signing up with a referral code by typing, copy-and-pasting, or clicking the buttons above (the referral code is automatically applied with the Register button). Honestly, it is a win-win situation for users who use the referral code and the exchanges to achieve their marketing goals.