Crypto Exchanges Step Up Referral Programmes As Market Continues Poor Run
Here’s a look at some of the crypto exchanges offering referral programmes and how much one can earn through them:
Despite a positive start to the year, most cryptocurrencies are still way below their all-time highs. For instance, the top two coins by market capitalisation, Bitcoin and Ethereum, are both down nearly 65 percent from their November 2021 peak prices. Moreover, the disastrous events of 2022 kicked off a vicious contagion effect that continues to plague the market today. This is the main reason why crypto job cuts and bankruptcies have extended well into 2023.
Faced with these challenging circumstances, some crypto exchanges have stepped up their referral programmes to help lure more customers into the doors. What’s more is that some of these platforms are offering extremely lucrative referral rewards.
Here’s a look at some of the crypto exchanges offering referral programmes and how much one can earn through them:
ByBit offers up to 30 percent commission on trading fee
With a daily trading volume of over $800 million, ByBit currently ranks 7th among global crypto exchanges. The leading exchange is also offering lucrative benefits for customers who refer their friends and family to the platform. Customers can earn up to 30 percent commission on the referred user’s trading fees.
However, there is a catch. The commission is capped at 20 percent for customers that refer up to four users. Moreover, the referred users must deposit at least $100 each within the first seven days of registration.
Moreover, they must also rack up a minimum of $500 in derivatives trading within the first 30 days of registration. Only once the referred users meet these criteria will the 20 percent commission be applicable. The commission keeps on increasing as customers refer more users to ByBit, with the maximum commission capped at 30 percent for customers who bring more than 100 qualified referees to the platform.
OKX is offering mystery boxes worth up to $10,000
OKX ranks eighth among global crypto exchanges, one place behind ByBit. And like its counterpart, OKX is also offering substantial referral benefits, including the chance to win a $10,000 mystery box. The rewards in this mystery box could include coins such as BTC, ETH, DOGE, SHIB, FIL, DOT, OKB, and rebate cards. Customers will receive one mystery box for every user they refer. In addition, referrers will also receive a 30 percent discount on trading fees. However, to be eligible for these benefits, the referred user must make a deposit or purchase crypto worth at least $50.
Binance is offering 100 USDT credits for referrals
Binance is the world’s largest crypto exchange in terms of daily trading volume, with upwards of $29 billion worth of tokens changing hands on the platform every day. As such, the exchange is not one to lag behind in terms of referral offers. Binance is offering 100 USDT credits for every referral you bring to the exchange. These credits can be used to offset trading fees on the platform. Moreover, there is no limit on this reward — every time you refer a friend or family member, you will receive 100 USDT credits. The only condition is that the referred user must complete their identity verification and make deposits worth $50 within the first 14 days of signing up.
WazirX offers referral benefits with daily payouts
India’s largest crypto exchange, WazirX also offers lucrative referral benefits. Every time the referred user makes a trade, 50 percent of the trading fees will be sent to the person who referred them. What’s more, is that the rewards will be paid out every 24 hours; this can create a decent passive income if you have enough referrals. Also, there is no limit on the number of people you can refer to or the reward amount. The only catch is that the rewards will be paid out in the form of WRX, WazirX’s native cryptocurrency. At the time of writing, WRX was trading at $0.192 per unit.
Gemini is offering $20 worth of Bitcoin for every referral
Gemini may rank 14th among global crypto exchanges, but its referral benefits are right up there with the best platforms. The exchange is offering to pay customers $10 worth of Bitcoin for every user they refer.
Moreover, the referred user will also receive $10 worth of Bitcoin as a sign-up bonus. However, these rewards will only be provided after the referred user buys or sells $100 worth of cryptocurrencies on the platform within the first 30 days of signing up. The world’s third-largest crypto exchange, Kraken, has a similar referral program.
Other crypto platforms that offer similar rewards
Nexo, a crypto lending protocol, is offering a $25 reward to customers who refer their friends and family. Moreover, the referred user will also receive a $25 sign-up bonus. To receive this reward, the portfolio of the referred user must be worth at least $100 within the first 30 days of signing up on the platform.
KuCoin, the fourth largest crypto exchange, rewards customers with “stars” for every user they refer. Customers can then use these stars to redeem handsome rewards. For instance, customers can avail of $1,000 worth of Tether (USDT) once they collect 20,000 stars.
Customers are rewarded with stars every time their referred family members or friends complete certain tasks on the KuCoin exchange. For instance, if the referred user deposits 100 USDT on the platform, the customer who referred them will receive 30 stars.
Conclusion
Almost every crypto exchange has some sort of referral programme that customers can avail of to make some money on the side. With some exchanges such as WazirX and ByBit, successfully referring friends and family results in a passive income source. As such, crypto referral programs are definitely worth considering.
