Crypto Exchanges Step Up Referral Programs As Market Continues Bad Run
Here is a look at some of the crypto exchanges that offer referral programs and how much one can earn through them:
Despite a positive start to the year, most cryptocurrencies are still well below their all-time highs. For example, the top two coins by market capitalization, Bitcoin and Ethereum, are both down nearly 65 percent from their peak prices in November 2021. Moreover, the catastrophic events of 2022 started a vicious contagion effect that continues to plague the market today. This is the main reason why crypto job cuts and bankruptcies have stretched well into 2023.
Faced with these challenging circumstances, some crypto exchanges have stepped up their referral programs to help lure more customers in their doors. What’s more, some of these platforms offer extremely lucrative referral rewards.
Here is a look at some of the crypto exchanges that offer referral programs and how much one can earn through them:
ByBit offers up to 30 percent commission on trading fees
With a daily trading volume of over $800 million, ByBit currently ranks 7th among global crypto exchanges. The leading exchange also offers lucrative benefits for customers who refer 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 limited to 20 percent for customers who refer up to four users. Also, the referred users must deposit at least $100 each within the first seven days of registration.
In addition, they must also accumulate a minimum of $500 in derivatives trading within the first 30 days of registration. Only when the referred users meet these criteria will the 20 percent commission apply. The commission continues to increase as customers refer more users to ByBit, with a maximum commission of 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 also offers significant referral benefits, including the chance to win a $10,000 mystery box. The rewards in this mystery box may include coins such as BTC, ETH, DOGE, SHIB, FIL, DOT, OKB and discount cards. Customers will receive a mystery box for each user they refer. In addition, referrals 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 at least $50 worth of crypto.
Binance offers 100 USDT credits for referrals
Binance is the world’s largest crypto exchange in terms of daily trading volume, with $29 billion worth of tokens changing hands on the platform every day. As such, the exchange is not one to lag behind when it comes to referral offers. Binance offers 100 USDT credits for every referral you bring to the exchange. These credits can be used to offset trading fees on the platform. Also, there is no limit to 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 a deposit worth $50 within the first 14 days of registration.
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. Also, the rewards are paid out every 24 hours; This can create a decent passive income if you have enough referrals. Also, there is no limit to the number of people you can refer 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, the WRX was trading at $0.192 per unit.
Gemini offers $20 worth of Bitcoin for each referral
Gemini may rank 14th among global crypto exchanges, but its referral benefits are right up there with the best platforms. The exchange offers to pay customers $10 worth of Bitcoin for each user they refer.
Moreover, the referred user will also receive $10 worth of Bitcoin as a signup bonus. However, these rewards will only be given after the referred user buys or sells $100 worth of cryptocurrencies on the platform within the first 30 days of registration. The world’s third largest crypto exchange, Kraken, has a similar referral program.
Other crypto platforms offering similar rewards
Nexo, a crypto lending protocol, offers a $25 reward to customers who refer friends and family. In addition, 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 registration on the platform.
KuCoin, the fourth largest crypto exchange, rewards customers with “stars” for each user they refer. Customers can then use these stars to redeem great rewards. For example, customers can redeem $1,000 worth of Tether (USDT) once they have collected 20,000 stars.
Customers are rewarded with stars whenever their referred family members or friends complete certain tasks on the KuCoin exchange. For example, 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 kind of referral program that customers can take advantage of to earn 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.
