Binance, the world’s biggest digital currency exchange, when it comes to trading volume, has announced an interesting referral program on 30th August 2019 through its official Twitter handle. As per the announcement, users can invite their friends on the Binance platform, which will allow them to earn digital currency together.
This new program enables users to earn a commission up to 40 percent every time their friends trade on Binance. Moreover, it also offers a discount of up to 20 percent to the user’s friends when they utilize the user’s referral link.
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
To get started, all a user has to do is register and create QR codes and referral links together with the commission kickback rates. The next step is to invite friends for registering through that QR code or referral link. Once the friends do that, the user can earn rewards each time the friends can complete a trade on the Binance platform. What’s interesting is the users can share the referral commission of up to 40 percent in real-time together with their friends every time the invited friends make trades on Binance.
This latest program has already begun from 28th August 2019. However, there are certain rules, listed on Binance website, which the users need to keep in mind. Users (the “inviters”) who invite their friends can opt for sharing a part of the commission they receive from the invited friends’ trading fees as a “kickback”. These sharing rates can be set by inviters as follows:
- If the daily average balance of the inviter’s BNB account is lower than 500 Binance Coin with 20% as base referral rate, the inviter can share either 0 percent, 5 percent, or 10 percent with their invited friends.
- If the daily average balance of the inviter’s BNB account is equal to or greater than 500 Binance Coin, then the inviter’s base referral rate gets escalated to 40 percent. In this case, the inviter can select to share with the invited friends 0%, 5%, 10%, 15%, or 20% kickback.
In order to make things easily understandable by users, Binance has also provided rules for the calculation of average BNB balance per day.
It is vital to note that all the referral commissions, the ones received by the inviters and the ones shared with the invited friends, will be calculated in real-time. Furthermore, the commissions will be transferred every hour to the concerned Binance accounts. It is also mentioned that Binance will be calculating referral rates every day at 0:00 a.m. and updating the same at 1:00 a.m. (UTC).
The program lets a single account invite as many friends as they please, as there’s no maximum pre-set limit. It is compulsory for the friend to register through the QR code ID or referral link provided by the inviter. If they don’t do that, they won’t be eligible to receive the referral commission kickbacks.
Self-invitation through multiple accounts is prohibited. Detection of such activity will lead to the cancellation of referral commissions as well as the commission kickbacks offered to the invitee’s account.