By
Godfrey Benjamin
May 10th, 2024
Using referral codes guarantees you certain rewards that you would not enjoy just signing up without a code.
Cryptocurrency referrals are a great way to earn a passive income from cryptocurrency, without worrying about the volatility of the market. No matter what happens in the market, earnings from referral programs are guaranteed
This article seeks to explain what cryptocurrency referrals are, and how they can be turned into an income stream. Apart from getting commission off your friend’s trades, referrals can be a means of earning extra cryptocurrency.
Are Cryptocurrency Referrals Legit?
With the amount of fake information on the internet today, it is easy to fall prey to scams and frauds. How do you determine if a referral program is legit or not? First of all, you have to check the exchanges’ main site.
Instead of opening an exchange’s home page from the link you were sent, google the exchange instead. Check out if the exchange mentions any referral program. If it is not on their official site, it is most likely a scam.
Why do Companies Offer Crypto Referrals?
You might be wondering why companies would hand over free crypto or fiat to people who sign up. Crypto referrals are a win for everyone involved. Companies do this to attract more users to their exchanges.
A crypto company thieves on users, as more users mean more liquidity for the exchange. They know that if you invite 5 people and those 5 people invite 5 more people, they have gained 25 people. This brings traffic to the exchange, which brings in more profit.
The money or crypto gave out in referral programs also acts as an incentive to encourage trading. It is much easier to trade with the $25 son in your wallet for referring someone than it is to deposit crypto worth $25. As users continue trading, they can spread the gospel of crypto to those around them. This helps crypto adoption to increase and ultimately brings more people into the crypto space.
Ways to Earn from Crypto Referrals
There are two major ways anyone can earn from these referrals: the first method is getting a certain percentage of your referral’s trades. Some exchanges pay as high as 40% in commission on every trade made by your referral. This method would be very beneficial for those who have friend or acquaintances that trade large amounts.
The second method is to get a particular amount of fiat or crypto when your referrals meet a particular condition. For example, when your referrals sign up on Coinbase, you do not get $10. However, this is only possible if your referral performs transactions worth $100 in 180 days after signing up.
What Is the Difference between Crypto Referrals and Affiliate Programs?
Affiliate programs are just like referral programs but on a bigger scale. While referral programs are mostly targeted at individuals inviting their friends or people around them, affiliate programs usually entail inviting a large number of people. Affiliates are given tools to help them reach more people, such as tools and tracking software.
Some people take crypto affiliate programs as a full-time job, because of the massive earnings they can realize. If you want to start as an affiliate with any exchange, check if they have an affiliate program on their official site first.
Can I Use Crypto Referral Money?
Whether you earn by commission or earn free crypto, you can use it on the exchange depending on the rules of the exchange. Some exchanges do not allow you to send out the money won, but will only allow you to use it on their site.
Some other changes allow you to transfer the crypto to an external wallet, only after it has reached a minimum level.
How Much Can I Earn from Crypto Referrals?
There is no limit to how much you can earn from crypto referral and facilitate programs, as far as you follow the rules. One thing that would disqualify you from any program is deceit. If you use your own link to sign up as a referral, you can get disqualified instantly. It’s better to share the links with your friends, without spamming any platform.
How do I Get a Crypto Referral Code?
Here is a list of crypto referral codes you can use to start earning. The list contains over 15 different exchanges, so you get to choose what exchange you want to start with. The best thing to do is to sign up on exchange and invite 3-5 friends first, before signing up on another exchange.
Using referral codes guarantees you certain rewards that you would not enjoy just signing up without a code. For example, on a particular exchange, you might earn $25 if you carry out a transaction worth $200. This would not happen if you didn’t sign up without a code. Be careful of any code you see on the internet. Remember, never input a wallet address or sensitive financial information while using a code as it might compromise your account.