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By
thekollab
- 5 min read
By
thekollab
Binance is [by far] the world’s largest digital asset exchange in almost all conceivable areas. For that reason, there’s credibility in claiming it as the best CEX out there – but does that necessarily mean their affiliate program is also the best? The short answer is “no” and you can read on to find out why.
To become a Binance Affiliate Partner you need to have at least 5,000 followers across your social media. Due to compliance & regulation, some regions are restricted from promoting Binance and therefore you will not be eligible to join. Currently, the blacklisted countries include: RU, IR, CN, KR
In order to register to the program, you need to have a Binance account and pass the mandatory KYC process. If you do not already have an account, [click here] and create a new account within minutes.
Once you are logged into your account, head to [this link] and fill in the application form. It should take ~10 days to get approved as an affiliate partner.
Register with code “KOLLAB” to get access to higher commissions, exclusive offers, merch, events + more!
Binance pay commission to you in the form of a revenue-share. This means that the trading fees generated by your referred users on the spot or derivatives market are split between them and you. Simply, every time your referred users trade, you will earn a share of the trading fees.
After being accepted into the Binance Affiliate Program, your commission rate will instantly be set to 41% for the spot market & 30% for the futures market (if you qualify). This is an immediate benefit over the non-affiliate referral reward of 20%*. If you were able to refer 500 users before joining the Affiliate Program, then you will automatically be set to a 50% spot market commission.
A commission upgrade to 50% of the spot market trading fees is possible for partners that are able to sign-up over 100 users within a 90-day window. Those already on this higher rate will need to hit that same user sign-up target to avoid relegation to the 41% tier.
Generally, Binance do not pay CPA rewards to affiliate partners, however, they will make some exceptions on a case-by-case basis. In this instance, you could receive a fixed payout of up to $30 per new trader that you bring.
*You can find out the differences between the Binance Affiliate Program and their regular Referral Program in the FAQs section below.
The lure of joining Binance’s Affiliate Program is clear & simple: Assimilating with the crypto industry’s juggernaut brings a certain credibility to your profile in terms of branding alignment. In addition, Binance is home to the most trading volume in both spot & derivatives markets. Naturally more trading volume = more commission, right? Well, not quite – we answer this in the next section.
Branding assimilation matters and you should absolutely take caution about the organizations that you are affiliating with. They are a reflection of you as much as you are a reflection of them so do your homework about the legitimacy of who you promote to your audience. You don’t want to end up like the 9 influencers being sued for shilling FTX.
With that said, no other CEX has stood the test of relentless FUD like Binance has. It remains absolutely stellar and has pioneered radical transparency & safety protocols – for the good of the crypto industry.
Other positives of the Binance Affiliate Program include having an industry-competitive revshare commission rate, a dedicated Point-of-Contact to help with support, a user-friendly performance dashboard, the ability to generate custom codes to track specific campaigns or tie-in with your branding, and the ability to offer your audience an extra discount on their trading fees out of your commission share.
What’s more, Binance come up with additional programs like the Content Task and the Bootcamp that offer partners the opportunity to earn attractive bonus rewards for successfully completing various content challenges.
Low trading fees is great for the traders that you refer, but it’s not exactly great for you as an affiliate since this is where your commission comes from. Higher trading fees would result in higher commission payouts.
Binance trading fees start at 0.1%, and at 41% rev-share, you will effectively earn 0.041% of the traded volume. So, if somebody you refer trades $10,000 of volume, you will earn just $4.10 in commission. The 50% club will earn a whopping $5.
What this example shows is that if serious money is to be made as a Binance affiliate, then it will probably be from the futures market because of how leverage can significantly increase trading volumes. If your referred user makes a $100,000 trade by deploying $10,000 and using 10x leverage, then you will earn $41 or $50.
See how this compares to Bybit here.
In terms of compelling offers to entice users to sign-up & trade, Binance doesn’t exactly help out their affiliates. For example, they often offer free trading on the highest volume crypto pairs such as BTC & ETH, which effectively means zero commission for you. As well as this, their headline attraction is that your audience can “get up to $600 cash-back” – which on the surface already feels lacklustre compared to the astronomical figures some rival CEX’s are advertising. This is made even worse when you realize that it’s up to $600 in trading vouchers to discount [already cheap] fees – thereby further decreasing your commission – and not outright margin for users to open up a position with.
Another major factor to consider is that the Binance management team is extremely performance-orientated. This means they pay close attention to your performance as an affiliate and will react quickly & decisively based on the data. So your bespoke deal could be slashed or cancelled as soon as the numbers fail to hit their targets. The lesson here is that you need to be prepared for your special terms to be axed if your affiliate performance is below expectations, regardless of your effort or affection for the brand. This ruthlessness could hurt longterm relations.
The Binance Affiliate Program is ironically a victim of the exchange’s own success. In being so successful with acquiring users, they have made it exceedingly challenging for Affiliate Partners to continue finding fresh users to sign-up via their referral link.
If anyone is into crypto, then it’s highly likely that they already have a Binance account by now. The only solution is to attract non-crypto audiences, however they are much more difficult to convert into active users that trade in any meaningful volumes to make it worth your while – at least in the short-term.
In the short-term, our advice is that if you are a crypto KOL or media outlet, then consider promoting a different CEX instead because your existing audience probably already has a Binance account that they may or may not have created using your referral link. By promoting an alternative which will be new to your followers, it is much more likely that they will register using your referral link. Trading volumes can then be encouraged with new-user incentives such as margin deposit bonuses.
Longer-term, try to capture new “non-crypto” audiences that likely do not yet have a Binance account. By doing so, you will maximize your longterm earning potential as mass-user adoption takes place and these newbies start their crypto journey with Binance – under your referral.
Commission earnings are uncapped, meaning you can make an unlimited amount of commission from the trading fees that are generated by your referred users. The generic referral program will pay out 20% commission whereas the affiliate program will pay out 41% or even 50% based on performance.
Depending on various circumstances, such as your audience geographic, you may be able to earn a fixed CPA fee of up to $30 per new trader. This means you will need to refer a new user, who then makes a trade.
Register with code “KOLLAB” to get access to higher commissions, exclusive offers, merch, events + more!
Register with code “KOLLAB” to get access to higher commissions, exclusive offers, merch, events + more!
Copyright 2024 TheKollab.