Sharing is Caring: How You and Your Friends Can Win with the New Binance Referral Program
Binance has revamped its referral program to spread rewards to more people. With the new Binance Referral Program, we aim to have both you and your friends benefit from joining Binance.
We have recently relaunched the Binance Referral Program, an ongoing promotion that lets you earn bonus crypto just by inviting friends to create an account on Binance. This time, we’re presenting a new theme: Sharing is Caring.
What we mean by this mantra is that by giving everyone the option to share their referral rewards with their friends, people can encourage more of their friends to create an account on Binance and take advantage of the financial freedom it offers through cryptocurrency trading.
Here’s a step-by-step explainer on how Sharing is Caring works through the Binance Referral Program.
1. You have three friends: Alice, Bob, and Chad. You have a Binance account, and you invite them using your Referral ID.
2. By default, you get a 20% referral bonus on the trading fees that your friends paid. If Alice spent 1 BNB on her trading fees, you’ll get 0.2 BNB. If Bob pays 0.05 BTC in trading fees, you’ll gain 0.01 BTC. And you’ll get these bonuses every hour, depending on the hour your friends have traded.
3. This is where it gets exciting for you and the gang. You can choose to share some of the 20% referral bonus you get with your friends. And you have the following options when it comes to sharing:
You get 10%, Alice gets 10%. Earlier, Alice spent 1 BNB in trading fees and you gained 0.2 BNB. In this set-up, you split the 0.2 BNB, with each of you getting 0.1 BNB.
You get 15%, Bob gets 5%. Earlier, Bob paid 0.05 BTC in trading fees and you gained 0.01 BTC. In this set-up, you keep 0.0075 BTC, while Bob gets 0.0025 BTC.
You get 20%, Chad gets 0%. Earlier, Chad didn’t trade at all. But if he starts to trade, he won’t get any bonus from you until you choose the other sharing options.
4. But wait, there’s more! Keep 500 BNB or above on average per day in your Binance account, and your referral bonus goes up to 40%! What does this mean? Let’s recap: If Alice spent 1 BNB on her trading fees, you now get 0.4 BNB instead of the usual 0.2 BNB. If Bob pays 0.05 BTC in trading fees, you now gain 0.02 BTC instead of the usual 0.01 BTC.
Know more about how we calculate daily bonuses here.
5. When you hit this 40% referral bonus rate, you’ll get more options on how to share your bonus with your friends. Here are those options:
You get 20%, Alice gets 20%. Earlier, Alice spent 1 BNB in trading fees and you gained 0.4 BNB. In this set-up, you split the 0.4 BNB, with each of you getting 0.2 BNB.
You get 25%, Bob gets 15%. Earlier, Bob paid 0.05 BTC in trading fees and you gained 0.02 BTC. In this set-up, you keep 0.0125 BTC, while Bob gets 0.0075 BTC.
You get 30%, Bob gets 10%. Let’s say Bob paid another 0.05 BTC in trading fees and you gained 0.02 BTC. In this set-up, you keep 0.015 BTC, while Bob gets 0.005 BTC.
You get 35%, Chad gets 5%. By this time, Chad had learned his lesson. He now starts trading and has spent 2 BNB in trading fees, so you gained 0.8 BNB. In this set-up, you’ll gain 0.7 BNB, and Chad gets 0.1 BNB
You get 40%, Chad gets 0%. Let’s say Chad’s trading frenzy was short-lived and he didn’t trade at all. So you selected this option. When he starts to trade again, he won’t get any bonus from you until you choose the other sharing options.
6. Just a warning though: if you want to retain the 40% referral bonus, please make sure that your BNB balance is always above 500 BNB. If it drops below to the point that it affects your daily average, your referral rate automatically goes to 20%.
And if you didn’t change your referral settings soon enough, the deduction from 40% to 20% will be reflected just on your part of the sharing arrangement. So in this case, your current 20%-20% arrangement with Alice will turn into 0% for you and 20% for all. You’ll still be a great friend, but you’ll lose out on bonuses.
All in all, the revamped Binance Referral Program gives out more benefits for you and your friends. This will make your Binance experience more rewarding.