With the increasing interest in the cryptocurrency market, many people want to start investing for the first time. However, when they want to choose an exchange, they face many dilemmas.
Local exchanges provide the convenience of transacting in rupees and a stable regulatory environment, but investors who want to try more coins or trade futures often choose foreign exchanges.
The most prominent among them is Binance. It is the world's largest exchange, and its daily transaction volume is far greater than all domestic exchanges combined. Due to low fees, diverse services, and a vast number of coins, it has already become a global standard.
Today, we will focus on the method of entering the Binance referral code and its importance for beginners, especially in a mobile environment.
What is Binance referral
First, it is important to understand what 'Binance referral' is. The referral is the code that is entered when opening an account, and through it, you receive a discount on transaction fees.
If you open an account without a referral code, the normal fees will apply.
Entering a referral code when opening an account provides a certain percentage of fee discount.
Spot trading fee is essentially 0.1%, futures trading has a maker fee of 0.02% and taker fee of 0.05%. It seems small, but the fee ratio significantly increases when high leverage is used in futures. Therefore, the maximum 20% discount provided by the referral code is a huge benefit.
To receive the discount, you need to open an account using the link below.
📌 Get a 20% discount on Binance fees
This discount is available not only for new members but also for existing users, provided they meet 5 conditions.
The invited person must already have a Binance account.
The invited person must not have accepted a referral before.
The invited person's account must not have had any transactions or product usage on Binance in the last 180 days.
If the eligible invited person opens the link and logs in, a confirmation window will appear.
When the inviter clicks on [Bind Now], the binding becomes effective.
Why sign up from mobile
You can sign up on Binance from both PC and mobile. But nowadays, most people use the mobile app.
Download the Binance app from Google Play or the Apple App Store.
After simple registration, the KYC (identity verification) process can be completed immediately.
Wallet management, deposits/withdrawals, and real-time trading can all be done from the app.
Especially for beginners, mobile is more accessible and provides the benefit of viewing prices and trading in real-time anytime, anywhere. Therefore, entering the referral code from the app is also the easiest.
Process of entering Binance referral on mobile
Now, let's look at the mobile sign-up process step by step.
Download and start the app
Search for Binance in Google Play or the App Store and install it.
Open the app and select 'Sign Up'.
You can choose either email or mobile number.
It is better to use email for security and convenience.
A code will be sent to your email (or mobile).
Enter this code in the app and proceed.
Must include at least 8 characters, uppercase letters, numbers, and special characters.
Do not use passwords that have been used on other sites for security.
Enter Binance referral code
A place to enter the referral code will appear at this stage.
It must be entered at the time of account opening, it cannot be added later.
A maximum 20% fee discount will automatically apply upon entering the correct code.
KYC verification and precautions
After completing the sign-up, KYC verification is mandatory. This is necessary for regulatory compliance on global exchanges and also essential for account security and removal of withdrawal limits.
Identification tools: Passport, driver's license, or national ID card.
Process: Upload ID photo → Face recognition (selfie) → Enter address.
Time: Review is completed in approximately 10 minutes.
The information must exactly match the identification document; otherwise, it may be rejected.
Impact of referral fee discount
Using a referral code has a greater impact on fee savings than expected.
Example: Market order fee: 0.05%
Actual fee at 20x leverage: 1%
Fee with 20% referral discount applied: 0.8%
There is only a 0.2% difference in a trade, but when buying and selling repeatedly, the savings become substantial. Especially for day traders, this can save millions in the long term.
Additional ways to save
There are other ways to save on fees besides the referral code.
Payment with BNB
An additional 10% discount is obtained when fees are paid in BNB.
This also applies to referral discounts.
VIP level
Higher trading volume earns VIP levels, providing additional discounts.
Referral + BNB payment + VIP level = the lowest fee structure.
Binance mobile futures
After entering the referral, you can use mobile futures.
Long/Short Position: Bets on both up and down.
Leverage setting: from 1x to 125x.
Order types: Market, Limit, Stop-Limit.
Risk management: Stop loss/take profit settings possible. But futures trading is high risk. Beginners should start with low leverage (1~5x).
Conclusion
Entering the Binance referral code is not optional but necessary. Entering it once can lead to significant savings for a long time.
Signing up from the mobile app is easy and convenient. All features for trading and withdrawals are unlocked upon completing KYC.
The crypto market is volatile but full of opportunities. A small step, like entering a referral, can make a big difference in the long run.