Since the launch of Binance in 2017, their refer a friend system has attracted a multitude of members as it has a very appealing structure. Users can earn up to 40% commissions on trades their friends have completed, which with the right amount of people can equal an astronomical amount of Bitcoin earned.
Binance recently tweeted their refer a friend rich list which included the top 10 users that earned the most Bitcoin last week. The number one player on the list netted a profit of 5.95 Bitcoin, roughly equal to $50,000 without even having to make a single trade! Crazy right?
While the second and third places didn’t earn as much, they did net profits of 5.31 and 4.76 Bitcoin, giving the top ten 31.7 Bitcoin total. This type of system is instrumental to the success of the platform as it incentivizes users to come to the platform, giving them extra passive income on the side. As stated previously, standard users can earn up to 40% commission, while Binance Affiliates can earn up to 50%.
With the launch of Binance.US comes a new referral system for the exchange company. Each user that signs up through a referral can earn a $15 bonus when they trade $100 or more. Although a great system, Binance have stated that after November 1st they will be switching to a similar referral system that their main platform has.