What Are Cryptocurrency Affiliate Programs and How Do They Work?
Cryptocurrency in 2021
It’s 2021, and everybody is looking to earn some extra income. The cryptocurrency industry, which has been thriving in the past few months, offers an excellent way to earn digital assets via affiliate programs. Participating in cryptocurrency affiliate programs is not just easy, but it also allows you to generate an excellent passive income for simply referring your friends to a service. In this article, we will explore what affiliate programs are in the cryptocurrency space, how they work, as well as compare how much you can earn as an affiliate at three different digital asset exchange providers.
Let’s dive in!
What Are Cryptocurrency Affiliate Programs and How Do They Work?
Affiliate marketing is one of the top channels for businesses to attract new customers to their products and services. And the strategy has proven effective in the crypto space, with many projects using the model to reward existing users for inviting new customers to their platforms. While they provide great benefits to cryptocurrency businesses, affiliate programs also offer high potential gains to participating users.
In a cryptocurrency affiliate program, users get a unique link from the crypto project, which they utilize to invite their friends (and their friends). The affiliate helps both the cryptocurrency project and the participating users in tracking how many new customers they have acquired. In the crypto industry, affiliate rewards can range from simple discounts (e.g., from trading fees on exchanges) to high monthly gains that could provide users an excellent passive income.
Since users don’t have to invest money (but their time) in affiliate programs, this method involves very low risks while providing high potential returns. Also, it’s super easy to get started with affiliate programs, in which participating users can utilize numerous methods – from simply messaging friends to publishing articles, blogs, and videos with affiliate links – to attract new customers. In the following sections, different crypto affiliate programs in several crypto exchanges will be explained.
How Binance cryptocurrency affiliate programs work?
Binance cryptocurrency exchange is one of the most popular exchanges in the world; a status that it managed to achieve just a few months after its launch. Many experts believe this success is achieved by using different affiliate and referral programs and offering enough incentives to crypto users to facilitate their transactions with lower fees.
It should be noted that Binance also offers its native cryptocurrency to its users, which could be used to earn up to 50% discount on exchange fees. While this discount is general and every user can gain it, referral and affiliate programs are only available for users who could be considered influencers with more than 5,000 followers/subscribers.
Binance affiliate program qualify terms
Binance cryptocurrency affiliate programs are available for both businesses and organizations as well as individuals. However, qualifying terms are different in these cases. Businesses that want to participate in Binance affiliate programs should match the following requirements:
– Having a user base with at least 2,000 users
– Having a wallet
– Having a market analysis platform that shows at least 5,000 daily website visits
– Having an industry media platform/website
– Having cryptocurrency fund
– Having an aggregate trading platform
However, these requirements are needed for businesses and organizations that want to participate in affiliate programs of Binance, while individuals should meet different requirements which are listed in the following:
– Being a social media influencer with at least 5,000 followers/subscribers on one or more social platforms
These social platforms include:
In addition to businesses and individuals, cryptocurrency communities also can use cryptocurrency affiliate programs by meeting the following requirements:
– Having a community of at least 500 members
– Having a financial industry leader
– Having a blockchain industry leader
– Being a community or group in:
– – telegram
– -Facebook Group
As you can see, required terms to participate in Binance cryptocurrency affiliate programs are not so much easy. However, users who participate in these programs can earn up to 50% commission for new users’ transactions.
How OKEx exchange cryptocurrency affiliate programs work?
Unlike Binance that requires some pre-existing channels to qualify someone to participate in cryptocurrency affiliate programs, OKEx lets individuals and organizations without any large networks of connections join its affiliate program. However, users can join its affiliate program by inviting 10 users who make purchases of more than $100 or 100 USDT. However, OKEx also requires a network of resources from users who participated in its affiliate program, but it does not take it as important as Binance takes. Another important feature of this program in OKEs is its time period, which is extended to 180 days. In other words, users who join OKEx affiliate programs can achieve any profit from their activities only after 6 months.
OKEx platform requirements include complying with its risk management measures, which prohibit any type of cheating or playing with accounts. Participants are also prohibited from presenting the brand’s name in false information to invite people to join OKEx. These are only a few of this platform’s requirements.
How Nominex cryptocurrency affiliate programs work?
Nominex is a modern cryptocurrency exchange platform with several affiliate programs to incentivize various users to employ its features. Unlike previous exchanges, which only rewarded users with some commissions, Nominex offers eight types of rewards in its affiliate program. These rewards include:
– Direct reward
– Fast Start Reward
– Team Helper Reward
– Team Reward
– Leadership Reward
– Advancement Reward
– NMX Buyers Reward
– Leaders’ Fund Reward
These rewards are different from several rewards that Nominex users can achieve by entering its trading tournaments. As you can see, Nominex somehow tried to incorporate different elements and mechanisms of cryptocurrency affiliate programs to provide a successful model. Nominex provides a system of ranking according to which users who manage to place themselves on upper ranks, can gain various prizes in USDT. These rewards range between $100 and $10,000, and are classified in several forms and symbols.
Nominex cryptocurrency affiliate programs requirements
Unlike Binance and OKEx that require at least a $100 balance for accepting someone in affiliate programs, Nominex requires a minimum balance of 30 USDT. However, users of this platform even without this amount of balance can receive Quick Start reward, but to have the chance to receive other rewards, they have to keep at least $30 or 30 USDT in their accounts.
According to the activities of affiliate users, and the sum of their sub-group transactions, they are ranked in a table that shows their scores. When users achieve this status and manage to keep it for several weeks, Nominex gives them various rewards according to their rank. For example, users who manage to keep their position for 100 cycles per week, will receive a Diamond rank that has a $3,000 reward.
Nominex platform offers several types of rewards to users with different performances. That means it does not provide a single competition in which only one reward is shared among all participants, like other cryptocurrency affiliate programs that are mentioned above. Nominex tries to provide affiliate programs that everyone can easily enter and enjoy its rewards.
However, to compare these platforms even more clearly in terms of earned amounts, in the following section the amounts that could be gained using these different crypto exchange platforms are compared.
How Much Can You Earn as an Affiliate at Different Crypto Exchanges (Binance, OKEx, Nominex)?
Now that you know the basics of affiliate programs, let’s see how much you can earn with them in the cryptocurrency industry. To reveal that, we took a look at the referral and affiliate programs of the crypto exchanges Binance, OKEx, and Nominex. We used the data we have found on each provider’s website to calculate our potential affiliate earnings.
Interestingly, while Binance only rewards users for directly referring others, Nominex and OKEx affiliates can also earn bonuses from the referrals and the activities of sub-affiliates. However, while there is only one level for sub-affiliates on OKEx, Nominex uses unlimited levels, allowing users to get rewards based on the activity of someone 1,000 level below them (for example).
Furthermore, Nominex offers six types of affiliate bonuses, such as:
- Referral farming reward: 5-20% from the amount of NMX farmed by direct referrals
- Team farming reward: 5-20% from the amount of NMX farmed by the weak team
- Direct reward: 20-40% from trading expanses of direct referrals
- Team reward: Receive 25-50 USDT for each completed team cycle
- Advancement reward: One-time reward for completing a certain amount of team cycles
- Leadership rewards: 10% (2.5 USDT) from each team reward received by a direct referral
- Team helper rewards: Receive up to 25 USDT based on the activity of direct referrals
- Fast start rewards: Receive triple the team rewards from the first team cycle. A team cycle occurs when both the team to the right and the left of the affiliate spend 250-250 USDT in trading fees.
On the other hand, Binance users receive 20% of the trading fees of their direct referrals, which can be increased to 40% when holding at least 500 BNB. We will calculate affiliate rewards with a 10,000 USDT investment, which equals 36 BNB. Since we don’t have 500 BNB on our accounts, we will only get a 20% commission from the trades of our direct referrals on Binance.
OKEx affiliates earn 30% for direct referrals and an additional 10% in trading fees after users are invited by sub-affiliates. Trading fees for market takers are 0.1% on Binance and Nominex while 0.15% on OKEx, which we will use for calculating the affiliate rewards.
For this calculation, let’s say you managed to have 50 direct referrals on each exchange, with all your sub-affiliates inviting 10 people each. The affiliates on the second level also invite 10-10 new users who also refer 10 customers each. As a result, you have 50 direct referrals on the first level, 500 users on the second, 5,000 on the third, and 50,000 on the fourth, so 55,550 people under you.
Cryptocurrency Affiliate programs in Nominex
On Nominex, the users under you are split into two teams with 27,775 people in each (one direct referral has a one-one team consisting of 555 users each). Let’s say all your direct referrals and the affiliates under them trade 500 USDT worth of cryptocurrency each week on the exchange’s spot market.
On Nominex, we will calculate rewards for the MAX level, which requires adding 10,000 USDT worth of cryptocurrency in the digital asset exchange’s liquidity pools (we will make a 10,000 USDT investment to receive maximum bonuses).
Based on the above data, your affiliate earnings would look like the following on Binance and OKEx:
|Weekly earnings for direct referrals||5 USDT||11.25 USDT|
|Weekly earnings for sub-affiliates||0 USDT||37.5 USDT|
|Total weekly earnings||5 USDT||48.75 USDT|
|Monthly affiliate earnings||20 USDT||195 USDT|
|Yearly affiliate earnings||240 USDT||2,340 USDT|
At the same time, Nominex offers the following rewards for affiliates (we will use the max rate for both direct rewards and team rewards, which is 40% and 20%):
|Direct rewards (weekly)||10 USDT|
|Team rewards (weekly)||2,750 USDT (55 cycles each week)|
|Leadership reward (weekly)||125 USDT (50 x 1 cycle each week)|
|Advancement reward (every two weeks)||2,000 USDT (3 Star)|
|Team helper reward (one-time)||1,250 USDT (for all 50 direct referrals)|
|Fast start reward (one-time)||50 USDT (after first-team cycle)|
|Average weekly earnings||3,912 USDT|
|Average monthly earnings||15,648 USDT|
|Yearly affiliate earnings||186,480 USDT|
Earn a Passive Income as a Cryptocurrency Affiliate
Based on the results we got from our tests, despite that OKEx users can get nearly 10 times more than on Binance, Nominex offers much better rewards for hard-working affiliates, which is over 79 times higher and 777 times higher than on OKEx and Binance, respectively.
Let’s go Nominex
Over 15,648 USDT Nominex affiliates earn in a month represents a highly competitive salary even in the richest nations. And, as it’s a passive income, you don’t have to do a thing to get it once you have your teams established on the cryptocurrency exchange’s platform!
Sounds great, huh?
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.