Referral programs offered by leading exchanges and cryptocurrency wallets like Binance are a marketing strategy aimed at attracting and expanding the user community. These programs help both the referrer and the referred get attractive rewards, thus motivating new users to join the platform and increasing the engagement of existing users.
Typically, current users will receive a unique referral link, created specifically for them. They can share this link with friends, acquaintances, or through social media channels, helping to attract more new users to the platform. When a new person registers through the referral link, both the referrer and the referred have the opportunity to receive rewards.
These rewards are often commissions or referral bonuses, which can be offered in the form of cryptocurrencies like Bitcoin, Ethereum, or stablecoins like USDT, or fiat money sent directly to the referrer's account. The reward levels and specific forms may vary depending on the platform and the terms of the referral program at that time.
For example, in some recent campaigns, platforms allowed users to earn up to $100 by inviting friends to join. Notably, Binance has a referral program that allows referrers to earn 100 USDT vouchers, which can be used to reduce trading fees on the exchange. This creates a clear incentive for users to actively promote the platform and invite more new users.
The benefits of referral programs for exchanges and cryptocurrency wallets
Referral programs not only benefit users but also bring significant value to exchanges and cryptocurrency wallets. First, the program helps enhance the platform's presence in the community as users themselves become brand ambassadors and advocates for the platform. Users referring the platform to friends and acquaintances also helps build trust, as the referred often trust recommendations from acquaintances more than advertisements. Additionally, attractive rewards make new users feel welcomed and motivated to register for an account and experience the platform. Finally, cryptocurrency rewards also create an opportunity for users to familiarize themselves with trading and using the platform, thereby promoting long-term interaction.
Airdrop
Airdrop is another popular strategy in the cryptocurrency industry, helping projects and businesses distribute free tokens to users, often aiming to increase awareness and encourage users to try out new products. Businesses and cryptocurrency projects use airdrop as a way to attract attention, build community, and expand their user base. During the airdrop process, tokens are transferred directly to users' wallets without requiring any fees from the recipients.
Airdrops can occur for various reasons. One of the main motivations for airdrops is to generate attention for a platform, project, or a new cryptocurrency. By giving away free tokens, businesses can encourage users to engage, explore, and use their products. This not only helps users familiarize themselves with the project but also allows the business to quickly build a community around the new product.
To participate in airdrop programs, users typically need a non-custodial wallet. This type of wallet allows users full control and ownership of their tokens, ensuring high security and maintaining privacy for their assets. Non-custodial wallets differ from custodial wallets, where a third party can manage the user's assets. Specifically, users need to ensure that their cryptocurrency wallet supports the blockchain of the tokens distributed through the airdrop, as some token types require compatibility with certain blockchain networks to receive and trade. This helps users easily convert and use tokens immediately after receiving them.
