The Binance crypto exchange has made an announcement today. As of now, it holds one of the first referral/affiliate programs within the crypto exchange market, allowing leading social figures to earn a profit promoting the exchange.
Earning Money Through Social Weight
Communities, businesses, and individuals that hold the adequate amount of followings needed can now become a Futures Affiliate within the exchange. These members will be capable of earning anything between 20% and 30% of trading fees from the various accounts they refer to the exchange. The conditions needed to enact this are relatively stringent.
These requirements are as follows: Individual social media influencers must have more than 5,000 subscribers or followers to their names. When it comes to crypto communities, however, this community must be over 500 people, as they are already busy with cryptocurrencies. When it comes to a business or organization, however, there are many conditional circumstances. The first is holding a user base of more than 2,000. The second is, if it’s a market analysis platform, to have more than 5,000 daily visits. Otherwise, it must be either an industry media platform, a crypto fund, or otherwise an aggregate trading platform.
Must Maintain Levels Of Activity
The original requirements also mandated a minimum amount of Binance Coin (BNB) to be held by the client, but this has been waived. Instead, it will be conditionally waived. However, these members applying for the program will be judged periodically, every 90 days or so. In order to continue taking part in this affiliate program, the member must be bringing in more than 100 active traders on average, and the collective trading volume of these traders must exceed an equivalent volume of 10,000 Bitcoins.
That’s not everyone’s easy achievement. As it stands now, Telegram and Twitter are the two most popular platforms when it comes to group leaders sharing their ideas. Most of these self-proclaimed experts are, in fact, traders and/or analysts that provide various pieces of info regarding market analysis and trading signals. They are rather infamously referred to as “Paid Group Leaders.”
Threats of Fraud
One must be careful of fraud within this sector, however, as the cryptoverse had learned of quite recently. Jacob Canfield was one of the top crypto analysts on TradingView, and was rather famous on Twitter, as well. However, it was revealed that he simply used photoshop and other people’s trading signals in order to gain his popularity, lying in every post he’s ever done, and about his overall positions.
Man spoke about manually arbing a $17 Mex-CB spread. Said it was a glitch. Then when I probed, deleted his tweets. pic.twitter.com/7qQELwjP2a
— Hsaka (@HsakaTrades) March 13, 2020