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What Are the Top 5 Crypto Exchanges to Earn Referral Income?

With the cryptocurrency environment changing, it can be a challenge to keep earning passive income on your crypto.

Given that it’s a buyer’s market currently, it might be a good time to get your friends, associates, and/or audience involved in the crypto space. How do you maximize your network’s potential in this regard? Today, we’ll take a look at the referral process on various platforms to see which one is the right one for you.

Binance referral

What is Referral Income?

Before we get into the three exchanges to earn referral income from, it should be made clear what referrals are and how they can generate income. Referrals are usually done through a referral code which is tied to an account on a given platform. You then give this referral code to a friend, colleague, or somebody else in your circle so that they can sign up on the platform.

Referrals and their rewards vary by platform. In some cases you can earn commission on the purchases or trades your referrals make. Referrals are not created equally, so before you put the effort into sharing your referral code with everyone you know, you should be aware of which platforms offer the best possibilities for referral income.

eToro

eToro is an all-in-one exchange platform available in the United States and most of the world. The exchange offers stock and cryptocurrency trading with 0% commission fees. When you refer a friend who verifies their account with their personal info and they spend $100 or more on the platform within 30 days of clicking on your referral link, both the inviter and the invitee can earn $30.

The big advantage of eToro over other crypto exchanges is that you can manage a complete financial portfolio (complete with stocks and crypto) in one app. Learn more in our eToro review.

CashApp

CashApp is a money transfer platform created in 2009 and launched in 2013 by Twitter founder, Jack Dorsey. It’s become popular in recent years as a quick way to send money to friends and associates throughout the United States and United Kingdom using a mobile device. For American users, CashApp also supports Bitcoin and stock trading.

As far as the money goes, if somebody using your referral code sends $5 or more within 14 days of signing up, both you and your referral can earn up to $30 in referral income. It’s not a huge sum of money, but if you’re an advertiser or an influencer, this can add up to quite an accumulation.

There is also no limit to the amount of people you can refer, so this can potentially act as a continuous stream of income as long as new people keep using your referral code.

CashApp doesn’t offer the largest amount of money for referrals, but it’s quite flexible in that you earn this referral income in cash, so it’s your choice whether you want to convert that into cryptocurrency or keep the traditional currency. It’s also fast and convenient.

Binance

Binance is a cryptocurrency exchange platform that offers a wide range of crypto asset services. One of these services is referral income, but unlike CashApp it comes with some strings attached depending on which kind of referral you’re participating in.

The basic referral for Binance is quite simple. You give a new user account your referral code, they verify their account and deposit more than $50 into their account within 14 days of signing up, both the inviter and invitee earn $100 USDT. Binance pays out your referral in Tether, not traditional currency.

In addition to this, Binance offers tiers of referral rewards. Meaning you can earn more bonuses for referring more people. There are six in total, based on the amount of referred people who have completed verifying their account and deposited more than $50 into their account within 14 days. These tiers are at your 3rd, 5th, 8th, 12th, 17th, and 20th referral. In each of these tiers, you can also earn a gift card worth 200 BUSD.

Finally, Binance has another side to its referral system which is for futures and spot trading. A referral link from either Binance’s futures or spot trading apps also comes with the invitee having their fees reduced. The inviter receives commission on spot and futures trades made by invitees using their referral code to sign up. The amount of commission varies by the amount of BNB tokens available in their balance. View this table on the Binance website to learn the finer details of the referral process when it comes to earning commission through referrals. If you fancy yourself a bit of a salesperson, then Binance futures and spot trading might be the referral system for you.

Crypto.com

Crypto.com offerts a referral program, just like the others on the list, Crypto.com’s requires an identification and a certain amount of money staked on the platform. Crypto.com describes their “advanced” identification as a list of the following identifying documents:

  • Full name
  • Nationality
  • Date of Birth
  • Email address
  • Mobile number
  • State ID submission
  • A photograph of you

Once the invitee has completed these steps, all they have to do is stake CRO on the platform. As well, once the minimum of 1000 CRO has been staked by the invitee, the inviter receives $10 in a referral payment. The inviter can earn commission on the invitee’s activity for 12 months. The inviter’s first referral payment depends on the amount of CRO staked with Crypto.com. The maximum being $2000 if the invitee stakes 5 million CRO. This can be quite lucrative if you have a network of investors ready to give their all on the platform.

Shakepay

Unfortunately for Canadian holders of cryptocurrency, and for those wanting to send cash across the country in Canada via their mobile devices, CashApp is not available in Canada. However, there is a local alternative for the great white north in the form of Shakepay.

Shakepay offers some modest incentives for referring friends, and just like the previous referral methods, Shakepay does require the invitee to identify themselves on the platform with the required documents. After they’ve completed the identification process, the invitee has to spend $100 or more on digital assets on Shakepay for the inviter to earn the $30 referral award.

In addition to this cash award, you can also earn some Shakepay swag from future referrals including stickers and other merchandise. It’s not quite the commission awards offered by Binance and Crypto.Com, but if you’re into merchandise, it’s there to receive.

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Michael Brown

About the Author

Michael Brown

Michael Brown is the acting Chairman of community based thought collective, Subcultural Research Lab. His interest in Crypto began while studying industrial engineering in Dartmouth, Nova Scotia. His passion lies in geopolitics, social phenomenon, and the exchange of data. You can find Subcultural Research Lab at subcult.substack.com.

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