What do you see when you decide to open an account in a bank? The reputation, the staff, the service, etc. Nope. In my personal opinion by interacting with 100s of people on a daily basis, I have learnt that they go for banks that provide free tickets for movies, or cashback, or rewards in some or the other form.
The principle remains the same for cryptocurrency exchanges in India. Traders open account in exchanges for various reasons. High volume, exclusive coins, instant deposits and withdrawals and so on. But what happens when the markets are slumping? The volumes in India are 10% of what it was just 3 months ago. How do you attract customers? Answer – Referrals.
Some offer cash, some offer coins, KoinOK seems to be offering both.
The KoinOK Dual Referral Program
KoinOK has partnered with XinFin to launch XDCE tokens in India exclusively on their trading platform. The token price of XDCE is about 50 paisa per coin.
KoinOK is giving 150 XDCE coins and INR 100 for each successful referral in the first phase. They have 3 phases on referrals and let me tell you about them in their own words
Phase 1: For 1st 5k users joining on the platform
- Sign up reward: You’ll receive 150 XDCE tokens and your friend receives 100 XDCE tokens automatically in your respective KoinOK accounts once your friend signs up using your referral code/URL.
- Trading Reward: You’ll receive Rs. 100 and your friend receives Rs. 50 in your respective KoinOK accounts once your friend completes trading of Rs. 10000 amount.
Phase 2: For 5001- 10k users joining through our referral
- Sign up reward: You’ll receive 100 XDCE tokens and your friend receives 75 XDCE tokens automatically in your respective KoinOK accounts once your friend signs up using your referral code/URL.
- Trading Reward: You’ll receive Rs. 75 and your friend receives Rs. 50 in your respective KoinOK accounts once your friend completes trading of Rs. 10000 amount.
Phase 3: For 10001 to 20k users joining through our referral
- Sign up reward: You’ll receive 75 XDCE tokens and your friend receives 50 XDCE tokens automatically in your respective KoinOK accounts once your friend signs up using your referral code/URL.
- Trading Reward: You’ll receive Rs. 50 and your friend receives Rs. 25 in your respective KoinOK accounts once your friend completes trading of Rs. 10000 amount.
The good news about this referral is that the person you refer also gains something out of it. So it’s a win win.
“In a country of Airdrop lovers, nothing coming free should be ignored” – says a telegram user from our community. However, caution is necessary. We advise you to read our review about KoinOK, join their telegram, interact with the team before you start trading.
Increase in Volumes of KoinOK:
KoinOK referrals started less than 12 hours ago. But they witnessed their all time high volumes during the period of their Twitter giveaway contest. They asked users to follow them, like and retweet the contest tweet and pray to win 5000 XDCE tokens. That is INR 2500/-. So if a twitter Giveway can increase the volume of trade upwards of 10 folds, a referral program is a good bet.
3 lucky winners will get 5000 XDCe tokens each (https://t.co/DUWC9XZbL0) ???
1. Follow us
2. Like this post
3. Retweet this post ??
The winners will be chosen randomly & announced on March 15, 2018.
Contest Validity: Min. 200 Retweets@XinfinF pic.twitter.com/8lEiv5fuWx
— KoinOK (@koinoktrade) March 13, 2018
Referrals Seem to work:
Barring a few, everyone has a referral program. Unocoin, Zebpay, Koinex, Instacrypto, WazirX and so on. It is working. I know a few users who have milked 500-1000 referrals from each exchange.
Not only in India, referrals did wonders for Binance. Initially they gave away 50% of the trade fees to referrers. Now the referral bonus is 20%. This is a lifetime referral system. If someone you referred is trading in crores, you can actually make enough in referrals to fund your monthly expenses.
Incentivising signups is an age old mantra for Indian startups. From the PayTMs of the world to KoinOK, everyone is doing that. So might as well make the most of it.
You can check out KoinOK here
Disclaimer: We are sharing our referral link on this article.
Update log: The Article was re-edited as part of the article was removed due to a server error.