World’s largest cryptocurrency exchange by volume is offering to double the referral rewards for users if the users hold 500 or more BNB coins.
In an official announcement today, the Malta based exchange offered to double the referral rewards. The current commission rate for all users is 20%. Which means for every trade your referred user makes, you earn 20% of the fees paid by the user.
But the offer to double the commission rate comes with a condition. For a user to be eligible for the offer, they have to hold atleast 500 BNB coins. BNB is the Binance coin that can be traded on Binance. Binance currently offers 50% discount on trading fees if paid using BNB token. The ICO price for BNB was $0.1, while at the time of this writing the coin is trading for $13.9 or roughly Rs. 940.
500 BNB coins would cost roughly Rs. 4.7 lakhs.
If you have a huge number of referred users, this is quite a lucrative deal. Some Binance users have earned as much as 200 BTC in commission on a daily basis.
The Binance referral program that started in October last year offered 50% commission, before reducing it to 20% in January this year.
Are you planning to stake 500 BNB coins for double referral awards? Let us know in the comments below
Update: Referral link removed.