During the California Gold Rush, more people made money from selling shovels than from those mining Gold. Referral programs on cryptocurrency exchanges if tapped well, can be your shovels.
I have referred this one user to an exchange, he has stopped trading now, but when he did, I earned about 5000 INR a month on referral bonus just from that one user. So you see, it can become your steady income flow.
But which referral programs are the best and which ones are not that great? It can be determined based on the rewards they provide, the duration of the program and many other factors.
We will list prominent referral programs from Indian as well as foreign exchanges that allow Indian users. We will categorise the rewards based on the kind – One Time reward, commissions valid for a year or less, and the last category long term referral rewards valid for more than a year upto lifetime.
Contents
One Time Referral Rewards
One-time referral rewards are those where for referring users, you will receive a one-time lump-sum bonus in cash or crypto.
Koinex
Koinex, the Pantera backed Indian cryptocurrency exchange has resurrected their referral program since September 28. Under the referral program, as a referrer you receive INR 100 for a successful referral and the referred user also receives INR 50.
Eligibility: The referred user must complete KYC and atleast one trade.
CoinDCX
CoinDCX recently initiated INR based trading on top of their liquidity pooling crypto to crypto exchange. They shut down their first referral program after running it a few months to come up with a “better” program.
The current referral program earns the referrer 1 TUSD coins for a successful referral. The referred user also receives 1 TUSD coin as well. Until Oct 01, 2018 CoinDCX referral reward is 3 TUSD.
Eligibility: The referred user must complete trade of atleast 1000 INR on Coindcx.
Bitbns
Bitbns is once again one of the prominent exchanges in India. Despite the banking ban, Bitbns held on to its INR based trading and eventually provided solutions to keep INR deposits and withdrawals running.
The referral program of Bitbns is quite simple. Both the referred user and the referring user get INR 100 in their wallet that can be used for paying trade fees. The amount can only be used to pay trade fees.
Eligibility: User has to complete INR 1500 worth of trading. Not available on Mobile app.
KoinOK
Despite the RBI restrictions on banks, exchanges have been operating INR markets. KoinOK is one of them. The referral program is a mixed one – a dual referral program.
As of now, each successful referral will earn you 100 XDCE tokens and INR 75 cash reward. The referred user will receive 75 XDCE tokens and INR 50 cash reward.
Eligibility: The referred user must complete trade of atleast 10000 INR for the cash reward. The XDCE tokens are deposited immediately on sign up.
Alluma
Alluma is a Singapore based emerging markets exchange currently focusing on India release. The exchange currently revised its rewards program, increasing rewards based on number of referred users.
Both referred user and referring user get 200 LUMA tokens for registering. However, the referring user can earn upto 0.5 ETH based on number of referred users.
Eligibility: A referred user has to trade for atleast $25 and complete ID verification.
Disclaimer: LUMA tokens are currently not listed.
Commission Valid for less than a Year
Short term referral rewards refer to referrals programs that only provide rewards for upto one year. These are not one time rewards, you can receive a part of the trading fees collected by the exchange from your referred users for one year or less.
Local Bitcoins
LocalBitcoins is one of the most popular peer to peer exchange in the world for Bitcoin. You can buy/sell bitcoin for INR using NEFT/IMPS/UPI/Wallets on LBC.
The referral program is lucrative as well. You can earn 20% of the fees collected by LocalBitcoins as affiliate commission. However, commissions will be paid for one year from the user’s registration only.
Eligibility: Commission is received only upon trading.
Giottus
Giottus offers a peer to peer as well as spot exchange for Indian traders. It was recently in news for being one of the first exchanges to start INR deposits and withdrawals using unique Peer to peer system.
The referral on Giottus is layered in a way that more referrals let you earn more rewards. It starts with 25% of the trading fees and goes all the way to 50%, in certain cases such as making it to the leaderboard, the referral reward is doubled. Hence, with the right amount of qualified users, you can earn upto 100% trading fees from your referred users.
The referral slab is active for a year from registration of December 30, 2019 whichever is earlier.
Eligibility: A qualified user is the one that completes a trade on Giottus.
Coindelta
Coindelta Cryptocurrency exchange just completed a year. So much has changed in a year, and finally they have a referral program for their exchange. Earlier they launched a referral program for the P2P exchange Flux as well.
In the current referral program you stand to earn the full 100% trading fees from your referred users for the next 30 days.
Eligibility: Commission is received only upon trading.
Binance
Who doesn’t know Binance? It is world’s largest cryptocurrency exchange by volume. They have a very attractive referral program but it changes every year, sometimes even during the year. This is why we have added Binance to the list of short term referral rewards.
Currently the referring user receives 20% trade fee paid by the referred user. The reward is doubled to 40% if the referring user hold 500 BNB tokens in their wallet. This referral program should be valid until May 2019, when Binance may decide to update the program.
Eligibility: Commission is received only upon trading.
Huobi
Huobi exchange pays referral bonus in USDT. The exchange was in the news recently for opening up an OTC desk for trading cryptocurrency which would be a huge benefit to Indians.
Under the affiliate program, you receive 30% trade fees of the referred user for the next 3 months.
Long Term Referral Rewards
Long term referral rewards are those where you are benefitted by the referral program for more than a year, sometimes even a lifetime. These are great because if you catch a whale under your referral tree, you can finally enjoy a steady stream of income.
WazirX
WazirX is yet another popular exchange in India with good liquidity. WazirX’s original referral program included giveaways of WRX native tokens. It will take time before WRX will be listed as a trading token, as the exchange has not met the criteria setup for it. But the good news is, WazirX introduced a new referral program, a better one.
Under the new referral program, the referring user receives 50% of the trade fees paid by the referred user as commission. The CEO of WazirX Nischal Shetty confirmed to Coin Crunch that they intend to continue the program for lifetime.
Eligibility: Commission is received upon trading, to trade the user must complete KYC.
Instashift
Instashift started operations in India about seven months ago, since then they have launched their platform on six other countries. It is a peer to peer exchange allowing buying and selling of over 80 cryptocurrencies with fiat. Flip, another product by instashift is a crypto-to-crypto exchange for quick conversion.
Starting today, Instashift has updated its referral program. Under the new program, referring users will receive 30% of the trade fees paid by referred users. A major change from earlier referral program is the removal of minimum trade volume.
Eligibility: Need to complete trade
BitMEX
BitMEX isn’t just a cryptocurrency exchange. You can receive a leverage of upto 100x to trade Bitcoin and other cryptocurrencies. However, BitMEX only accepts Bitcoin as deposit and base currency for trading. I would strongly recommend to understand leverage trading before you guys begin trading on BitMEX.
Coming to the referral program, BitMEX offers a lifetime commission program where the referring user receives reward between 10-20% of the trade fees paid by referred user.
Additionally the referred user gets a 10% discount on fees for the next six months.
Eligibility: Start trading.
Have you registered to anyone of the platforms above? Are you earning a good referral commission? Let us know in the comments below.
Disclaimer: We have included our referral links in the article, this does not affect your user experience at the exchanges and helps us earn commission on your trade to keep running CoinCrunch.in for free. Thank you for your support.
