Everything You Need to Know About Referral Bonuses
We’ve all heard of referral bonuses. The most common use of it is in the workspace where you get offered a bonus if you refer someone and they join the same company. We’ve also heard of referral bonuses in video games. If you refer a friend and they join through your link, you get bonus rewards in the game.
And another place that you must have heard of referral bonuses is in crypto exchanges. If not, you’re at least interested in it. That’s what we’re going to be talking about today. Particular crypto referral bonuses.
We’re going to see exactly what it is, why and how they work, the different types of referral bonuses, and their benefits. So, without any further ado, let’s begin.
What is a Referral Bonus?
In a business when an employee is rewarded for recommending another candidate for a vacant role, that is known as a referral bonus. Typically, the bonus reward is a financial bonus when it comes to companies. But referral bonuses are not limited to businesses only.
You can have referral bonuses for practically anything. It can be an eCommerce site, a video game, a subscription-based service, and many more. But the referral bonus that we’re talking about is crypto referral bonuses.
Crypto referral bonuses look to improve their relationship with customers by offering referral bonuses. These referral bonuses benefit both parties. The referee as well as the referred person. Both parties will receive a financial incentive for having participated in the referral program.
Referral bonuses are really handy in all kinds of businesses. It helps to expand the business by bringing in fresh customers. And there’s no better way of doing that than having existing clients spread the word for your company. After all, people tend to trust a familiar face more than anything else.
Why Do Referral Bonuses Work?
But why do referral bonuses see so much success in bringing in new clients? There are obvious reasons behind it. But before that we should once again keep in mind, the main reason is to expand the business and reward your customers for helping out with the process.
But enough about that, let’s see why referral bonuses work so well.
Creating a Positive Image for the Brand
Referral bonuses help in rewarding the existing players who act as the channel for referrals. The bonuses create a positive and rewarding image in the minds of the existing clients. This image, later on, translates to the positive things they have to say about the company. It’s like killing two birds with one stone.
Something for Everyone
As for the bonus reward, it’s not only the referring players who enjoy them. Players who join the crypto exchange through the referral link also receive rewards. And these rewards are compelling enough that players feel inclined to invite others. And the invited also get curious to check it out once they learn about the rewards they’re getting.
Everyone Trusts a Familiar Face
Instead of trusting hard facts, people tend to trust the word of someone they know more. Businesses understand that and that’s why they offer referral bonuses. They have figured out that referrals are guaranteed to bring in new players into the game even if all other methods fail.
Types of Possible Referral Bonuses
One of the great things about referral bonuses is that it’s not just the referrer who’s enjoying bonuses. The referee also enjoys the same bonus.
Keep in mind that with almost all types of referral bonuses, you won’t get the rewards unless certain conditions are met. This stops clients from abusing the referral system and rewards only the existing customers who’re bringing in clients that will last.
We’ve talked about it before, but not all companies have the same referral bonuses. Each one is different and depends on the brand. Here are the different types of possible crypto referral bonuses that you can get.
Sign Up Bonus
Just like the name suggests, a crypto sign-up bonus is offered to new users for creating a new account. The sign-up bonus will vary from one crypto exchange to another. Typically, this bonus is given out only after a user has verified their account.
There are also cases where verifying isn’t enough. The bonus is given to the user after making a minimum deposit. Some companies will also require the user to make a trade before handing out the bonus.
To be extra careful you should. check the conditions for sign-up bonuses before registering a new account.
Crypto Reward Program
Crypto Reward Program is a conditional rewarding system. A trader needs to fulfill certain requirements before they can enjoy this type of bonus.
These conditions can be watching a video, taking a survey, or answering questions in a quiz. The amount of the bonus might be very little depending on what you need to do. But it’s free money, so we recommend all of our readers to do it.
Crypto Referral Bonus
A crypto referral bonus can be availed by users who are in a referral program. Users under this program can generate a unique link that can be shared with friends and family urging them to create an account.
When a new user opens an account using the generated link, the trader who was in charge of referring gets a bonus. This can be a certain amount of money or even free crypto.
Benefits of Crypto Referral Bonuses
Now let’s talk about the benefits of these crypto referral bonuses. Why should you consider referring your friend to a crypto exchange and why would they even consider joining? We’ll talk about all of the reasons now.
1. Free Bonus Cash
The first reason is a no-brainer. You get free cash by referring a new customer. And it doesn’t cost you anything to refer to a new player. All you need to do is send them the referral link and you’re done.
All you need to do after that is wait for your referred player to deposit so that you can enjoy the rewards. Not only do you get some bonus money, but the person you referred to also enjoys the benefits. And who doesn’t love some free crypto?
2. Unlimited Referrals
Crypto exchange companies are always looking to bring in more players to expand their business. Unlimited referrals help out in that process. There is no cap on the number of people that you can invite. You also get the rewards for every person that joins through your referral link.
This is also why companies also urge players to invite as many players as possible. Every player is valuable for these businesses as it is for you if you want to get the most rewards.
3. Make the Community Bigger and Better
The more people you bring into the fold the bigger it becomes. A larger community makes it a much more fun and exciting place. And you know what they say, everything is fun when you’re with friends.
4. Helping Out Friends
As we mentioned before, you’re not the only person who gets something from the referral. The person who is referred will also enjoy some form of bonus. Sometimes the bonuses are the same. But there will be times when the bonuses can be different.
The Best Referral Bonuses Available in Canada
Now let’s take a look at all the referral bonuses for crypto in Canada. These brands not only offer a good referral program, but they have plenty of other features also. Let’s take a look at some of them.
This platform has the lowest trading fees in Canada at only 0.2%. It’s also incredibly versatile and supports over 16 cryptocurrencies. CoinSmart also prides itself on amazing customer support as well as a beautiful mobile app.
At CoinSmart, the referral bonus works through a referral link. Every user will have their own referral link. When a new user signs up with the referral link and makes a first deposit, the referrer will get a C$15 cash bonus.
- Very low trading fees at 0.2%
- 24/7 Customer Support through live chat and email
- Supports more than 16 cryptocurrencies
- Instant deposits and withdrawals
- User-friendly interface that helps out with the trading
- Credit card deposits can cost up to 6% in fees
- 1.5% fee when depositing less than C$2000 in a single transaction
Similar to CoinSmart, this crypto exchange platform also offers very low trading fees. It also offers really fast trading for new users by verifying accounts instantly.
The referral program at BitBuy works through a referral code. You will have your own unique referral code. You can share this code with as many friends as you want.
As for the bonus, for every user that uses your referral code and signs up, you will receive a bonus when they deposit. For the first deposit of C$250 or more, you get a C$20 free cash bonus.
- 95% cold storage, meaning your cryptos will be secure
- 24/7 Customer Service for any technical difficulties
- Very low trading fees
- Easy-to-use interface
- Limited features offered
- Available only in Canada
This crypto brokerage has become really popular even though it hasn’t been too long since it was established. Not only does it offer crypto exchange services, but you also get an NFT marketplace as well as OTC trading capabilities.
To enjoy the referral bonus at VirgoCX, you will have your own referral link. Share this with as many friends as you want. For each friend that gets their account verified, you will receive C$10 without them having to make any deposits.
If they do make a first fiat deposit of C$100 or more, both you and your friend will receive C$20 as a bonus.
- More than 50 cryptocurrencies available for exchange
- Free fiat deposit and withdrawals
- Low trading fees compared to other exchanges
- Available only in Canada
- A very small amount of liquidity compared to other crypto exchanges
The benefit of using Crypto.com is that it supports more cryptocurrencies than any other crypto exchange in Canada. It supports more than 100 different cryptos. And it’s also used by 10 million users in more than 90 countries.
The referral bonus is a C$25 bonus code that comes with a promo code. To get this bonus, funds need to be deposited and stake CRO for a Crypto.com Visa Card.
- Free deposits for cryptocurrency
- Available in 90 different countries
- Daily interest is offered for staking coins
- Up to 10x leverage
- Trading fees are from 0.04% to 0.16% depending on your account level
- Above average fees, unless you use CRO
- Customer support is subpar
For Canadians, Coinberry is an excellent crypto exchange. It offers free CAD deposits and withdrawals with zero fees. It supports over 18 different cryptocurrencies.
The platform also offers users to use a feature called the Coinberry Autopilot which uses the dollar cost averaging strategy. It’s known to be one of the best-performing strategies on the planet.
You get your own referral link which your friends need to use to create a new account. Once your friends have traded a minimum of C$50. Once that happens and the trade is completed you will receive your C$30 bonus.
- Very low trading fees with free deposits and withdrawals
- Easy-to-use interface
- Supports a mobile app
- Quick and simple registration process
- Limited crypto options for purchase
- Not worth trading unless you’re using CAD
How to claim the referral bonus on crypto exchanges?
The first thing you need to do is check what kind of referral system your crypto exchange has. It can be a referral code or a referral link. You need to give your friend the referral code or link and have them fulfil the condition to get the bonus.
Why is my referral bonus not deposited in my account?
It is possible if the requirements are not met. Go over the T&C once again to see if there’s anything that you missed. If you’ve met every requirement and still don’t have the bonus in your account, contact customer support and ask them to look into the issue.
How do crypto exchanges know who the referrer is for new customers?
The beauty of referrals is that they can be traced back to you. This is done because it eliminates any chance of confusion when handing out bonuses. The referral code or referral link is generated uniquely for each customer. By looking up the referral link or code used to sign-up, crypto exchanges know who the referrer is.
Can the referral bonus be withdrawn directly?
For most crypto exchanges, you can withdraw your referral bonus into your account instantly after receiving it. But some can only be used to trade or buy more crypto. You can find the details on this in the terms and conditions.
Can the referral bonus be used for staking?
If the crypto exchange has a staking feature and it’s mentioned in the terms, then you can do it. Staking is a feature that’s not offered by most crypto exchanges. But if the feature is there, then it makes sense that you can use the referral bonus for staking as well.