In the world of cryptocurrencies, Binance remains one of the leading platforms, offering a wide
range of tools for trading, staking, and much more. Millions
of users worldwide trust it with their assets, and that's not surprising —
the exchange offers competitive fees, a user-friendly interface, and many
earning opportunities. However, after reviewing the terms of the referral
program, many traders, including myself, inevitably wonder: why
does Binance seem to not value its own clients too much? This is not
an accusation, but rather an invitation to dialogue about how to improve relationships with
users, making them more mutually beneficial.
What is wrong with
the referral program?
The referral
program of Binance is a great tool for attracting new
users. The essence is simple: if you bring a friend or acquaintance who
starts trading on the platform, you receive a percentage of their trading fees.
This motivates spreading information about Binance, and the exchange is ready to generously
pay for each new client — whether it's an influencer, blogger, or just
a crypto enthusiast. Sounds fair, right?
But here is the paradox: Binance is willing to pay these percentages to practically anyone,
except... the client themselves. If you, as a potential trader, decide
to register using your own referral link (or somehow
receive a reward for your arrival on the platform), this is strictly
prohibited. Moreover, the exchange invests resources — time, technology, and, in
the end, money — in systems for tracking and preventing such cases.
Why? After all, for Binance it does not incur additional costs: the percentages are still
paid out, just not to the client, but to someone else.
This creates
the impression that the platform is fundamentally against traders benefiting
from their choice. Instead of directly encouraging loyalty,
Binance spends efforts to ensure that these "pennies" (and for many, this is indeed a small amount) do not go to you. As a result, the client may feel like a "resource" rather than a partner: the exchange is willing to give a reward to a third party, but not to you, even if it doesn't change its expenses.
Why does this look like a lack of love for clients?
Imagine:
you are looking for an exchange for trading and see that Binance actively pays for
user acquisition. It’s logical to assume that part of this
"marketing" benefit could go directly to you — in the form of
reduced fees or a bonus for registration without intermediaries. After all, the goal
of the referral program is to attract traders, not to create barriers for them.
However, in
practice, everything is different. The exchange not only does not allow the client to receive
a reward for themselves, but also risks losing them entirely if they learn about more
loyal competitors. As a trader, I can confidently say: I would without
hesitation switch to a platform where I would be allowed to receive these percentages
myself. Even if the overall fee was slightly higher — simply because
it demonstrates respect for the client. Where resources are not spent on
"protecting" against its own generosity, but invested in improvements
(for example, in security, analysis tools, or educational content),
users feel valued.
In the end
such an attitude can be off-putting: traders begin to think that the exchange works
not for them, but against them. Why spend money on systems that
prevent "self-referrals" if the same funds could go to
bonuses for everyone? This is not only ineffective but also demotivating. Estimates suggest that
if Binance allowed clients to receive rewards directly, it could
attract 50–100% more users — simply through positive
word-of-mouth and a sense of fairness. And instead, we have checks,
restrictions, and, at worst, a loss of trust.
How could it be better?
Let's think constructively. The referral program is not a problem in itself, but
an opportunity for improvement. What if Binance introduced a "self-referral" option with transparent rules?
For example: Direct bonus for registration: A percentage of future fees is returned to the new user as cashback or reduced rates.
Loyalty without intermediaries: If a client comes by themselves (without a referral), the exchange could
automatically grant a small bonus equivalent to the referral
reward.
Resource savings: Instead of spending on anti-fraud systems for referrals, these funds go to
development — new features, reduced fees, or educational programs.
Such an approach would not only keep costs at current levels but also strengthen loyalty.
Clients would not feel that "they are missing out on something," and the exchange
would have more active traders, which in the end would increase profits.
Conclusion:
Time for change?
Binance is a powerful platform with enormous potential, and its success largely depends on
user trust. But when the referral program creates the impression that
the exchange is willing to pay anyone but the client, it raises questions about priorities. We, traders, want to feel like partners, not just a source of fees. Perhaps it is worth reconsidering the approach to make relationships more mutual and fair.
What do you think? Share in
in the comments — maybe together we can push for positive changes!
This article reflects the author's personal opinion and is based on an analysis of the public terms of the Binance referral program. I recommend reviewing the official rules on the exchange's website.