Crypto referral codes are one-time bonus codes given out by crypto exchanges. Usually, they are given to new customers. Typically, these codes unlock bonuses and discounts. You can earn a lot of money in crypto, thanks to bonus codes.
If you are interested in taking up crypto trading then you definitely need to start using them. However, before you can maximize your earnings from crypto referral codes, there are a few things you need to know.
This post will offer a step-by-step guide, designed to help you to make the most of crypto referral codes.
Understanding Referrals
Before you can start using referral codes, you need to understand what they are. As already mentioned in the introduction to this post, they are one-time codes given out by casinos in order to encourage people to make accounts. Typically, platforms will not let you withdraw your bonus winnings until you have made more than the initial bonus. This is to limit bonus abuse. Bonus abuse costs trading platforms and online casinos millions of dollars a week. If you are identified as a bonus abuser, you could get banned.
Using Guides
Every trading platform is different. Therefore, it is difficult to create an accurate step-by-step guide on how to start using referral codes and bonuses. The method of claiming bonuses for Binance might not be the same as it is on Coinbase. To get a true idea about how you are supposed to access referral codes on your chosen platform, find a guide that’s unique to it, i.e., use a Binance guide if you have signed up for Binance. Such guides are available all over the internet, sometimes even on the trading platforms themselves.
Registering Account
While it’s hard to give an accurate step-by-step guide (because each platform is different), the first step no matter what platform you’ve chosen will always be to register an account. When registering an account on a trading platform you will usually be asked to submit a photocopy of your passport or driving license. This is so that the platform can verify your identity. Unfortunately, fraud has become a lot more common online today. It’s not unusual for cybercriminals to register trading accounts in other people’s names so that they can then drain their bank accounts. Make sure you have your identity documents prepared.
Submitting Code
Before finalizing your registration you will be given the opportunity to put your referral code in. Usually, platforms ask for this code at the end of the sign-up process. Make sure that you do not complete your registration before putting it in. The reason for this is that once you’ve signed up you won’t be able to put the code in. It’s worth noting that sometimes you have to sign up through a special link in order to access your registration bonus. Check what your chosen platform’s preferred referral method is, so you can do it that way.
Using Bonus
Once you have signed up for your chosen platform and claimed your bonus, you will then be able to use it. This is where it is worth mentioning matched betting. Matched betting is a term that refers exclusively to gambling with casino bonuses, never using one’s own money. However, the strategy can also be applied to trading, too. You can make a lot of money by only ever using platform bonuses. Instead of depositing your own money, trade within the platform. Then, when you have made enough money you can withdraw it and deposit it on another platform.
Withdrawing Profits
The reason you need to withdraw your earnings is that platforms take bonus abuse very seriously. If they believe that you are taking advantage of their bonus system, they will ban you. As mentioned earlier, bonus abuse costs trading platforms and online casinos millions of dollars a week. Withdrawing your profits and then re-depositing them elsewhere makes it look like you are trading with your own money, which is of course desirable. Platforms are very good at identifying individuals they believe to be bonus abusers, so do everything you can to avoid being identified as a bonus abuser.
Switching Platforms
The easiest way to avoid detection is to switch platforms on a regular basis. Find a site that tells you about all of the latest trading platform bonuses, access them, and move your earnings from one site to the next. Doing this will help you to maximize your profits while avoiding being banned.
You can make a fortune from crypto referral codes. However, in order to do so you need to take steps to protect yourself. If you are blatantly abusing trading bonuses, you’ll get banned sooner or later. By following the advice given here you’ll be able to avoid identification and detection.
