Binance Coin Onboarding Bonuses and Referral Program Rewards Explained

Cryptocurrency exchanges like Binance offer special promotions to attract new users and incentivize existing users to refer others. These promotions often involve bonuses and rewards tied to the native exchange token, in this case Binance Coin (BNB). For those new to crypto or Binance, these programs can be confusing. This article will explain exactly how Binance's new user bonuses and referral rewards work.

When you first create an account on Binance, you have the opportunity to take advantage of a signup or onboarding bonus. This bonus is paid out in BNB and is credited to your account after completing a few simple steps.

To qualify for the bonus, you first need to register and complete identity verification. Then you must make a minimum first-time fiat deposit or crypto trade on your account within a specified timeframe, usually 30 days. The current new user bonus amount is $50 in BNB. So if you meet the requirements, Binance will deposit $50 worth of BNB into your account. This gives you some free crypto to start trading and exploring the platform.

Binance also wants to incentivize existing users to spread the word. The Binance referral program rewards current users who refer friends and family to open new Binance accounts.

When you sign up for Binance, you'll receive a unique referral link and ID. If someone clicks your link and completes the signup process, both of you get a kickback.

The referee (new user) receives the new account bonus mentioned above. The referrer (existing user who referred the new person) receives a percentage of the referee's trading fees for one year. This kicks in as soon as the new user starts trading.

For example, if you refer your friend Jim to Binance and he signs up using your link, you'll earn 10-40% of the fees generated from Jim's trades for 1 year. The exact percentage varies based on your total 30-day trading volume and BNB holdings. But the more trades Jim makes, the more fees you earn as the referrer.

I referred my brother to Binance last year. He's an active trader, so I've earned a nice stream of BNB from his trading fees. It's a great way to accumulate more crypto without spending any extra money. The referral program incentivizes me to spread the word about Binance and gets rewarded if that referral turns into an active user.

In Jim's words: "The referral bonus was an awesome perk for opening my Binance account. I got $50 in free BNB just for signing up and funding my account. Plus my brother benefits from my trading activity. I'm happy my trades are earning him a percentage of fees in BNB. It's a win-win for both of us!"

What Are Some Strategies to Maximize the Binance Referral Program?

The Binance referral program offers an excellent opportunity to earn passive income. Here are some tips to maximize your referral rewards:

• Promote your link actively on social media, forums, and with friends/family interested in crypto. The more referrals you drive, the more rewards you can generate.
• Incentivize people to use your link by offering to split the referral bonus. You still earn their trading fees while giving them a portion of the signup perk.
• Focus on getting engagements from active crypto traders or investors. Their frequent trading activity will earn you higher fees.
• Keep your referral link handy whenever crypto comes up in conversation. Over time, small promotions can add up.

How Do I Withdraw My Bonus and Referral BNB into Cash?

Once you've accumulated some BNB from signup bonuses and referral rewards, you may want to withdraw it into your local currency. Here are a couple options:

• Convert BNB to Bitcoin, Ethereum, or a stablecoin on Binance. Then transfer to an exchange like Coinbase to cash out into your bank account.
• Use a peer-to-peer platform like Paxful or LocalBitcoins to sell BNB directly for cash, bank transfer, or gift cards.
• Hold the BNB to use for discounted Binance trading fees (25% off) or invest long-term if you're bullish on Binance Coin.

Taking advantage of Binance's promotional programs can earn you a nice stack of BNB, whether you're joining yourself or referring others. With some luck and active referrals, the earnings from signup and referral bonuses could offset some of your trading fees or even provide an extra income stream. So be sure to use a referral link if signing up, and spread the word if you want to maximize rewards as an existing user.