Binance crypto exchange announces a referral/affiliate program for leading social media figures.
Individuals, Communities and Businesses with more adequate number of user following can become a Futures Affiliate on the exchange. The members can earn 20-30% of the trading fees from the accounts they refer to. The conditions are given in the excerpt from the announcement below,
Moreover, while the requirement to hold a predetermined amount of Binance [BNB] Coin has been waived. The members of the program will be judged periodically every 90 days. The press release lists the condition for every 90 days,
a minimum average of 100+ active trading users with a cumulative trading volume equivalent of 10,000 BTC
Twitter and Telegram are the two most popular platforms in which the group leaders share their ideas. Most of these ‘experts’ are traders/analyst who provide info on trading signals and market analysis. These are infamously referred to as ‘paid group leaders.’
Stay Away from Frauds
The recent revelation of Jacob Canfield’s fraud, the number one trading crypto analyst on TradingView and popular on Twitter as well, was a shocking event for the community.
Man spoke about manually arbing a $17 Mex-CB spread. Said it was a glitch. Then when I probed, deleted his tweets. pic.twitter.com/7qQELwjP2a
— Hsaka (@HsakaTrades) March 13, 2020
He has been using Photoshop and using trading signals of someone else in the back-ground to gain popularity; lying about his positions and views in every single online posts of his.
The twitter account of Canfield is now deleted. Hence, it looks like the accusations were true.
Nonetheless, there are many authentic individuals and entities who are sharing their knowledge on trading, the markets and other important trends. And, it is entirely up to them to share their wisdom for free or for a fees. Binance is offering them a way to earn passively by leveraging their community strength.
Still, a trader or investor must always develop his own trading plan or select personal market indicators to execute positions. Blindly following group leaders can often lead to disappointment, as trading is brutal as it is.
Do you the affiliate programs will help in weeding out the fake influencers? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com