Binance is the world’s largest cryptocurrency exchange and is used by millions of people every day.
Unlike Coinbase or Crypto.com that buy image rights and pay advertising to appear at the most popular sporting events, Binance has become popular organically, from user to user.
In this article we will explain what the Binance referral ID is, how to fill it out and what the benefits are. Are you ready?
What is the Binance Referral ID (Optional)?
As the name implies, the Binance Referral ID is an optional code to earn up to 20% discount on fees on Binance. By entering the referral ID ASYQFPUG in 2023, you are guaranteed the maximum discount. This code also guarantees an exclusive sign-up bonus of $50 cashback on transaction fees after the user completes their tasks.
After entering this code, you will see a message saying “Your commission kickback rate: 20%” as in the image below:
This means that the maximum 20% discount will be applied to your account forever. This discount is lifetime, i.e. it will never expire.
What is the easiest way to sign up at Binance with an invite code?
For beginners who like convenience, the easiest way to enter the Binance Referral ID is to click on this link to sign up. This way, since the registration link already contains the code, you just need to create your account as usual, without having to enter any code, as it will already be saved and associated with your account.
Futures Market Referral ID
Many users search Binance Futures Referral ID. Actually, when you create your account at Binance, you will have access to both the spot market and the futures market. There is no need to create two separate accounts. The same Binance Referral ID ASYQFPUG can be used for Binance Futures in 2023.
What has changed in 2023?
Previously, this field was called the “Binance referral code”. Today, Binance has changed the name to “referral ID” but the logic remains the same. The maximum discount is still 20% on all transaction fees.
Is there a referral code with a discount higher than 20%?
No. Although many articles on the internet advertise their affiliate codes saying that you will get unreal discounts, Binance Terms are very clear that every Binance affiliate can choose the discount rate they will give back to their referral and which one they will give back to them as commission. Binance offers 41% commission in all. An affiliate can split it in half: 20% for the referral and 21% commission for him/her. Or he can also keep higher commissions for himself, like 31% (while 10% goes to his referred friend). Note that there is no way to pass on more than 20% to the friend, only less.
It is very easy to check this statement. When you enter the code, as we have commented before, a message will appear, so you can automatically see the discount offered.
Do not sign up with codes from dishonest people. People who lie about commissions do not deserve your trust. We at Simplifying Theory work with music and are cryptocurrency enthusiasts, believing in its future. That is why we affiliate with Binance and try to pass on the most correct and truthful information to you.
What is BUSD?
BUSD is the standard stablecoin within Binance. In the past, Binance worked with various stablecoins such as USDC, USDP, and others. In 2023, if you transfer USDC or USDP to Binance using the Ethereum network, your tokens will be automatically converted to BUSD, which is a stablecoin also paired 1:1 with the dollar, where the financial custody is handled by the company PAXOS.
Inside Binance you can make trades using BUSD as if it were dollars. But when it comes time to withdraw your dollars as cryptocurrency, we recommend withdrawing USDP or USDC, which are more regulated and secure stablecoins.
I created my account with the reference code. Now what?
After creating your account, you can make a cash deposit to start buying your first cryptocurrencies. Binance offers over 500 different cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polygon (MATIC), Dogecoin (DOGE) and many others.
After buying your cryptocurrencies, if you want to hold on to them for the long term, we recommend that you transfer your coins to a personal wallet, as this is one of the great advantages of cryptocurrencies, they allow you to do your own custodianship, without having to rely on Binance anymore!