Binance has linked the trading fee commission for both the Spot and Futures referral programs
Yesterday, Binance announced the launch of a rewards program due to the Bitcoin halving. According to a publication, during the period May 11-18 at 4:00 UTC, Binance users will be able to earn rewards in Bitcoin. The largest of these rewards is 12.5 BTC or approximately $ 108,000. And now today, Binance has just launched a new offer, the Referral Program upgrade program. Accordingly, users can earn both spot and futures commission from only one new referrals link.
Binance linked the trading fee commission for both the Spot and Futures referral
Previously, the two Referral Program Spot and Futures systems were two independent systems. But now Binance has linked them all together on 2020/05/11 4:00 PM (UTC).
“For every new user successfully referred to Binance, the referrer will receive a commission on fees anytime the new referred user trades on any of Binance’s spot or futures markets. This means you can now freely invite users via either a spot referral link or futures referral link and receive the commission from both.”
To make it easier to understand, you can follow the two examples below:
User A invites User B via a Spot referral link. User A now receives a referral commission on User B’s trading fees anytime they trade on any of Binance’s spot or futures markets.
User A invites User B via a Futures referral link. User A now receives a referral commission on User B’s trading fees anytime they trade on any of Binance’s spot, margin, or futures markets.
To understand more about the rates of commission and kickback/discount, please refer here.
Earning rewards in Bitcoin with Binance
According to Binance, to receive the reward, users need to complete four tasks. First, users have to complete the purchase of a cryptocurrency at any given time using Binance’s fiat-to-crypto option. Second, users need to reach the equivalent of $ 500 in trading volume on one of the Bitcoin spot trading pairs.
Furthermore, users are required to use Binance’s referral program. The referred user has to open an account on the Binance Futures platform. Finally, users who wish to earn the BTC rewards have to reach the equivalent of $1,000 USDT in trading volume using the Binance perpetual futures contract feature for the BTC/USDT pair.
The rewards available for the program are as following:
- Complete any 2 out of 4 tasks to equally split a prize pool of 2.5 BTC
- Complete any 3 out of 4 tasks to equally split a prize pool of 4 BTC
- Complete all 4 tasks to equally split a prize pool of 6 BTC
However, users who wish to participate in the rewards program should read the terms and conditions carefully. In accordance with the terms and conditions of Binance, the exchange reserves the right to cancel or change activities or rules at any time at its discretion. In addition, the exchange reserves the right to final interpretation of the program tasks. This means that Binance can determine whether a user has completed a particular task without the right to reply.
Binanceinjected 30,000,000 USDT into the Binance Futures Insurance Fund
Besides, on May 10, 2020, over 13 million USDT of the Binance Futures Insurance Fund was used to protect users from further ADLs (auto-deleveraging).
To both support, and continue to protect our users, Binance has injected a further 30,000,000 USDT into the Binance Futures ’Insurance Fund, in addition to the 7,500,000 USDT previously injected on 04/30/2020.
To view the historical change of insurance funds, please refer to the Insurance Fund History.
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