Bring you thought-provoking stories about Bitcoin and the cryptocurrency revolution. Here to help educate the community and bring others up to speed! Vires in Numeris.
Binance Beginnings: Re-opens New User Registration, Slashes Referral Share
As part of Binance’s aggressive growth strategy, they released a referral program which compensated referrers with 50% of the trading fees paid by the people they referred — on 10/27/2017. They stopped allowing new user registrations on January 4th, 2018.
On Christmas Day, I woke up feeling inspired to write a piece on Binance Exchange. It was entitled, ‘Binance Exchange: Fueling a Hot New Era of Token-based Exchange Models?’ You can see I am obviously a big supporter. I also have many referrals from including Binance’s referral link at the end of every article in the resource list for beginners. Well, Kucoin Exchange is beginning to steal the spotlight and are known as ‘The People’s Exchange.’
You know what Kucoin does with the remaining 50% of fees collectedfrom traders on the platform? They give it to referrers under their affiliate program. I know affiliate programs have their negative stigma, but think about it — you’re going to pay the fee as a trader anyway…why not give part of that to another individual instead of all to the exchange?
My goal with using referral links is to share legitimate resources while also slowly weening myself off of the ‘traditional teat’ as I like to say. In other words, I want to cover the cryptosphere full-time and, in the process, transition to living 100% on cryptocurrency. This recent move by Binance kind of hurts my progress toward living on crypto, I mean, they cut referral earnings by 60% 2-months after starting the program.
Kucoin User Registration Expected to Remain Open While Scaling
Considering Kucoin’s growth strategy includes a defined referral programon their way to becoming a Top 10 exchange, I think it’s safe to say Kucoin will remain open to new registration as they scale their user-base. After reading their white paper, it’s clear the team focused heavily on the technical exchange infrastructure and mention their expectation of being able to handle order-flow when ‘the market is booming.’
It is imperative that Kucoin Exchange can continue to handle the new daily user registrations because they need those new users in order to reach that level of volume and achieve their goal of becoming a Top 10 cryptocurrency exchanges.
Taking a look at CoinMarketCap’s list of cryptocurrency exchanges and their corresponding 24-hour volume, Kucoin is well on their way to becoming a Top 10 exchange and just 3-months into their journey. They currently sit at #17 with $260,120,876 24-hour volume, just behind Gemini Exchangewho has $297,532,500 24-hour trading volume.
Looks like Kucoin needs to just about 3x their current 24-hour volume to reach the Top 10 cryptocurrency exchanges. They recently announced reaching 300,000 registered members while Binance Exchange was announcing their 3,000,000th registered user.
Binance Beginnings Will Continue, But Kucoin Will Too
Part of this ‘Binance Beginnings’ series is to help guide newer cryptocurrency community members who may not be so savvy on navigating the space as a trader or even hodler. My rationale behind needing content like ‘Binance Beginnings’ is that Binance doesn’t even have the required human labor to scale their own platform and handle all user requests.
I’ve had multiple quality ICO projects apply for Binance’s ICO Launch Pad without even an email response. Same with their ‘Binance Labs,’ their sort of business incubator/accelerator — application in and, as you guessed,no response. There’s nothing more frustrating than when you’re trying to use somebody’s service, but that level of quality and service terms change so quickly.
The cool thing about Kucoin is that they are currently developing a way to automatically integrate ICOs into the platform. This means that not only will traders on Kucoin exchange be able to access these ICOs, but ICO projects will have a greater stage to shine on as they raise capital to build their projects. Expect to find some of the biggest up-and-coming ICOs atKucoin exchange in the coming months.
Article Wrap-up (TL;DR)
Binance temporarily opened up new user registrations, but at random times so you need to keep trying if you can’t get in the first-time. The 50% referral fee share has been cut to 20% for new and existing Binance referrals. Kucoin Exchange takes the spotlight, is not expected to close new user registrations while successfully scaling their platform.
Until next time, make sure you follow the Binance Beginnings series below to be updates every-time I write a new article and post it to the series:
Below are some resources for beginning cryptocurrency enthusiasts or others interested in something new:
The links below include affiliate/referral links which help support me as a writer. I do not get paid to write and this is my only means to generating income for writing. Thank you in advance and hope these resources are helpful to you. I only include resources in this list that I have used in the past.
- CEX.io— Buy Bitcoin w/ credit card, ACH bank transfer, SEPA transfer, cash, or AstroPay. Credit purchases are instant.
- CoinPayments — Receive payment via 70+ different cryptocurrencies — the crypto-PayPal.
- CoinMama — purchase Bitcoin and Ethereum w/ credit/debit cards & using cash through WesternUnion on their platform. Best for Euro purchases.
- Bit-Z— Newer Top 20 cryptocurrency exchange adding new, ICO coins all the time.
- Exmo Exchange— just launched their own coin and adding robust features to the trading platform.
- Gate.io — Cryptocurrency exchange listing new coins — get 10% off trading fees if you register with this link.
- CryptoPay— Spend your crypto. Can order a Euro, US Dollar or Pound crypto-debit card. Get 25% off using this link.
- LinkCoin— Your ticket to using LinkCoin, Bibox, and Bibox365 exchange products and ICO’s — mainly Asian cryptocurrencies that are not available on other exchanges.
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