Crypto Referrals: Earn a Sustainable Passive Income with Bybit

The crypto world offers many opportunities for profits, including exchanging, staking and holding tokens. Lending, mining and qualifying for airdrops are only a few of the other options. These strategies, however, require an investor or user to actively participate in order to see returns. Now, many exchanges offer compensation for crypto referrals. In fact, this compensation can be a lucrative source of passive income. What should you know about crypto referrals?

What Are Crypto Referrals?

Crypto referrals are incentivized programs that encourage users to promote a specific exchange to their family, friends and acquaintances. Referrals offer a win-win situation for both users and exchanges. With referrals, users can benefit from rewards and exchanges can achieve their specific marketing goals.

Businesses have been using referral programs for many years as part of their marketing strategies. The premise is that people are more likely to trust the word of someone they know over a company’s marketing message. Referrals are more personal and direct, but getting customers to refer a business’s products or services can be challenging. 

A referral program gives people an exciting incentive for sending referrals to the business. Crypto referrals are used by crypto exchanges and projects to incentivize word-of-mouth advertising. The specific rewards and requirements for participating in crypto referrals vary, so it is important to review the details of each exchange or project that you wish to support upfront.

Rewards Offered by Crypto Referral Programs

In some cases, a user may be so enchanted by the great features and overall experience or profitability of a specific platform or exchange that he or she is willing to make crypto referrals without any incentive. However, you may feel more motivated to make a recommendation if you know that you will be compensated for doing so. 

There are many rewards offered for various crypto referral programs. Commonly, users may earn passive income by receiving free tokens or coins for their referrals. Other referral programs, however, offer coupons, discount vouchers, gift cards or free services or products. By participating in multiple referral programs that distribute coins or tokens for your efforts, you could set up multiple streams of passive income. You should be aware that there are specific steps to follow to ensure that you earn money or rewards for your referrals. For example, the person you are referring may need to register with your specific referral link and complete trades before you can earn rewards.

How Do Crypto Referrals Work?

To participate in a crypto referral program, you must first be knowledgeable enough about a specific platform or project to answer questions and promote its key features. With this in mind, the first step is to get familiar with a crypto program that offers rewards for crypto referrals. 

The actual process varies, but a user will typically need to sign up for a specific referral program. After doing so, a customized referral link will be provided. You will need to give this link to each person you refer, and they must create an account through that link in order for you to receive credit for the referral and earn rewards. 

Rather than a referral link, some exchanges and platforms use a special code or ID. In some cases, the new user may simply need to open an account in order for you to receive an incentive. In other cases, however, that user may need to start crypto trading or become active in other ways before you can earn a referral reward. Some crypto referrals reward both the referrer and the new users, such as by giving both parties an equal number of tokens.

While some crypto referrals pay a one-time reward, others have a recurring structure. For example, you may earn commissions each time a referred user makes a trade, buys coins or completes other specified activities. With this type of structure, you can grow passive income streams over time by making more referrals.

Benefits of Crypto Referrals

If you have been searching for another way to earn money in the crypto world with minimal effort required, making crypto referrals could be exactly what you are looking for. In fact, by simply promoting the crypto projects that you are excited about and following a few requirements for the referral programs, you may get a one-time bonus or earn passive income for months or even years to come. There are numerous benefits of crypto referrals to consider.

No Risk of Financial Loss

Crypto trading, staking, holding and other related activities all come with the risk of financial loss. For example, because of extreme price volatility, a trader could lose a small fortune if the timing for a sale or exchange is not executed perfectly. With crypto referrals, however, you are not putting your own assets at stake. Instead, you are simply telling someone you know about the features and benefits of a specific project and passing along your link or code. If you are rewarded in coins or tokens, there is the possibility of a loss in value once those digital assets are yours. However, you can easily bypass this by exchanging the assets immediately once you receive them. Otherwise, you could also stake them in order to draw income from another passive income stream.

Minimal Effort Required

Profiting from crypto trading and other activities generally requires you to keep your eyes trained on a computer or tablet screen for long hours. For some activities such as yield farming, you may need to string together various transactions on multiple exchanges to achieve a goal. The amount of time and effort put into many types of crypto activities can be daunting for some people. Making a referral, however, is as simple as having a conversation with a friend or family member.

Challenges of Crypto Referrals

As is the case with many other types of money-making activities, there are some challenges of crypto referrals that you should be aware of upfront. By understanding what these challenges are, you can develop strategies to overcome them and earn more money through your referral activities.

Getting New Users to Sign Up

Some people think that they may need to be comfortable making a “hard sale” to people they know in order to be successful with crypto referrals, but this is not the case. The beauty of a referral is that it is a recommendation from a trusted source. You may be more successful with crypto referrals if you approach them from a standpoint of trying to help your friends and family be successful with crypto trading and activities.

In some cases, you may need to demonstrate certain features using your own account or even help someone create a new account to get started. When you focus more on helping people rather than earning money through referrals, you may find that the process is less stressful and more productive.

Referrals Limited by Your Social and Professional Circles

Crypto referrals require you to connect with people you know and get them to sign up or take other actions. As a result, your referral activities are seemingly limited by your social and professional circles. Unless you have huge circles, you may feel like there is little money available for you to earn through crypto referrals. However, you do not need to have a strong, close relationship with someone to be successful. In fact, you may give your referral link to someone you talk to at a neighborhood BBQ, at your kid’s soccer practice, in a doctor’s office waiting room and in other places.

Crypto Referrals vs Crypto Affiliate Programs

Another way to earn passive income in the crypto world is through affiliate programs. These programs are similar to referral programs in some ways. For example, both referral and affiliate programs require the use of a specific link or code. In both cases, you must pass along that link or code in order to get credit for your efforts. 

With an affiliate program, the user typically spreads the word by publishing related articles online, setting up a website devoted to cryptocurrencies, spreading the word on social media and more. With this in mind, there may be more work involved in being a crypto affiliate than simply making referrals. Keep in mind that the requirements for participating can vary. For example, anyone may sign up for a referral program on some platforms, but a user may need to have a minimum number of social media followers to qualify for some affiliate programs.

Crypto Referrals with Bybit

Interested in joining a crypto referral program but not quite sure where to start? Consider Bybit’s Referral Program!

Bybit’s Referral Program allows you to earn up to 30% commission through your referred users. Specifically, this commission applies to all trades completed by those referred users. This lucrative rate and the ability to continue profiting off of a referral for potentially years to come makes Bybit’s program one to take a closer look at. 

You should be aware, however, that the commission only applies to qualified referees — individuals who signed up for a Bybit account using your special link, funded their account with more than $100 within seven days of registration and accumulated a Derivatives trading volume of more than $500 within 30 days of registration. There is no reward simply for getting someone to create a new account. 

Bybit’s Referral Program offers a tiered commission system. For your first four qualified referees, you will receive a 20% commission. For five or more qualified referees, the commission goes up to 25%. Once you have more than 100 qualified referees or when your qualified referees’ Derivatives trading volume collectively reaches $15 million in a quarter, you qualify for a 30% commission. 

How to Join a Crypto Referral Program

If you wish to do crypto referrals for a crypto exchange that you are not currently active with such as Bybit, you will first need to create a new Bybit account. Once your account is established, take time to research the specific qualifications and rewards for the program. Once you’ve made up your mind to join the program, you should be able to find an Invite Friends link on the project’s app. For Bybit, you would be able to find the link on the official Bybit Referral Program page. While each project is different, signing up for crypto referrals usually only takes a few minutes. When the process is complete, you will receive your unique link or code. Then, you can start spreading the word and getting rewards for your referrals.

Bybit is currently running a Valentine’s Referral Program till Feb 23, 2023, 10AM UTC where you can share 50 USDT with your friends and earn up to 30% in commission. Don’t miss out and join the program to start earning passive income today!

Are Crypto Referrals Worth Trying?

Crypto referrals are another way to earn money in the crypto world. Unlike other strategies with at least medium risk, such as trading, referrals have minimal risk and require minimal effort. While there is the possibility of a referral program being canceled and rewards ceasing, the ability to earn passive income through referral commissions may be too attractive to pass up on. Crypto referrals are most suitable for people who are passionate about cryptocurrencies and who want to earn by helping others profit in the space as well.

The Bottom Line

From collecting NFTs to trading coins, making referrals and more, the opportunities for financial gains in the crypto space are extensive. Whether you are looking for a low-risk way to profit with cryptos or you simply want to diversify your activities, taking advantage of a referral program is a smart idea. With the lucrative commission structure for Bybit’s crypto referrals, this is a great place to start.