Binance is the world’s largest cryptocurrency exchange by far, with about $2 billion in trades every day.
When you sign up using the best Binance referral code “K7SNSXP7“, you get an instant 20% discount on trading fees.
In addition, when you pay fees using the Binance Coin, you get an extra 25% discount (for a total of 45% discount off your trading fees).
Lastly, when you invite friends and they sign up through your Binance referral link, you earn up to 40% of the trading commissions they pay.
This article covers how Binance’s referral program works, whether it is safe, and the fees you pay on the platform.
What is Binance?
Binance was founded in 2017 by Changpeng Zhao.
It supports trading in more than 300 coins, including popular ones like Bitcoin, Ethereum, Litecoin, Dogecoin, Cardano, Polkadot, Stellar, Ripple, and more.
In addition to its robust spot market offerings, you can also trade coins via its derivatives markets using various futures and options products.
New customers who sign up must verify their identity and complete KYC documentation. This process is quick (less than 1 hour) and is completed online.
Binance is available as a desktop application on Windows and Mac. There is also a Binance app you can download on iOS and Android devices.
How Does Binance Referral Work?
Binance has a referral program that rewards new and existing clients.
To get started, sign up using this link or enter the Binance referral code K7SNSXP7 to get up to 20% off when you place a trade.
As a customer, you can also refer others and earn a commission whenever they trade. Navigate to the “Referral” section of your account to generate your Binance referral link or code and share it with others.
The default referral bonus is 20% of the trading fees your friends pay. You can share this bonus and give them 5% or 10% of the rewards.
If you keep a daily average balance of 500 Binance Coin (BNB) or more, your base referral rate increases to 40% and you can share up to 20% with your referrals.
Related: Best Bitcoin Cold Wallets
Binance $100 Bonus
New Binance clients can earn up to a $100 welcome bonus in addition to the fee discounts. To get the bonus, here’s what you need to do:
- Make a first time fiat or P2P deposit of ≥ $50: Get a $5 cash voucher
- Make a first time crypto deposit ≥ $50 within 5 days: Get a $50 spot cashback voucher
- Make a crypto trade of ≥ $100 on spot: Get a $45 spot cashback voucher
The trading fees you pay on Binance vary depending on your trading fee level which ranges from VIP0 to VIP9.
Trading levels are determined by how much BTC you have traded on the spot or futures exchange and how much BNB you hold.
The standard trading fee (VIP0) is 0.10%. When you pay using Binance Coin, you get a 25% discount and pay 0.075%.
The image below shows what you pay per trade depending on your trading level.
Binance Coin (BNB)
Binance has its native coin, Binance Coin (BNB), that can be used to pay transaction fees when you trade on the platform. It is also used for payments, hotel and travel bookings, gift card purchases, loan applications, and more.
You can buy BNB with Cash (fiat) or trade it for other cryptocurrencies.
BNB can also be stored offline using a cold wallet such as the Ledger Wallet.
As of this update on October 9, 2022, Binance Coin was trading at $278 USD and had a market cap of $45 billion.
The maximum lifetime supply of BNB that will ever be in circulation is 200,000,000. As of September 3, 2022, there were 161,337,261 BNB in circulation.
Is Binance Safe?
Trading cryptocurrencies and altcoins is a risky endeavour, and you can lose 100% of your capital.
That said, Binance appears to be a legitimate business. As per its website, Binance secures your account using 2FA. It also offers a Trust Wallet which supports 40+ blockchains.
Binance Alternatives in Canada
If you are looking for alternative cryptocurrency trading platforms to Binance in Canada, such as in Ontario, you can take a look at:
1. CoinSmart: This platform supports 16 coins and is great for both newbies and experienced crypto investors. New clients get a $50 bonus after depositing $200. CoinSmart is one of the best crypto exchanges in Canada. You can learn more in this review.
2. Wealthsimple Crypto: If you prefer to have someone else hold onto your crypto, so you don’t have to worry about hardware wallets, Wealthsimple Crypto may be for you. It offers 50+ different coins and gives new clients a $25 bonus when they deposit at least $150. Get more details here.
Binance Referral Code FAQs
The best Binance referral code in Canada is (K7SNSXP7). Use this code to get up to 45% discount off trading fees and earn a $100 bonus when you complete simple tasks.
When you sign up using the links above or this Binance referral code “K7SNSXP7“, you get a lifetime fee discount of up to 45%.
When you are creating a new Binance account, use a Binance referral link or code K7SNSXP7 to enjoy trading commission discounts and a sign-up bonus. As a Binance client, you can share your referral link or code with friends, and when they join, you both earn rewards.
Binance stopped operating in Ontario in June 2021 after deciding it did not want to register with the regulatory body, i.e. Ontario Securities Commission.
Binance.com is generally unavailable to U.S. residents; however, you can trade via Binance.US. Binance.US was launched in 2019 and supports more than 50 cryptocurrencies. It is operated by BAM Trading Services.
You can withdraw cryptocurrency from the platform to an external address or withdraw cash (fiat) using SWIFT.
Binance had a spat with the Ontario Securities Commission last year after failing to register with the regulator in accordance with Ontario’s Securities Act and does not offer its services to residents of that province. While residents of other Canadian provinces can use Binance, it remains unclear whether things will change in the future.
What’s your experience with other cryptocurrency platforms? Let us know in the comments.
Binance Referral Code
Ease of use
Accounts and products
Earn up to a 45% bonus when you sign up using the best Binance referral code “K7SNSXP7”. Get a 45% discount on fees and up to a $100 sign-up bonus. Learn more in this Binance review.
- Largest crypto exchange worldwide
- Significant sign-up bonus
- Offer hundreds of digital assets
- Offer advanced trading tools
- Not available in Ontario
- The interface may be confusing for beginners