Bitfinex is a cryptocurrency exchange based in Hong Kong, owned by iFinex Inc. and is also operated by them. Recently, the Bitfinex Affiliate Program has been in news for offering certain surprising benefits to its users. Many companies offer and use affiliate marketing for a number of advantages but in order to understand those, one should have a brief idea about affiliate marketing.
Affiliate Marketing is defined as “a marketing arrangement by which an online retailer pays commission to an external website for traffic or sales generated from its referrals.” Therefore, it is a marketing strategy through which an individual who has affiliated or partnered with a business refers visitors or readers to a particular product or service of that business and in return, earns a commission. It has gained a lot of popularity in recent times as it has become a passive instrument to earn money online as well as promote the affiliate’s content. In this way, the affiliate can earn and the partners can promote their products acting as a symbiotic relationship.
In the field of cryptocurrency affiliate marketing has become a popular means of attracting more users to the crypto exchanges. This proves beneficial for the users of the affiliate program, as everyone wants to have some kind of passive income these days, and also it helps the exchanges to accelerate and expand their business. Bitfinex is such an exchange that has been offering these options to its users who can now earn commission by creating their “invite links on the Affiliate Dashboard” and sharing them across their social media networks. Once these links are shared, others can sign up through those links and in turn become a referral, the higher the number of referrals the more the earnings.
The major difference with other crypto affiliate programs is that Bitfinex has a unique commission structure that allows the user to gain a certain percentage of the trading fees, not on one but up to three levels within the referral network. If the required criterion is fulfilled by the referrals, one can also increase his earnings with commission multipliers and the “real-time dashboard” helps in tracking the amount earned and the network’s performance. Bitfinex had already become famous in the digital currency market with its leveraged trading as it offered its customers “up tp 100X on trades, turning a $10 trade into $1000 in value.” The Affiliate program would also gain its own share of popularity as it was hardly expected to be three-tiered and it works somewhat like this- “the friend you referred, you earn 18 percent of their exchange fees, people your friend referred, 6 percent of their exchange fees and friends of friends, 2 percent of their exchange fees.”
Bitfinex has also faced some controversy when it had placed a ban on a few US members who have still been found revealing openly about how they have continued to use the site “via proxy networks or VPN.” It also faced some loss in terms of several traders who were reluctant and scared about the platform. However, it seems to have made a comeback through this new affiliate program with three tiers which seems to have taken everyone by surprise and any user who signs up on the website can have access to the program with a click on a button at the top corner of the website. Thus, Bitfinex not only renders crypto trading as a remunerative pursuit but also adds value to the user’s community.