Binance is one of the largest cryptocurrency exchanges in the world, with a big offering of financial products, including spot trading, Futures trading, staking, Earn, Copy Trading, Launchpools and more. With its competitive trading fees and advanced features, it attracts millions of users globally. Based on registered users and daily trading volume, it is the biggest exchange in the world.

One of the easiest ways to maximize your savings on Binance is by using a Binance Referral ID when signing up. In this article, we’ll explore the benefits of using a referral code, such as the I38R1SSD code, which offers a 20% discount on trading fees. Additionally, we’ll dive into how the Binance affiliate program works and the pros and cons of using this platform for your crypto trading needs.

Overview of the exclusive bonus with the Binance referral ID

Referral code	I38R1SSD
Link to Binance	https://accounts.binance.com/en/register?ref=I38R1SSD
Welcome bonus	Claim a bonus up to $600
Fee discount	20% discount on spot trading fees (lifetime) and 10% discount on futures trading fees (valid for 1 month)
Number of coins	700+

What is a Binance referral code?

A Binance Referral ID is a unique code that allows new users to receive discounts on their trading fees and sign-up bonuses when they register on the platform. The Binance Referral ID I38R1SSD gives the highstest discount on spot trading fees for life (20%), a 10% discount on Futures trading fees (for the first 30 days), and bonuses up to $600. This makes it one of the most generous referral codes available on Binance.

The way Binance Referral IDs work is simple. When you sign up with a referral code, Binance shares a portion of the trading fees it earns with the person who referred you. In some cases, they also pass on some of these benefits to you in the form of fee discounts and cashback on trades. This makes using a referral ID like I38R1SSD extremely beneficial, especially for active traders looking to save on fees over time.

How to apply the Binance referral ID?

Applying the Binance Referral ID is easy and can be done during the registration process:

Step 1: Create an account with the Code

To benefit from the 20% discount, you need to create a Binance account and enter the referral ID I38R1SSD. Here’s how to do it:

• Visit the Binance website or download the Binance app.
• Click on “Register” and fill in your personal information (email address, password).
• Binance will ask you during the proces: “Do you have an inviter? (Optional)”. Answer this question with Yes.
• Look for the “Referral ID” field and enter I38R1SSD.
• Confirm your account by clicking “Next.”

If you’re signing up through the desktop version, make sure to manually enter the referral ID. If you use a referral link with the ID embedded, it will automatically apply the discount for you. You will also automatically see that you will receive a 20% trading fee discount.

Step 2: Complete the KYC process

As a respected exchange, Binance requires all users to verify their identity through the Know Your Customer (KYC) process. This is essential for security and compliance with anti-money laundering (AML) regulations.

• Once you’ve signed up, log in to your account.
• You’ll be prompted to complete identity verification by submitting personal documents, such as a passport or driver’s license.
• Binance will review your documents, and verification typically takes a few minutes to complete.

By completing the KYC process, you ensure that your account is fully activated, allowing you to trade and profit from the referral bonus.

Step 3: Start trading and enjoy your 20% fee discount

After completing the KYC process, you can start trading. Binance supports a big range of cryptocurrencies, including Bitcoin, Ethereum, and over 700 altcoins. The offer is not as big as MEXC, because the listing policy of Binance is more stricter (thus more trust able).

Every spot trade you make will automatically apply the 20% discount from your referral code. By going to the referral page, you can see exactly how much is being paid back to you.

Binance charges 0.1% for both maker and taker fees on spot trades, but with the referral code, you’ll only pay 0.08%. You can reduce these fees even further by paying with BNB (Binance’s native token), which adds an additional 25% discount, bringing your effective fee down to 0.06% (the 25% will be deducted first and after the trade the 20%).

Explanation of the 20% fee discount

The 20% discount provided by the Binance referral ID I38R1SSD works through a commission-sharing system. When you open a trade on Binance, the platform charges a fee, which is a small percentage of your trade amount (typically 0.1% for spot trading, depending on your VIP level). With the referral code, Binance shares 20% of this fee back with you, effectively reducing your trading cost. This proces is automatically and provably during registration.

For example, if you perform a trade worth $1,000 and Binance charges $1.00 in trading fees (0.10%), you will receive $0.20 back in the form of cashback. This cashback is automatically credited to your account, typically within an hour after your position was successfully filled. This 20% fee discount applies for life as long as you continue to use your Binance account. You can see the referral commission shared with you on this page.

Additionally, by holding Binance Coin (BNB) in your account, you can reduce your trading fees by 25%. This discount can be combined with the referral code’s discount, resulting in a total reduction of up to 45% on spot trading fees.

Up to $600 trading fee credit

By joining Binance with a referral code, you can unlock up to $600 in trading fee credits by using their exclusive welcome offer. This bonus structure rewards new users for completing specific tasks within their first weeks on the platform.

• By verifying your identity (KYC) within 14 days, you’ll receive a $20 rebate on spot trading fees.
• Making a first deposit of at least $10 through fiat, P2P, or crypto deposit channels within the same timeframe can add another $30 to your trading fee credits.
• Conducting your initial trade (minimum $10) on Spot, Convert, Margin, or Futures within 14 days brings in a further $50 credit.
• For more substantial trading volumes, you can earn $200 by completing a spot trade of at least $5,000 within seven days or even reach a $300 bonus for spot trading $50,000 within the same period.

Completing these tasks allows new Binance users to significantly reduce their initial trading costs. But there’s a catch, these trading fee credits can only be used to pay for the fees on the platform. So you cannot withdraw this amount or use it for trading.

What is Binance and why use this platform?

Binance was founded in 2017 by Changpeng Zhao (also known as CZ) and quickly became the largest cryptocurrency exchange in the world by trading volume. There were not a lot of exchanges active during that time and especially not with a lucrative affiliate program. CZ started the exchange with competitive fees, trading fee discounts and even without a KYC policy.

Now, Binance offers a wide variety of financial services, including spot trading, margin trading, Futures, Launchpools and staking.

The power of Binance is that they both target novice and experienced traders. The platform also supports a vast selection of cryptos, making it a go-to exchange for those looking to trade a diverse portfolio of digital assets with high liquidity.

In 2023 both Binance and Changpeng Zhao plead guilty to federal charges in the USA. Resulting in CZ going to prison and stepping down as his role as CEO of Binance. Richard Teng took over his role as CEO.

Binance has built a reputation for its user-friendly interface, low fees, and vast range of features. From staking to lending, from NFTs to its own blockchain (Binance Smart Chain), Binance offers many avenues for traders and investors to grow their portfolios.

Pros of using Binance

• Low fees: Binance is known for having some of the lowest fees in the crypto industry. With a 0.1% trading fee, Binance beats most competitors in terms of cost-efficiency. Moreover, you can lower these fees even further by using a referral code like I38R1SSD, which gives you a 20% discount on spot trading fees and 10% discount on Futures trading.
• High liquidity: Binance offers a massive volume of trading across various cryptocurrencies. This high liquidity ensures that trades can be executed quickly and at competitive prices. They even offer liquidity for other exchanges and crypto brokers.
• Advanced trading tools: For more experienced traders, Binance provides advanced tools like Futures trading, margin trading, and options trading, allowing users to hedge, leverage, and optimize their portfolios.
• Binance Earn: With Binance Earn, users can stake or lend their crypto to earn passive income. This includes flexible and fixed staking, savings accounts and liquidity farming.
• Security measures: Binance has put significant resources into ensuring the security of its platform. It uses a Secure Asset Fund for Users (SAFU) to protect users in case of security breaches.
• Wide range of cryptocurrencies: Binance supports more than 700 cryptocurrencies.

Cons of Binance

• Regulatory issues: Binance is facing regulatory challenges in several countries, which affect its services in certain regions. This can cause uncertainty for some users, particularly those in jurisdictions where Binance’s services may be limited or restricted. For example, Futures trading is restricted in the whole EU, while MEXC and KuCoin are still offering this services.
• Complexity for beginners: While Binance offers many features, it can be overwhelming for beginners. The platform has a lot of advanced trading options, but the complexity might confuse or overwhelm new users.
• Customer support: Although Binance offers a vast library of resources and tutorials, some users have reported long wait times for customer support when issues arise. Also, in our own experience, support has not enough knowledge about some harder tasks.

How does the Binance affiliate program work?

The Binance Affiliate Program allows influencers, website owners, and content creators to earn a commission by referring new users to the platform. Affiliates can generate their own referral IDs and share them with their audience. The affiliate earns a portion of the trading fees paid by the people they refer, which can range from 20% to 50%, depending on various factors such as the number of referrals and the amount of BNB the affiliate holds.

Affiliates also have the option to share part of their commission with their referrals, just like the 20% discount provided with the I38R1SSD referral code. This encourages more users to sign up using the affiliate’s referral link, as the users themselves benefit from reduced trading fees.

Becoming an affiliate is straightforward. Anyone with a social media following of 5,000+ or a website with 5,000+ daily visits can apply to become an affiliate. Once approved, affiliates can start earning commissions from their referrals’ trading activity. This offers a lucrative income stream for those who have a large following or audience interested in cryptocurrency trading.

Affiliates also receive additional benefits such as access to marketing resources, early product releases, and exclusive promotions, making it a great program for those looking to expand their reach in the cryptocurrency space.

Conclusion

Binance remains the world’s largest cryptocurrency exchange, offering access to a wide range of cryptocurrencies and financial products. With its low fees, advanced trading tools, and innovative features like Binance Earn and its own blockchain (Binance Smart Chain), Binance is a powerhouse in the crypto industry.

By using a Binance Referral ID like I38R1SSD, new users can unlock a 20% discount on trading fees, which can make a significant difference for frequent traders. Additionally, the platform offers great opportunities for affiliates to monetize their audience through the Binance Affiliate Program.

However, Binance is not without its challenges. Its complexity might deter beginners, and its regulatory issues in some regions can cause concern. Nonetheless, for users looking for a feature-rich, low-cost platform with high liquidity, Binance is an excellent choice. But check beforehand if Binance is allowed in your region.