A rebate is a major resource for you in the cryptocurrency space, allowing you to save money and make money. It's also the only chip you can negotiate with in front of KOLs! Read this article carefully and make good use of this chip!
This article is written in a Q&A format! (Quick Q&A)
What is a rebate?
When you trade on an exchange, like Binance, the platform charges a 'fee' whether you are trading spots or contracts. This is how they make their profit, right? Well, spot trading is manageable, but contracts can be terrifying; the fee model for contracts is based on the amount of your position. For example, if you have a $1000 position with 100x leverage, that’s a $100,000 position. When you open and close a position, I remember the fee is around 0.15%. No matter if it’s spot or contract trading, if your trading volume is large, this fee can be quite scary.
Everyone can open the VIP section in the exchange's personal center to check the fee standards, and then open your contract profit and loss analysis or spot market to see how much fee you have 'contributed' to the exchange.
So, the exchanges know about this. They created a new strategy, earning less from fees and using it for user growth. This is where commissions come in. Commissions are simple: everyone invites friends, and friends can reduce fees. You can earn some extra commission and help the exchange attract new users.
But this method definitely has rules, for example, the more people you bring in, the higher the ratio, or giving special privileges to big influencers who can bring in a lot of people (like Binance's alliance partners). The commission ratio for such people is very high, which can save you a lot on fees, and they earn a lot too!
Forgot a point, the commission for the web wallet is similar!
Who should the commission be tied to?
For both newcomers and veterans, the commission quota itself is a small 'resource' you have in the crypto world. Everyone hopes you will bind it under them; you need to utilize this resource well. After all, resources in our crypto world are still 'valuable', and the choice is in your hands.
If someone pushes commissions to you, the first thing you should do is confirm the ratio with them. If they are just an ordinary account, binding or not makes no difference. The second thing is to see what this person does. If they are just a no-fan account or purely pushing commissions, to be honest, it has no meaning. They cannot bring you anything, and you can't ask them. You need to see if this person can bring you what you need.
For example, I am a KOL in the field of guiding newcomers. I can provide you with knowledge and skills. If you are willing, you can bind under me. But if you are doing contracts and feel that what I provide is useful but you want to trade with someone else, then go find a big streamer to bind under. That way, they might 'take care' of you a bit under them. But definitely don’t bind under those who only push commissions or ordinary users who cannot bring you any value! (Subtle promotion: If you like me, please support me, haha!)
Summarize the key points: reasonable ratio - valuable to you - provides assistance - long-term stability without running away.
What pitfalls are there in commissions?
Don't trust commission ratios that exceed the rules (I originally wanted to write about a few pitfalls, but the platform wouldn't allow it, so the article couldn't be published. Check my original text!).
Don't let others lead you to a shady platform (where they eat your losses and push you to liquidation, even aiming for your principal).
Don't randomly bind to others. Many people do not have a ratio and cannot bring you any extra value. If you bind, bind under a KOL.
Can I also push commissions myself?
Can or cannot, keep reading!!!
How can ordinary players make money from commissions?
In short, many KOLs or streamers pushing commissions have small teams. If you cooperate with them and help promote, it's easy to push and you can earn together! If your ratio is not good, it's hard to do. This track is super competitive. Even if you exhaust your methods to push a few clueless people, it doesn't matter to bind them under you. One is the ratio, neither of you earns, and the other is that once they understand, they can switch!