Bitfinex is a Hong Kong-based crypto-currency exchange, owned and operated by iFinex Inc. The Bitfinex Affiliate Program has recently been in the media to give its customers some unexpected advantages. Many companies offer and use affiliate marketing for a number of benefits, but one should have a brief idea about affiliate marketing in order to understand those.
Affiliate Marketing is defined as’ a marketing agreement whereby an online retailer pays commissions to an external website for traffic or sales generated from its links.’ Therefore, it is a marketing strategy whereby a person who has collaborated or associated with a business refers visitors or readers to a specific product or service of that business and, in return, earns a commission. In recent times it has gained a lot of popularity as it has become a passive resource for earning money online as well as supporting the content of the affiliate. The affiliate can therefore earn and the partners can promote their products as a symbiotic relationship.
The promotion of cryptocurrency partners has become a common way to attract more users to cryptocurrency exchanges. It proves beneficial to the affiliate program users as everybody wants some form of passive income these days, and it also allows the exchanges to promote and expand their business. Bitfinex is such an exchange that has given these options to its users who can now gain commission by developing their “Affiliate Dashboard Links” and posting them through their social media networks. Once these links are exchanged, others will be able to sign up through these links and 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.