Is Binance's referral commission just a little wacky, or is something more sinister going on?
Has anyone else noticed their estimated commission value disappearing on Binance ? I can't be the only person.
I've had a really great experience with Binance. I love the service, it's quick, it's fast, it's transparent and cheap. I've used a few different exchanges, and Binance is by the best. And when you take their referral program into account, they can't be beat, right?
That's what I thought. Then I read the fine print.
" Step 4: After your friends successfully register at Binance.com and start trading, you will receive a 50%commission of his/her trading fee in real-time during the first month of our promotion. You can check the Referral Friends, Estimated Commission Value, Latest Commision History on the event page. "
Then, in a strange, blue small blurb at the bottom they say, "the commission rate will be initially set at 50% then be adjusted based on situation". See the photo below for my source
So, what's the big deal? It's a great program, and as long as they announce when they reduce the commission down from 50% and are transparent about it, I'm a happy camper. I don't think that's happening. Like I said, I told a lot of people about Binance and managed to sign up about 200 people.
From this, I've made about $20 per day over the past two weeks. It would be starting to add up, but EVERY time my estimated commission value hits 00.0036, it's immediately cut in half back down to 00.0017. This has happened at least 4 times. I finally took a screenshot today after my support ticket about the issue was closed without a response.
Update: Managed to break the 00.0036 wall after repeated support tickets. Now it resets from 0.017 to 0.0090. $4 a pop each and every time..
E.g. These two screenshots are over a week apart. It's reset multiple times over the past seven days, right back where I started..
Now, there's a few conspiracy theories that Binance is using commission to buy back BNB, but that's a little too far-fetched even for me. I'll let you guys decide, here's the source for the below.
I'm going strong with KuCoin. You get commission on the people your referrals refer, and they seem to be much more transparent with their daily payouts.
If anyone has a better understanding of how this system works, please do myself and Binance's support a favor and explain it to me down below. If you have had the same experiences, I'd love to hear about them.