What a referral code on an exchange is and how it works

What a referral code is

Exchanges run affiliate programmes: people or websites that bring them users in return for a share of what those users generate. Each affiliate has a code and a link. If you sign up with them, your account is marked as a referral of that affiliate.

It’s the model that funds many crypto channels and websites. Knowing this helps you read what they publish with the full context.

Who gets what

With a referral code, three parties gain: the exchange, which gets a new user; the affiliate, who receives a share of the fees you pay when you trade; and sometimes you, with a fee discount, a welcome bonus or access to a community.

• The exchange gains a user and their trading fees.
• The affiliate receives from the exchange a share of the fees you pay when you trade. If you don’t trade, they normally receive nothing.
• You sometimes get something in return: a fee discount, a welcome bonus or access to a community. It depends on the exchange and the affiliate.

In the usual programmes, what the affiliate receives comes out of what the exchange already charges you to trade: it isn’t a separate charge. The exact terms are on each exchange’s affiliate programme page.

An affiliate earns more the more you trade. There’s nothing wrong with that, but it’s worth bearing in mind when someone encourages you to trade more, or with more leverage.

How to use one

A referral code is entered only once, when you sign up: you go in through the affiliate’s link or type it into the invitation box before finishing sign-up. After that, on most exchanges it can no longer be added or changed.

1. Go to the exchange through the affiliate’s link, or open its sign-up page and look for the “invitation code” or “referral code” box.
2. Enter the code before you finish signing up. If you came in through the link, it’s usually filled in already: check that it is.
3. Complete the sign-up and the identity verification the exchange asks for.

Before signing up, check that the exchange can serve you in your country and which licence it operates under there.

If you already had an account without a code

Almost no exchange lets you add a code to an existing account. Some allow it for a few days after sign-up or through their support team, and others never allow it. If you’re interested, the safest way to find out is to ask the exchange’s official support through its own website or app.

Your UID, and the details you should never give out

The UID is the number that identifies your account on the exchange. You’ll find it in your profile, usually at the top, next to your username. With it, an affiliate can check in their dashboard whether your account is one of their referrals, without access to anything else.

• Your password and verification codes (SMS, email or authenticator app) are never given to anyone, ever.
• Your API keys give access to your account: they are not shared to “check” anything.
• Nobody legitimate asks you to send them money to give you access to a group, a bonus or a signal.

Frequently asked questions