Are exchange referral discounts safe? The exchange pays them; don't pay anyone
Short answer
With a referral code, the exchange pays the fee discount straight to your own exchange account at the rate built into the link. Your money never passes through anyone else, and you don't pay anything. Watch out for scams using the same name: anyone who asks you to send money first, pay a membership fee or share your password, codes or private key, or who guarantees or promises high returns.
A real fee discount
Paid by the exchange
Straight to your own exchange account
What you pay
Nothing
Just enter the code at sign-up
Red flag
Asks for money or passwords
Transfers, fees, keys or codes up front
Red flag
Says returns are certain
Promises high returns or no losses
How to spot a fake (stop at the first sign)
You're asked to transfer money, pay a membership or activation fee before you get the discount
You're asked for your password, verification codes, private key or seed phrase, or to share your screen
Someone says returns are certain or promises high returns, says you'll profit by copying their trades, then asks you to move money to a platform they recommend
You're sent to a site or app that isn't the official one to sign up or deposit
Someone claiming to work for the exchange messages you to set up a discount for you
How a real fee discount arrives
Binance
- How it's paid
- Calculated hourly, converted to USDC and paid to your Spot account within 6 hours
- Where to see it
- Referee cashback on the referral page
- Do I need to apply?
- No, it's paid after you trade
OKX
- How it's paid
- Paid to your account; records are in My Rewards
- Where to see it
- My Rewards in the app, which also shows the rate set for you
- Do I need to apply?
- Check OKX's site and app
| Exchange | Binance | OKX |
|---|---|---|
| How it's paid | Calculated hourly, converted to USDC and paid to your Spot account within 6 hours | Paid to your account; records are in My Rewards |
| Where to see it | Referee cashback on the referral page | My Rewards in the app, which also shows the rate set for you |
| Do I need to apply? | No, it's paid after you trade | Check OKX's site and app |
| Sign up | Sign up | Sign up |
The exchange has the final word
FAQ
Does a referral code make my fees higher?
Your fee rate follows the exchange's own fee schedule; the discount gives back part of the fees you pay. The exchange has the final word.
Someone says I can get a bigger discount if I pay a membership fee. True?
No. The fee discount is the rate built into the referral link at sign-up, and the exchange pays it directly. You don't pay anything.
Someone claiming to be exchange support messaged me to set up my discount. What now?
Don't trust it, and don't send crypto or your private key because of a private message. If you're unsure about an account, check it with the exchange's official verification tool.
Should I trade more to get more discount?
No. The discount is based on the fees you actually pay; trading more only means paying more fees.
I already sent money. What should I do?
Stop sending money right away; contact official support only inside the exchange app; keep your chat and transfer records; report it to your local police.