Cryptocurrency Exchange Offers and Bonus Codes
If you want to buy or trade cryptocurrencies then you will need to signup with one or more crypto exchanges. The signup process takes just a few minutes but typically you will need to verify your identity before you can use all the features of the exchange.
What are Exchange Offers?
Exchange offers are bonuses that exchanges give you to entice you to open an account with them. Typically there is a requirement to make a certain deposit, and maybe to make some trades, after which they will credit you with some money.
Whats the Catch?
While its always good to check the terms and conditions, in general this is just a ways for an exchange to get your attention and get you to register with them. They usually require that you deposit and use their site to various degrees, and hence they hope that you become a long term customers and that in time they will get the cost of these bonuses back from the regular commission charges over time
The main terms to look out for are:
New customers only
Offers will vary but most often offers are for new customers only. If you already have an account then it is unlikely you will be able to close it and open another just to take a bonus.
The offer may state that you need to deposit a certain amount and of a certain currency in order to qualify. Also the offer may require that your first deposit meets this rather than subsequent deposits
For example if the offer requires a first deposit of 0.1 BTC and your first deposit is 0.05 BTC, then even if you later deposit 100 BTC you may not qualify
The bonus may be dependent on you making a certain number or certain value of trades
The offer may specify that you have to take certain actions with a specific time of first opening the account such as you must make a trade within 48 hours of registrationOnce you have the bonus, there may also be a time period to use it
Requirement to Claim
Its possible the bonus may not be automatically credited and you may be required to click a button to Opt In or Claim the bonus and there might be a time limit on this
Some exchanges may require you to complete their verification process before you can qualify for any reward. Verification varies by exchange but typically involves uploaded ID such as a passport photo and sometimes other documentation, selfies, videos etc. It generally doesn't take very long to do this although there can be a delay before they review your submission and approve you.
Use of the bonus
There may be restrictions on how you can use the bonus. For example some bonuses might be used to buy crypto, whereas other might only be used to offset trading fees. Sometimes a bonus will not be withdrawal at any time, only profits from trading the bonus may be withdrawable.
How do I find out the exact terms of the bonus
Terms and conditions can be long so we cant list them all here for each offer, but they will be displayed on the exchange site. Generally if you act fast and behave like a valuable customer you wont have any problems, but if you are just trying to do as little as possible to claim some free money then it may be more difficult
Do the offers expire?
Some offers are just available for a specific period. After this time sometimes they are replaced by a new offer from the exchange and sometimes there is no offer. If an offer looks attractive to your situation then it makes sense to take advantage of it just in case it does expire