How To Make Money On Binance In 2024 (For Beginners)

Summary

In this video, Mike Vasile discusses a low-risk method to earn money with Binance and cryptocurrency, focusing on affiliate marketing. He emphasizes the importance of not needing trading expertise and highlights the potential to earn substantial commissions by promoting Binance's affiliate program. Mike shares personal experiences and insights, including the strategy of leveraging the demand for trading education to earn commissions, rather than relying on direct cryptocurrency investments. He also touches on the concept of 'selling shovels' during a gold rush, positioning affiliate marketing as a smart alternative to direct trading.

Takeaways

• 💡 Investing in cryptocurrencies like Bitcoin can be risky, and many people lose money due to lack of experience or knowledge in trading.
• 🌐 The speaker suggests a low-risk method to make money in the cryptocurrency space: affiliate marketing with platforms like Binance.
• 📈 Historically, people have lost money by not selling their investments at the right time, which is a common mistake that can be avoided with careful strategy.
• 🤑 The fear of missing out (FOMO) can lead to impulsive investments, which might not be the best decision, especially for first-time investors.
• 🚫 The speaker emphasizes not being a financial advisor and that the content is not financial advice, but rather a sharing of experiences and strategies.
• 🔗 Binance's affiliate program offers up to 50% commission on trades made through an individual's affiliate link, which can be a lucrative source of income.
• 🎥 Friends of the speaker are making additional income by documenting their trading experiences on YouTube and earning commissions from viewers who trade through their links.
• 💰 The speaker's friend made a significant amount through affiliate marketing during a bear market, highlighting the potential of this method regardless of market conditions.
• 📈 The analogy of a gold rush is used to explain that the most significant profits are often made by those providing services to the people involved, not just the direct participants.
• 🔗 The speaker encourages identifying active traders and promoting exchanges through content creation, as this can lead to significant affiliate commissions.
• 💼 Learning marketing skills is highly valuable as it can be applied across various platforms and assets, including cryptocurrencies.

Q & A

What is the main topic discussed in Mike Vasile's video?

The main topic discussed is how to make money with Binance and cryptocurrency like Bitcoin, with a focus on low-risk methods such as affiliate marketing.

Why does Mike emphasize the importance of not needing experience in trading or technical analysis?

Mike emphasizes this because most people lose money when they try to trade without experience, and he wants to present a method that mitigates risk for beginners.

What is the 'coolest thing' Mike mentions about making money with cryptocurrency?

The 'coolest thing' is that you can turn cryptocurrency into cash without needing any experience in trading or technical analysis.

How does Mike suggest mitigating risk when dealing with Bitcoin investments?

Mike suggests mitigating risk by using affiliate marketing with Binance, where you earn commissions from trades made by people who sign up through your affiliate link.

What is the significance of exchanges making money regardless of market conditions?

Exchanges make money in both bull and bear markets because they charge fees for trades. This consistency is similar to the 'house always wins' concept in gambling.

What percentage of commission can one earn through Binance's affiliate program according to the video?

One can earn up to 50% commission every single time someone completes a trade through their affiliate link.

Why does Mike suggest documenting your trading journey even if you're not an expert?

Documenting your trading journey can attract viewers who are interested in learning about trading. This can lead to earning affiliate commissions without risking your own money.

What is the strategy for identifying active traders in the cryptocurrency space as per Mike's video?

The strategy involves looking for people making videos about Bitcoin and trading, then identifying which exchange they recommend in their videos or descriptions.

How does Mike's friend make an extra Bitcoin every day through affiliate marketing?

Mike's friend makes an extra Bitcoin every day by making YouTube videos about trading, using a small amount of money for trading, and earning 50% commissions from people who trade through his affiliate link.

What is the analogy Mike uses to explain the most profitable strategy during a gold rush?

Mike uses the analogy that during a gold rush, it's not the gold diggers who make the most money, but those who sell the shovels. In the context of Bitcoin, it's the exchanges that act as the 'shovels'.

Why does Mike recommend learning marketing skills in the context of making money with Bitcoin?

Mike recommends learning marketing skills because it's a valuable skill that can be applied across various platforms and assets, allowing you to earn in different currencies, including Bitcoin.