Crypto Affiliate – How to Make Money with Cryptocurrency Affiliate Marketing
Those familiar with the affiliate marketing industry, will understand that the landscape is always changing, with old trends dying out and new profitable trends emerging. One of the hottest new trends in affiliate marketing today are cryptocurrencies. This growing affiliate marketing niche offers great profit potential due to the ongoing hype surrounding Bitcoin and other cryptocurrencies. The numerous stories of investors who became quite wealthy trading digital currencies have quickly spread and as more countries adopt these digital coins, its popularity and value are quickly growing. As a result, this means that more people are taking an interest in cryptocurrencies, which translates into a larger target market to promote affiliate crypto campaigns that focus specifically on the cryptocurrency and forex trading category.
Different Types of Crypto Affiliate Programs
It is important to understand the difference between the two current, main types of crypto affiliate programs currently available before you dive into this affiliate marketing niche. One type of crypto affiliate program is where you drive leads to a crypto exchange, where the leads open an account and can actually purchase, store and trade digital currencies through the exchange. The other very popular option for crypto affiliates is to drive traffic to a CFD / Forex brokers where the leads can then trade cryptocurrency CFDs (Contract For Difference). With CFDs, the leads open an account with the broker, but they do not actually purchase or store cryptocurrencies but instead speculate on the price movements of the digital currencies. Crypto CFD trading has proven to be highly profitable for affiliates, especially if the affiliate marketing network or broker offers an all-inclusive service that enables the leads to sign up, trade effectively and to profit.
What are Common Categories for Crypto Affiliate Networks?
The number of crypto affiliate networks continues to grow consistently, with a focus on a variety of different product and service niches. It is important if you are looking into choosing a good crypto affiliate network program that fits your individual needs and goals, to have a firm grasp on the available niches.
Although crypto affiliate networks have the possibility of serving any niche in the consumer market, there are few specific niches and industries which crypto affiliate networks tend to target. The following are some of the most common niches for crypto affiliate networks:
- Cryptocurrency exchanges and brokers: These financial firms offer investors online trading platforms to buy and sell various types of cryptocurrencies. The trading platforms offer other services, such as various charting and technical analysis tools aimed at assisting investors to make profitable trading decisions. Other perks may include one-on-one training, webinars, eBooks and much more. This is by far the most popular way to promote cryptocurrencies.
- Trade signal providers: These online services provide software applications which use algorithmic bots that buy and sell cryptocurrencies automatically for traders and investors. Sometimes, cryptocurrency brokers are the trade signal providers but, in many cases,, this service is provided by a third party.
- Online retail businesses: These are retail businesses with online storefronts which also accept cryptocurrency as payment from customers. With the increasing adoption of cryptocurrencies into the mainstream financial system, the number of these online retail businesses will only increase in the future.
Online gambling websites and casinos: Gambling has become a significant niche within the crypto affiliate industry.
- Adult entertainment and dating sites: For obvious reasons, many people prefer to maintain as much anonymity as possible when purchasing adult entertainment products and services. Therefore, it was natural that websites within this niche that accept cryptocurrency payments would be quite popular.
How to Choose a Reputable Crypto Affiliate Marketing Network
There are numerous new affiliate networks being created on a regular basis. Some of these will be affiliate marketing networks which are branching out into the online trading niche. Others will be new startup networks which have decided to focus their business model solely on the cryptocurrency space.
Despite cryptocurrencies being a newer affiliate marketing niche, you should still use just as rigorous due diligence when determining which network to join as you would any other affiliate marketing category. You may want to choose a network which focuses solely on the cryptocurrency space, since that network will be putting all of its resources into creating more opportunities in this particular niche, instead of being spread out over the numerous affiliate marketing categories out there.
Also, you should perform your usual due diligence in confirming the legitimacy of the potential networks you are thinking about applying to. This is one advantage of choosing a more established affiliate marketing network, despite the network not focusing exclusively on the cryptocurrency category. If you are already a part of an affiliate marketing network, you may want to check to see if the network has already or has plans to expand into the cryptocurrency category. Another plan is to partner with an affiliate marketing network that is recognized as being a leader in the cryptocurrency space. An example of this is Algo-Affiliates that provides its affiliates with access to the top brokers and crypto service providers in the industry as well as to a wide range of effective marketing tools.
With the crypto affiliate niche still in its growth phase, now is the window of opportunity to gain experience and become a super affiliate in this niche. Algo-Affiliates have been involved in crypto for some time now and have gained extensive experience in what works, which products are in demand and how to optimize. Take the time to really learn about digital currencies and about the different brokers, services and products available in this space. This will ensure that you have the knowledge to promote trading cryptocurrencies properly, helping you to drive your traffic more effectively.
Initial Coin Offerings
An ICO (Initial Coin Offering) is a used as fund raising method by the developers of a cryptocurrency. This is a type of crowdfunding method but there are also private ICOs. An ICO can be viewed as similar to an IPO where a company offers shares in the company, however instead of receiving stocks the investor receives tokens. In order to create hype and demand for the new crypto currency, there is usually a major marketing and promotion campaign. The creators of ICOs commonly implement affiliate marketing into their business model.
Although it is quite speculative, if you happen to jump on board an affiliate marketing offer for an ICO that happens to become extremely popular, you will surely be rewarded handsomely. Essentially, you will be a beneficiary of the resources utilized to create a successful and effective ICO marketing campaign. On the other hand, if an ICO fails to gain any traction among investors, you may feel you have wasted your valuable time. Based on this, it is always a good idea to do extensive research around the ICO before beoming involved.
Be Cautious of Scams in the Crypto Affiliate Marketing Industry
It really does not make any business sense in the long run for crypto affiliate networks to scam their affiliate partners. An affiliate which is able to make consistent profit is worth much more than the short-term gains from not paying earned commission to affiliates. Some affiliate marketing networks have even put out fake offers to make a quick buck, instead of cultivating an affiliate network that would bring in much more profit in the long-term. Again, this reiterate the value of working with a reliable and reputable network like Algo-Affiliates.
The following is an overview of the three most common scams in the crypto affiliate marketing scene which you should be aware of:
- Not paying commissions: Of course, the whole point of anybody becoming an affiliate marketer of any niche is to earn commissions from sending leads to the service or product provider. However, many unscrupulous affiliate networks in the cryptocurrency space, as well as other categories, scam their affiliates out of their earned commissions by coming up with dishonest excuses to not pay the commission owed. One common excuse is to claim that payments from your leads came from specific countries which the network claims are not acceptable (however, be sure that you didn’t target regions that were not approved). Some networks do not even bother making up an excuse; they will just simply not pay. This withholding of commissions scam is probably the most common fraudulent scheme in all of the affiliate marketing industry, not just the cryptocurrency niche.
- Conversion rate scams: The value of cryptocurrencies can be quite volatile, with market prices fluctuating constantly. There are a number of crypto affiliate marketing networks which take advantage of this fluctuation to make more profit at the expense of their affiliates. Since the value of cryptocurrencies go up and down, some networks will wait to pay out commissions to affiliates when the market is quite low. This means if you had earned a cryptocurrency commission equivalent to $10 one day, the network may pay out the commission when that same amount of cryptocurrency is only worth $7 the next day or week. These scam networks are relying on the ignorance of their affiliates regarding trading and the cryptocurrency markets. Therefore, it is a good idea to find an affiliate marketing network which provides a fixed dollar/euro rate per lead (CPA – Cost Per Action) and not one which offers a fluctuating commission based on the rate of exchange or the value of the cryptocurrency.
Fly-by-night frauds: Another common scam is when the scammers create a company and then after committing their fraud, they suddenly close down and then reopen under another name. These fraudsters then run their scam a second and third time on unsuspecting affiliate marketers. Some of these scammers have no intention of paying earned commissions to affiliates, while others are just simply poorly managed and end up going bankrupt without paying affiliates the commissions that they rightfully earned.
Consider Your Target Market
It was not until recent years that Bitcoin and other cryptocurrencies have become more well-known and popular in the mainstream. This might mean that there is only a small segment of the overall population that would be interested in seeing advertisements and promotions related to cryptocurrencies. This targeted audience will have a stronger than average understanding of blockchain technology and how it functions. Generally, these people will be more proficient and knowledgeable about technology in general and will have a penchant for identifying future technological trends. Therefore, effective advertising and promotional content aimed at this audience will require significant knowledge of market psychology, financial markets and current events. Also, you will need to understand cryptocurrencies and how they can be traded profitably so that you can promote a brokerage or automated trading software effectively.
Commission model for crypto affiliate networks
Most of the existing commission model schemes will be the same for the cryptocurrency affiliate marketing niche, as with most other niches. Cost per action (CPA) or various revenue share models are the most common ways affiliate marketers in the cryptocurrency space are paid. Make sure you fully understand the payouts and the requirements before you sign up with an affiliate marketing network.
Promoting a Crypto Affiliate Marketing Campaign
There are various methods available to effectively promote your cryptocurrency marketing campaigns. Despite this, it is important to note that the available promotional avenues for affiliate marketing in the cryptocurrency niche is constantly changing. This is mainly because cryptocurrencies are extremely volatile and regulations around the world are still a grey area in many places but are always evolving.
A highly effective methods of advertising is push notifications. This is when smartphone users opt-in to receive messages via an app that sends various messages which are aimed to ultimately drive traffic and conversions to your marketing campaign.
Despite Facebook banning advertising related to cryptocurrency, social media is still a useful avenue to promote cryptocurrency-related services and products. You can still create business pages related to cryptocurrencies; you are just not allowed to buy paid advertisements on Facebook for this niche. You could post informational and promotional content with your affiliate marketing link on your business page or even on your personal page.
Twitter and Reddit
Additionally, Twitter is still a viable advertising avenue for cryptocurrency niches, even if it does not have the same amount of people on the network as Facebook. In fact, there is a significant and growing community of cryptocurrency enthusiasts on Twitter which you should definitely consider tapping into for your marketing endeavors. Reddit is another online platform which has a decent-sized community of cryptocurrency enthusiasts.
Your Own Website
Another common and viable promotional method for all affiliate marketing categories, including the cryptocurrency niche, is designing and building your own website. The content on the website should be engaging, fresh and regularly updated. You should implement SEO techniques to maximize your web traffic. Also, the content on your website should work towards increasing your credibility as an expert in cryptocurrencies. You may want to include a blog on your website for current events related to cryptocurrencies, such as upcoming ICOs or breakthroughs in adoption of cryptocurrencies by the mainstream global financial system.
Advertising in online trade publications, which specialize in covering the cryptocurrency markets, is a great way to target those who are already looking for information about cryptocurrencies. However, the disadvantage to this promotional avenue is that it can be quite expensive. Banners on these niche web publications can be thousands of dollars per week or more.