As the ongoing crisis forces crypto exchanges to compete for each user, they are trying new approaches to customer acquisition.
Combining trading and entertainment into ‘entertrading’ is one such approach, pioneered by Nominex Exchange. It focuses on the excitement of trading, the spirit of competition, and additional ways to make a profit.
Exchange marketing needs a rehaul
Crypto trading may be a very new industry, but the marketing techniques used by exchanges are surprisingly outdated.
Such cornerstones of digital marketing as SEO, gamification, or lead magnets are still uncharted territory for most small trading platforms – and many large ones. Even tools that seem created for exchanges, like partner programs and contests, are not too common.
However, the monumental crisis that we are going through right now is forcing crypto exchanges to rethink their strategy. As fewer people have free money for crypto trading, platforms must compete harder for each customer.
Traditionally, exchanges attracted users by cutting their trading fees or increasing the number of cryptocurrency pairs. But new times require new tools. Emotional marketing, gamification, and personalized experiences are finally making their entry in crypto trading thanks to innovative exchanges like Nominex.
When earning money becomes a game
The Entertrading format is still very new: Nominex is the first exchange to promote it as its primary business model. The idea is to make the exchange experience as engaging and fun as it can be – but at the same time as profitable as possible.
Entertrading means giving users access to different ways of earning money apart from the dry trading itself. To do this, Nominex uses tools like gamified referrals, demo tournaments, giveaways, quests, achievements, unlockable tutorials, experience levels and ranks, and various bonuses.
Of course, traditional crypto exchanges like Binance and Coinbase already have partner programs and contests. But their limitations mean that most users never experience the full benefits.
For example, the recent competition on Poloniex required users to trade at least 8 million on a single real account. But for less-experienced traders, generating large trading volumes on a real account can lead to severe losses.
By contrast, Nominex features daily tournaments on demo accounts on its Arena. Users don’t risk any of their own money, but they can win up to $1000 every day in USDT. This makes the tournament more engaging and accessible, but at the same time, financially attractive.
Entertrading transforms partner programs in the same way that it does with competitions. It removes the traditional limitations on the size of the downline and partner income, turning referrals into a fun and lucrative game.
For instance, the binary partner model used on Nominex allows users to have an infinite number of referral levels. There are four different types of referral bonuses and an extra 10% for users who receive their reward in the native NMX tokens.
Thanks to a unique binary tree system and a large spillover effect, Nominex referrals generate as much (or even more) income than trading itself. During the current crisis, when many users are strapped for cash, this is a key advantage.
Compare this to regular partner programs on exchanges like Huobi, where the participants receive 30% rebates on their invitees’ fees for three months. There is no reward beyond the first downline level – and no reward at all once the 90 days are over.
With a global recession on the doorstep, crypto exchanges must find new ways to attract traders. Entertrading offers a way forward, with its innovative ways to increase revenue and an exciting, playful mood. Nominex is already implementing this model with success – and many more exchanges will surely follow.
Nominex will offer an additional game contest bonus to those of our readers who answer a simple quiz: