The number of people you refer won't matter at all, say you only referred 1 or 2 people but as long as they are a whale trader because you can still be able to earn massive profits each time they make a trade but if not, then you might need to gather more people to sign up under you. Not all people are a fan of these commission thing because they think inviting someone else is hard as they already had a bad experience before.
You are already lucky if there are people who will sign up under you but the tricky part is to make these people stay. Maybe you will have a better success rate if you have a skill in marketing and you know how to sales talk, add in if the platform is naturally good.
Exactly. Not number of people but volumes. I know forex platforms use to Pay Per Signup, but now all brokers earn from commission, sometimes per trade flat, and sometimes from volume. Sometimes both.
But seriously, we ca't be rrealistic expecting to signup a whale cause all the whales are already trading long time!
I have done this before, just once in my entire life but it worked so well for me for a short while. When binance first started I was selling a product, and I said if you sign up from my link I will make you a big discount, and a lto of people did. One of those was a whale, and that resulted with me getting an insane return, let me put it this way, I made x10 from that whales fee then the entire sale to him.
That is why affiliate marketing is such a great business model but unfortunately it is not available nowadays. Specially when you think about places like binance, I can say that there aren't that many people who end up with a bad result, it just doesn't really feel like it is a big deal at all and should be considered a trouble.