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.But seriously, we ca't be rrealistic expecting to signup a whale cause all the whales are already trading long time!
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.
I did it with a little success back in forex days, long long ago before Bitcoin when eToro was starting up. Pips and all that I forgot the names but you could give away $5 free per signup and get $5 regardless KYC and regardless amount traded. Those were gold old days
I think the problem started with bots and multi accounts. Ruined it for us who actually did great promotion
Now, not worth unless you invest serious money into marketing. So if someone in crypto says easy money, I say scam :p