translated title\nSUMMARY: translated summary under 160 chars\n\nCONTENT:\ntranslated article in markdown format
translated summary under 160 chars\n\nCONTENT:\ntranslated article in markdown format
We need to translate the entire article into Chinese, preserving markdown headings etc. Output format: TITLE: translated title\nSUMMARY: translated summary under 160 chars\n\nCONTENT:\ntranslated article in markdown format
We must not include JSON or code blocks. Just plain text.
We need to translate title: "Comparing Top Crypto Exchange Affiliate Programs: Commissions & Tools" -> Chinese: "比较顶级加密货币交易所联盟计划：佣金与工具"
Now content: translate everything, preserving markdown headings (
etc). The original uses HTML tags , ,
,
,
- ,
- ,
- . We should translate the text inside tags but keep tags unchanged. Also need to translate list items etc.
- Commission type – Revenue share, CPA (cost‑per‑acquisition), or hybrid models.
- Payout frequency and threshold – Weekly, bi‑weekly, monthly; minimum withdrawal amounts.
- Cookie duration – How long a referral is tracked after the first click.
- Promotional resources – Banners, deep links, API access, tracking dashboards.
- Reputation and compliance – Licensing, security track record, and regulatory standing.
- 佣金类型 – 收益分成、CPA（每获取成本）或混合模型。
- 付款频率和门槛 – 每周、每两周、每月；最低提现金额。
- Cookie 有效期 – 推荐链接在首次点击后被追踪的时长。
- 推广资源 – 横幅、深度链接、API 访问、追踪仪表板。
- 声誉与合规 – 许可证、安全记录及监管地位。
- Model: Revenue share (up to 50%) + optional CPA campaigns.
- Cookie life: 30 days.
- Payout: Weekly, Bitcoin or BUSD, no minimum threshold.
- Tools: Affiliate dashboard with real‑time stats, deep link generator, customizable banners, and API access for advanced tracking.
- Notes: Highest liquidity and brand recognition; ideal for audiences already familiar with crypto trading.
- 模式：收入分成（最高可达 50%）+ 可选的 CPA 活动。
- Cookie 有效期：30 天。
- 付款：每周，比特币或 BUSD，无最低门槛。
- 工具：联盟仪表板提供实时统计、深度链接生成器、可自定义横幅以及用于高级追踪的 API 访问。
- 备注：流动性最高且品牌知名度强；适合已经熟悉加密货币交易的受众。
- Model: CPA only (varies by region, typically $10‑$100).
- Cookie life: 90 days.
- Payout: Monthly via bank transfer or PayPal, $10 minimum.
- Tools: Simple referral link builder, pre‑made creatives, and a basic reporting page.
- Notes: Strong regulatory compliance in the U.S.; best for newcomers who value ease of use over deep trading features.
- 模式：仅 CPA（按地区而异，通常为 10‑100 美元）。
- Cookie 有效期：90 天。
- 付款：通过银行转账或 PayPal 每月付款，最低 10 美元。
- 工具：简单的推荐链接生成器、预制创意以及基础报告页面。
- 备注：在美国具有强监管合规性；最适合注重易用性而非深度交易功能的新手。
- Model: Hybrid – $50 CPA + 20% revenue share on spot fees.
- Cookie life: 30 days.
- Payout: Bi‑weekly in Bitcoin, EUR, or USD, $20 minimum.
- Tools: Advanced tracking with sub‑ID support, banner library, and API for custom reporting.
- Notes: Known for security and fiat‑on‑ramp strength; appeals to professional traders.
- 模式：混合 – 50 美元 CPA + 现货手续费的 20% 收益分成。
- Cookie 有效期：30 天。
- 付款：每两周，比特币、欧元或美元，最低 20 美元。
- 工具：支持子 ID 的高级追踪、横幅库以及用于自定义报告的 API。
- 备注：以安全和法币入金实力著称；吸引专业交易者。
- Model: Revenue share (up to 30%) with tiered bonuses based on volume.
- Cookie life: 30 days.
- Payout: Weekly in USDT, no minimum.
- Tools: Real‑time analytics, deep linking, and a suite of promotional materials (video, GIFs, landing pages).
- Notes: Derivatives‑heavy platform; attractive if your audience trades futures or perpetual contracts.
We must keep the markdown format: The original article is already in HTML-like tags but within markdown? It's using HTML tags inside markdown. We'll keep them same.
We need to translate all visible text: e.g., "Introduction" => "介绍". "Key Factors to Evaluate" => "需要评估的关键因素". etc.
We must be careful to keep the structure.
Let's go through section by section.
Original:
Introduction
Crypto affiliate programs have become a lucrative way for marketers, bloggers, and influencers to earn passive income by promoting exchanges. However, not all programs are created equal. Differences in commission structures, payout frequencies, and promotional tools can dramatically affect your bottom line. This guide breaks down the top crypto exchanges, highlights what to look for in an affiliate offer, and gives practical advice on how to choose the best fit for your audience.
Translate:
介绍
加密货币联盟计划已成为营销者、博主和影响者通过推广交易所获得被动收入的有利方式。然而，并非所有计划都是平等的。佣金结构、付款频率和推广工具的差异可能会显著影响您的收益。本指南将分析顶级加密货币交易所，突出在联盟优惠中应关注的要点，并提供实用建议，帮助您选择最适合您受众的方案。
Check punctuation.
Next:
Key Factors to Evaluate
Before diving into specific exchanges, consider these core criteria:
Translate:
需要评估的关键因素
在深入具体交易所之前，请考虑以下核心标准：
Note: keep double spaces? Not needed.
Next:
Commission Structures Overview
Most exchanges use one of three primary models:
Translate:
佣金结构概述
大多数交易所采用以下三种主要模式之一：
Then:
Revenue Share
You earn a percentage of the trading fees generated by your referrals, often for the lifetime of the account. Rates typically range from 20% to 50%. This model rewards long‑term engagement but can be slow to start if your referrals trade lightly.
Translate:
收入分成
您可获得被推荐用户产生交易手续费的一定比例，通常账户终身有效。比例通常在 20% 至 50% 之间。此模式奖励长期参与，但如果您的被推荐用户交易量较小，起步可能较慢。
Next:
CPA (Cost‑Per‑Acquisition)
A fixed bounty paid once a referred user completes a qualifying action, such as depositing a minimum amount or executing a certain number of trades. CPAs can range from $50 to $500+ per qualified user, offering immediate payouts but no ongoing income.
Translate:
CPA（每获取成本）
当被推荐用户完成符合条件的行为（如存入最低金额或完成一定数量的交易）时，将一次性支付固定奖金。每个合格用户的 CPA 可在 50 美元至 500+ 美元 范围内，提供即时付款但没有持续收入。
Next:
Hybrid
Combines an upfront CPA with a smaller revenue share (e.g., $100 CPA + 10% lifetime share). Hybrids balance immediate cash flow with residual earnings.
Translate:
混合模式
将预付 CPA 与较小的收入分成相结合（例如，100 美元 CPA + 10% 终身分成）。混合模式在即时现金流与剩余收益之间取得平衡。
Then paragraph:
When comparing programs, calculate the effective earnings per user based on your audience’s typical trading volume and frequency. A high revenue share may outperform a large CPA if your referrals are active traders.
Translate:
在比较计划时，根据您受众的典型交易量和频率计算 每用户有效收益。如果您的被推荐用户是活跃交易者，高收益分成可能优于巨额 CPA。
Next:
Top Exchanges Comparison
Translate:
顶级交易所对比
Then each exchange section.
Binance
Translate:
币安
Next:
Coinbase
Translate:
Coinbase
Next:
Kraken
Translate:
Kraken
Next:
Bybit
Translate:
Bybit