According to ZachXBT, a known figure in the crypto space, referral links should not be deemed negative if they are associated with credible exchanges such as Binance, Bybit, and Coinbase. This statement was made on January 12, 2025, emphasizing the importance of distinguishing between legitimate platforms and less reputable ones, often referred to as tier 3 scam exchanges. The tweet suggests that referral links, commonly used for marketing purposes, are only detrimental if they promote exchanges or products that are either fraudulent or not personally endorsed by the referrer.

From a trading perspective, the credibility of an exchange is paramount. Binance, Bybit, and Coinbase are considered among the top exchanges in terms of trading volume and security. As of the last quarter of 2024, Binance reported a daily trading volume averaging $76 billion, while Bybit and Coinbase saw volumes of $24 billion and $13 billion respectively. These figures underscore the trust traders place in these platforms, making referral links less controversial when they are from these exchanges. ZachXBT's view highlights that the issues with referral links arise primarily from their association with less trustworthy platforms, which may affect traders' decisions based on perceived credibility rather than actual trading data.

Technical analysis of these exchanges reveals robust market depth and liquidity, which are critical for executing large trades without significant price slippage. For instance, Binance's BTC/USDT pair consistently shows a narrow bid-ask spread, indicating high liquidity. This is crucial for traders who rely on quick entry and exit strategies. Meanwhile, Bybit's perpetual futures contracts are popular among traders looking for leverage, with open interest often surpassing $2.5 billion. Coinbase, with its strong regulatory compliance, remains a preferred choice for institutional traders, adding another layer of trust and stability to its trading environment. ZachXBT's perspective aligns with the general sentiment among traders that referral links are less about the links themselves and more about the platforms they promote.