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Traffic arbitrage

Case - Crypto: How to achieve hot 397% ROI in unpopular geos.

Disclaimer: The case is written by one of the partners of CMaffiliates who chose to remain anonymous. If you want to learn details about working with crypto, please contact support, they will be happy to assist you.

Offer Selection

Affiliate Network: CMaffiliates

  • Bitcoin Profit Greece
  • BTC System Portugal
  • Both offers with native CR

Geos: Portugal + Greece

Traffic Source: FB (Facebook)

Accounts: Own Farm Purchased

Payments: Custom solution

About everything in order

At the end of April, we set a goal to test a stack of non-trivial geos for crypto. Since these geos are not the largest, it means that Facebook moderation won't be too aggressive, at least, that's what we hoped for (if Facebook moderation can be remotely called non-aggressive lately).

We faced a challenging task - to push and convert old aggressive approaches with celebs on pre-landers, adapting them to the new style.

We reviewed the resources at our disposal and started thinking about how to accomplish this.

CMaffiliates managers suggested testing geos/offers on a CPL basis (by the way, they have plenty of them) to significantly reduce the testing cost. With sufficient experience in this vertical, we decided to take the bull by the horns, chose a couple of geos with native call centers, and started testing on a CPA basis.

We dug up old pre-landers and also requested LPs from CMaffiliates managers, which they kindly provided to us.

We made some adjustments to them, retouched them, and launched them for testing (special thanks to manager Nastya for the working pre-landers).

I'll reveal the cards right away and provide an example of the most successful LP for Greece.
On this LP, we used an aggressive approach - well-known successful local entrepreneurs/businessmen. However, the high trust from the audience comes with a price of receiving bans from Facebook.

In search of a winning approach, we tried a dozen variations of creatives using celebrities. However, we cannot share them because we received several letters with threats of lawsuits from the lawyers of the "heroes" we used. So, always be cautious when using such promotional methods. If you want to find our creatives - check out the spy tool 🙂

Our winning variant in Portugal:
Regarding the promotion, we tested several approaches:

  • Images with celebrities: Based on our experience, this approach is weak, and when using aggressive tactics to get cheap leads, it results in Facebook bans.
  • 10/20/30-second videos with professional native language voiceover: This approach is much more interesting. Facebook allows us to push relatively aggressive approaches in videos with celebrities.

The campaigns are still running, and the results are as follows:
If you are interested in details, leave comments, and we will provide some working ideas.

The uniqueness of these campaigns lies in the PROMO/CREATIVES. In synergy with high-converting offers and native call centers, they maximized the profit from incoming leads.

Our recommendation - do not spare effort and resources on impressive promotions (all our successful videos were not created in-house but with the help of contractors).

It was precisely the original promotions that helped us acquire leads at ridiculously low costs, minimize bans, although this remains the most significant headache.

Placements used:

  • Facebook feed
  • Instagram feed

Targeting - was set to be as broad as possible (both genders, ages 35+, which increases the conversion rate and provides excellent LTV for the advertiser. Consequently, the ad will invest maximum effort into such traffic).

It is worth noting a point that has been repeatedly observed in crypto - if you consistently generate a good volume of leads, the conversion rate stays relatively stable (in our case, it was below 3-4% in Greece and 6-7% in Portugal, respectively), which was an excellent performance considering the Geo and broad targeting.

Results of the three-week spillage on Greece and Portugal


  • Reg2FTD: 3-4%
  • Cost per lead


  • Reg2FTD: 6-7%
  • Cost per lead: on average up to $10

Total campaign costs: $20,875.44

Total revenue from the campaigns: $103,795.00

Profit: $82,919.56

ROI%: 397.21%

Conclusions and advice on working with crypto

We have not seen such ROI for several years, and we will definitely continue the tests (you will be able to read about them in the next case studies on ZorbasMedia).

The test brought us excellent results, so we have concluded that the key to successful crypto campaigns today consists of several components:

  • Everything new is well-forgotten old.

As the practice shows, all old LPs work well, even aggressive ones. They just need a fresh twist in the form of original promotions/creatives that are not overused on Facebook and by users.

  • Quality offers and effective lead calling.

You can send tons of traffic, but if the offer and advertising are "nothing special," then all your expenses and efforts will be in vain. Partner expertise is crucial here. We trusted CMaffiliates and did not go wrong. They brilliantly converted our traffic, updated lead statuses every morning, and pushed the ads to extract late deposits from our traffic more actively. The ROI suggests that they did a great job.

For example, I'm attaching separate statistics from another affiliate network (I won't name it). The test was conducted on the same geos.
What do you think of such a difference in metrics?

  • Persistence.

Don't give up after the first failures. From experience, if a campaign starts immediately at breakeven or with a profit, it's significant luck. Keep testing. It took us dozens of tests to find a winning combination.

For those who don't have many resources, take Crypto on a CPL basis - it's an easy way to test your hypotheses. CMaffiliates, for instance, has around a dozen CPL GEOs, some expensive and some not.

  • Don't be afraid to test rare GEOs.

Even if you don't know the language or find it challenging to translate on your own, there are always exchanges and tools available. You can start with Google Translate. Usually, the most profit comes from such GEOs.

Don't forget to do preliminary research on the GEO because each one has its peculiarities. Don't hesitate to ask for advice from your manager. In our case, the affiliate network indicated the regions with excellent and completely dead conversion rates, and it significantly influenced the results.

That's it - thank you for your attention, and may everyone achieve astronomical ROI.