There are WAY more important things to look for than a referral program:
LakeBanker's ICO is running a referral program as part of a wider bounty campaign, but we're a spinoff of a major exchange
LakeBTC. We trade 10s of millions of dollars a day. We're a big business. There's no way we'd risk the reputation of our LakeBTC exchange by running a scam ICO.
Referral program means nothing. Every project needs to find ways to get the community incentivized. Check existing business, resources, potential corporate partners, the developmental stage of the project etc. These are all MUCH more important than a referral.
If you’d like to know more about our project, check out our
ANN thread and
formal whitepaper