When using Binance, one of the largest cryptocurrency exchanges in the world, it's important to avoid certain mistakes and risks to protect your funds and account. Here are key things to avoid when using Binance:
š Security & Account Safety
1. Using Weak or Reused Passwords
Use a strong, unique password.
Avoid using the same password across different sites.
2. Disabling Two-Factor Authentication (2FA)
Always enable 2FA using Google Authenticator or a hardware key.
Avoid using SMS-based 2FAāitās less secure.
3. Ignoring Phishing Risks
Never click links from suspicious emails, DMs, or pop-ups.
Always verify the Binance URL: https://www.binance.com.
4. Accessing Binance on Public Wi-Fi
Use a secure network or VPN.
Public Wi-Fi is vulnerable to man-in-the-middle attacks.
š Trading & Investment Mistakes
5. Using Excessive Leverage
Avoid high leverage unless you're an experienced trader.
Leverage can amplify gains but also wipe out your account quickly.
6. Panic Buying or Panic Selling
Emotional trading often leads to losses.
Stick to a strategy; avoid chasing pumps or dumps.
7. Copying Influencers Blindly
Many āinfluencersā promote projects theyāre paid to shill.
Do your own research (DYOR).
8. Ignoring Trading Fees
Frequent trades can eat into profits due to fees.
Consider using BNB to pay for reduced trading fees.
š§¾ Regulatory & Legal Risks
9. Using Binance in a Restricted Country
Binance services may be limited or banned in some regions (e.g., the U.S., Canada, U.K.).
Use the correct version (e.g., Binance.US) if applicable.
Avoid VPN usage to bypass country restrictionsāit may violate TOS.
10. Failing to Report Crypto Taxes
Crypto is taxable in many countries.
Track and report your transactions for compliance.
š¦ Wallet & Withdrawal Issues
11. Leaving Large Funds on the Exchange
āNot your keys, not your crypto.ā
Store long-term holdings in a hardware wallet.
12. Sending Crypto to the Wrong Network
Always double-check the network (e.g., ERC20, BEP20, TRC20) before withdrawing.
Sending to the wrong network can permanently lose your funds.
13. Not Whitelisting Withdrawal Addresses
Whitelisting protects you from unauthorized withdrawals.
Use this feature for added withdrawal safetysafety.l
š General Platform Mistakes
14. Not Understanding Product Features
Don't use features like Futures, Margin, or Launchpool without knowing how they work.
These can carry significant risk.
15. Missing Platform Updates & Maintenance Notices
Binance occasionally halts trading or withdrawals for maintenance.
Follow Binance on Twitter or via email to stay updated.
ā Final Tips
Regularly check your account activity.
Use Binanceās security dashboard to monitor your setup.
Consider enabling anti-phishing codes in emails.