Watch out, newbie! Avoid these beginner mistakes on Binance 🤦♂️
Getting started in the world of cryptocurrencies can be exciting, but also full of traps if you're not careful. Binance is a powerful platform, but some basic mistakes can cost you dearly.
Here's a list of the most common pitfalls so you can dodge them like a pro from the start. Take note!
1. Not securing your account with 2FA 🔒
This is the number one and most serious mistake. Activate two-factor authentication (2FA) NOW! It's an extra layer of security that protects your account even if someone guesses your password. Don't be an easy target.
2. Trading without understanding leverage ⚠️
Trading with futures and margin can multiply your gains, but also your losses... and very quickly! If you're a beginner, stay away from leverage until you fully understand how it works. Don't play with fire.
3. Buying FOMO without researching 🐑
Seeing a coin skyrocket and rushing to buy out of fear of missing out (FOMO) is a recipe for disaster. Always research the project before investing. Don't blindly follow the crowd.
4. Not using limit orders 🎯
Buying or selling at market price can be convenient, but often gives you a worse price than you expected. Learn to use limit orders to buy or sell at the exact price you define. Protect your wallet!
5. Leaving your cryptos on the exchange unnecessarily 🧊
Binance is great for trading, but it's not the safest wallet for keeping your savings long-term. Consider using a cold wallet (hardware wallet) for your larger holdings. "Not your keys, not your coins."
6. Ignoring fees 💸
Trading fees may seem small, but they add up, especially if you make many trades. Familiarize yourself with Binance's fee structure and look for ways to reduce them (for example, using BNB to pay)