7 mistakes to avoid on Binance
🔴 1. Neglecting the security of your account
•Error: Not enabling two-factor authentication (2FA), using a weak or reused password.
•Solution: Enable 2FA via Google Authenticator, use a strong and unique password, and be cautious with suspicious links.
⚠️ 2. Not understanding the fees
•Error: Trading without knowing the transaction, withdrawal, or conversion fees.
•Solution: Check the Binance fees page, use the BNB token to reduce trading fees.
📉 3. Trading without a strategy
•Error: Buying/selling impulsively, following “tips” on social media without personal analysis.
•Solution: Learn the basics of technical/fundamental analysis, set a clear plan (objectives, stop-loss, take-profit).
🔄 4. Using leverage without understanding the risks
•Error: Trading on margin or with high leverage without fully understanding how it works.
•Solution: Start without leverage, or with a maximum of x2 leverage to learn. Leverage can amplify losses.
💰 5. Leaving all your cryptos on Binance
•Error: Storing 100% of your cryptos on the platform (risk of hacking or blocking).
•Solution: Use an external wallet (like Ledger or Trust Wallet) for the funds you are not trading.
⏱️ 6. Attempting market timing
•Error: Trying to always “buy at the lowest and sell at the highest.”
•Solution: Favor DCA (Dollar Cost Averaging): invest a fixed amount regularly without worrying about the price.
🧠 7. Ignoring continuous education
•Error: Thinking you know everything after a few gains.
•Solution: Keep learning through Binance Academy, reputable YouTube channels, books, or training
