Here are ten key points every trader on the Binance platform should know:
- Identity Verification (KYC): Before increasing your daily trading limit and withdrawing funds, you must complete the identity verification steps by uploading a passport or ID card and proof of residence.
- Enable Two-Factor Authentication (2FA): Use Google Authenticator or a similar app to protect your account. Adding a second layer of security prevents unauthorized access even if someone knows your password.
- Risk Management: Do not invest more than 1-2% of your balance in a single trade. Set stop-loss and take-profit levels before opening any position.
- Understand the Spread: The difference between the buying price and selling price affects your profits, especially in assets with low liquidity. The larger the spread, the lower the profit margin.
- Use Limit Orders: Instead of market orders, use limit orders to control the price at which you buy or sell, which helps reduce execution costs.
- Commission Study: Binance charges trading commissions starting from 0.1%, which decrease if you pay with BNB or if your account rank in the VIP program increases. Calculate the cost before each trade.
- Continuous Learning through Official Resources: Take advantage of the education center in Binance Academy, videos, and live seminars to develop your strategies and understand the platform's tools.
- Paper Trading Experience: In the Binance Futures interface, simulating trading with virtual amounts can help you test your strategies without real risk.
- Portfolio Diversification: Don't rely on a single currency or market. Distribute your investments across classic assets (Bitcoin, Ethereum), emerging currencies, and stable projects.
- Monitor News and Market Fluctuations: Events such as central bank decisions or network updates contribute to sudden rises or sharp declines. Keep an eye on the economic calendar and reliable news sources.