The most common mistakes beginners make on Binance include:
1. Not fully understanding the platform
Opening an account and trading without knowing the tools, such as Spot, Futures, Staking, etc.
2. Not activating security
Neglecting to activate two-factor authentication (2FA) or using weak passwords.
3. Investing without studying
Buying currencies based on random recommendations without researching or analyzing the market.
4. Relying on high leverage
Using high leverage in trading futures, which increases the risk of huge losses.
5. Trading based on emotions
Making trading decisions out of fear or greed, such as selling at a loss or buying when prices suddenly rise.
6. Not following up on trading fees
Neglecting to understand trading fees or ways to reduce them (such as using BNB to pay fees).
7. Entering fraudulent projects
Falling into the trap of unknown or fraudulent currencies without verifying their project and team.
8. Lack of risk management
Investing all capital in one currency or project without diversifying the portfolio.
9. Ignoring market news
Ignoring news that significantly affects the market, such as regulatory updates or economic events.
10. Going by rumors
Following unreliable advice on social media without verifying its credibility.
Tip:
Start by allocating a small amount of capital to experiment.