Binance Trading: Tips and Pitfalls to Avoid
Tips:
Important Tips If you intend to become a member of the binance platform, there are some things that you should realize and others to avoid.
1- Maximizing Your Trading Potential on Binance with API Keys
If you use an external platform to trade on binance via a key called API, you should know that through this you can access more types of features.
2- Avoid Third-Party Platforms for Communication and Payments
You should avoid all offers of communication or payment / settlement of transactions via third party platforms, for Staying Safe on Binance.
3- Take your lists offline when you are not available
On holidays or on days when you are not working on the binance platform, turn on the offline mode because if you are from the group of sellers, buyers must know that you are out of service because they have the right to resume the transaction if the financial settlement is not made in time.
4- Do not release Escrow until payment is confirmed
The guarantee is a weapon for you and a protective shield that protects yourself from it from any fraud and fraud, so do not hand it over to your enemy. I will explain that in detail.
Rest assured that if you are one of those people who sell crypto assets, you will get a payment before releasing your money. Because buyers who seek to harm you may try to pressure you to make sure of payment, or they will send incorrect screenshots that the sale has been confirmed to deceive you, or mislead you that their transaction is paid, so do not fall into their games and to avoid this happening always check that your wallet or account Where you put your balance to be carefulon your money and to make sure that you received your money and to be sure that they have been fully added to your balance before you release the guarantee. And when you take this step, it reveals whether the intentions of the person you are dealing with are sound or not, and removes doubt or ascertains if the transaction is completely successful or if it is just a fraud, and if you discover that it is just a fraud, do not release the guarantee no matter what happens.
5- Navigating the Cryptocurrency Market: When to Enter Tenders
General advice, do not enter into tenders unless you have sufficient information that qualifies you to enter this field.
6- Choose a very difficult password for your account to avoid theft and hacking.
7- You need to be aware of the potential risks before trading
You have to know and be certain when and how to trade, because if you do not, it may lead to a lot of trouble for you and result in a lot of huge losses that may cause you to go bankrupt. You can avoid this by taking educational courses for cryptocurrencies or browsing on websites and collecting and understanding information and both methods work, but to be honest with you, educational courses remain the easiest and the best.
8- Beware of settling transactions and all offers of communication or payment through third-party platforms
Be fully prepared because scammers will try hard to transfer the conversations in the P2P platform you are using to other applications so that they have a better chance of stealing you.
Be on the alert because scammers use clever tactics to trap you. They may claim that it is better for you to check text messages, emails, or chat apps that may be affiliated with anonymous people or possibly from external sources. Not only that, but they may ask you to offer a discount to send payments from outside the platform and they do this with the aim of stealing you in a more secure and professional manner without realizing the consequences.
So what you should always do is transfer funds and encrypted assets directly within the P2P platform of your choice and also keep a record of the communications and conversations that take place between you and the other party, regardless of the type of transactions you make and this conversation that is taking place from within the BINANCE platform to enable the BINANCE P2P platform fromTrack if there are any problems found in the transactions. Never operate outside the BINANCE system or use a third party to complete the transaction, either sending or receiving payments, because the BINANCE platform is not responsible if you are exposed to fraud or fraud.
Note: Payment methods must always match the name or information provided on Binance and if not, you can appeal
9- Spot Scam Sellers in the Cryptocurrency Market
Never believe all advertisements or trust sellers this is because those who do this sometimes aim to defraud and exploit and delude you that the currencies are at unimaginably low prices. In order to understand if that seller is trying to exploit you or not, always check the merchant's comments and also the number of transactions he completed before making the transaction.
10- Take your lists offline when you are not available
On holidays or on days when you are not working on the binance platform, turn on the offline mode because if you are from the group of sellers, buyers must know that you are out of service because they have the right to resume the transaction if the financial settlement is not made in time.