Before you put your first dollar into Binance… learn these five things! 🔐
Imagine you bought cryptocurrency, and its price went up 20%…
Then you discover you don’t know how to withdraw your money, or you’ve lost access to your account!
That’s why we won’t start our series with the question, “How do I make a profit?”
We’ll start with a more important question: How do I understand the platform and protect my money?
① What is Binance?
Binance is a platform that lets you buy, sell, and exchange cryptocurrencies, along with offering other services.
But remember: having a Binance account doesn’t mean you have a profitable investment. The value of cryptocurrencies can go up or down.
② What does KYC mean?
An abbreviation for “Know Your Customer.”
It is the process of verifying your identity using personal documents and information, and is required to access the platform’s core services.
③ A password alone isn’t enough! 🔐
After creating your account, enable two-factor authentication (2FA) using an authenticator app or a passkey, if available.
And never share your password or verification codes with anyone, even if they claim to be from the support team.
④ Not all wallets are the same!
On Binance, you may see sections such as:
💼 Spot: For assets used in spot trading.
💳 Funding: For certain services and funding features within the platform.
🌐 Binance Wallet: A self-custody wallet, separate from your usual trading account balances.
We’ll explain each one in detail in separate lessons.
⑤ The biggest mistake before your first deposit! ⚠️
When transferring cryptocurrencies, selecting only the coin name isn’t enough.
Make sure you select the correct transfer network and recipient address, as well as enter any required Memo or Tag.
Choosing the wrong option could lead to lost funds, which sometimes cannot be recovered.
👑 Lesson One Challenge:
Open the Binance app and find the Security section in your account settings.
Review the security measures you have enabled, without sharing any information or codes with anyone.
📚 In Lesson 02: We’ll explore the Binance platform map and its main sections: Where are your funds? What’s the difference between Spot, Funding, and Earn?
💬 Question of the day:
What confuses you most on Binance?
Wallets, deposits and withdrawals, or trading?
Write your answer in the comments—it could be the topic of one of our upcoming lessons.
👑 CryptoMario101