Recently, I naturally became interested in investing in virtual assets. While researching various exchanges, I focused on Binance, which is considered the largest exchange in the world, and immediately started investing in BTC on the Binance exchange.
The first thing needed before investing in BTC is signing up for Binance and verifying your identity. I could easily register using my email or mobile phone number, and then completed the verification process by submitting my passport or driver's license.
After signing up, I also made sure to enhance security with Google OTP settings. This reminded me that small habits can prevent major incidents.
To start investing in earnest, you need to create a Binance BTC wallet address and then transfer or purchase coins. It was common to buy BTC on domestic exchanges and transfer it to Binance, and I also purchased BTC through Upbit and then moved it to Binance.
Buying BTC on the Binance exchange is very simple. You can select the BTC/USDT market from the exchange menu and place an order at your desired price with a limit order. Market orders are executed immediately but can be purchased at a higher price than expected, so it is recommended that beginners use limit orders.
After purchasing BTC, it's also important to establish a selling strategy. Rather than holding blindly, it's important to set a target return and sell part of your holdings when achieved, or to have predetermined stop-loss criteria in case of anticipated declines.
Additionally, Binance offers a service through its 'Earn' program that allows you to deposit BTC and receive interest. However, this service does not guarantee the principal, so caution is needed.
The biggest realization I had while investing in BTC on Binance was that I needed to be cautious of impatience. Since BTC prices often fluctuate sharply, being swayed by emotions can lead to losses. I always tried to establish and adhere to my investment principles.
The trading fees on Binance are relatively low, but you can receive additional discounts by paying with BNB.
Additionally, if you register using the link below when signing up, you can also receive a 20% discount.
🔸Go to receive Binance 20% fee discount benefits
Moreover, both new and existing members can receive a 20% discount on fees by meeting the five conditions below.
I am already registered on Binance.
The invited person has not previously accepted any invitations.
The invited person has not traded or used products on the Binance platform for the past 180 days with their account.
When the eligible inviter opens the link and logs in, a confirmation window will appear.
When the inviter clicks [Bind Now], the binding takes effect.
I recommend utilizing discount benefits to reduce fees.
At first, I recommend experiencing several small purchases and sales.
Also, investing in BTC on Binance requires continuous learning. It's important to not be swayed by short-term price spikes and to develop the habit of analyzing and making decisions independently.
Especially for beginners, it's important to be cautious of FOMO (Fear of Missing Out). Hearing that others are making profits and blindly buying in can be very risky.
Furthermore, when managing BTC, it's crucial to adhere to the principle of diversification. Rather than putting all assets into BTC, it's advisable to invest in various virtual assets or maintain a certain level of cash to have reserve funds available to respond to sudden market changes.
Another important aspect is to meticulously manage your deposit and withdrawal records. Binance has specified fees and minimum withdrawal amounts, so you should always check before proceeding. Planning ahead for sudden withdrawal restrictions or network congestion is also a good habit.
In summary, investing in BTC on the Binance exchange involves completing the registration and verification process, then gradually gaining experience through repeated small purchases and sales. It is important to avoid being swayed by emotions, thoroughly practice diversification and risk management, and approach with a long-term perspective.
Although it may feel difficult and complicated at first, as you learn one step at a time, you will soon develop your own investment style. If you avoid impatience and study and prepare on your own, you will gain valuable experiences gradually growing in the virtual asset market.