Binance is one of the best and most popular places to buy bitcoins. It is a cryptocurrency exchange that gives you full control over your funds and allows you to buy bitcoin using bank transfers. There are many reasons that you might want to buy bitcoins on Binance, but below are some of the most important and helpful hints for those who have never bought bitcoin before.
1. Avoid the urge to buy as soon as you see Bitcoin’s price increase.
The bitcoin price has been going up rather rapidly in 2018, providing investors with an opportunity to get more coins at lower prices. However, if you are trying to buy bitcoin on Binance, there is a big chance that the price will decrease a little before it increases again. So, do not rush and spend your hard-earned money on buying bitcoin right after the coin’s value increases.
2. Be cautious when buying bitcoin on Binance and other cryptocurrency exchanges.
When you buy bitcoin on Binance, you will be given an address where the coins will be sent to your wallet. It is a good idea to print out the address from your Binance wallet because in case you lose it and cannot find it again, your coins will not be lost forever.
3. Don’t use 2FA on Binance.
Binance has been the target of hackers numerous times, and many coins have been lost due to the fact that some users have used 2FA, an additional security measure, while they are trading. If you have 2FA enabled, you have to store a six-digit code every time you log in to your account. However, there is no need for this because as soon as funds are taken from your account, the money will be sent back immediately.
4. Always use the trading exchange for converting your coins into money.
It might seem too simplistic, but if you want to buy bitcoins on Binance or any other platform, make sure that the main focus of your attention is the trading exchange and not any other tool or element that you can use to trade. The process is quite simple: send coins from your wallet to the trading exchange and then pick a coin that you would like to buy and which has a good price.
5. Do not click any suspicious links you receive.
There are numerous ways you can get phished when buying bitcoin on Binance and other exchanges, and one of the most common ways is sending you a suspicious link or visiting a website that is offering you coins at a very low price. Clicking such links can result in your coins being stolen instantly. So, if you want to buy bitcoins on Binance, it would be best to avoid all suspicious links and websites, even if they appear to be legit.
6. Be sure to backup your Binance wallet.
If you do not have a recovery seed, then you should create one, and if it is lost, you will lose all your funds because there will be no way to access them. It is recommended that you print the recovery seed and store it in a safe place.
7. Always check the market after every trade.
Most of the cryptocurrencies listed on Binance, including bitcoin, can be traded for a few dollars at any given time. However, this does not mean that the price is fixed and does not change all the time. So, make sure that you watch your Binance transaction history frequently so that you can see what is happening with the market right now. Bitcoin Profit is not just for traders. With the help of their automated trading system, you can now be part of this fast-paced bitcoin market with only a small investment. This innovative program has been in place since 2015 and they are still going strong today.
8. Watch out for fake websites and messages.
There are scammers out there who are trying to get your money, and they can trick you very easily if you are not careful. So, if you want to buy bitcoins on Binance, make sure that you do it only on the Binance website. If a fake website tries to get your money, then you will lose it a few minutes later.
9. Use credit cards instead of wire transfers whenever possible.
If you want to buy bitcoins on Binance, then use a credit card instead of a bank transfer because banks usually have very high fees and charge high prices for their services. Buying bitcoin using a credit card is much more expensive than using a bank transfer, but in case you really need the funds to buy bitcoins, it might be worth paying the slightly higher price.
10. Do not send your money to several cryptocurrency exchanges with different addresses at the same time.
This applies to both people who want to buy bitcoin using bank transfers and credit cards. If you send your money to multiple addresses at the same time while trading on several platforms, there is a chance that you will lose your money. So, if you want to buy bitcoins on Binance or any other platform, be sure that you send the funds only once and do it at a time when the price is really good.