My First Month Trading on Binance: Lessons and Tips

One Month of Binance Spot Trading

Been trading on Binance for about a month now, figured I'd share what I've learned. Made some money, lost some money, and definitely paid way too much in fees before I figured things out.

The Basics I Wish I Knew Earlier

When I started, I didn't even know what "spot trading" meant. Turns out it's just buying and selling crypto normally - you buy BTC, you actually own BTC. Simple as that. This is different from futures where you're just betting on price movements.

The trading pairs confused me at first too. BTC/USDT just means you're trading Bitcoin using USDT as payment. Not rocket science once you get it.

Market Orders vs Limit Orders - Why This Matters

My first week, I used market orders for everything. Click buy, instant purchase. Easy, right? Well, I was leaving money on the table.

Market orders execute immediately but you pay "taker" fees. Limit orders - where you set your own price and wait - get you "maker" fees which are lower. Plus with my BNREF01 referral code giving 20% back, the savings stack up.

I calculated it once: switching to mostly limit orders saved me about an extra $15 on a $10,000 trading week. Not huge, but it adds up over months.

The Fees Add Up Fast

Speaking of fees, this was my biggest lesson. On 0.1% fees, trading $100,000 in a month means $100 in fees. That's real money!

Using BNREF01 cuts that by 20%, so $80 instead. Then paying with BNB saves another 25%, so around $60. Almost half off what I would've paid otherwise.

What I Actually Trade

Mostly stick to the big ones - BTC, ETH, SOL. Liquidity is better and the spreads are tighter. Tried some small-cap coins and got destroyed by slippage.

I do a mix of DCA (buying a fixed amount every week regardless of price) for my main holdings, and occasional swing trades when I see obvious setups.

Mistakes I Made

• FOMO'd into a pump, bought the top, watched it dump 30%
• Didn't set stop losses, turned a small loss into a big one
• Overtraded during boring markets, paid fees for nothing

My Setup Now

I keep most of my trading money in USDT, use limit orders about 80% of the time, and actually use stop losses now. Also enabled all the security stuff - 2FA, withdrawal whitelist, the works.

If you're just starting, definitely use a referral code. BNREF01 gets you 20% back on every trade. I didn't use one at first and regret it (had to make a new account).