7 checks to make before your first trade
Before placing your first trade, take a moment to check your account, the asset and the order. These seven steps can help you avoid common mistakes; they cannot eliminate trading risk.
Check the website and messages
Use a trusted bookmark or enter the official address yourself. Check the domain carefully before logging in, and be wary of unsolicited messages and fake support. Never share your password, verification codes or recovery keys.
Secure your account and email
Use unique passwords for your exchange account and email, enable two-factor authentication on both, and store recovery codes securely. Consider enabling an anti-phishing code and withdrawal address whitelist where available.
Check the asset, address and network
If transferring crypto, confirm that the receiving platform supports the asset and the same network selected by the sender. Check the full address, any required memo or tag, and the minimum deposit. Errors can result in lost funds and recovery is not guaranteed. If you make a test transfer, ensure it meets the minimum deposit and account for network fees.
Know what you are trading
Check the asset and trading pair, including which currency you are spending and receiving. Similar token names can be misleading. Confirm that you are using the product you intend to use; spot, margin and futures have different risks and availability.
Understand the order type
A market order seeks execution at available prices, so the fill price may differ from the displayed price. A limit order specifies a price or better, but may only partially fill or not fill at all. Review the order type, price and quantity before submitting.
Review fees and the total cost
Check the applicable trading fee for your account and product, and consider deposit or withdrawal fees if relevant. The bid-ask spread and possible slippage also affect the price you pay or receive. Confirm the order details rather than assuming an advertised discount applies.
Decide how much you can afford to lose
Only use money you can afford to lose, and consider the effect of a large price move before placing an order. Avoid borrowing or using leverage without understanding the risks. A stop order does not guarantee an exact exit price or execution; fast-moving markets may produce slippage or an unfilled order.
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