Binance Futures Quiz Answers January 2024 | Binance Quiz Answer

Hello, guys welcome to the world of crypto. Checking out the Binance Futures Quiz answers will help you learn more about future trading.

Understanding the futures market can be very lucrative and trading can be fun, and engaging, but it can also cause financial and emotional distress.

Binance, which is owned by Changpeng Zhao, also offers high-volume trading in futures.

Somehow, futures trading is always a risky option in the trading business. It is possible to lose all your money or to make a lot of money.

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Also, join the official CoinMarketCap quiz to win free crypto tokens.

It is common for new users to have a lot of questions when they first get into futures, options, or leverage trading on Binance.

We will help you to provide correct answers in our blog. Below are the quiz answers from Binance.

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Binance Futures Quiz Answers January 2024

How to participate in the Binance Future Quiz?

1)

First of all, create an account on Binance.com and complete KYC verification (Skip this if you have already done so)

2)

Then join our Telegram channel

3)

Next, click here and start the quiz. Use our referral code 87122524 to get a 10% discount on the trading fee.

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Binance Futures Quiz Answers 2024

1. Which of the following action should you take when you fail to place an order?

Ans.- Check your network, save screenshots or related information, and ask for help from customer service.

2. There is a maximum size limit for each order. Which action should you take when you receive this type of error message?

Ans.- Divide the large order into several smaller orders.

3. Which of the following description of Stop-Market Order is correct?

Ans.- The order will be executed at the market price once the price hits the trigger price. But the executed price may not be equal to the trigger price.

4. Which of the following description of the Stop-Limit Order is correct?

Ans.- The order will be placed at the limit price once the price hits the trigger price. But the limit order may not necessarily be filled as the latest market price may have moved away from the limit price.

5. Which of the following description of Profit and Loss (PnL) is correct?

Ans.- Realized PnL is calculated based on the opening price and the closing price after a position is closed.

6. What is the maximum loss that may occur in futures trading?

Ans.- All the money in my futures wallet

7. Which coin can be used as margin for a Coin-margined futures?

Ans.- The base asset of this future. For example, I can use BTC as margin when I trade BTCUSD future.

8. When a futures position is liquidated, what price is it based on?

Ans.- Mark Price

9. Futures fees include:

Ans.- Commissions, Liquidation Clear Fees, and Funding Fees while holding positions.

10. Are you aware that after a futures position is liquidated, in addition to the loss of the position, an Insurance Clear Fee will occur, which may decrease your futures wallet balance to zero? p.s. Insurance Clear Fee = Position nominal value * Liquidation fee rate

Ans.- Yes, I am aware of the existence and calculation of the Insurance Clear Fee and the risks that may cause the balance to return to zero.

11. What kind of behavior should I avoid when engaging in futures trading?

Ans.- Strong gambling, trading addictions, continuous losses, and blaming others.

12. To continue trading on futures, I have:

Ans.-. Understood the rules and risks of futures trading, and I agree that any loss incurred during futures trading is my own responsibility regardless of the platform.

13. Due to network delays, system failures and other possible factors which may lead to suspension or deviation of Binance Futures service execution, Binance will use commercially reasonable efforts to ensure but not promise that Binance Futures service system runs effectively. Binance shall not be liable for the final execution results due to the above factors.

Ans.-. Agree

14. In the event of a service disruption on Binance Futures, you may use the “close all positions” function to cancel all orders and close all open positions. However, due to unpredictable factors, the final execution result of this function might deviate from your expectations, and Binance shall not be liable for the final results.

Ans.-. Agree

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Binance Futures Quiz Answers February 2022

1. What is the maximum leverage available on Binance Futures?

Ans.- 125x

2. Which wallet is not supported for trading on Binance Futures?

Ans.- Margin wallet

3. Which of these is not the key difference between USDT-margined futures and coin-margined futures?

Ans.- Leverage level

4. What can the maximum loss for trading in a futures contract be?

Ans.- 100% of collateral

5. Which of these is not the key difference between perpetual futures and quarterly futures?

Ans.- Trading method

6. If a user has open orders or position, which of the following can be done by the user?

Ans.- Borrow by using cross collateral function

7. What is the reference price Binance Futures uses to determine if a position should be liquidated?

Ans.- Mark price

8. When will a user receive margin calls? When his/her margin balance is lower than:

Ans.- Maintenance margin

9. Can BNB (Binance Coin) in users’ USDT-margined wallets be used as margins to open new positions?

Ans.- No, BNB in users’ USDT-margined wallets can only be used to pay commissions.

10. Can unrealized PNL (profit and loss) be used as margins to open new positions?

Ans.- Yes

11. Which one of the following actions is not recommended during drastic price movements?

Ans.- Use market order to get in or get out

12. Should you take up a personal loan to trade futures?

Ans.- No, I should trade within my financial means.

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Binance Futures Quiz Answers September 2021

1. What is the maximum loss that may occur when engaging in futures trading?

Ans.- All futures wallet balance

2. When futures balance is liquidated, what price is it based on?

Ans.- Mark Price

3. Are you aware that after the future is forcedly liquidated, in addition to the loss of the position, Insurance Clear Fee (= Position nominal value * Liquidation fee rate) will occur, which may decrease your futures wallet balance to zero?

Ans.- Yes, I am aware of the existence and calculation of the Insurance Clear Fee and the risks that may cause the balance to return to zero.

4. There is a maximum number of orders for each future. Which action should I take?

Ans.- Once the maximum quantity limit is reached, the order will fail, and an error will be reported. At this time, I should divide the order into several smaller quantities.

5. Which of the following apply when using a stop-market order?

Ans.- After the stop-profit and stop-loss price is triggered, the transaction will be executed immediately at the market price, and the transaction price may not be equal to the trigger price.

6. Which of the following is correct to use Stop-Limit Order?

Ans.- After the stop-profit and stop-loss price is triggered, the order will be placed at the limit price immediately, but the limit order may not necessarily be filled because the price has moved away

7. What kind of behavior should I avoid when engaging in futures transactions?

Ans.- Strong gambling, trading addictions, continuous losses, and blaming others.

8. To continue trading on the futures, I have:

Ans.- understood the rules and risks of engaging in futures transactions, and I agree that any loss incurred in the transaction is my responsibility regardless of the platform.

9. Due to network delays, system failures and other possible factors which may lead to suspension or deviation of Binance Futures service execution, Binance will use commercially reasonable efforts to ensure but not promise that Binance Futures service system runs effectively. Binance shall not be liable for the final execution results due to the above factors.

Ans.- Agree

10. Profit and loss (PnL) in futures are calculated by:

Ans.- After closing a position, according to the opening price and closing price to calculate actual profit and loss.

11. When you encounter a failure to trade constantly, you must:

Ans.- Check the network and retain information for customer service.

12. Futures fees include:

Ans.- In addition to the order commission, positions also produce capital expenses and liquidation expenses.

13. In Coin-margined futures trading, what kind of currency can be used as margin:

Ans.- The currency of this future.

14. In the event of a service disruption on Binance Futures, you may use the “close all positions” function to cancel all orders and close all open positions. However, due to unpredictable factors, the final execution result of this function might deviate from your expectations, and Binance shall not be liable for the final results.

Ans.- Agree

Hello, guys welcome to the world of crypto. By checking the Binance Futures Quiz answers you will get an idea of future trading.

Understanding the futures market is much more profitable and trading can be engaging, and fun also it can lead to financial and emotional distress.

The leading crypto exchange ‘Binance’ is owned by Mr. Changpeng Zhao and also supports futures trading with high volume.

Somehow Futures trading is always a risky option in the trading business. You can lose your all money or earn a lot.

By the way, we post daily free airdrops on our blog and telegram channel, join our channel to earn some free coins.

Also, join the official CoinMarketCap quiz to win free crypto tokens.

We always face a bunch of questions when we try to enter the future, option, or leverage trading on Binance for the first time.

In our blog, we will help you to provide correct answers. Check below for quiz answers from Binance

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Binance Futures Quiz Answers September 2021

1. What is the maximum loss that may occur when engaging in futures trading?

Ans.- All futures wallet balance

2. When futures balance is liquidated, what price is it based on?

Ans.- Mark Price

3. Are you aware that after the future is forcedly liquidated, in addition to the loss of the position, Insurance Clear Fee (= Position nominal value * Liquidation fee rate) will occur, which may decrease your futures wallet balance to zero?

Ans.- Yes, I am aware of the existence and calculation of the Insurance Clear Fee and the risks that may cause the balance to return to zero.

4. There is a maximum number of orders for each future. Which action should I take?

Ans.- Once the maximum quantity limit is reached, the order will fail, and an error will be reported. At this time, I should divide the order into several smaller quantities.

5. Which of the following apply when using a stop-market order?

Ans.- After the stop-profit and stop-loss price is triggered, the transaction will be executed immediately at the market price, and the transaction price may not be equal to the trigger price.

6. Which of the following is correct to use Stop-Limit Order?

Ans.- After the stop-profit and stop-loss price is triggered, the order will be placed at the limit price immediately, but the limit order may not necessarily be filled because the price has moved away

7. What kind of behavior should I avoid when engaging in futures transactions?

Ans.- Strong gambling, trading addictions, continuous losses, and blaming others.

8. To continue trading on the futures, I have:

Ans.- understood the rules and risks of engaging in futures transactions, and I agree that any loss incurred in the transaction is my responsibility regardless of the platform.

9. Due to network delays, system failures and other possible factors which may lead to suspension or deviation of Binance Futures service execution, Binance will use commercially reasonable efforts to ensure but not promise that Binance Futures service system runs effectively. Binance shall not be liable for the final execution results due to the above factors.

Ans.- Agree

10. Profit and loss (PnL) in futures are calculated by:

Ans.- After closing a position, according to the opening price and closing price to calculate actual profit and loss.

11. When you encounter a failure to trade constantly, you must:

Ans.- Check the network and retain information for customer service.

12. Futures fees include:

Ans.- In addition to the order commission, positions also produce capital expenses and liquidation expenses.

13. In Coin-margined futures trading, what kind of currency can be used as margin:

Ans.- The currency of this future.

14. In the event of a service disruption on Binance Futures, you may use the “close all positions” function to cancel all orders and close all open positions. However, due to unpredictable factors, the final execution result of this function might deviate from your expectations, and Binance shall not be liable for the final results.

Ans.- Agree

 

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