Binance Futures Quiz Answers 2022

Looking to start crypto trading futures contracts on Binance exchange? Before you can start Futures trading, you have to pass a test and all the answers to the Binance Futures quiz. This is an assessment that tests your knowledge on trading with futures, its associated risks, and the relevant measures you should take for your own financial security.

Until you pass the Binance futures quiz, you will not be able to trade any funds using this functionality. Whilst the test is quite straightforward, this requirement creates a problem for many users who want to start benefiting from the opportunity, without any delay.

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What is Binance Futures Trading?

Binance Futures Trading allows users to predict the future price of a cryptocurrency. Similar to how stock indices or commodity futures contracts work, instead of speculating on an assets future value, instead, Crypto futures is based on the future value of cryptocurrency.

With crypto futures, traders can obtain exposure to digital currencies without having to own any of the underlying assets. When a crypto futures contract expires, users will simply use cash as opposed to physically dealing in crypto.

Before trading, it is a must to be knowledgeable about crypto futures trading is and therefore new users must complete a Binance Futures Quiz.

Binance Futures Quiz Guide

Binance Futures Quiz Answers 2022

To be able to take the Binance Futures quiz, you must have access to the desktop version of Binance (binance.com) as with the Binance mobile app, the questions will be different.

Below is a list of all the questions and answers for the Binance Futures Quiz.

1) Maximum Loss

Binance Futures Quiz Question 1: What is the maximum loss that may occur when engaging in futures trading?

Binance Futures Quiz Answer 1

Options:

  • All futures wallet balance
  • Half of my futures wallet balance
  • I will not lose money

Binance Futures Quiz Answer 1: All futures wallet balance

2) Balance Liquidation Price

Binance Futures Quiz Question 2: When futures balance is liquidated, what price is it based on?

Binance Futures Quiz Answer 2

Options:

  • Latest Price
  • Last Hour Price
  • Mark Price

Binance Futures Quiz Answer 2: Mark Price

3) Insurance Clear Fees

Binance Futures Quiz Question 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?

Binance Futures Quiz Answer 3

Options:

  • No, I don’t know the calculation of the Insurance Clear Fee.
  • 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.
  • No, I don’t know the liquidation can cause the futures wallet balance to return to zero.

Binance Futures Quiz Answer 3: 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) Maximum Quantity Limits

Binance Futures Quiz Question 4: There is a maximum number of orders for each future. Which action should I take?

Binance Futures Quiz Answer 4

Options:

  • Once the maximum quantity limit is reached, the order will fail. An error will be reported. At this time, I should continue trying to place the order with the same quantity and blame the Binance platform if the system continues reporting errors.
  • Once the maximum quantity limit is reached, the order will fail, and an error will be reported, but I believe the order will be placed successfully if I try as many times as I can.
  • 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.

Binance Futures Quiz Answer 4: Once the maximum quantity limit is reached, the order will fail, and an error will be reported, but I believe the order will be placed successfully if I try as many times as I can.

5) Stop Market Orders

Binance Futures Quiz Question 5: Which of the following apply when using a stop-market order?

Binance Futures Quiz Answer 5

Options:

  • The transaction price must be similar to the trigger price.
  • 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.
  • The transaction price must be greater than the trigger price.

Binance Futures Quiz Answer 5: 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) Stop Limit Orders

Binance Futures Quiz Question 6: Which of the following is correct to use Stop-Limit Order?

Binance Futures Quiz Answer 6

Options:

  • 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.
  • The limit order will be executed after it is listed.
  • The limit order will not be executed after it is listed.

Binance Futures Quiz Answer 6: 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) Behaviours to Avoid

Binance Futures Quiz Question 7: What kind of behaviour should I avoid when engaging in futures transactions?

Binance Futures Quiz Answer 7

Options:

  • Strict discipline, good stop-loss, reasonable profit and loss, including winning or losing at my own risk.
  • Learn the basics of futures trading and read related articles on the Binance website.
  • Strong gambling, trading addictions, continuous losses, and blaming others.

Binance Futures Quiz Answer 7: Strong gambling, trading addictions, continuous losses, and blaming others.

8) Understanding the Rules

Binance Futures Quiz Question 8: To continue trading on the futures, I have:

Binance Futures Quiz Answer 8

Options:

  • Not yet understood the rules and risks of engaging in futures trading. I am not suitable for trading futures. I should learn more basic knowledge of futures trading.
  • 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.
  • Not yet understood the rules and risks of engaging in futures trading. I am not suitable for trading futures. But I am convinced that as long as I follow the investment advice on the Internet, I can make a profit.

Binance Futures Quiz Answer 8: 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) Futures System Services

Binance Futures Quiz Question 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.

Binance Futures Quiz Answer 9

Options:

  • Agree
  • Disagree

Binance Futures Quiz Answer 9: Agree

10) PNL Calculations

Binance Futures Quiz Question 10: Profit and loss (PnL) in futures are calculated by:

Binance Futures Quiz Answer 10

Options:

  • Trading in futures will only make a profit, no losses incur.
  • Unrealized gains and losses, gains and losses of my orders.
  • After closing a position, according to the opening price and closing price to calculate actual profit and loss.

Binance Futures Quiz Answer 10: After closing a position, according to the opening price and closing price to calculate actual profit and loss.

11) Trading Failures

Binance Futures Quiz Question 11: When you encounter a failure to trade constantly, you must:

Binance Futures Quiz Answer 11

Options:

  • Repeat attempts of the original operation.
  • Check the network and retain information for customer service.
  • Follow the suggestions made by netizens on the Internet or in the group.

Binance Futures Quiz Answer 11: Check the network and retain information for customer service.

12) Binance Futures Fees

Binance Futures Quiz Question 12: Futures fees include:

Binance Futures Quiz Answer 12

Options:

  • The same as spot, only transaction fees are required.
  • In addition to the order commission, positions also produce capital expenses and liquidation expenses.
  • The same as P2P, only transaction fees are required.

Binance Futures Quiz Answer 12: In addition to the order commission, positions also produce capital expenses and liquidation expenses.

13) Coin-margined Currencies

Binance Futures Quiz Question 13: In Coin-margined futures trading, what kind of currency can be used as margin:

Binance Futures Quiz Answer 13

Options:

  • The currency of the USDT-margined wallet.
  • The currency of this future.
  • The currency of the Coin-margined wallet.

Binance Futures Quiz Answer 13: The currency of this future.

14) Binance Futures Disruption

Binance Futures Quiz Question 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.

Binance Futures Quiz Answer 14

Options:

  • Agree
  • Disagree

Binance Futures Quiz Answer 14: Agree

Conclusion

Once you have completed the Binance Futures Quiz using the answers above you will be able to start trading with futures on the Binance exchange.

Futures trading isn’t for beginners and is very risky and should be used with caution.

Other Crypto Quizzes

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Ross O'Sullivan

Ross is the co founder of Every Bit Helps YouTube channel & website. After hearing about Bitcoin back in 2013, Ross was initially put off thinking that he had missed his opportunity. However, in 2017 made his first purchase & now buys & holds his crypto long term, which make up a large part of his investment portfolio. While working as an IT project manager, he spent his spare time buying & refurbishing properties, which now runs as an Airbnb business back in the UK. Spending his early years traveling between Ireland and England, Ross continues to travel & lives abroad with his family.

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