Binance Futures Quiz Answers For January 2023
The Binance Futures quiz is a mandatory quiz that needs to be completed before activating the Futures account. You can check out the Binance Futures Quiz answers that are given later in the post.
Futures trading is risky even though it gives excellent returns because futures contracts are capital-efficient. Therefore Binance makes sure you know everything about Futures trading.
Approximately more than 500 trading pairs are available on Binance Futures and today it has become the world’s most liquid crypto derivatives exchange.
In this post, you will get updated Binance Futures quiz answers. Also, we regularly update the answers regarding other crypto-related quizzes.
Binance Futures Quiz Answers
Q1. Which of the following action should you take when you fail to place an order?
Answer: Check your network, save screenshots or related information, and ask for help from customer service
Q2. There is a maximum size limit for each order. Which action should you take when you receive this type of error message?
Answer: Divide the large order into several smaller orders
Q3. Which of the following description of Stop-Market Order is correct?
Answer: 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
Q4. Which of the following description of Stop-Limit Order is correct?
Answer: 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
Q5. Which of the following description of Profit and Loss (PnL) is correct?
Answer: Realized PnL is calculated based on the opening price and the closing price after a position is closed
Q6. What is the maximum loss that may occur in futures trading?
Answer: All the money in my futures wallet
Q7. Which coin can be used as margin for a Coin-margined futures?
Answer: The base asset of this future. For example, I can use BTC as margin when I trade BTCUSD future
Q8. When a futures position is liquidated, what price is it based on?
Answer: Mark Price
Q9. Futures fees include:
Answer: Commissions, Insurance Clear Fees and Funding Fees while holding positions
Q10. 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
Answer: 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
Q11. What kind of behavior should I avoid when engaging in futures trading?
Answer: Strong gambling, trading addictions, continuous losses, and blaming others
Q12. To continue trading on futures, I have:
Answer: 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
Q13. 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.
Q14. 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.