How To Spot Trade On Phemex Quiz Answers: Learn & Earn $8 USD

How To Spot Trade On Phemex Quiz Answers

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5) Phemex quiz answers of How to spot trade on Phemex are given below.

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Lesson1: What is Spot Trading?

Q1) Spot trading refers to:

Answer: B. Transactions that settle on the spot

Q2) On Phemex, what markets can you spot trade on?

Answer: C. Spot Markets

Q3) If you Spot Trade USDT for BTC, how long would it take for your BTC to be available in your wallet?

Answer: A. Instantly Available

Q4) Which one of these is NOT a type of spot order available on Phemex?

Answer: B. Stock

Lesson2: Spot Limit Orders

Q1) A limit order allows you to set the __ __ at which you wish to buy or sell a target token.

Answer: _limit_ _price_

Q2) Once you’re on the spot trading page, what order type is already selected by default?

Answer: A. Limit

Q3) In what field can you enter your desired limit price?

Answer: D. Limit Price USDT

Q4) For a buy order, what happens if your limit price falls within the ask portion of the orderbook (orders in red)?

Answer: B. Order will automatically be filled at the best available price

Q5) For a buy order, what happens if your limit price is set at or below the best bid price in the orderbook (orders in green)?

Answer: A. Order will be added to all the other orders at that price waiting to be filled

Q6) For a buy order, what happens if your limit price falls between the best bid and ask prices?

Answer: D. Order will be added to the orderbook as the newest best bid price

Q7) If an order is sitting in the orderbook, it will be filled when:

Answer: C. When the price of your crypto reaches your limit price

Lesson3: Spot Market Orders 

Q1) Once you’re on the spot trading page, to place a market order, you must change the order type to:

Answer: C. Market

Q2) A Market order will immediately and automatically:

Answer: C. Fill at the best available market price

Q3) For a buy Market order, the best available market price is:

Answer: A. The lowest ask price (in red)

Lesson4: Spot Conditional Orders 

Q1) A conditional order allows you to set the conditions to trigger:

Answer: A. Either a limit or a market order

Q2) Who can use conditional orders?

Answer: C. Premium users .

Q3) If you choose to set the conditions for a limit order, where can you enter the price at which you want your limit order to trigger?

Answer: D. The Trigger Price USDT field

Q4) When setting the conditions for a limit order, the Limit Price USDT field:

Answer: B. Allows you to enter the limit price associated with this limit order

Q5) If you choose to set the conditions for a market order, the Limit Price USDT field is not available because once the order is triggered, it will be filled at the best available price?

Answer: A. TRUE

Q6) Once you have successfully placed a conditional order, where can you see this order?

Answer: D. Under the Conditional Orders tab