Welcome to our comprehensive guide on Binance Futures Quiz Answers for 2023

If you’re eager to excel in the Binance Futures Quiz and test your knowledge about the platform, you’ve come to the right place.

In this blog post, we’ll provide you with the most up-to-date answers for the 2023 edition of the quiz.

By familiarising yourself with these answers, you’ll be well-equipped to tackle the quiz confidently and increase your chances of success.

Let’s dive right in into Binance where we provide you with everything you need to answer the Binance Future Quiz questions for 2023 

In order to take the Binance Futures Quiz, it’s necessary to have access to the desktop version of Binance (binance.com)

Please note that the questions in the quiz may differ from those in the Binance mobile app

Step 1 – Go To Binance.com 

Step 2 – Click On Derivatives

Step 3 – Click On USD-M- Futures

You will see a pop up message appear to ask you to take the quiz before you can start trading

We’ve compiled a comprehensive list of all the questions and answers for the Binance Futures Quiz below

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

Answer 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

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

Answer Options:

• Latest Price
• Last Hour Price
• Mark Price

Binance Futures Quiz Answer 2: Mark Price

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?:

Answer 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.

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

Answer 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.

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

Answer 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.

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

Answer 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.

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

Answer 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.

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

Answer 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.

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.

Answer Options:

• Agree
• Disagree

Binance Futures Quiz Answer 9: Agree

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

Answer 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.

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

Answer 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

Question 12: Futures fees include:

Answer 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.

Binance Futures Quiz Question 13: Coin-margined Currencies

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

Answer 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.

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.

Answer Options:

• Agree
• Disagree

Binance Futures Quiz Answer 14: Agree

Remember, these answers are specifically tailored for the Year 2023 edition of the Binance Futures Quiz.

It’s crucial to stay updated as Binance may modify or rotate questions periodically.

By referring to the answers provided here, you’ll have a strong foundation to build upon, but always keep an eye out for any changes in the future.

Conclusion:

By utilising this guide, you’re now armed with the accurate answers for the Binance Futures Quiz in 2023.

Remember to revise and understand each answer to enhance your knowledge about Binance Futures and stay ahead of the game.

Good luck with the quiz, and may your success on Binance Futures continue to grow!

Disclaimer: This blog post is intended for informational purposes only. The answers provided here are based on the 2023 edition of the Binance Futures Quiz.

Binance may update their quiz questions at any time.

It’s essential to verify the answers independently and adapt to any changes made by Binance.

What is the Maximum Leverage Available on Binance Futures?

Binance Futures offers users the ability to open long and short positions with leverage of up to 125x.

However, for new users on the platform, the maximum leverage available is currently limited to 20x.

If your account is within the first 60 days of opening, you won’t be able to access leverage levels higher than 20x.

Leverage allows traders to increase their buying or selling power beyond the amount of capital they have available in their wallet.

By selecting an appropriate level of leverage, you can effectively borrow a multiple of your current balance for trading purposes.

Conclusion

As with any other investment, trading futures requires a significant amount of research and a thorough understanding of how it works.

It’s important to note that futures trading is not recommended for beginners as it carries a high level of risk and should be approached with caution or with a demo account.

Before entering into any futures trading positions, it’s essential to carefully consider the associated risks, fees, and margin requirements.

It’s also crucial to monitor and manage your positions carefully to ensure that you are comfortable with the level of risk involved.

Is Binance Futures Safe?

Although Binance Futures is generally considered a safe platform, it’s important to keep in mind that trading with leverage, which is available on the platform, can be risky, particularly for beginners.

Leveraged trading can result in substantial losses in a short amount of time if not handled properly.

As such, it’s highly recommended that traders gain adequate experience and knowledge before engaging in leveraged trading on Binance Futures or any other platform.

It’s also important to carefully manage your positions and risk exposure at all times.

How Long Can You Hold Trade On Binance Futures?

Binance Futures does not impose any specific time limit on how long you can hold positions.

However, it’s important to be aware of the potential risks and costs associated with holding futures positions for an extended period, particularly when using high leverage.

When holding a position on Binance Futures, you may be subject to funding fees, which are charged or credited to your account based on the difference between the perpetual swap and the mark price.

These funding fees can vary and may impact your overall profitability when holding positions for an extended period.

It’s important to carefully consider these costs and monitor your positions closely to ensure that they align with your trading strategy and risk tolerance.

How To Calculate Binance Futures Fee?

The fee rate and rebate amount may vary depending on your VIP level and trading volume. You can find more information about the fee structure on the Binance Futures website.

https://www.binance.com/en/support/faq/binance-futures-fee-structure-fee-calculations-360033544231

The post Binance Futures Quiz Answers for 2023: A Comprehensive Guide to Ace the Quiz first appeared on Osmaan Mooraby Official Website.

The post Binance Futures Quiz Answers for 2023: A Comprehensive Guide to Ace the Quiz appeared first on Osmaan Mooraby Official Website.