Binance Quiz Answers Futures 2023 [Updated May 2023]: Here we have provided the latest Quiz answers of the Binance Futures. Before you start trading in Binance Futures, you must answer all the questions of the Quiz.
Also Read – Binance Margin Quiz Answers May 2023.
The Quiz is a one time Questions Answers Round for those who want to trade in Futures. All the Answers must be made correct. Only after that, Binance will enable you to do future trading.
Binance Questions Answers for Futures Trading 2023
A total of 14 questions are there in the quiz section. You need to answer each and every questions and these answers should be correct.
So without wasting much time let us see the answers. Here are the Latest Question Answer of the Latest Binance Futures Test. After you start the quiz as shown in the image, circle the correct answers given below:
1. Which of the following action should you take when you fail to place an order?
a) Keep repeating the same operation
b) Check your network, save screenshots or related information, and ask for help from customer service.
c) Follow the suggestions on the Internet or in social groups.
Answer: 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?
a) Keep trying the same and blame Binance for the failure.
b) Keep trying the same and expect a chance of success after more times of trying.
c) Divide the large order into several smaller orders.
Answer: Divide the large order into several smaller orders.
3. Which of the following description of Stop-Market Order is correct?
a) The executed price is always equal to the trigger price
b) 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.
c) The executed price must be greater than the trigger price.
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.
4. Which of the following description of Stop-Limit Order is correct?
a) 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.
b) The limit order will definitely be filled after it is placed.
c) The limit order will never be filled after it is placed.
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.
5. Which of the following description of Profit and Loss (PnL) is correct?
a) I won’t lose money in futures trading.
B) Realized PnL (PnL after positions are closed) is always equal to unrealized PnL (PnL when positions are open).
c) Realized PnL is calculated based on the opening price and the closing price after a position is closed.
Answer: 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?
a) All the money in my futures wallet
b) Half of the money in my futures wallet
c) I will not lose money
Answer: All the money in my futures wallet.
7. 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.
8. When a futures position is liquidated, what price is it based on?
a) Last Price
b) Average price in the past hour
c) Mark Price
Answer: Mark Price.
9. Futures fees include:
a) Only commissions.
b) Commissions, Insurance Clear Fees and Funding Fees while holding positions.
c) The same as spot trading.
Answer: Commissions, Insurance 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
a) No, I don’t know the calculation of the Insurance Clear Fee.
b) 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.
c) No, I don’t know the liquidation can cause the futures wallet balance to return to zero.
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.
11. What kind of behavior should I avoid when engaging in futures trading?
a) Strict discipline, good stop loss, reasonable profit and loss, including winning or losing at my own risk.
b) Learn the basics of futures trading and read related articles on the Binance website.
c) Strong gambling, trading addictions, continuous losses, and blaming others.
Answer: Strong gambling, trading addictions, continuous losses, and blaming others.
12. To continue trading on futures, I have:
a) Not yet understood the rules and risks of futures trading. I am not suitable for trading futures and I should learn more about it.
b) 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.
c) Not yet understood the rules and risks of futures trading. But I believe I can make money by following the investment advice on the Internet.
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.
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.
a) Agree
b) Disagree
Answer: 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.
a) Agree
b) Disagree
Answer: Agree.
FAQs on Binance Futures Quiz
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The answers for Futures Quiz by Binance has been updated on May 2023.
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