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Looking to start crypto trading futures contracts on Binance Exchange? Before starting Futures Trading on Binance, you must answer all the questions on the Binance Futures quiz. This assessment tests your knowledge of 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 futures. Whilst the Binance quiz is quite straightforward, this requirement can create problems for many crypto investors who want to start trading Futures.
So, let’s dive into this Binance guide, where we provide you with everything you need to answer the Binance Future Quiz questions for 2023.
Binance Futures Quiz Answers for March 2023
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.
Binance Futures Quiz Question 1: Maximum Loss
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
Binance Futures Quiz Question 2: Balance Liquidation Price
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
Binance Futures Quiz Question 3: Insurance Clear Fees
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.
Binance Futures Quiz Question 4: Maximum Quantity Limits
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.
Binance Futures Quiz Question 5: Stop Market Orders
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.
Binance Futures Quiz Question 6: Stop Limit Orders
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.
Binance Futures Quiz Question 7: Behaviours to Avoid
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.
Binance Futures Quiz Question 8: Understanding the Rules
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.
Binance Futures Quiz Question 9: Futures System Services
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
Binance Futures Quiz Question 10: PNL Calculations
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.
Binance Futures Quiz Question 11: Trading Failures
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.
Binance Futures Quiz Question 12: Binance Futures Fees
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.
