Binance futures quiz answers before trading Future Binance
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Answering the 14-question quiz is required when you want to open a Binance Futures trading account. However, it may be difficult for you to answer these questions. This article gathers 14 questions and Binance futures quiz answers in this test. However, you also need to understand the rules of Binance Futures to not lose money when trading.
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1. What is the maximum possible loss when participating in futures contract trading?
- All futures wallet balance
2. When futures balance is liquidated, what price is it based on?
- Mark Price
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 future wallet balance to zero?
- 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.
4. There is a maximum number of orders for each future. Which action should I take?
- 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.
5. Which of the following apply when using a stop-market order?
- 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.
6. Which of the following is correct to use Stop-Limit Order?
- 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.
7. What kind of behavior should I avoid when engaging in future transactions?
- Strong gambling, trading addictions, continuous losses, and blaming others.
8. To continue trading on the futures, I have:
- 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.
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 the Binance Futures service system runs effectively. Binance shall not be liable for the final execution results due to the above factors.
10. Profit and loss (PnL) in futures are calculated by:
- After closing a position, according to the opening price and closing price to calculate actual profit and loss.
11. When you encounter a failure to trade constantly, you must:
- Check the network and retain information for customer service.
12. Futures fees include:
- In addition to the order commission, positions also produce capital expenses and liquidation expenses.
13. In Coin-margined futures trading, what kind of currency can be used as margin:
- The currency of this future.
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.
Above are the answers and correct Binance futures quiz answers. Hopefully, with this article, you will overcome this requirement more quickly.
Once again Investiki.com reminds you that trading Binance Futures has a lot of advantages but is also quite risky. You need to be aware of this before trading.
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