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Binance Futures Quiz Answers 2021

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For you to start trading Futures on Binance, there’s a requirement where you need to “activate” this option, namely you need to pass a test, devoted to the knowledge of Futures trading.

Following the link you can find a video, which covers all the steps to open a Futures wallet on Binance.

Below we shared the list of the steps in a written form.

 

 

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Binance Futures Quiz Answers 2021

1. In the menu choose Derivatives –> USDT-M Futures

2. On the right side of the opened section familiarise with the risks of Futures trading and proceed with an Open now button.

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3. After a Futures trading menu is opened, click on either Buy/Long or Sell/Short.

4. In an opened window with the tutorial please click on Start Quiz.

5. To activate access to Futures trading, you need to give a correct answer to all the 12 question.

Below is the list with these questions and correct answers so that you can have a small practice.

Please note! Futures trading is a highly risky endeavor, with the potential for both great profits and significant losses. Please be aware that in the event of extreme price movement, there is a chance that all margin balance in your futures wallet may be liquidated. Futures trading is restricted for users from certain regions.

1. What is the maximum leverage available on Binance Futures?

Correct – 125x (answer #1)

2. Which wallet is not supported for trading on Binance Futures?

Correct – Margin wallet (answer #3)

3. Which of these is not the key difference between USDT-margined futures and coin-margined futures?

Correct – Leverage level (answer #3)

4. What can the maximum loss for trading in a futures contract be?

Correct – 100% of collateral (answer #1)

5. Which of these is not the key difference between perpetual futures and quarterly futures?

Correct – Trading method (answer #2)

6. If a user has open orders or position, which of the following can be done by the user?

Correct – Borrow by using cross collateral function (answer #3)

7. What is the reference price Binance Futures uses to determine if a position should be liquidated?

Correct – Mark price (answer #3)

8. When will a user receive margin calls? When his/her margin balance is lower than:

Correct – Maintenance margin (answer #3)

9. Can BNB in users’ USDT-margined wallets be used as margins to open new positions?

Correct – No, BNB in users’ USDT-margined wallets can only be used to pay commissions. (answer #2)

10. Can unrealized PNL be used as margins to open new positions?

Correct – Yes (answer #1)

11. Which one of the following actions is NOT recommended during drastic price movements?

Correct – Use market order to get in or get out (answer #3)

12. Should you take up a personal loan to trade futures?

Correct – No, I should trade within my financial means. (answer #2)

As soon as you are done answering the questions, click on Trade Futures. Should all the answers be correct, the interface of Futures trading will be activated.

6. To start trading Futures you need to transfer USDT from your spot wallet to Futures. When transferring no fees are charged by Binance. For that please simply click on the Transfer button in the right menu, enter the desired amount and proceed with the Confirm button.

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Congratulations! You are now all set to start trading Futures on Binance.

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