If you’re thinking about trading futures contracts, Binance exchange is a reputable exchange to go with. However, before you get started, you should complete the Binance futures quiz and answer all of the questions correctly. To get you started on all things futures trading, here is everything you need to know about trading futures contracts on Binance, including what it is, the fees involved, and all Binance futures quiz answers in 2023.

What is Binance Futures?

Binance Futures is the leading cryptocurrency derivatives exchange that allows you to speculate on the future prices of cryptocurrencies. Binance Futures has a large number of cryptocurrencies to choose from, and new coins are added to the exchange all the time. Unlike buying and selling cryptocurrency in anticipation of a price increase or decrease, Binance Futures and any other crypto derivatives exchange platform don’t require users to hold the underlying asset. 

Instead, traders use significantly smaller amounts of cash to go long or short on a futures contract that they anticipate will rise or fall in price in the future. By going long, a user buys a futures contract, anticipating that its value will increase in the future. Alternatively, they could go short and sell a futures contract, anticipating it will decrease in value in the future. In this way, traders are able to reduce risk or increase their profits in a volatile market.

Futures trading and all of the risks that come with it can be hard to fully understand, which is why Binance wants all of its users to take part in its Binance Futures Responsible Trading initiative. This project is a set of best practices that are meant to make sure that all traders know how complex futures trading is before they open a futures trading account with Binance. 

Binance Futures Homepage
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Binance Future Fees?

Binance Futures, like most trading platforms, charges trading fees. And, while it may appear insignificant, it could add up over time, impacting your overall return on investment. 

The two main fees to watch out for on Binance Futures are the maker and taker fees. When you provide liquidity to the order book, you are charged a Maker fee, and when you take liquidity out of the order book, you are charged a taker fee. The taker fee rates on Binance Futures range from 0.017% to 0.04%, while the maker fee ranges from as low as 0.0000% to 0.02%. Because “makers” essentially bring more business to Binance, their fee is usually less expensive.

If you’d like to trade at the lowest fee rates, whether maker or taker rates, a quick tip is to trade a 30-day trade volume of at least 750,000 BTC(Bitcoin) and at least 11,000 BNB. However, getting started only requires a 30-day trade volume of 250 BTC or less and no BNB.

Binance Futures Trading Fees

What is the Maximum Leverage Available on Binance Futures?

If you have less capital in your wallet than you’d like to trade with, you can use leverage to increase your buying or selling power. It means that you can borrow up to a certain number of times your current balance by choosing the level of leverage you want. 

Binance Futures recently changed the maximum leverage of coin-margined quarterly contracts so that you can open positions worth up to 50 times your current balance: from 125x to 50x for BTCUSD, 100x for ETHUSD, and 20x to 50x for USDT-margined perpetual contracts CTKUSDT, CHZUSDT, AKROUSDT, SANDUSDT, ANKRUSDT, LUNAUSDT, and BTSUSDT.

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Binance Futures Quiz Answers for Feb 2023

Are you ready to take the Binance Futures quiz?

Make sure to take the quiz on Binance’s desktop version at binance.com, not the Binance mobile app, because the questions will be different. Each question has three choices to choose from. 

Here are all of the Binance Futures quiz answers for 2022.

Binance Futures Quiz Question 1

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

  1. All futures wallet balance
  2. Half of my futures wallet balance
  3. I will not lose money

Binance Futures Quiz Answer 1: All futures wallet balance

Binance Futures Quiz Answer Question 1

Binance Futures Quiz Question 2

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

  1. Latest Price
  2. Last Hour Price
  3. Mark Price

Binance Futures Quiz Answer 2: Mark Price

Binance Futures Quiz Answer Question 2

Binance Futures Quiz 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?

  1. No, I don’t know the calculation of the Insurance Clear Fee.
  2. 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.
  3. 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 Answer Question 3

Binance Futures Quiz Question 4

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

  1. 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.
  2. 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.
  3. 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 Answer Question 4

Binance Futures Quiz Question 5

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

  1. The transaction price must be similar to the trigger price.
  2. 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.
  3. 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 Answer Question 5

Binance Futures Quiz Question 6

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

  1. 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.
  2. The limit order will be executed after it is listed.
  3. 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 Answer Question 6

Binance Futures Quiz Question 7

What kind of behavior should I avoid when engaging in futures transactions?

  1. Strict discipline, good stop-loss, reasonable profit and loss, including winning or losing at my own risk.
  2. Learn the basics of futures trading and read related articles on the Binance website.
  3. 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 Answer Question 7

Binance Futures Quiz Question 8

To continue trading on the futures, I have:

  1. 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.
  2. 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.
  3. 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 Answer Question 8

Binance Futures Quiz 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.

  1. Agree
  2. Disagree

Binance Futures Quiz Answer 9: Agree

Binance Futures Quiz Answer Question 9

Binance Futures Quiz Question 10

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

  1. Trading in futures will only make a profit, no losses incur.
  2. Unrealized gains and losses, gains and losses of my orders.
  3. 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 Answer Question 10

Binance Futures Quiz Question 11

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

  1. Repeat attempts of the original operation.
  2. Check the network and retain information for customer service.
  3. 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 Answer Question 11

Binance Futures Quiz Question 12

Futures fees include:

  1. The same as spot, only transaction fees are required.
  2. In addition to the order commission, positions also produce capital expenses and liquidation expenses.
  3. 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 Answer Question 12

Binance Futures Quiz Question 13

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

  1. The currency of the USDT-margined wallet.
  2. The currency of this future.
  3. The currency of the Coin-margined wallet.

Binance Futures Quiz Answer 13: The currency of this future.

Binance Futures Quiz Answer Question 13

Binance Futures Quiz 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.

  1. Agree
  2. Disagree

Binance Futures Quiz Answer 14: Agree

Binance Futures Quiz Answer Question 14

Conclusion

Futures trading, like most investment ventures, requires extensive research and a reliable understanding of how it works. Fortunately, Binance Futures offers a comprehensive course to test your knowledge and prepare you for futures contract trading. 

By reading our Binance Futures Quiz Answers, you will gain a better understanding of futures trading and prepare a risk management strategy beforehand on the best ways to respond to volatile market trends and maximize your returns. But please note that futures trading is a high-risk trading method, you need to take your own research before making any decisions.

At CoinWire, we also provide a “Price Prediction series” which aims to provide you with a better understanding and comprehensive prediction based on Fundamental Analysis and Technical Analysis. If you want us to predict the price of any token, feel free to leave your comment below.

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