Cryptocurrency

CakeDefi is a Singapore-based decentralized finance services provider founded in 2019 but gained huge popularity in 2021. Currently serving in more than 190 countries to more than 1 million verified users.

CakeDefi has started its own Learn & Earn campaign where users can earn free crypto by answering some simple quiz questions. As of now, there are 3 CakeDefi learn & Earn campaigns on their website.

It is a bit hard to answer all questions on your own hence here we bring answers to the CakeDefi DefiChain quiz.

CakeDefi DeFiChain Quiz Answers

Click here to visit Defichan Learn & Earn page.

There are 5 questions in this quiz which will lead you to earn $1. It is really worth it because you are going to spend less than a minute and get $1 for it.

Q1. How can DeFiChain be described in one sentence?

Answer: A. DeFiChain is a blockchain dedicated to Native Decentralized Finance for Bitcoin.

Q2. What is Decentralized Finance?

Answer: B. Decentralized Finance are all types of financial applications without the need of a third party intermediary like a bank

Also Read: CoinMarketCap Learn & Earn Quiz Answers: BNB Boost Answers

Q3. What are the benefits of #NativeDeFi?

Answer: C. Native DeFi is more secure than non-Native DeFi because the consensus happens directly on the native blockchain layer, instead of getting compiled and running through a virtual machine like on Ethereum.

Q4. What are the main ways to earn incredibly high yields with DeFiChain?

Answer: B. Staking and Liquidity Mining offer great and easy ways for anyone to earn block rewards with over 50% yearly returns.

Q5. What is DeFiChain’s Decentralized Exchange?

Answer: D. DeFiChain’s decentralized exchange is the cornerstone of most decentralized financial applications in the DeFiChain ecosystem, enabling trading, liquidity mining and more

Do not forget to share this article on social media with your friends if this article helped you to get your answers.

CoinMarketCap is the biggest source of cryptocurrency data it provides price & exchange data as days pass they are improving themselves by adding new features on their website.

In recent times they started CoinMarketCap Learn & Earn campaign through which users can earn free cryptocurrencies by completing a small quiz, answering the quiz, and earning free coins.

There are many quizzes that are getting added on CoinMarketCap (CMC) by different projects that allow you to earn $4 to $20 or more in crypto for free.

Recently Binance has launched a new quiz on Coinmarketcap through which you can earn free $10 in crypto.

Coinmarketcap BNB Boost Quiz Answers: Coinmarketcap in association with one of the biggest crypto exchanges Binance has recently launched a new quiz for its users.

Join Coinmarketcap here using our link.

CoinMarketCap BNB Boost Answers

This is the first quiz on Phemex that you have to start with and it explains what is different between Fiat currency and cryptocurrency, newbies who don’t hold basic knowledge should complete this course for better understanding.

Note: You Can Register On Phemex Using Our Link To Support Us.

Things To Remember While Taking Phemex Quiz

1. Learn and Earn page can be accessed here “https://phemex.com/learn-crypto”.
2. Login to check if you are eligible or not.
3. Try to use a mobile device.
4. Questions will be not in the same format for everyone.
5. Rewards will get credited to your account within 48 hours.

Must Read: BINANCE P2P QUIZ ANSWERS

Phemex Fiat Currency VS. Cryptocurrency Answers

This quiz includes 3 lessons only and in total there are 13 questions only which pays you $0.60 for completing the quiz.

Lesson 1. What is Fiat Currency?

Q1: What entities issue fiat currencies?

Answer: Governments and Central Banks

Q2: Are fiat currencies backed by commodities like gold?

Answer: No

Q3: What is one of the disadvantages of fiat currencies?

Answer: Inflation

Q4: Select two examples of modern fiat currencies?

Answer: US Dollar & Euro

Lesson 2. What is Cryptocurrency?

Q1: A cryptocurrency is a form of ____ currency?

Answer: Digital

Q2: Cryptocurrencies are represented by:

Answer: Unique digital codes

Q3: A decentralized cryptocurrency means that it is controlled by:

Answer: None of the above

Q4: What is the most well-known cryptocurrency today?

Answer: Bitcoin

Q5: Select all the descriptions that are true about Bitcoin:

Answer: Limited Supply & Deflationary

Lesson 3. How Does a Cryptocurrency Work?

Q1: Which of the two options do cryptocurrencies use?

Answer: Blockchain Technology

Q2: A blockchain is:

Answer: A digital ledger or notebook

Q3: Bitcoin’s blockchain or digital ledger will record:

Answer: All of the above

Q4: Why is a blockchain secure? (choose all that apply)

Answer: It uses encryption methods & It has multiple copies all over the world

Phemex Learn & Earn Answers: How To Spot Trade On Phemex Answers

Phemex is a crypto exchange founded in 2019 and become one of the most popular crypto exchanges in recent months. It is expected to see more growth of Phemex as stable exchanges like FTX are losing trust.

Note: You Can Register On Phemex Using Our Link To Support Us & $10 Bonus From Phemex)

This lesson will teach you basic information on how to do spot trading on Phemex from Phemex’s point of view. It covers topics like the basics of buying & selling and different types of orders.

Things To Remember While Taking Phemex Quiz

1. Learn and Earn page can be accessed here “https://phemex.com/learn-crypto”.
2. Login to check if you are eligible or not.
3. Try to use a mobile device.
4. Questions will be not in the same format for everyone.
5. Rewards will get credited to your account within 48 hours.

Must Read: PHEMEX LEARN & EARN: WHAT ARE CRYPTO DERIVATIVES (PERPETUAL CONTRACTS)

How To Spot Trade On Phemex Answers

There are 4 lessons that contain 20 questions from which you can earn 0.80 USD.

Lesson 1. What is Spot Trading?

Q1: Spot trading refers to

Answer: B. Transactions that settle on the spot

Q2: On Phemex, what markets can you spot trade on?

Answer: C. Spot Markets

Q3: If you Spot Trade USDT for BTC, how long would it take for your BTC to be available in your wallet?

Answer: A. Instantly Available

Q4: Which one of these is NOT a type of spot order available on Phemex?

Answer: B. Stock

Lesson 2. Spot Limit Orders

Q1: A limit order allows you to set the ______ _______ at which you wish to buy or sell a target token.

Answer: limit & price

Q2: Once you’re on the spot trading page, what order type is already selected by default?

Answer: A. Limit

Q3: In what field can you enter your desired limit price?

Answer: D. Limit Price USDT

Q4: For a buy order, what happens if your limit price falls within the ask portion of the orderbook (orders in red)?

Answer: B. Order will automatically be filled at the best available price

Q5: For a buy order, what happens if your limit price is set at or below the best bid price in the orderbook (orders in green)?

Answer: A. Order will be added to all the other orders at that price waiting to be filled

Q6: For a buy order, what happens if your limit price falls between the best bid and ask prices?

Answer: D. Order will be added to the orderbook as the newest best bid price

Q7: If an order is sitting in the orderbook, it will be filled when

Answer: C. When the price of your crypto reaches your limit price

Lesson 3. Spot Market Orders

Q1: Once you’re on the spot trading page, to place a market order, you must change the order type to

Answer: C. Market

Q2: A Market order will immediately and automatically

Answer: C. Fill at the best available market price

Q3: For a buy Market order, the best available market price is

Answer: A. The lowest ask price (in red)

Lesson 4. Spot Conditional Orders

Q1: A conditional order allows you to set the conditions to trigger

Answer: A. Either a limit or a market order

Q2: Who can use conditional orders? 

Answer: C.

Q3: If you choose to set the conditions for a limit order, where can you enter the price at which you want your limit order to trigger?

Answer: D. The Trigger Price USDT field

Q4: When setting the conditions for a limit order, the Limit Price USDT field

Answer: B. Allows you to enter the limit price associated with this limit order

Q5: If you choose to set the conditions for a market order, the Limit Price USDT field is not available because once the order is triggered, it will be filled at the best available price?

Answer: A. TRUE

Q6: Once you have successfully placed a conditional order, where can you see this order?

Answer: D. Under the Conditional Orders tab  

This is another quiz by Phemex where you can earn free crypto by answering simple questions on crypto derivatives. If you do not want to waste your time watching then these answers might be useful for you.

These answers are for educational purposes only. If you can then try to answer yourself else these answers can help you to assess wrong answers.

Note: You Can Register On Phemex Using Our Link To Support Us & $10 Bonus From Phemex)

This lesson will teach you every basic information and purpose of a crypto derivative from Phemex’s point of view. Also, it focuses mainly on Perpetual Contracts and related stuff like leverage, liquidation, and margin.

Phemex Learn & Earn: What are Crypto Derivatives Answers

There are 4 lessons and in total there are 21 questions.

Lesson 1. Derivatives

Q1: Derivatives are secondary __ instruments in the form of __.

Answer: Financial, Contracts

Q2: A derivative contract is an agreement between two parties to

Answer: Buy or sell a particular asset for a predetermined price sometime in the future.

Q3: The value of a derivative contract is tethered to

Answer: Any target underlying asset.

Q4: Why is it easier to trade oil derivative contracts rather than oil itself?

Answer: All of the above

Lesson 2. Perpetual Contracts

Q1: What type of derivative contracts are offered on Phemex?

Answer: Perpetuals

Q2: When must perpetual contracts be settled or expire?

Answer: Indefinite time

Q3: If you believe the price of BTC will rise, you would initiate a contract or position as a

Answer: Buyer (Long)

Q4: When you close a long position in profit, our system will

Answer: Automatically calculate and pay you the price difference between your contract opening and closing times.

Q5: Is there a cost or fee to keeping a position/contract open?

Answer: Yes

Lesson 3. Leverage and Liquidation

Q1: Can Phemex’s perpetual contracts be traded with leverage?

Answer: Yes

Q2: If you have 1 BTC, but you use 10x leverage to open your position, how much would your position be worth?

Answer: 10 BTC

Q3: If a position would have yielded $10 in profit without leverage, how much would it yield with 10x leverage?

Answer: $100

Q4: What is the maximum leverage you can use for many of Phemex’s contract listings?

Answer: 100x

Q5: If your position gets liquidated you

Answer: Lose all of the funds you used to open that position.

Q6: The more leverage you use, the ___ your risk of liquidation.

Answer: higher

Lesson 4. Margin

Q1: Margin refers to the funds you allocate to

Answer: Open Positions

Q2: If you open a position with 1BTC and 10x leverage, how much margin have you allocated to this position?

Answer: 10 BTC

Q3: If your position gets liquidated on isolated margin mode, you will

Answer: Lose only the funds allocated to the position.

Q4: Cross Margin mode allows Phemex to automatically

Answer: Employ unused available funds as additional margin for positions at risk of liquidation.

Q5: While using Cross Margin mode, is it possible to lose all of the funds in your account, even those not initially allocated to positions?

Answer: Yes (Phemex Quiz Answers)

Q6: Adding more margin to a position decreases the risk of liquidation.

Answer: True