Last Updated on December 1, 2022 by cryptocreed
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
- Learn and Earn page can be accessed here “https://phemex.com/learn-crypto”.
- Login to check if you are eligible or not.
- Try to use a mobile device.
- Questions will be not in the same format for everyone.
- 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?
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