How to Spot Trade on Phemex Quiz Answers!

Answers to the phemex quiz are available below along with questions, make sure to select the correct answer in order to claim free crypto rewards through Phemex learn and earn program.

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Phemex Topic 3 Quiz Answers - Learn And Earn Program!

Lesson 1 - What is Spot Trading? 

Question 1: Spot trading refers to:

Answer: Transactions that settle on the spot

Question 2: On Phemex, what markets can you spot trade on?

Answer: Spot Markets

Question 3: If you Spot Trade USDT for BTC, how long would it take for your BTC to be available in your wallet?

Answer: Instantly Available

Question 4: Which one of these is NOT a type of spot order available on Phemex?

Answer: Stock

Lesson 2 - Spot Limit Orders 

Question 1: A limit order allows you to set the ____ _____

 at which you wish to buy or sell a target token.

Answer: _limit_     _price_

Question 2: Once you’re on the spot trading page, what order type is already selected by default?

Answer: Limit

Question 3: In what field can you enter your desired limit price?

Answer: Limit Price USDT

Question 4: For a buy order, what happens if your limit price falls within the ask portion of the orderbook (orders in red)?

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

Question 5: 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: Order will be added to all the other orders at that price waiting to be filled

Question 6: For a buy order, what happens if your limit price falls between the best bid and ask prices?

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

Question 7: If an order is sitting in the orderbook, it will be filled when:

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

Lesson 3 - Spot Market Orders 

Question 1: Once you’re on the spot trading page, to place a market order, you must change the order type to:

Answer: Market

Question 2: A Market order will immediately and automatically:

Answer: Fill at the best available market price

Question 3: For a buy Market order, the best available market price is:

Answer: The lowest ask price (in red)

Lesson 4 - Spot Conditional Orders

Question 1: A conditional order allows you to set the conditions to trigger:

Answer: Either a limit or a market order

Question 2:  Who can use conditional orders?

Answer: Premium users

Question 3:  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: The Trigger Price USDT field

Question 4: When setting the conditions for a limit order, the Limit Price USDT field:

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

Question 5: 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: TRUE

Question 6:  Once you have successfully placed a conditional order, where can you see this order?

Answer: Under the Conditional Orders tab.