Phemex is a crypto exchange founded back in 2019, and since then, it become one of the most popular exchanges among traders.
As Phemex offers especially low trading fees (as low as 0% maker fee and 0.04% taker fee) and great security.
Among that, Phemex also has it’s own Learn & Earn academy, with interesting crypto quizzes that will kick start your journey.
This page will take you through all six Phemex courses. giving you the right answers, where you can earn up to $4.4. All courses are paid in USDT, so you don’t have to worry about current crypto prices. The courses are:
- Fiat Currency VS. Cryptocurrency?
- How to Buy or Transfer Crypto on Phemex?
- How to Spot Trade on Phemex
- What are Crypto Derivatives (Perpetual Contracts)
- How to trade Perpetual Contracts on Phemex?
- Phemex Earn & Launchpad
As there are quite a few answers, you can easily navigate using the upper table of contents to go directly to the quiz answers you need.
How to Access Phemex Learn & Earn Quizzes
To access the crypto quizzes, you need to have a Phemex account opened. However, completing KYC verification is not required. However, you must have your account verified in order to redeem the reward.
It’s fairly easy to confirm your identity. To register, you should use our link, as we have negotiated a sign up bonus for you on Phemex.
You’ll get $5 after depositing at least $50 and trading at least $250. After that, you’ll get regular USDT airdrops, depending on your trading volume, up to $150, and a welcome bonus of up to $6050.
Just tap on the “Learn” button in the upper tab and go to Learn & Earn.
Now, you’ll see a list of all six available courses. Once you click “earn,” you’ll be redirected to the quiz page. Each quiz consists of different lectures. So we’ll walk you through that as you can access it there.
Also, note that all quizzes have a video you should watch. Once you access the lesson page, a timer will be started in the bottom right corner. Once the time is over, you can skip the video and go straight to the quiz. Then, at the end of each lesson, you’ll be able to claim your USDT reward.
Now, without further ado, let’s take a look at all the right answers to Phemex Learn & Earn quizzes.
Phemex Learn & Earn Answers: Fiat Currency VS. Cryptocurrency? 0.6 USDT Reward
Lesson 1: What is Fiat Currency?
Question 1: What entities issue fiat currencies?
Answer: Governments and Central Banks
Question 2: Are fiat currencies backed by commodities like gold?
Question 3: What is one of the disadvantages of fiat currencies?
Question 4: Select two examples of modern fiat currencies?
Answer: US Dollar and Euro
Lesson 2: What is Cryptocurrency?
Question 1: A cryptocurrency is a form of ___ currency?
Question 2: Cryptocurrencies are represented by:
Answer: Unique digital codes
Question 3: A decentralized cryptocurrency means that it is controlled by:
Answer: None of the above
Question 4: What is the most well-known cryptocurrency today?
Question 5: Select all the descriptions that are true about Bitcoin:
Answer: Limited Supply and Deflationary
Lesson 3: How Does a Cryptocurrency Work?
Question 1: Which of the two options do cryptocurrencies use?
Answer: Blockchain Technology
Question 2: A blockchain is:
Answer: A digital ledger or notebook
Question 3: Bitcoin’s blockchain or digital ledger will record:
Answer: All of the above
Question 4: Why is a blockchain secure? (choose all that apply)
Answer: It uses encryption methods and It has multiple copies all over the world
Phemex Learn & Earn Answers: How to Buy or Transfer Crypto on Phemex? 1 USDT Reward
Lesson 1: Credit Cards
Question 1: Does Phemex offer any options to purchase crypto with credit cards?
Question 2: On the Buy Crypto page, what cryptocurrency is set by default?
Question 3: Which one of the following payment channels is NOT supported by Phemex?
Lesson 2: OTC/Bank Transfer – Activate Account
Question 1: What does OTC stand for?
Question 2: What does our OTC service allow you to do?
Answer: Purchase crypto with US Dollar bank/wire transfer
Question 3: Which header option must you hover over to find our OTC trading page?
Answer: Buy Crypto
Question 4: Can you use our OTC services without activating your account first?
Question 5: During the activation process, individuals must select the option labeled:
Lesson 3: OTC/Bank Transfer – Deposit Money
Question 1: Once your OTC account is enabled, you will see a ___ on the OTC trading page.
Answer: USD balance module
Question 2: With your OTC trading account activated, the next step is to:
Question 3: Look at the deposit instruction page below and type in the correct reference code that would need to be added to your transfer as a note.
Question 4: Once your deposit is successful, you will see your fiat balance on the:
Answer: OTC Trading Page
Lesson 4: OTC/Bank Transfer – Purchase Crypto
Question 1: With your OTC account enabled and a fiat balance available, you’re ready to:
Answer: Purchase Some Crypto
Question 2: What is the minimum amount of USD worth of any crypto that you can buy?
Question 3: Is it possible for the quoted exchange rate to refresh and change your order details?
Lesson 5: OTC/Bank Transfer – Transfer Existing Crypto
Question 1: If you wanted to transfer crypto to your Phemex wallet, which menu option do you need to hover your mouse over?
Question 2: Under the Transfer drop-down menu, which option will help you transfer crypto to your Phemex Wallet?
Answer: Withdraw to my exchange wallet
Question 3: Will the Withdraw button be enabled if you have not entered an amount to withdraw?
Question 4: Under what section can pending withdrawals be viewed?
Phemex Learn & Earn Answers: How to Spot Trade on Phemex, 0.8 USDT Reward
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?
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 and Price
Question 2: Once you’re on the spot trading page, what order type is already selected by default?
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
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: Once you’re on the spot trading page, to place a conditional order, you must change the order type to:
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: Trigger Price
Question 4: When setting the conditions for a limit order, the Price 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 field is not available because once the order is triggered, it will be filled at the best available price?
Question 6: Once you have successfully placed a conditional order, where can you see this order?
Answer: Under the Conditional Orders tab
Phemex Learn & Earn Quiz Answers: What are Crypto Derivatives (Perpetual Contracts), 0.8 USDT Reward
Lesson 1: Derivatives
Question 1: Derivatives are secondary ___ instruments in the form of ___.
Answer: Financial and Contracts
Question 2: 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.
Question 3: The value of a derivative contract is tethered to
Answer: Any target underlying asset.
Question 4: Why is it easier to trade oil derivative contracts rather than oil itself?
Answer: All of the above
Lesson 2: Perpetual Contracts
Question 1: What type of derivative contracts are offered on Phemex?
Question 2: When must perpetual contracts be settled or expire?
Answer: Indefinite time
Question 3: If you believe the price of BTC will rise, you would initiate a contract or position as a
Answer: Buyer (Long)
Question 4: 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.
Question 5: Is there a cost or fee to keeping a position/contract open?
Lesson 3: Leverage and Liquidation
Question 1: Can Phemex’s perpetual contracts be traded with leverage?
Question 2: If you have 1 BTC, but you use 10x leverage to open your position, how much would your position be worth?
Answer: 10 BTC
Question 3: If a position would have yielded $10 in profit without leverage, how much would it yield with 10x leverage?
Question 4: What is the maximum leverage you can use for many of Phemex’s contract listings?
Question 5: If your position gets liquidated you
Answer: Lose all of the funds you used to open that position.
Question 6: The more leverage you use, the ___ your risk of liquidation.
Lesson 4: Margin
Question 1: Margin refers to the funds you allocate to
Answer: Open Positions
Question 2: If you open a position with 1BTC and 10x leverage, how much margin have you allocated to this position?
Answer: 10 BTC
Question 3: If your position gets liquidated on isolated margin mode, you will
Answer: Lose only the funds allocated to the position.
Question 4: Cross Margin mode allows Phemex to automatically
Answer: Employ unused available funds as additional margin for positions at risk of liquidation.
Question 5: While using Cross Margin mode, is it possible to lose all of the funds in your account, even those not initially allocated to positions?
Q6: Adding more margin to a position decreases the risk of liquidation.
Phemex Learn & Earn Quiz Answers: How to trade Perpetual Contracts on Phemex? 0.6 USDT Reward
Lesson 1: How to Open a Position
Question 1: Are limit, market, and conditional orders available with contract trading as they are for spot trading?
Question 2: A Coin-Margined contract means that you will be using USD as your margin for positions, and your profits will also be paid in USD.
Question 3: If you close a BTC-margined perpetual contract in profit, your profit will be paid in
Question 4: The Estimated Liquidation Price is:
Answer: The estimated price at which you would lose all of the margin allocated to a position
Question 5: The final confirmation pop-up window also allows you to set Take Profit and Stop Loss orders.
Question 6: Once your order fills, you can view your positions under the ___ tab.
Answer: Open and Positions
Lesson 2: How to Set or Adjust Leverage
Question 1: When can Leverage be set or adjusted?
Answer: Both while placing an order or after a position is open.
Question 2: The default leverage or margin mode is:
Answer: Cross Margin
Question 3: When using Isolated Margin, what are two ways you can set a leverage value? (Select all correct answers)
Answer: Use the Leverage slider, D. Edit the number above the leverage slider
Question 4: Once you have opened a position with the default Cross Margin setting, you will no longer be able to adjust leverage.
Lesson 3: How to Adjust Margin
Question 1: To add margin to an isolated margin position, you must click on the figures under the column.
Question 2: The pop-up window that allows you to adjust margin defaults to the Add option first.
Question 3: If you add margin to an open isolated position, you can
Answer: Remove the added margin from the same pop-up window
Question 4: Will adding margin to you isolated position change it’s leverage?
Question 5: With Cross Margin mode, adding margin involves:
Answer: Transferring funds into the appropriate Contract Trading Account
Phemex Learn & Earn Quiz Answers: Phemex Earn & Launchpad, 0.6 USDT Reward
Lesson 1: Phemex Savings
Question 1: Phemex Savings Accounts is a service that belongs to which product line?
Answer: Phemex Earn
Question 2: Phemex Savings Accounts allow users to earn:
Answer: Steady APYs on deposited cryptos
Question 3: What are the two types of Savings Accounts that exist?
Answer: Fixed and Flexible Accounts
Question 4: Flexible accounts require users to subscribe their funds for fixed periods.
Question 5: Which account type offers compounded profits?
Lesson 2: Phemex Launchpool
Question 1: The Launchpool page lists limited-time, high APY, staking pools for select cryptos.
Question 2: Each new pool will have ___ durations, rewards, and staking options.
Question 3: What tokens did our NEAR Launchpool campaign allows users to stake for NEAR rewards? (Select all correct answers)
Answer: NEAR, USDC, USDT
Question 4: The bigger your percentage of contribution to a pool’s staked tokens:
Answer: The bigger your rewards
Question 5: Will your staked tokens be returned to your spot wallet at the end of a campaign?
Lesson 3: Phemex Launchpad
Question 1: The Phemex Launchpad and the Phemex Launchpool are two synonyms for the exact same product.
Question 2: The Phemex Launchpad helps you: (Select all correct answers)
Answer: Secure an allocation of a new token at a set price and Avoid the volatility of a spot market
Question 3: Which stage or period involves tallying your total balance of a designated token to determine a maximum subscription limit?
Answer: The Calculation Period
Question 4: The Subscription Period allows you to subscribe or lock up a designated token with no limits.
Question 5: Besides the Calculation Period, what is another period in which a calculation occurs to determine your share of launchpad tokens?
Answer: The Allocation Period
Question 6: What happens during the Distribution period?
Answer: Any leftover designated tokens plus any new token allocations are automatically transferred or deposited into your spot wallets
That was all six Phemex Learn & Earn courses and their anwers. To be honest, when we were doing these quizzes, we really enjoyed it. These quizzes are very nicely done.
So if you got a minute or two and you are not here just for the rewards, we really recommend you watch one of the videos and learn something new.
Also, don’t forget that you can also visit our Learn & Earn programs archive to check other free crypto opportunities.