Here's the short version: opening Binance Futures takes three steps — finish spot KYC identity verification, read and agree to the futures agreement, and pass the risk assessment quiz. The quiz runs 10-15 questions with a 60-70 point pass mark, covering leverage, liquidation, margin, and funding rate basics. The whole process takes 5-15 minutes, and if you fail you can simply retake it. Start at the Binance Official Site, Android users can grab the Official Binance App, and iPhone users should check the Download Page.
Below we'll walk through the full opening process, the quiz topics, and the mistakes people commonly make.
First, you need completed KYC identity verification. Regular users just need "Identity Verification" — advanced verification isn't required. If you haven't finished this yet, do it first.
Second, your account needs to be in good standing. If there's a risk-control restriction or an unfinished security review, you won't be able to open futures.
Third, your country needs to allow it. Binance Futures isn't available in some countries (the US, UK, Canada, and others).
Fourth, you need to be 18 or older, which is already verified during the KYC step.
If you're a brand-new user: register first, then complete KYC, then open futures — in that order.
Step one: go to the futures page.
On the website: navigation bar → "Derivatives" → "USDⓈ-M Futures" or "COIN-M Futures".
In the app: tap "Trade" at the bottom → switch to "Futures" at the top → choose "USDⓈ-M" or "COIN-M".
Step two: tap the "Open Futures" button.
The first time you visit the futures page, a prompt for "Open a futures account" will appear — tap "Open Now".
Step three: read and agree to the terms.
Binance will show 4-5 core agreement pages:
You need to scroll each page to the bottom and check "I have read and agree". Don't blindly tap agree — at minimum, skim the risk disclosure.
Step four: complete the risk quiz.
Once you've cleared the agreements, you'll be taken to the quiz page. Questions are drawn randomly and cover the fundamentals of futures trading.
Quiz format:
Step five: once you pass, your account is opened.
The page will show "Futures account opened", and you can transfer funds to your futures wallet and start trading.
The quiz mainly tests the following concepts. Knowing the answers ahead of time can help you pass on the first try.
Topic one: leverage mechanics
Typical question: "If you open a 1000 USDT long position with 10x leverage, what's the notional value of the contract?"
Answer: 1000 × 10 = 10,000 USDT notional value.
Topic two: liquidation basics
Typical question: "With 10x leverage, how much does the underlying asset need to drop before liquidation is triggered?"
Answer: roughly 9% (the exact number depends on the maintenance margin rate, but 9%-10% is close enough).
Topic three: margin types
Typical question: "What's the difference between isolated margin and cross margin?"
Answer: isolated margin only uses the margin allocated to that one position, so liquidation only affects that position; cross margin shares your whole account balance, so a liquidation can affect the entire account.
Topic four: funding rate
Typical question: "How often is the funding rate settled on USDⓈ-M perpetual futures?"
Answer: every 8 hours.
Topic five: going long vs going short
Typical question: "If you expect the price to fall, should you go long or short?"
Answer: short.
Topic six: maintenance margin rate
Typical question: "Below what threshold does liquidation get triggered?"
Answer: below the maintenance margin rate (the exact percentage varies by asset and leverage, typically 0.5%-5%).
Topic seven: limit orders vs market orders
Typical question: "Is a market order on futures guaranteed to fill?"
Answer: under normal liquidity conditions, yes, it fills immediately.
Topic eight: trading fees
Typical question: "What are the maker and taker fees on USDⓈ-M futures?"
Answer: 0.02% / 0.05% (standard VIP 0 rate).
Topic nine: contract size
Typical question: "What's the face value of one BTC/USDT USDⓈ-M contract?"
Answer: USDⓈ-M perpetual futures have a minimum order size of 0.001 BTC — there's no "contract" unit involved. COIN-M contracts, by comparison, are worth 100 USD each.
Topic ten: delivery futures vs perpetual futures
Typical question: "What's the difference between perpetual and delivery contracts?"
Answer: perpetual contracts have no expiry date and stay anchored to spot price through the funding rate; delivery contracts have a fixed expiry date and settle automatically at the settlement price when they expire.
Don't just guess randomly. If your error rate on the Binance quiz is too high, you may be locked out for 24 hours before you can retake it.
Strategy one: skim through all the questions first. If one is completely unfamiliar, skip it and come back after answering the others.
Strategy two: pay attention to keywords in the wording. Negatively phrased questions like "all of the following except..." are easy to get wrong if you're not careful.
Strategy three: be cautious with multiple-choice questions. Picking a wrong option or missing a correct one both count as an error. If you're not sure, at least select the options you're confident about.
Strategy four: use your browser to look things up. The quiz isn't timed, so beginners can research or reread articles on this site before answering.
Common reasons for failing:
What to do:
Just retake the quiz. Binance doesn't limit how many times you can retry, but it's worth brushing up on the fundamentals first. This site has a dedicated futures basics series — read through it and you'll pass almost every time.
There are still a few things worth setting up before you start trading.
Setting one: margin mode
Go to "Futures Settings" → "Margin Mode" and choose "Isolated" or "Cross". Beginners should strongly consider Isolated — each position gets liquidated independently without affecting the others.
Setting two: position mode
Go to "Futures Settings" → "Position Mode" and choose "One-way" or "Hedge".
Beginners will find One-way mode simpler.
Setting three: leverage multiplier
Leverage is set independently for each trading pair. Tap the "20x" button (the default) at the top of the trading page to adjust it. New traders should strongly consider starting at 3x-5x.
Setting four: turn on BNB fee discounts
Go to "Futures Settings" → toggle on "Use BNB to Pay Trading Fees". This gets you a 10% discount on fees (for USDⓈ-M contracts).
Futures and spot are separate wallets. You need to transfer funds before you can start trading futures.
Go to "Wallet" → "Transfer" → select "Spot Wallet to USDⓈ-M Futures Wallet" → enter the amount → confirm.
Transfers are free and settle instantly.
| Action | Source Wallet | Destination Wallet |
|---|---|---|
| Use USDT bought on spot for futures | Spot Wallet | USDⓈ-M Futures Wallet |
| Use USDT bought via P2P directly | Funding Wallet | USDⓈ-M Futures Wallet |
| Move futures profits to spot | USDⓈ-M Futures Wallet | Spot Wallet |
| Withdraw futures profits externally | USDⓈ-M Futures Wallet → Spot Wallet → Withdraw | On-chain Wallet |
Note: USDⓈ-M futures are priced and margined in USDT/USDC; COIN-M futures are margined in coins like BTC/ETH. The two wallets are completely separate.
Point one: opening the account itself is free.
Point two: opening the account but not trading has no downside — just keep the account empty.
Point three: you can turn off futures trading at any time after opening it. There's an option for this in "Account Settings"; turning it off disables futures but keeps your history.
Point four: your futures account doesn't affect your spot account. They run independently.
Point five: futures gains and losses may need to be calculated separately for tax purposes (depending on your jurisdiction's rules).
Futures and spot are completely different products. Before you open an account, you need to understand:
Risk one: leverage magnifies losses. With 10x leverage, a 10% drop in the underlying wipes out your entire margin (liquidation).
Risk two: perpetual contracts can theoretically produce unlimited losses. If you're short a coin and it rises 100%, your loss doubles relative to your position.
Risk three: funding rate drains your balance over time. Even if your directional call is correct, the funding rate gets charged every 8 hours, and holding costs add up over a long position.
Risk four: high-frequency trading amplifies losses. Futures fees are roughly half of spot fees, but trading too frequently still erodes your capital through cumulative costs.
Risk five: psychological breakdown. Getting liquidated on futures hits much harder emotionally than a spot loss. A first liquidation often pushes beginners into more reckless decisions, leading to a chain of further losses.
New traders should strongly consider spending at least a month on the demo trading mode before going live, and keeping live capital under 10% of their total funds.
Q: Does opening a futures account affect my spot account? A: Not at all. The two run independently. Opening futures has no effect on your spot trading.
Q: How many questions are on the quiz, and what's the passing score? A: Usually 10-15 questions with different weights. A combined score of 60-70 points is passing (the exact standard is adjusted from time to time).
Q: What happens if I fail the quiz? A: There's no penalty — you can retake it as many times as you need. The questions change each time you retake it.
Q: Can I close my futures account after opening it? A: Yes. Go to "Account Settings" → "Derivatives" to turn off futures trading. You'll need to close all open positions and pending orders first.
Q: Do I need to trade spot before I can trade futures? A: You need to complete KYC first (which is shared with spot), but once KYC is done, you can go straight to futures without trading spot first. This isn't recommended, though — jumping into futures with zero spot experience is nearly a guaranteed way to get liquidated.
Q: Can I use 125x leverage right after opening my account? A: Technically yes, but it's strongly discouraged. Binance sometimes caps the maximum leverage available to new accounts, unlocking higher leverage only after a few days of account activity.
Q: What if my futures wallet funds are locked? A: Futures wallet funds are usually freely transferable unless you have open positions (margin currently in use). Once you close your positions, you can transfer the full balance out.
Opening a futures account itself isn't hard — using it correctly afterward is the real challenge. Spend a month on the demo mode first, then try small amounts live. That beats rushing to open an account and placing your first trade in excitement.