1. Paper gold without leverage, T+D with leverage. That is to say, if you buy1000g of gold at the price of 250 yuan/gram, you need 250,000 yuan to buy paper gold. For T+D, you only need to pay a deposit of 10%, which is 25,000. If it rises to 300 yuan/gram, it will earn 50,000 yuan, that is to say, for the same amount of money, T+D needs only one tenth of the principal of paper gold. Or the same money, T+D earns 10 times as much as paper gold. Paper gold can only buy up, not sell down. T+D can buy up and sell down. In other words, if you expect the price of gold to fall, you can sell1000g of gold in 250 yuan/gram and buy it when it falls to 200 yuan/gram. You can make money by falling like this. 3. Trading hours, paper gold can be traded 24 hours a day, buy it if you want, and sell it if you want. T+D trading is limited to several periods in a day, and you can buy and sell at will during the trading period. 4. Transaction costs, paper gold is paid according to the price difference. T+D has a handling fee of about 15/10000, and there is a delay fee for the next day's transaction.