Trading characteristics are different from futures.

(1) The direct target of buying and selling is different. The direct object of spot trading is the commodity itself, including samples, objects and pricing. The direct object of futures trading is futures contracts, not how many contracts to buy or sell.

(2) The purpose of the transaction is different. Spot transaction is the transaction of primary currency and primary commodities, and physical delivery and payment settlement are carried out immediately or within a certain period of time. The purpose of futures trading is not to obtain physical objects at maturity, but to avoid price risks or make profits through hedging.

(3) Different trading methods. Spot transactions are generally one-on-one negotiations to sign a contract, and the specific content is agreed by both parties. If the contract cannot be fulfilled after signing, it will be resorted to law. Futures trading is conducted in an open and fair manner. One-on-one negotiation (or private hedging) is considered illegal.

(4) Different trading places. Spot transactions are generally decentralized. For example, grain and oil, daily industrial products and means of production are all managed by some trading companies, manufacturers and consumers in a decentralized manner. Only some fresh and individual agricultural and sideline products are concentrated in the form of wholesale markets. However, futures trading must be conducted in an open and centralized manner in the exchange according to law, and cannot be traded over the counter.