1. The objects of the transaction are different. The scope of spot trading includes all commodities; The object of futures trading is the standardized contract formulated by the exchange. All the terms in the contract, such as the quantity, quality, margin ratio, delivery place, delivery method and transaction method, are standardized, and only the price in the contract is a free price formed through market bidding transactions.

2. The purpose of the transaction is different. In spot trading, the buyer is to obtain goods; The seller is to sell the goods and realize their value. The purpose of futures trading is to transfer price risk or profit from speculation.

3. The transaction procedures are different. In spot trading, the seller can only sell the goods, and the buyer can only buy them by paying cash. This is the trading procedure of spot trading. Futures trading can reverse the procedure of spot trading, that is, you can sell without goods and buy without goods.

4. The guarantee system of the transaction is different. Spot trading is protected by contract law and other laws. If the contract cannot be performed, it shall be settled by law or arbitration. The basis of futures trading is the margin system to ensure the performance of traders. The futures exchange provides settlement and delivery services and performance guarantees for both parties to the transaction, and implements a strict settlement and delivery system, with little risk of default. Futures trading should implement the margin system. The dealer does not need to pay the full amount equal to the contract amount, but only needs to pay the performance bond of 5% ~ 15%. It is certainly exciting for traders to control the full value of futures contracts with a small amount of money. Leverage is one of the reasons why the futures market attracts speculators. The margin system not only magnifies the profit rate, but also magnifies the risk.

5. Different trading methods. Spot trading is the trading activity of actual goods. The transaction process is synchronized with the transfer of commodity ownership. Futures trading is the buying and selling of various commodity futures contracts, and the object is not a specific physical object, but a unified "standard contract", that is, futures contracts. The whole transaction process only reflects the buying and selling relationship of commodity ownership, and does not really transfer the ownership of commodities. No matter how many times it is bought and sold, only the last holder has the obligation to perform physical delivery. Others just need to reverse the transaction before the contract expires, settle the original transaction and settle the bid-ask difference.