Futures is a contract that must be performed in the future, and the delivery time must be determined; Futures contracts have an expiration date and cannot be held indefinitely; Silver can be held indefinitely.

2. Domestic futures are regional markets; Silver is an international market.

3. From the trading time, futures trading is 4 hours, and silver is 24 hours.

4. Market makers are different from exchanges: futures trading is generally concentrated in futures exchanges; Spot silver is a market maker mechanism.

5. Whether the trading object of a specific futures is not specific, and any investor who makes a reverse trading order on the exchange may be its trading object; Spot silver is traded with a fixed silver market maker.

The reason why futures trading is so risky is that futures trading has a delivery date limit. Because futures trading must be delivered on the maturity date, for speculators (speculators who aim at profit spread), if the futures contract price in their hands is close to the futures delivery date, investors must close their positions, even if they are in a loss state (even a huge loss), while spot silver is traded in cash and there is no delivery date limit, so investors can hold warehouse receipts for a long time.