Futures and spot are completely different. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts with some bulk products such as cotton, soybeans and oil and financial assets such as stocks and bonds as the targets. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.

Personal futures account process:

(1) The customer must bring his/her valid ID card and bank card or passbook to the futures company or local business department to open an account (or handle it anywhere where employees of the company or business department are present).

(2) The customer signs the contract documents of the futures company and truthfully fills in the account opening registration form of investors in the futures market. Other personnel who are not account holders involved in the futures contract documents must also go through the relevant formalities in person. Copies of ID cards of customers and other personnel involved in the contract shall be filed as attachments to the contract.

(3) When opening an account, the customer must fill in the settlement account registration form so as to deposit and withdraw money in the future.

(4) The customer service department of the company applies for the transaction code of the exchange according to the Registration Form for Opening an Account for Investors in Futures Market and a copy of the ID card provided by the customer.

(5) The customer service department of the company opens the trading authority for customers and sets the initial trading password.

Not all futures account futures can be done, and different futures need to go through different procedures.