Foreign exchange and gold crude oil are generally traded between banks or market makers, so there is often a bid-ask spread in the middle, which is the cost charged by banks and market makers; Futures are traded through exchanges, such as the Chicago Mercantile Exchange in the United States, which trades the largest number of futures contracts in the world. It is a matchmaking transaction, which is similar to a stock, and there is no bid-ask spread.

Second, the contract restrictions are different.

1, foreign exchange and gold crude oil, generally speaking, the contract value is 65438+ million dollars as the standard hand, and the formal transaction is also conducted manually. The contract has no definite delivery period and can be held for a long time, but the inter-bank interest must be paid; Futures and trading contracts are standard contracts based on IMM settlement system.

2. Generally speaking, the monthly contracts in March, June, September and June 12 are annual main contracts, but there are also monthly contracts. The normal trading period is the third Tuesday of the contract month and the final delivery date is. If you have not closed your position before, you must go through the delivery procedures before delivery. Future positions doesn't need any interest.

Third, the characteristics are different.

1. Foreign exchange must have three characteristics: affordability (assets that must be expressed in foreign currency), availability (claims that can be compensated abroad) and convertibility (foreign currency assets that can be freely converted into other means of payment).

2. The commodity variety, trading unit, contract month, margin, quantity, quality, grade, delivery time and delivery place of futures contracts are all established and standardized, and the only variable is price. The standards of futures contracts are usually designed by futures exchanges and listed by national regulatory agencies.

Extended data:

I. Risks of futures investment

1, leverage risk

The capital amplification function magnifies both income and risk. Therefore, how to use the lever of 10 times and how much to use it will also vary from person to person. A higher level can use more than five times or even enough leverage. If those with lower levels also use high leverage, it will undoubtedly make the risk out of control.

2. Strong peace and explosion

Exchanges and futures brokerage companies have to settle accounts every trading day. When the investor's margin is insufficient and below the specified proportion, the futures company will forcibly close the position. Sometimes, if the market is extreme, there will even be short positions, that is, all the funds in the account are lost, and even the futures company needs to pay the part whose losses exceed the account margin.

3. Delivery risk

Ordinary investors do not want to buy more soybeans in a few months, nor do they want to sell copper in a few months. If the contract is held until the delivery date, investors need to collect enough funds or goods for delivery (the payment is about 10 times of the deposit).

Second, the role of foreign exchange.

1. Promote the development of international economy and trade.

2. Adjust the surplus and deficiency of international funds.

3, is an important part of a country's international reserves, but also the main means of payment to pay off international debts.

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