Core Viewpoint - The article highlights the increasing complexity and risks associated with the "pre-priced trading" platforms in the Shui Bei gold market, which have shifted from simple registration to requiring extensive personal documentation and manual verification processes [1][2]. Group 1: Changes in Trading Platforms - The entry barriers for participating in pre-priced trading have significantly increased, now requiring users to submit identification and undergo manual review, which can take up to a day [1][2]. - Some platforms have transitioned from the "pre-priced" concept to a "pricing settlement" model, allowing users to settle profits and losses based on real-time gold prices without physical delivery [1][4]. - New players with little to no experience in gold trading are entering the market, primarily engaging in online electronic trading rather than physical delivery, which accumulates risks [1][10]. Group 2: Operational Changes and Risks - The funding flow has become more opaque, with some platforms requiring users to contact customer service for specific bank account details to transfer funds, rather than providing direct online deposit options [2]. - The platforms are increasingly adopting a model that avoids physical delivery to circumvent tax costs, with users able to settle based on price differences without incurring VAT [4][5]. - There is a notable shift towards leveraging high-risk trading strategies, with some platforms offering leverage ratios as high as 100 times, attracting inexperienced investors [5][10]. Group 3: Regulatory and Compliance Issues - The article discusses the challenges in regulating these trading platforms, which often operate in a gray area, making it difficult for authorities to intervene proactively [12]. - There are concerns regarding the legitimacy of the offshore API hedging mechanisms used by some platforms, which may not comply with domestic regulations and could pose significant risks to investors [8][9]. - The lack of transparency in the operations of these platforms raises questions about the safety of investor funds, especially if the platforms do not fully hedge their positions [9][10].