Core Viewpoint - The article emphasizes the risks and regulatory challenges associated with spot trading, particularly in commodities like precious metals and oil, highlighting the prevalence of illegal futures trading disguised as spot trading [2][3]. Group 1: Understanding Illegal Futures Trading - Many spot trading violations stem from activities that are essentially illegal futures trading, which can be identified based on specific regulations issued by the State Council [2]. - Key characteristics of illegal futures trading include standardized contracts, centralized trading, and a lack of intention for physical delivery [3]. Group 2: Warning Against Violations and Scams - Investors should be cautious of fraudulent trading and fake platforms that manipulate data and create false market conditions to lure investors into frequent trading, leading to significant financial losses [4]. - Market manipulation and betting models are prevalent in some illegal platforms, where the platform's profits come from investors' losses, creating incentives for price manipulation [4]. Group 3: Regulatory Dynamics and Legal Protections - The government has been continuously cleaning up the spot trading market since 2011, with increasing regulatory measures and law enforcement actions [7]. - Judicial protections have been strengthened, with courts ruling illegal spot trading as void and supporting investor compensation in various cases [7]. Group 4: Identifying and Preventing Violations - Investors must verify the qualifications of trading entities, ensuring they are approved by the China Securities Regulatory Commission [8]. - It is crucial to be wary of marketing tactics that promise guaranteed returns and to ensure that funds are transferred to regulated accounts [8].