Spot silver, also known as international spot silver or London silver, is a contract transaction that uses the principle of financial leverage. It is different from what we usually call the money delivered once, but the delivery procedures are required to be completed within 1 to 2 working days after the transaction is completed. However, some investors do not actually deliver the silver after the transaction, but only close the position upon expiration. To earn profit from the price difference.
Spot silver trading uses US dollars as the currency unit and ounces as the contract unit, and the price changes with the market. The trading weight is based on 1 ounce, that is, 1 lot, and the trading unit is 100 ounces or multiples thereof. Investors can buy 100 ounces of silver trading rights at the price of 1 ounce, and use the 100 ounces of silver trading rights to buy Go up, sell down, and earn the profit from the price difference.
Extended
Spot silver account opening process
Customers fill out the "Customer Questionnaire" to member units; member units open trading accounts for customers who meet the account opening conditions; The customer signs the "Risk Disclosure Letter" and the "Customer Agreement". The specific process is as follows:
1. The investor provides the information required for account opening, and the order placing market entrusts a member unit to open the account. Information required for account opening:
Copy of the investor’s ID card or other identification documents;
Copy of the third-party escrow bank card that needs to be bound;
Carefully read and understand the contents of the "Risk Disclosure Letter" and "Customer Agreement" and sign them yourself.
2. The authorized agency company assists the customer in opening a real trading account;
3. With the assistance of the authorized agency company, the investor logs in to the order placing system to sign a contract and make a deposit;
4. Investors inject funds and place firm orders.
Baidu Encyclopedia - Spot Silver
Baidu Encyclopedia - Spot Silver Account Opening Process