XAUUSD vs Gold Futures: What’s the Difference?

XAUUSD and Gold futures can appear almost identical on a trading screen.

Both track the price of gold in U.S. dollars.

Both can move sharply around inflation data, Federal Reserve decisions, Treasury yields, U.S. dollar movements, geopolitical developments, and changes in investor risk sentiment.

Both allow traders to speculate on rising or falling Gold prices.

And during active market hours, their charts often move in very similar directions.

But XAUUSD and Gold futures are not the same financial product.

The difference goes much deeper than the symbol shown on the chart.

XAUUSD generally refers to spot Gold quoted against the U.S. dollar, although what a retail trader actually receives from a forex or CFD broker is often an OTC leveraged contract derived from the spot Gold market.

Gold futures such as GC, MGC, and 1OZ, by contrast, are standardized exchange-traded contracts listed by COMEX, part of CME Group.

That difference changes almost everything surrounding the trade:

• where the price comes from,
• who stands on the other side of the transaction,
• contract sizing,
• tick values,
• expiration,
• overnight financing,
• spreads and commissions,
• margin,
• market transparency,
• regulation,
• execution,
• trading hours,
• and even which VPS location may make the most sense.

For a trader already using MetaTrader 4 or MetaTrader 5, XAUUSD may feel more natural because it appears alongside forex pairs such as EURUSD and GBPUSD.

For a trader using NinjaTrader, Sierra Chart, Quantower, Tradovate, Rithmic, or another futures-focused platform, GC or MGC may feel more familiar.

Neither market is automatically superior.

The more useful question is:

Which Gold trading structure better fits the way you trade?

This guide compares XAUUSD vs Gold futures in 2026, including spot pricing, CFDs, GC, Micro Gold, 1-Ounce Gold, leverage, spreads, overnight costs, liquidity, expiration, market structure, automation, and VPS infrastructure.

XAUUSD vs Gold Futures: Quick Comparison

The simplest distinction is that XAUUSD is normally an OTC spot or CFD-style product, while GC is an exchange-traded futures contract.

Feature	XAUUSD	Gold Futures
Market structure	Usually OTC through broker/liquidity providers	Centralized exchange
Typical symbol	XAUUSD	GC
Main venue	Broker-dependent	COMEX / CME Globex
Standardization	Broker-specific	Exchange-standardized
Expiration	Usually none for spot/CFD	Yes
Overnight financing	Usually applies to spot positions	No separate daily swap in standard futures
Contract size	Broker-dependent	GC = 100 oz
Smaller sizes	Often fractional lots	MGC = 10 oz, 1OZ = 1 oz
Price source	Broker/liquidity-provider pricing	Centralized CME order book
Order book transparency	Broker-dependent	Exchange order book
Trading week	Usually nearly 24/5	GC/MGC nearly 23/5
Weekend Gold	Broker-dependent	1OZ trades 24/7
Platform examples	MT4, MT5, cTrader	NinjaTrader, Sierra Chart, Quantower
Counterparty structure	Broker-dependent OTC	Centrally cleared futures
Rollover	Usually no contract rollover	Contract months expire

The similarities are primarily in the underlying economic exposure.

The differences are in how that exposure is delivered.

What Is XAUUSD?

XAUUSD is the market convention for quoting Gold against the U.S. dollar.

XAU is the ISO-style code commonly used for one troy ounce of Gold.

USD represents the U.S. dollar.

If XAUUSD is quoted at 4,000, the basic interpretation is that one troy ounce of Gold is valued at approximately $4,000.

However, retail traders need to understand an important detail:

There is no single universal retail XAUUSD contract.

Unlike a CME futures contract, XAUUSD specifications depend on the broker.

One MetaTrader broker may define one standard XAUUSD lot as 100 ounces.

Another provider may offer smaller units.

Minimum lot sizes, margin, spreads, swaps, trading hours, stop levels, and execution rules can vary.

For example, IG’s current MT4 specifications define one standard XAUUSD Gold contract as 100 troy ounces, with the product cash settled rather than physically deliverable. IG explicitly notes that its spot metals are a special form of CFD and that it quotes its own bid/offer spread based on underlying prices available from banks and liquidity providers.

That is why saying “one XAUUSD lot equals 100 ounces” without identifying the broker can be misleading.

It is common.

It is not universally guaranteed.

Is XAUUSD Really Spot Gold?

The answer depends on context.

Institutional spot Gold exists in the OTC precious-metals market. CME’s EBS platform, for example, supports spot precious-metals trading including XAU/USD, with cash-settled unallocated Loco London Gold products.

But a retail MetaTrader trader usually does not have direct institutional access to the wholesale London spot market.

Instead, the broker may offer a CFD or similar OTC derivative whose price tracks spot Gold.

That distinction matters.

The trader is gaining exposure to Gold-price movements, but the exact product, execution model, spread, financing, and counterparty relationship depend on the broker.

What Are Gold Futures?

Gold futures are standardized contracts traded on an organized futures exchange.

The benchmark contract is COMEX Gold futures, symbol GC.

One GC contract represents 100 troy ounces of Gold.

Gold is quoted in U.S. dollars per troy ounce.

The minimum price movement is $0.10 per ounce.

Because the contract represents 100 ounces:

$0.10 × 100 = $10 per minimum tick

A $1 move in Gold changes one GC contract’s value by:

$1 × 100 = $100

A $10 Gold move corresponds to:

$10 × 100 = $1,000

CME’s current specifications list GC as a physically deliverable 100-ounce Gold futures contract traded through CME Globex.

Most short-term retail futures traders close or roll positions rather than participating in physical delivery, but the delivery structure remains part of the contract.

Micro Gold Futures: MGC

CME also offers Micro Gold futures, MGC.

MGC represents 10 troy ounces, one-tenth the size of GC.

The minimum price movement is also $0.10 per ounce.

That means a minimum MGC tick is:

$0.10 × 10 ounces = $1

A $10 Gold move therefore changes one MGC contract by approximately:

$10 × 10 = $100

MGC can be useful for traders who want CME Gold futures exposure but find the 100-ounce GC contract too large.

1-Ounce Gold Futures: 1OZ

The smallest current CME Gold futures product is 1-Ounce Gold, symbol 1OZ.

One contract represents exactly one troy ounce of Gold, making it one-hundredth the size of GC and one-tenth the size of MGC.

Unlike GC and MGC, 1OZ is financially settled.

And in 2026, it gained another major distinction:

1OZ now trades 24 hours a day, seven days a week, except for scheduled maintenance.

CME currently lists brief weekday maintenance from 4:00 p.m. to 4:02 p.m. CT and Saturday maintenance from 2:00 a.m. to 4:00 a.m. CT.

This significantly changes the old assumption that spot XAUUSD automatically provides broader Gold access than futures.

For standard GC and MGC, the traditional futures week still applies.

For 1OZ, weekend Gold futures trading is now available.

XAUUSD vs GC: Contract Size and Position Sizing

This is one of the biggest practical differences.

Gold futures contract sizes are standardized by CME.

XAUUSD sizing is broker-specific.

For CME:

Gold product	Contract size	Minimum price move	Approx. value of $1 Gold move
GC	100 oz	$0.10	$100
MGC	10 oz	$0.10	$10
1OZ	1 oz	$0.25	$1

With XAUUSD, one broker may use 100 ounces for a standard lot but allow trading down to 0.01 lots.

Under that structure:

1.00 lot = 100 ounces

0.10 lot = 10 ounces

0.01 lot = 1 ounce

That can make the exposure appear almost perfectly aligned with GC, MGC, and 1OZ.

But the similarity is coincidental rather than structural.

The CME contract sizes are standardized across the exchange.

XAUUSD lot sizing remains defined by the individual broker.

This is why every XAUUSD trader should check the instrument specification inside MT4, MT5, cTrader, or the broker portal rather than relying on a generic Internet chart.

The Biggest Structural Difference: Centralized vs OTC Trading

Gold futures trade in a centralized exchange environment.

XAUUSD generally trades OTC.

That difference affects how traders see and interact with liquidity.

Gold Futures Have a Centralized Order Book

GC orders are submitted to CME Globex.

Traders connected through different brokers ultimately interact with the same centralized futures market.

This creates a common order book.

A NinjaTrader user with Rithmic and a Sierra Chart user through another futures broker can still be viewing the same underlying GC futures market.

The futures exchange also standardizes:

• contract specifications,
• minimum tick size,
• expiration,
• settlement,
• trading hours,
• and clearing.

Central clearing also changes counterparty structure. CME highlights central clearing as one of the features of its Gold futures market.

XAUUSD Pricing Is Broker-Dependent

Retail XAUUSD normally does not have one universal centralized order book.

The broker creates or aggregates pricing using its liquidity sources and trading model.

IG, for example, explicitly states that its spot-metals CFD pricing is based on underlying-market quotes available from banks and liquidity providers, while the broker quotes its own bid/offer spread.

Therefore, two XAUUSD traders using different brokers can sometimes see slightly different:

• bid prices,
• ask prices,
• spreads,
• candles,
• daily highs and lows,
• and execution.

That does not necessarily mean either chart is wrong.

They are trading different OTC broker environments referencing the same global Gold market.

For traders who rely heavily on centralized DOM data, volume profile, footprint charts, or exchange-level order flow, this difference can strongly favor futures.

XAUUSD vs Gold Futures Spreads and Trading Costs

Comparing costs requires more than asking which spread is smaller.

XAUUSD costs may include:

• broker spread,
• commissions depending on account type,
• overnight financing or swaps,
• currency conversion,
• and possible execution slippage.

Gold futures costs may include:

• bid-ask spread,
• broker commission,
• exchange and regulatory fees,
• market-data fees,
• and rollover costs when moving from one contract month to another.

XAUUSD Spread

The spread is the difference between the broker’s bid and ask prices.

It can widen when:

• market volatility increases,
• liquidity falls,
• major economic news is released,
• the market reopens after maintenance,
• or broker liquidity conditions change.

IG’s current Gold CFD information illustrates the broker-specific nature of this pricing: its quoted minimum spread differs between undated spot Gold and futures-style Gold products, and the provider notes that spreads can vary with market conditions.

Another broker may quote entirely different values.

Gold Futures Spread

GC has an exchange order book.

The spread is determined by resting bids and offers in the futures market.

During liquid periods, the best bid and offer can be very close.

During a major event, depth can disappear and the market can move rapidly through several price levels.

Exchange trading therefore does not eliminate slippage.

It makes the liquidity structure more transparent.

Overnight Financing: One of the Biggest XAUUSD Differences

If a trader holds spot XAUUSD overnight, there is often a financing adjustment.

This is one of the most important differences between spot-style Gold trading and futures.

Spot-metal financing is commonly based on the tom-next rate plus or minus a broker adjustment or administrative charge.

IG’s current documentation states that its spot Gold financing is based on tom-next plus an administrative fee and is applied to positions held across the broker’s daily funding cutoff.

OANDA similarly explains that open Gold positions held past its daily cutoff may receive either a financing charge or credit depending on the position direction and applicable rate.

Gold futures work differently.

There is no separate broker-style daily spot swap charge attached to a standard GC position in the same way.

The cost of carry is incorporated into the futures pricing relationship.

This can become important for traders holding positions for days or weeks.

A day trader who always exits XAUUSD before the financing cutoff may care relatively little about swaps.

A swing trader holding Gold for several weeks should examine them closely.

Expiration and Rollover: Gold Futures Require More Attention

Spot-style XAUUSD usually has no fixed expiration.

A position can remain open until:

• the trader closes it,
• the stop or take-profit is hit,
• margin requirements force liquidation,
• or another broker/account event closes it.

Futures have specific contract months.

GC contracts eventually expire.

Trading activity migrates from one contract month into another as expiration approaches.

A trader must therefore understand futures rollover.

Suppose the active Gold contract is currently December.

At some point, trading activity will begin shifting toward the next relevant contract.

A trader using NinjaTrader or Sierra Chart needs to switch the chart, DOM, and strategy to the appropriate new month.

For automated traders, failing to roll can be especially problematic.

An Expert Advisor trading XAUUSD may continue operating on the same symbol indefinitely.

A NinjaScript or futures strategy tied to a specific GC expiration needs to be updated.

The advantage of futures standardization comes with additional contract-management responsibility.

XAUUSD vs Gold Futures Trading Hours

Both markets offer extensive access, but their schedules are not identical.

Standard GC Gold futures trade from Sunday through Friday, 5:00 p.m. to 4:00 p.m. Central Time, with a 60-minute daily break beginning at 4:00 p.m. CT.

MGC follows the same broad schedule.

Retail XAUUSD trading hours depend on the broker.

Many brokers offer Gold for most of the forex trading week with a short daily maintenance interval.

For example, IG currently states that it normally quotes spot metals through the Sunday-to-Friday week with a daily one-hour break.

Again, this is a broker rule—not a universal XAUUSD specification.

What About Weekend Gold Trading?

Historically, one argument for OTC Gold products was broader flexibility.

CME changed that comparison in July 2026 when 1-Ounce Gold futures moved to 24/7 trading.

CME reports that 1OZ is now tradable throughout weekends apart from scheduled maintenance.

GC and MGC do not currently share the same weekend schedule.

Therefore:

XAUUSD: usually broker-specific weekday trading.

GC/MGC: traditional Sunday-Friday futures trading.

1OZ: seven-day CME trading subject to maintenance.

This makes “futures don’t trade on weekends” no longer universally true for Gold.

Price Differences Between XAUUSD and Gold Futures

A common question is:

Why does my GC chart not exactly match my XAUUSD chart?

Because futures and spot are different instruments.

A futures price incorporates the relationship between:

• current Gold value,
• interest rates,
• financing,
• time until expiration,
• storage/carry considerations,
• and market expectations.

This can cause the futures contract to trade above or below the current spot price.

The difference is often called the basis.

As expiration approaches, futures and the underlying cash-market relationship tend to converge through normal arbitrage and settlement mechanics.

A trader should therefore not expect:

XAUUSD = GC at every moment

Even if both charts move nearly identically.

The difference becomes particularly important when copying technical levels from one market into the other.

A resistance level at a particular XAUUSD price may not correspond exactly to the same numerical GC price.

Analyze the instrument you actually trade.

Volume Is Another Major Difference

When a MetaTrader platform displays volume for XAUUSD, traders should understand what that data represents.

Because retail XAUUSD is an OTC market, the platform generally does not show one centralized global Gold-volume figure.

Depending on the broker and platform, the volume display may represent tick volume or broker-specific activity.

Gold futures are different.

CME can report actual traded futures volume and open interest across its centralized market.

For traders who use:

• volume profile,
• footprint charts,
• cumulative delta,
• DOM analysis,
• volume-at-price,
• or order-flow strategies,

this is an important distinction.

Futures data can provide a standardized exchange-level view of GC activity.

XAUUSD order flow is inherently more fragmented.

A technically oriented trader using RSI, moving averages, price action, or support/resistance may care less.

An order-flow trader may care a great deal.

Leverage and Margin Work Differently

Both XAUUSD and Gold futures are leveraged.

But the leverage systems are not the same.

XAUUSD Margin

The broker determines how much margin is required based on account type, client classification, jurisdiction, and its own rules.

For example, current IG Gold CFD specifications show percentage-based margin requirements, but those requirements differ by jurisdiction and client status.

Another XAUUSD broker may apply different leverage.

This means “XAUUSD requires X% margin” is not universally accurate.

Gold Futures Margin

Futures margins are established through the exchange-clearing/broker structure and then may be increased by the futures broker.

Brokers can also offer lower intraday margin than the amount required to hold the same position through the close.

Margin is not the same thing as risk.

If a broker allows a trader to control a large Gold position with relatively little collateral, the underlying price exposure has not become smaller.

A GC contract still represents 100 ounces.

An XAUUSD lot that represents 100 ounces still represents 100 ounces.

Leverage changes capital efficiency.

It also magnifies account risk.

XAUUSD vs Gold Futures for Day Trading

Day traders usually care about:

• spreads,
• liquidity,
• execution,
• chart quality,
• platform tools,
• position sizing,
• and transaction costs.

XAUUSD can be attractive because position sizing is often highly flexible.

A MetaTrader broker may allow positions such as 0.01, 0.02, or 0.13 lots.

That can make risk sizing very granular.

Gold futures historically had larger steps.

GC provides 100-ounce increments.

MGC reduced that to 10 ounces.

1OZ now reduces it to one ounce.

The position-sizing advantage of XAUUSD has therefore become smaller as CME has introduced more Gold contract sizes.

Futures retain the advantage of a centralized exchange order book.

XAUUSD retains the convenience of being available inside the same MetaTrader environment as forex pairs.

For a trader already running EURUSD, GBPUSD, USDJPY, and XAUUSD through one MT5 broker, staying within the same platform can simplify operations.

For a trader specializing in order flow and exchange liquidity, GC may be more attractive.

XAUUSD vs Gold Futures for Swing Trading

Swing trading changes the cost calculation.

A trader holding XAUUSD through multiple overnight periods needs to understand swap or financing.

That cost can accumulate.

Depending on rates and trade direction, a position could incur a debit or sometimes receive a credit, but the structure remains broker-specific.

A futures trader avoids that separate daily retail spot-financing mechanism.

However, futures require contract rollover if the trade extends sufficiently close to expiration.

The better structure therefore depends partly on holding period.

For a two-hour Gold trade, financing may be irrelevant.

For a two-month position, it can become a meaningful part of the comparison.

XAUUSD vs Gold Futures for Automated Trading

Automation is another area where the choice often follows the platform.

XAUUSD automation is commonly built around:

• MetaTrader 4,
• MetaTrader 5,
• Expert Advisors,
• MQL4/MQL5,
• cTrader/cBots,
• Python broker APIs,
• or broker-specific systems.

Gold futures automation is commonly built around:

• NinjaTrader/NinjaScript,
• Sierra Chart,
• Quantower,
• MultiCharts,
• Rithmic,
• CQG,
• Tradovate,
• Interactive Brokers,
• or custom futures APIs.

The architecture can be equally sophisticated on either side.

The important distinction is where execution occurs and which market-data model the strategy expects.

An EA written specifically around the broker’s XAUUSD symbol cannot simply be pointed at GC without modification.

Likewise, a NinjaScript strategy designed around CME tick values, contract rollover, and GC order-book data cannot automatically be transferred to MetaTrader XAUUSD.

The markets are correlated.

The software architecture is not interchangeable.

XAUUSD vs Gold Futures for MetaTrader and NinjaTrader Users

For many traders, platform preference can decide the comparison.

If your workflow revolves around MetaTrader 5, XAUUSD may be simpler.

You can maintain Gold alongside forex pairs, Expert Advisors, custom MQL5 indicators, and the newer MT5 AI/MCP workflows inside one platform.

If your workflow revolves around NinjaTrader, GC and MGC are natural choices.

NinjaTrader’s futures-oriented architecture supports DOM trading, NinjaScript strategies, exchange market data, contract-month management, and common futures connectivity providers.

Neither platform determines which market is objectively better.

It determines which ecosystem may be easier to integrate with an existing strategy.

Which Market Has Better Transparency?

If transparency means a centralized order book and standardized exchange data, Gold futures have the clearer advantage.

GC has one exchange-defined contract specification.

One tick is $10.

One contract is 100 ounces.

The market has reported exchange volume and open interest.

Prices come from CME’s centralized matching environment.

Retail XAUUSD does not work that way.

Different brokers can offer different spreads and slightly different quotes.

Execution policies differ.

Swap rates differ.

Contract specifications differ.

For many retail strategies, these differences may be small enough that they do not matter significantly.

For strategies dependent on precise market microstructure, they can be critical.

Which Is Better for Smaller Accounts?

Historically, XAUUSD often provided more granular sizing than futures.

The gap is much narrower in 2026.

MGC gives traders 10-ounce exposure.

1OZ gives traders one-ounce exposure.

CME’s current 1OZ page lists the contract at one-hundredth the size of GC, specifically positioning it as a smaller way to access Gold futures.

That does not mean 1OZ automatically has the same liquidity as GC.

Smaller contract size and deep liquidity are different questions.

A trader should compare:

• bid-ask spread,
• order-book depth,
• volume,
• commissions,
• exchange fees,
• broker minimums,
• and expected trade frequency.

The smallest contract is not automatically the cheapest contract to trade.

XAUUSD vs Gold Futures VPS Location

Trading infrastructure can also differ.

For GC, MGC, and other CME Gold futures, Chicago is the logical region to evaluate because CME’s Globex infrastructure is concentrated in the Chicago/Aurora ecosystem.

A Chicago VPS can therefore be useful for futures platforms using Rithmic, CQG, Tradovate, Interactive Brokers, or other futures-oriented routes.

For XAUUSD, the correct VPS location is not automatically Chicago.

It depends on the broker.

An MT5 broker may host its trading server in:

• New York,
• London,
• Frankfurt,
• Amsterdam,
• or another data center.

If the broker’s MT5 execution server is in London, hosting MetaTrader in London may provide a shorter network path than placing it in Chicago.

If the broker’s trading infrastructure is in New York, New York may make more sense.

For this reason, XAUUSD traders should test latency to the actual broker server.

TradingVPS offers locations including Chicago, New York, London, Frankfurt, Amsterdam, and Dublin, which allows the infrastructure location to be matched to the trading environment rather than assuming one city is best for every Gold product.

The technical principle is straightforward:

GC futures → evaluate Chicago.

XAUUSD → evaluate the broker’s actual server location.

A VPS does not guarantee profitable trading or better fills.

Its role is to keep the platform available on a remote server with stable power, data-center networking, sufficient CPU performance, RAM, NVMe storage, and a network location appropriate to the broker or exchange route.

XAUUSD vs Gold Futures: Which Fits Different Trading Styles?

Neither market is universally better.

XAUUSD may fit better if you:

use MetaTrader 4 or MetaTrader 5, trade Gold alongside forex pairs, prefer broker-defined fractional position sizing, do not want to manage futures expiration, or already have EAs designed for the XAUUSD symbol.

Gold futures may fit better if you:

want centralized exchange pricing, rely on real futures volume, use DOM or order-flow tools, prefer standardized contracts, use NinjaTrader or another futures platform, or want CME-cleared exposure.

MGC may fit better if you:

want the futures structure but find GC’s 100-ounce exposure too large.

1OZ may fit better if you:

want very small standardized Gold futures exposure or specifically want access to CME’s newer 24/7 Gold product.

The correct decision is therefore often not:

XAUUSD or GC?

It may be:

XAUUSD vs GC vs MGC vs 1OZ—which structure fits the strategy best?

Frequently Asked Questions About XAUUSD vs Gold Futures

Final Thoughts: XAUUSD and Gold Futures Track the Same Metal Through Different Market Structures

The most important thing to understand about XAUUSD vs Gold futures is that both provide Gold-price exposure, but they deliver that exposure through fundamentally different trading structures.

XAUUSD is generally an OTC spot-style market.

The broker determines much of the trading environment.

Contract sizing can vary.

Spreads vary.

Financing varies.

Execution models vary.

Quotes can differ slightly between providers.

The instrument usually has no expiration.

And for many traders, it fits naturally into MetaTrader alongside forex pairs and Expert Advisors.

Gold futures operate through a standardized exchange structure.

GC represents 100 ounces.

MGC represents 10 ounces.

1OZ represents one ounce.

The contracts have defined tick sizes, centralized exchange pricing, reported volume and open interest, standardized expiration rules, and central clearing.

That structure can be particularly attractive to traders using DOMs, volume profile, order flow, futures automation, or platforms such as NinjaTrader and Sierra Chart.

The old assumption that futures necessarily require very large Gold exposure is also becoming outdated.

GC remains the benchmark 100-ounce product.

MGC reduces the size by 90%.

And 1OZ now provides one-ounce exposure while trading 24/7 apart from scheduled maintenance.

So which should a trader choose?

For someone already deeply integrated into MT5 forex trading, XAUUSD may provide the simpler workflow.

For someone who values centralized pricing, actual exchange volume, transparent order books, and standardized contracts, Gold futures may be more attractive.

For a short-term trader, compare spread, commission, liquidity, and execution.

For a swing trader, compare XAUUSD overnight financing with the futures cost and rollover structure.

For an automated trader, compare the software ecosystem and network route.

And for anyone using a VPS, match the server to the actual execution infrastructure.

A Chicago VPS makes logical sense for CME Gold futures.

An XAUUSD MetaTrader trader should instead look at where the broker’s MT4 or MT5 trading server is located and choose New York, London, Frankfurt, Amsterdam, or another region accordingly.

The chart may say “Gold” in both cases.

The underlying market structure is very different.

Understanding that structure is what allows traders to choose the instrument that genuinely fits their trading style rather than assuming XAUUSD and GC are simply two symbols for the same trade.

This article is provided for general informational and educational purposes only and does not constitute financial, investment, legal, tax, or trading advice. Leveraged Gold products and futures involve substantial risk. Broker specifications, spreads, financing rates, margin requirements, trading hours, contract specifications, and platform availability can change. Always verify the current terms of the specific broker, exchange, and trading product before trading.