差价合约（Contract for Difference，CFD），是一种衍生型的金融工具，涉及使用杠杆，并为市场参与者提供通过特定金融工具头寸的开盘价与收盘价之间的差额赚取利润的机会。大多数情况下，加密货币差价合约的使用是基于加密货币市场的非常不稳定性，即使资产价格发生最轻微的波动，仍然可以获得可观的利润。
price differentials (contract for Diversity, CFC) is a derivative financial instrument involving the use of leverage and providing market participants with an opportunity to earn a profit from the difference between the opening price of a given financial instrument position and the collection price. In most cases, crypto-currency differentials contracts are used on the basis of the highly volatile nature of the encrypted currency market, and even with the smallest fluctuations in asset prices, significant profits are made.
差价合约可应用于各种金融产品：股票、股指、债券、货币、商品、利率以及加密货币，其最明显的优势之一是投资者可以开立多头和空头头寸。
One of the most obvious advantages of differential contracts, which can be applied to a variety of financial products: equities, equity indices, bonds, currencies, commodities, interest rates and encrypted currencies, is that investors can open multiple positions and empty positions.
因此，这些产品既可用于投机，也可用于风险对冲。
As a result, these products can be used both for speculation and for risk hedging.
投资差价合约还可以杠杆的形式提供与收益相关的利润优势。要开仓并维持头寸，用户必须提供抵押品，即保证金，就像在期货市场上一样。交易差价合约所需的保证金通常较低，这就是为什么CFD交易如此受零售客户欢迎的原因。
In order to open up and maintain positions, users must provide collateral, i.e. security, as in futures markets. The margin contract usually requires lower security, which is why CFP transactions are so popular with retail customers.
关于加密货币的差价合约，它们涉及签订主要加密货币（如 BTC、ETH、DOGE、ADA、XRP 等）的价格差异合同，最重要的加密货币交易的差价合约示例是BTC / USD CFD（比特币差价合约）。
With respect to price differential contracts for encrypted currencies, they involve price differential contracts for major encrypted currencies (e.g. BTC, ETH, DOGE, ADA, XRP, etc.), the most important example of price differential contracts for encrypted currency transactions is BTC/USD CFP (bit currency difference contract).
加密货币交易的差价合约示例
已经尝试在金融市场工作的专业交易员和投资者会了解传统资产的差价合约——石油、黄金和货币，它们的主要优势是杠杆。
Professional traders and investors who have tried to work in financial markets are aware of the differential price contracts for traditional assets — oil, gold and currency — and their main advantage is leverage.
交易加密货币差价合约，尤其是DMA模型，会加强这些优势，因为加密货币的价格变动更为显著。
Trading in encrypted currency differential contracts, particularly the DMA model, would reinforce these advantages, as price movements in encrypted currencies are more pronounced.
正是价格变动在差价合约中产生了利润，更大的波动性为愿意承担更大风险的交易者提供了更大的赚钱机会。加密货币差价合约与现货市场也密切相关。差价合约由现货市场的经纪人（每笔交易的中介）执行，而不是简单地与价格挂钩（例如期货）。
It is price movements that generate profits in differential contracts, with greater volatility offering greater earning opportunities for traders willing to take greater risks. Encrypted currency differentials contracts are also closely related to spot markets.
也就是说，其执行价格由市场的总流动性组成。在未来，情况就不同了，期货价格是由资产“预期”价格的供求关系决定的。加密货币差价合约旨在满足每位交易者的需求，为交易不同的合约提供更多的机会。
In the future, the future price will be determined by the supply and demand relationship between the “expected” price of the asset. Encrypted currency differential contracts are designed to meet the needs of each trader and provide more opportunities for trading different contracts.
加密货币差价合约交易有四大主要组成部分，构成了它的基础：
The four main components of an encrypted currency differential contract transaction form its basis:
交易量
差价合约是以手数或标准合约进行交易。
The difference contract is traded in terms of numbers or standard contracts.
差价合约的数量取决于交易的特定资产，并且通常会模仿标的资产的交易方式。例如，在任何加密货币交易所，比特币是以整数或小数部分进行交易。例如，在外汇交易所里的等价差价合约也模拟相同的整数或小数值。
For example, in any encrypted currency exchange, bitcoins are traded in whole or in decimal parts. For example, the equivalent price difference contract in an exchange exchange simulates the same whole or small value.
简而言之，交易者需要购买 10 个比特币差价合约，来开立模拟购买 10 个比特币的头寸，或者购买 0.25 个比特币差价合约，来开立模拟购买买0.25 个比特币的头寸。
In short, traders need to purchase 10 bitcoin differential contracts to set up a mock purchase of 10 bitcoin positions, or 0.25 bitcoin differential contracts to set up a mock purchase purchase of 0.25 bitcoins.
到期时间
到期时间是指从买入差价合约到卖出前一刻的时间段。
The maturity period refers to the period between the purchase of the difference contract and the moment before the sale.
在大多数情况下，加密货币差价合约没有固定的到期日。在加密货币差价合约的交易方面，有必要使用强大的交易策略来备份你的未平仓头寸，并跟踪你的交易计划，同时要牢记非加密货币资产差价合约的关键到期日期，因为经纪商不会在到期日后延长头寸。
In most cases, there is no fixed maturity date for an encrypted currency differential contract. In the case of transactions for an encrypted currency differential contract, there is a need to use a strong trading strategy to back up your unsettled position and track your trading plans, bearing in mind the key expiry date for a non-encrypted currency asset difference contract, because brokers do not extend their positions after maturity.
因此，所有未平仓头寸在到期日后便会自动平仓。
As a result, all unaltered positions will automatically be levelled after maturity.
点差
使用差价合约进行加密货币交易时会使用两种不同的价格：买入价（Bid）允许交易者或投资者开立差价合约的多头交易，卖出价（Ask）是交易者可以开立差价合约空头交易的价格。
Two different types of prices are used when using price differential contracts for encrypted currency transactions: the purchase price (Bid) allows traders or investors to open multiple transactions for price differentials, and the sale price (Ask) is the price for which traders can open price differential contracts for empty transactions.
在使用此工具时，卖出价略低于特定资产的当前市场价，而买入价略高于特定资产的当前市场价。这些价格之间的差异被称为点差，它通常涵盖了在加密货币上开设差价合约的成本。
When this tool is used, the sale price is slightly lower than the current market price of the particular asset and the purchase price is slightly higher than the current market price of the particular asset. The difference in these prices is referred to as the point difference, which usually covers the cost of setting up a price differential contract in an encrypted currency.
换句话说，买入/卖出价格会相应调整，以反映交易成本。
In other words, the purchase/sale price will be adjusted accordingly to reflect transaction costs.
买入价（Bid）和卖出价（Ask）
与任何其他金融工具，如期权、期货或常规的现货交易一样，加密货币差价合约也有其优点和缺点。
Like any other financial instrument, such as options, futures or conventional spot transactions, an encrypted currency differential contract has its advantages and disadvantages.
以下是交易者在交易加密货币差价合约时所获得的主要优势。
The following are the main advantages that traders gain in dealing with encrypted currency differential contracts.
风险对冲
假设交易者拥有 1 个比特币和几个以太币，并希望长期持有它们。然而，在短期内，他预计这些数字资产的价格将下跌。在这种情况下，差价合约允许他开立空头头寸，以弥补潜在的损失。
Assuming that the dealer owns one bitcoin and several bitcoins, and wishes to hold them for a long time. However, in the short term, he anticipates that the price of these numbers of assets will fall. In this case, the price differential contract allows him to open up positions to compensate for potential losses.
如果他的预测正确，他将获利，差价合约也将弥补他的损失。如果他预测错误，他的损失将来会得到补偿，他可以立即平仓。
If his prediction is correct, he will profit and the difference contract will make up for his loss. If he is wrong in his prediction, his loss will be compensated in the future, and he can level it out immediately.
能够开立空头头寸
许多希望从数字资产增长中获利的人也不想错过在价格下跌中获利的机会。加密货币差价合约提供了一个绝佳的机会，通过开立空头头寸来测试所选的交易策略。
Many who want to benefit from the growth of digital assets do not want to miss the opportunity to profit from the fall in prices. Encrypted currency differential contracts provide an excellent opportunity to test the chosen trading strategy by opening up empty positions.
当交易者知道特定加密货币资产的价格可能会在不久的将来因负面新闻等原因而崩溃时，这可能是一个有利的功能。它允许额外获利，有时对于有经验的交易者来说，有相当于百分之千的利润。
This may be a useful function when traders know that the price of a particular encrypted monetary asset may collapse in the near future for reasons such as negative news. It allows for additional profits, sometimes equivalent to a thousand per cent for experienced traders.
杠杆
与交易加密货币期货合约一样，加密货币差价合约使你能够在交易加密货币资产时使用杠杆来增加潜在利润。此功能允许交易者开发最佳的交易系统，在风险和增加利润之间获得最佳平衡，这是交易者可能无法在加密货币市场中使用标准的现货交易模式来获得的。
As in the case of trade-encrypted currency futures contracts, an encrypted currency differential contract enables you to leverage the trading of encrypted currency assets to increase potential profits. This function allows traders to develop the best trading system and achieve the best balance between risk and profit increases, which traders may not be able to obtain by using standard spot trading models in the encrypted currency market.
应该记住，加密货币差价合约是一种高风险工具，在实践中开始应用之前需要仔细分析市场情况。
It should be remembered that encrypted currency differential contracts are a high-risk tool that requires careful analysis of market conditions before being applied in practice.
以下是加密货币差价合约所固有的一些缺点。
The following are some of the shortcomings inherent in an encrypted currency differential contract.
大杠杆
尽管加密货币杠杆交易允许市场参与者取得令人难以置信的成果，但它也存在一定风险。
While encrypted money-leveraging transactions allow market participants to achieve incredible results, there is also a risk.
伴随杠杆增加而增加的潜在利润会增加损失存入资金的可能性。为了降低这种风险，零售交易者可以使用资金管理的标准原则，或者创建自己的原则。
In order to reduce this risk, retail traders can use the standard principles of money management or create their own principles.
通常，最小化杠杆水平可以减少潜在的损失，因为杠杆越低，从经纪商那里借入的资金水平就越低，清算交易的可能性就越低。
Typically, a minimum level of leverage can reduce potential losses, as the lower the leverage, the lower the level of money borrowed from brokers, and the lower the likelihood of liquidating transactions.
高波动性
加密货币市场的高波动性总是会引起一些交易者的焦虑，但也为其他人开辟了新机会。
The high volatility of the crypto-currency market has always caused anxiety among some traders, but has also opened up new opportunities for others.
尽管如此，人们不能否认这样一个事实：数字工具的高波动性是一种危险现象，所有交易者都必须无一例外地考虑到这一点，尤其是刚刚开始熟悉加密货币世界的初学者。
Nevertheless, one cannot deny the fact that the high volatility of digital tools is a dangerous phenomenon that must be taken into account by all traders without exception, especially the starters who have just begun to become familiar with the world of cryptographic currencies.
此外，为了避免与使用从经纪商那里借入的资金相关的不可预见情况，最重要的是坚持所选择的策略，并且根据需要进行调整。
In addition, in order to avoid unforeseen situations related to the use of funds borrowed from brokers, it is of paramount importance to adhere to the chosen strategy and adjust it to the needs.
合约的投机性质
期货合约和加密货币差价合约的性质都表明了投机的性质，因为交易者并不拥有正在交易的资产。还有必要记住的是，由于其投机性质，所有差价合约都是不稳定的金融产品。
The nature of futures contracts and of encrypted currency differentials indicates the speculative nature, as traders do not own assets that are being traded. It is also important to remember that, because of their speculative nature, all price differentials are unstable financial products.
有时，一种或另一种加密货币资产的价格会在相当短的时间内发生迅速变化，这可能会对杠杆交易产生负面影响，从而吓跑新手交易者。
Sometimes the prices of one or another of the encrypted monetary assets change rapidly over a relatively short period of time, which may have a negative impact on the leveraging of transactions and thus deter newcomers.
加密货币的衍生品，包括期权、期货和差价合约，已成为当今最受欢迎的杠杆交易方法之一。加密货币衍生品的主要消费者是投机交易者，它们也会被激进的投资者用来提高盈利能力。
The derivatives of encrypted currencies, including options, futures, and price differentials, have become one of the most popular methods of leveraging today. The main consumers of encrypted derivatives are speculators, who are also used by radical investors to increase profitability.
加密货币期货和加密货币差价合约从大量的其他衍生品中脱颖而出，这就是为什么它们通常等同于相同类型的衍生品的原因。但是，它们之间也存在许多显著差异。
Encrypted currency futures and encrypted currency price differential contracts emerge from a large number of other derivatives, which is why they are usually equivalent to the same type of derivative. But there are also many significant differences between them.
经纪商会保证差价合约中所执行的订单的质量，而在加密货币期货交易中，所有保证均由进行交易的加密货币交易所提供。
The Chamber of Brokers guarantees the quality of orders executed in price differential contracts, while in encrypted currency futures transactions all guarantees are provided by an encrypted currency exchange in which the transaction takes place.
差价合约的价格由经纪商来定义，而加密货币期货的价格是由加密货币交易所来定义。在差价合约交易中，经纪商不收取任何佣金，仅收取点差费。
The price of the difference contract is defined by the broker, while the price of the encrypted currency futures is defined by the encrypted currency exchange.
在期货交易中，除了点差费外，还需支付经纪商佣金。因此，在这种情况下，差价合约交易更便宜是合乎逻辑的。但是，这种优势可能会被差价合约的点差通常远高于交易所交易的加密货币期货的点差的事实所抵消。
In futures transactions, the commission of the broker is paid in addition to the margin fee. In this case, it is logical that the price differential contract deal is cheaper. However, this advantage may be offset by the fact that the margin of the price difference contract is usually much higher than that of the encrypted currency futures traded by the exchange.
对于差价合约，掉期费是每天收取的，而加密货币期货则需要在合约期内每天进行展期。在差价合约交易中，经纪商和客户之间可能存在利益冲突。例如，如果经纪商不进入银行间市场，则客户的损失可能会增加经纪人的利润。
For differential contracts, the swap fee is charged on a daily basis, while encrypted currency futures need to be extended on a daily basis during the contract period. In differential contract transactions, there may be a conflict of interest between the broker and the customer. For example, if the broker does not enter the inter-bank market, the loss to the customer may increase the agent’s profits.
在期货交易中，情况则不同：这些合约会默认在交易所市场上进行交易。如果期货交易参与者之间出现了争议，则将由世界著名的监管机构（如CFTC、FSA和NFA）担任仲裁。
In futures transactions, the situation is different: these contracts will acquiesce in trading on the exchange market. If there is a dispute between futures trading participants, arbitration will be conducted by world-renowned regulators (e.g., CFC, FSA, and NFA).
在加密货币差价合约交易中，监管机构是经纪商本身：经纪商有权取消有问题的交易并且不支付资金。与期货经纪商合作时，客户资金被存入银行账户。
When you cooperate with a futures broker, the customer’s funds are deposited into a bank account.
在差价合约交易中，客户资金被存入了经纪商账户。因此，如果经纪商破产，客户可能会损失所有资金。
In the case of differential contract transactions, the customer’s funds are deposited into the broker’s account. Therefore, if the broker fails, the customer may lose all the funds.
实际上，最重要的区别在于：使用加密货币期货时，交易者成为了资产所有者；而在差价合约交易中，交易者只能从资产价格变化中获利，但并不拥有资产本身。
In fact, the most important difference is that when an encrypted currency futures are used, the dealer becomes the owner of the asset, while in a differential contract transaction the dealer can only profit from changes in the price of the asset but does not own the asset itself.
加密货币差价合约涉及了高风险，必须通过使用不同工具和策略来加以控制。这些工具和策略最终可以防止由于急躁地选择交易策略而导致的不利局面。
Encrypted currency differential contracts involve a high risk that must be controlled through the use of different tools and strategies that ultimately prevent adverse situations arising from the hasty choice of a transaction strategy.
对冲是一种用于减少损失的风险管理技术。它用于保护你的利润，尤其是在不确定时期。抽象地说，这种思路是：如果你的一项投资亏损了，那么你有一个替代的对冲头寸来弥补损失。
A hedge is a risk management technique to reduce losses. It is used to protect your profits, especially in times of uncertainty. In the abstract, the idea is that if you lose an investment, you have an alternative hedge position to make up for it.
通过使用杠杆，交易者可以做空相关市场上的加密货币资产，以对冲上涨趋势时所遭受的损失。因此，当市场下滑时，无论他在主要投资组合中损失了多少，都可通过他的对冲头寸得到补偿。
By leveraging leverage, traders can use encrypted currency assets in the relevant market to offset losses incurred in the surge. Therefore, when the market falls, regardless of how much he loses in the main portfolio, it can be compensated by his hedge position.
相反，如果市场继续上涨，那么交易者将在加密货币资产的对冲头寸上亏损，但仍然可从他所持有的其他资产中获利。
On the contrary, if the market continues to rise, the dealer will lose the hedge position of the encrypted currency assets, but will still benefit from the other assets in his possession.
止损和止盈是保护型订单的类型，可设置成自动关闭交易。止损限制了交易者可能遭受的损失，而止盈则有助于在达到预期水平时锁定利润。
The stoppage and stoppage is the type of protective order that can be set to automatically close the transaction. The stoppage limits the losses that traders may suffer, while the stopover helps to lock in profits when the expected level is reached.
这些限价单一直是防止交易过程中遭受意外损失的可靠方法，尤其是在处理期权、远期和差价合约等高风险、复杂的交易工具时。
These price limits have been a reliable method of preventing accidental losses in the course of transactions, particularly when dealing with high-risk and complex trading instruments such as options, forwards and price differential contracts.
杠杆金额在平衡预期利润和风险水平方面起着重要作用。
Leveraging amounts play an important role in balancing expected profits and risk levels.
为了降低损失初始资本的潜在风险，即使是专业交易者也建议使用最小的杠杆，更不用说初学者了。适当调整杠杆可以避免巨额损失，这在加密货币等高流动性市场中尤为重要。
In order to reduce the potential risk of losing initial capital, even professional traders suggest the use of minimal leverage, let alone beginners. Properly adjusted leverage avoids large losses, which is particularly important in high liquidity markets such as crypto-currency.
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