The Hong Kong Securities and Futures Commission's recent actions are very timely. Being listed on the warning list for both Youying Kele and Globiance X clearly indicates the underlying logic—unlicensed operations and withdrawal difficulties. This combination is essentially a "signal before a run."

I previously followed a skilled trader who has a particularly worth-learning habit: he always verifies the regulatory status of a trading platform before choosing to trade. He would rather miss opportunities than touch gray areas. Later, because of this cautious approach, he managed to stay safe through several waves of platform collapses.

For copy traders, the lesson here is—no matter how skilled the trader is, an account on a problematic platform is just a placeholder. I’ve seen too many experts forced to cease operations, not because their strategies failed, but because the platform itself had issues. When copying across multiple accounts, platform risk must be included in the assessment—this is the first hurdle.

Recommended approach: focus on exchanges with legitimate licenses. Certifications from authorities like the Hong Kong Securities and Futures Commission or Singapore MAS are not useless. Some top traders with impressive returns might happen to operate on risky platforms, so at that point, the balance between profit and risk needs to be carefully calculated.