Unfortunately, this is indeed the case; most investors only buy an exposure that reflects price fluctuations, and the saddest part is not just buying 'air', but the depth and liquidity between the air and the underlying asset may be vastly different.

If luck is on your side and you encounter a platform with good liquidity and depth, you might see a paper profit of one million and be able to withdraw nearly one million.

If luck is not on your side and you encounter a platform with poor liquidity and bad depth, you might see a paper profit of one million but might have to cut losses and exit, since you simply cannot sell that much.

Therefore, even if it's just 'air', you should try to choose larger platforms, as their liquidity and depth may be better.

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